Mr. Cliff James reports

PROJECT UPDATE AT TVI PACIFIC'S 30.66% OWNED TVIRD AND TVI PACIFIC CORPORATE UPDATE

TVI Pacific Inc. as provided an update with respect to various projects held and operated by TVI Resource Development Phils. Inc. (TVIRD), a Philippines corporation in which TVI holds a 30.66-per-cent interest, together with a corporate update related specifically to TVI.

Highlights:

• Pan de Azucar:
  • Resource drilling has commenced and, to date, a total of 1,548 metres have been drilled for the purpose of validating and extending earlier findings of pyrite mineralization.
  • Drilling operations were suspended on March 4, 2024, following receipt of a cease-and-desist order (CDO) issued by the Iloilo provincial government alleging contamination and a potential danger to the island's marine life. TVIRD is focused on having the CDO reversed and to resume the unfinished drilling program.
• Agata limestone:
  • Several large international companies have expressed continuing interest in the limestone deposits and TVIRD is actively evaluating each potential opportunity.
• Agata nickel/iron mine:
  • Project to date, 382 shipments of 20.78 million wet metric tonnes of nickel laterite have been shipped. Rehabilitation activities under the final mine rehabilitation and decommissioning plan have commenced.
  • TVIRD/Agata Mining Ventures Inc. (AMVI) continue to consider other potential nickel prospects, including the EP 27 laterite area in Bolobolo, San Vincente, Jabonga and the Gupana-Omasdang area in Dinagat Island.
• Mabilo:
  • The costing of mine infrastructure is nearing finalization.

"TVIRD continues to be focused on developing various projects held within its portfolio. Exploration drilling at Pan de Azucar, though not yet completed, has confirmed the presence of massive pyrite and we are looking forward to bringing its potential value to realization. Ongoing interest expressed by large international companies in the limestone deposits held by Agata continue to keep that project alive, creating an opportunity to bring the adjacent infrastructure at the Agata nickel/iron mine back into use, while Agata also continues to identify various other nearby nickel prospects," said Cliff James, chairman and chief executive officer of TVI, and chairman of TVIRD. "At the Mabilo project, various development options are currently being considered, including the costing of mine infrastructure. TVIRD has a full slate and is working vigorously on all fronts in the interest of its stakeholders."

TVIRD projects update

Pan de Azucar

TVIRD has an option to earn a 60-per-cent interest in the Pan de Azucar (PDA) mining joint venture. At present, the PDA mining joint venture is held by Minimax Mineral Exploration Corp. (59 per cent), Mindoro Resources Ltd. (40 per cent, through MRL Nickel Philippines Inc.) and TVIRD (1 per cent). PDA is covered by mineral production sharing agreement (MPSA) 135-99-VI (held by Minimax) covering an area of 535 hectares, with an expiry date of July, 2024. The MPSA is located on Pan de Azucar Island and adjacent to Panay Island, central Philippines, 200 nautical miles to the northwest of the Agata nickel/iron direct shipping ore (DSO) mine.

The Valderama massive sulphide is composed of a pyrite-rich mineralized horizon exposed at the surface and is adjacent to a porphyry copper-gold system. Mindoro previously drilled 31 drill holes with an average depth of 1,023 metres.

The sixth renewal of the exploration permit was granted on May 23, 2022, for a two-year period. There is, as yet, no approved declaration of mining project feasibility (DMPF) or environmental compliance certificate (ECC).

Drill rigs were mobilized to PDA in October, 2023, with the expectation to conduct resource drilling for 60 days. The purpose of the drilling program is to validate and extend the deposit's earlier findings of pyrite mineralization. The mineralization contains some copper, zinc, gold and silver as well. The program is being performed by TVIRD's 100-per-cent-owned Exploration Drilling Corp. (EDCO). A total of 31 proposed exploration drill holes (3,040 metres) and redrilling of three old drill holes (240 metres) for metallurgical study are planned for a total metreage of 3,280 metres. To the date of this news release, a total of 1,548 metres have been drilled and includes the completion of 14 new drill holes, the redrilling of two holes, and the premature termination of three drill holes following the receipt on March 4, 2024, of a CDO issued by the Iloilo provincial government. Until the CDO is resolved, drilling and field operations have been suspended, and the exploration team has turned its focus to drill core logging, while EDCO has demobilized all rigs. Approximately half of the core samples have been prepared for transport and submission to the Balabag fire assay laboratory.

