Mr. Patrick Hanna reports

TVI PACIFIC'S 30.66% OWNED TVIRD CLOSES US $14 MILLION SHORT TERM LOAN FOR ITS BALABAG GOLD MINE

TVI Resource Development Phils. Inc. (TVIRD), a Philippine corporation in which TVI Pacific Inc. holds a 30.66-per-cent interest, has closed a short-term loan (STL) with China Banking Corp. in the amount of $14-million (U.S.), the proceeds of which shall be used for working capital purposes and further optimization of the processing plant at TVIRD's 100-per-cent-owned Balabag gold/silver mine.

Balabag financing highlights:

• $14-million (U.S.) facility concluded with the lender;
• 357-day term;
• Interest to be paid monthly at a rate of 6.75 per cent per annum.

Balabag financing

The company initially announced on Oct. 22, 2019, that TVIRD had closed an omnibus loan and surety agreement (OLSA) with the lender providing for a $28.5-million (U.S.) principal amount five-year term loan facility, the proceeds of which would be used to partially finance development of Balabag. TVIRD has since that time, on July 24, 2023, completed its 10th repayment in relation to the five-year term loan, reducing the original principal loan balance to approximately $9.5-million (U.S.).

As further reported in the company's management's discussion and analysis for the six months ended June 30, 2023, and June 30, 2022, and as filed under the company's profile on SEDAR+ on Aug. 24, 2023, Balabag has completed 62 shipments of gold dore since start-up of production in July, 2021, and through to July 31, 2023, that has contained 60,910 ounces of gold (Au) and 1,357,891 ounces of silver (Ag) for 76,428 gold equivalent (AuEq) ounces. Balabag has completed a further five shipments in August, 2023.

The STL shall be used for working capital purposes and for further optimization of the Balabag processing plant, and was fully drawn down on Sept. 1, 2023. The STL has a term of 357 days and interest calculated on the full amount drawn is to be paid monthly. The interest rate has been set at 6.75 per cent per annum.

As with the OLSA, the STL shall be secured by:

• All agreements related to the Balabag gold/silver mine, including, but not limited to, all exports and remittances related to Balabag, and the right, title and interest to all such project agreements;
• Insurance contract rights.

About TVI Resource Development Phils. Inc.

TVIRD, a Philippine corporation in which TVI holds a 30.66-per-cent interest, is a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines. TVIRD owns 100 per cent of the Balabag gold/silver mine, 100 per cent of the Siana gold mine and Mapawa project, a 60-per-cent indirect interest in the Mabilo project, and a 60-per-cent interest in Agata Mining Ventures Inc.

About TVI Pacific Inc.

TVI is a Canadian resource company focused on mining projects in the Philippines, one of the most prolifically mineralized countries in the world. TVI currently holds a 30.66-per-cent equity interest in TVIRD, a Philippine corporation. Through TVIRD, TVI has ownership in a currently producing gold mine and is focused on bringing on stream the Siana gold mine at which equipment has been rehabilitated and commissioning of the plant has commenced, in line with TVIRD's plan to restart operations.

We seek Safe Harbor.