TVI Pacific Inc. provided an update with respect to the various mines and projects held and operated by TVI Resource Development Phils. Inc. ("TVIRD"), a Philippines corporation in which TVI holds a 30.66% interest. Highlights: Balabag Gold Mine: Since start-up, fifty-one dor shipments have been completed containing 51,967 ounces of gold ("Au") and 1,244,097 ounces of silver ("Ag") for 66,924 gold equivalent ounces.

In the current year, fifteen dor shipments containing 10,083 ounces of Au and 176,043 ounces of Ag for 12,181 gold equivalent ounces have been completed. Plant throughput continues to improve to an average of 2,797 tonnes per day ("tpd") for April 2023 as compared to a name plate design capacity of 2,000 tpd. A maximum daily throughput of greater than 3,500 tpd has been achieved at the plant.

Principal bank loan repayments total USD 17.1 million to date of the USD 28.5 million, 5-year term loan with China Banking Corporation ("Facility"). Siana Gold Mine: Soft commissioning of the processing plant commenced in December 2022 and through to March 31, 2023, 185 kilograms of dor containing 2,533 ounces of Au and 3,200 ounces of Ag have been smelted and a total of 179 kilograms of dor containing 2.472 ounces of Au and 3,065 ounces of Ag have been shipped. Agata Mining Ventures Project-to-date, 376 shipments of 20.46 million wet metric tonnes of nickel laterite have been shipped, including thus far one shipment that was completed in 2023, subsequent to the announcement of May 18, 2022, that the Agata direct shipping nickel/iron mine was expected to decrease operations in October 2022.

TVIRD Mining Update: Balabag Gold Mine. TVIRD has now completed fifty-one shipments of gold dor since start-up of production from its 100%-owned Balabag Gold Mine ("Balabag"). Balabag covers a 4,779-hectare Mineral Production Sharing Agreement ("MPSA", MPSA No.

086-97-IX with expiry date November 20, 2047) located within the Municipality of Bayog, It is expected that both gold and silver grades will increase as mining progresses to deeper levels. As noted, plant throughput continues to improve to an average of 2,797 tpd for April 2023 as compared to a name plate design capacity of 2,000 tpd. A maximum daily throughput of greater than 3,500 tpd has been achieved and the plan is to be able to produce an average of 3,500 tpd on a continuous basis.

Optimization works to improve plant efficiency have included: Installation of a SAG MILL bypass conveyor line has been completed that allows direct ore feed into the secondary ball mills. This bypass system will allow uninterrupted mill operations during SAG MILL relining and other repair works. The improvement increased the overall throughput capacity of the Process Plant.

Installation of the Oxygen Generator Plant to improve leaching efficiency (higher plant recovery). The system is currently undergoing commissioning. the Merrill Crowe clarifier circuit capacity (increase Merrill Crowe & overall throughput).

This system has been prepared for commissioning. Ongoing installation of the generator set air ducting system for improved mechanical availability of the gensets by the end of 2023.