The CDO alleges a potential danger of arsenic contamination to the island's marine life. Arsenic occurs naturally as the mineral arsenopyrite, within the massive pyrite deposits, and has a pre-existing presence in the island's natural environment. TVIRD does not use chemicals (including arsenic) in its drilling activities. All drilling activities are carried out in an environmentally sensitive manner.

As TVIRD previously received all necessary social licences to operate in PDA, and the project is duly permitted with an MPSA by the Philippine Department of Environment and Natural Resources, TVIRD is focused on having the CDO reversed and to returning to PDA to resume the unfinished drilling program.

Agata limestone

The Agata limestone project is held by Agata Mining Ventures and is located in the same 4,995-hectare MPSA area as the Agata nickel/iron mine. TVIRD holds a 60-per-cent interest and is operator of AMVI, which includes Mindoro Resources (15 per cent) and Minimax Mineral Exploration (25 per cent). The Agata site is located in the adjacent municipalities of Tubay, Jabonga and Santiago in Agusan del Norte province, 3.5 kilometres from AMVI's private port. The MPSA currently has an expiry date of May 26, 2049.

Planning and co-ordination activities at the Agata limestone project have continued. Several major international companies have expressed continuing interest in the limestone deposits and TVIRD is actively evaluating each potential opportunity.

Due to the project's close proximity to the Agata causeway where materials will be shipped, potential operations will benefit from having low transport and handling costs. It is also expected that if the Agata limestone project is to proceed, it will further benefit from the use of the same infrastructure that had been developed to operate the Agata nickel/iron mine, including all administration buildings and offices, the laboratory, maintenance facilities, site roads, and the port.

AMVI received on June 1, 2022, the ECC for the Agata limestone project that is valid through to May 31, 2026.

Agata direct shipping nickel/iron mine, nickel prospects

Through to the date of this news release, AMVI has completed a total project to date of 382 shipments of 20.78 million wet metric tonnes of nickel laterite, including seven shipments completed in 2023, subsequent to the announcement of May 18, 2022, that the Agata direct shipping nickel/iron mine was expected to cease operations in October, 2022. Operations at the Agata nickel/iron mine commenced in October, 2014, and the final shipment was completed in August, 2023. Completed shipments exceed by more than two times the proven and probable reserves of 9.7 million wet metric tonnes of nickel laterite ore with a grade of 48 per cent Fe (iron) and 0.9 per cent Ni (nickel) that had been reported in the National Instrument 43-101-compliant feasibility study entitled "Technical report for the Agata North nickel laterite DSO project, Mindanao, Philippines," dated Aug. 30, 2013, and filed under the company's SEDAR+ profile on Sept. 10, 2013. The feasibility study was prepared under the direction of Dallas Cox, an independent qualified person, with contributions from Mark Gifford and Michael Conan-Davies -- independent qualified persons as defined by National Instrument 43-101 (Canada).

AMVI initiated rehabilitation activities at the Agata nickel/iron mine in October, 2023, under the final mine rehabilitation and decommissioning plan, and, as at the date of this news release, an approximate 28 hectares, representing an approximate 19 per cent of disturbed area, has been rehabilitated.

AMVI continues to explore other possible nickel prospects, one of which is the approximately 70-hectare EP 27 laterite area in Bolobolo, San Vincente, Jabonga. Mapping and sampling activities have commenced to confirm the extent of the surface manifestation of the laterite deposit.

Another nickel prospect of interest is located in the Gupana-Omasdang area in Dinagat Island, where exploration activities are pending completion of a survey by the Mines and Geosciences Bureau to determine the boundaries of the prospect.

Mabilo/Nalesbitan

The Mabilo project is located in Camarines Norte province, Eastern Luzon, Philippines, one of the major traditional gold mining centres in the Philippines, and is covered by MPSA MLC-MRD V-459 amended (renewal), and two additional blocks with an existing exploration permit (EP-019-202-V), covering 3,484 hectares and 166 hectares. The DMPF for initial DSO operations was approved on July 9, 2019, and the ECC was issued on June 17, 2016. The Mabilo mineralized deposit is classified as a copper-gold-iron skarn deposit that offers potential for multimetal products, namely copper, gold and silver, with byproducts magnetite and pyrite (FeS2).

TVIRD holds a 60-per-cent indirect interest in Mabilo through having acquired on Jan. 31, 2022, all the outstanding capital stock of SageCapital Partners Inc. SageCapital is a holding company incorporated under the laws of the Philippines which, in turn, owns 60 per cent of the outstanding capital stock of Mt. Labo Exploration and Development Corp. (MLEDC), a Philippines mining and minerals exploration development company, and the owner and operator of Mabilo.

Mabilo is a near-surface deposit which will employ open-pit mining. There is potential to initially produce direct shipping ore then later produce concentrates through the construction of a processing plant. A National Instrument 43-101 technical report prepared by Lycopodium Minerals Pty Ltd. and filed on May 2, 2016, under the SEDAR+ profile of RTG Mining Inc., which holds a 40-per-cent interest in MLEDC through SRM Gold, reflects a historical Probable Mineral Reserves estimate of 7.8 million tonnes (Mt) at 2 per cent copper (Cu), two grams per tonne (g/t) gold (Au), 8.8 g/t silver (Ag) and 45.5 per cent Fe for Mabilo.

At present, Mabilo continues to be under a care and maintenance program, compliant with all associated terms and conditions. Land properties necessary for purchase and conversion in preparation for possible DSO mining have been identified. Currently, three options for a causeway location are being evaluated together with access routes. The costing of mine infrastructure, including haulage road to waste rock dump area, diversion canal for water management, relocation area, and office and accommodation complex, is nearing finalization.

The nearby Nalesbitan project is also wholly owned and operated by MLEDC, and TVIRD thereby holds a 60-per-cent indirect interest in this project together with Mabilo, as described previously. Nalesbitan shares the same MPSA as Mabilo with an expiry date of June, 2041, and is located 15 kilometres west of Mabilo in the historic Paracale gold district in eastern Luzon.

An early exploration project prior to TVIRD's acquisition covered a large zone of alteration in which widespread zones of epithermal gold, silver and copper have been outlined. The alteration and mineralization is located between two major regional-scale northwest-trending sinistral strike slip faults: the Bosignon fault to the north of the project and the Dumagmang fault to the south. There are seven main project areas, including Nalesbitan Hill, Millsite, Singko, Venus Springs, New Horizon, Bagong Dose and UPD Flats.

At present, a significant number of illegal small-scale miners operate in the area of Nalesbitan. In keeping with its past reputation of operating under the highest standards of health and safety practices for its workers and its host community, and uncompromising best-practices approach to environmental protection as well as community development, TVIRD's current focus is to establish positive community relations, after which exploration activities will commence.

TVI corporate update

Director resignation

David Moscovitz has tendered his resignation as a director of the company, effective immediately. The company thanks Mr. Moscovitz for his valuable contributions and wishes him success in future endeavours.

Qualified person

The qualified person responsible for the scientific and technical content of this press release is Michael James Bue, Bsc eng, MEng, PEng. Mr. Bue has acted as the qualified person in compliance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects reporting requirements by virtue of his membership in the Professional Engineers of Ontario and Canadian Institute of Mining and Metallurgy, and has confirmed compliance of this press release with NI 43-101 requirements.

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 operating Balabag gold/silver mine, 100 per cent of the Siana gold mine and the neighbouring Mapawa project (gold), a 60-per-cent indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential for multimetal products, namely copper, gold and silver, with byproducts magnetite and pyrite), and a 60-per-cent interest in Agata Mining Ventures Inc. (nickel/iron direct shipping ore mine).

About TVI Pacific Inc.

TVI Pacific is a Canadian resource company focused on mining projects in the Philippines, one of the most prolifically mineralized countries in the world. TVI maintains a strong presence in the Philippines through its 30.66-per-cent equity interest in TVIRD, a Philippine corporation. Through TVIRD, TVI has ownership in TVIRD's 100-per-cent-owned Balabag gold/silver mine, a currently producing mine, and is focused on ramping up to commercial production at TVIRD's recently restarted 100-per-cent-owned Siana gold mine. TVIRD also has in its portfolio of projects its 100-per-cent-owned Mapawa project (gold), a 60-per-cent indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential for multimetal products, namely copper, gold and silver, with byproducts magnetite and pyrite) and a 60-per-cent interest in Agata Mining Ventures (nickel/iron DSO mine).

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