TVI Pacific : 2024 Management’s Discussion and Analysis Q1

Management's Discussion and Analysis

For the three months ended March 31, 2024 and 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

This Management Discussion and Analysis ("MD&A") of the financial condition and results of operations of TVI Pacific Inc. ("TVI" or "the Company") should be read in conjunction with the unaudited interim consolidated financial statements and related notes for the three months ended March 31, 2024 and 2023, in addition to the audited consolidated financial statements for the years ended December 31, 2023 and 2022, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). This MD&A contains forward-looking statements that are subject to risks and uncertainties as discussed under "Forward-lookingStatements".

This MD&A also includes the disclosure of certain non-GAAP financial performance measures, including free cash flow used in operations, free cash outflow and free cash outflow per share. Refer to "Non-GAAP Financial Performance Measures" for further information, including a reconciliation to the comparable IFRS measures. As these non-GAAP financial performance measures do not have standardized meanings under IFRS, they may not be directly comparable to similarly titled measures used by others. Non-GAAP financial performance measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

All figures in this MD&A are expressed in Canadian dollars unless otherwise indicated. Additional information is available on TVI's website at www.tvipacific.comor under the Company's profile on SEDAR's website at www.sedarplus.ca. Information in this MD&A is as of May 24, 2024 ("effective date").

NOTICE TO READER

Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited consolidated interim financial statements of TVI Pacific Inc. for the interim three month reporting period ended March 31, 2024, have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the IASB, and are the responsibility of the Company's management.

The Company's independent auditors, PricewaterhouseCoopers LLP, have not performed a review of these consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada ("CPA Canada") for a review of interim financial statements by an entity's auditor.

Forward-looking Statements

Certain information set out herein constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "scheduled", "to be", "will be" and similar expressions.

Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, TVI can give no assurance that those expectations will prove to have been correct.

Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this MD&A and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.

Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied and should not be read as guarantees of

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

future performance or results. These factors include, but are not limited to, such things as: (i) general economic conditions in Canada, the United States, the Philippines and elsewhere; (ii) volatility of prices for precious metals, base metals, and oil and gas; (iii) commodity supply and demand; (iv) fluctuations in currency and interest rates;

1. inherent risks associated with the exploration and development of mining properties, including but not limited to geological characteristics, metallurgical characteristics of the mineralization, the availability of equipment and facilities necessary to complete development and the ability to develop adequate processing capacity; (vi) the cost of consumables and mining and processing equipment; (vii) unforeseen technological and engineering problems; (viii) inherent risks associated with the exploration of oil and gas properties; (ix) ultimate recoverability of reserves; (x) production, timing, results and costs of exploration and development activities; (xi) political factors, political stability or civil unrest, including but not limited to acts of sabotage or terrorism; (xii) availability of financial resources or third-party financing; (xiii) changes in laws or regulations (domestic or foreign); (xiv) changes in administrative practices; (xv) changes in exploration plans or budgets; (xvi) the availability of skilled labour; (xvii) the failure of parties to contracts with the Company to perform as agreed, including its joint venture partners; (xviii) the impact of the COVID-19 pandemic or similar public health crises; and (xix) extreme weather conditions and forces of nature (i.e. typhoons, heavy rains, earthquakes, and the like) that may disrupt operations and explorations.

Forward-looking statements regarding: (1) TVIRD's Balabag operations and related optimization works including improvements to, but not limited to, throughput, recoveries and plant availability; (2) the results of completed and possible future exploration activities, are based upon, but are not limited to, TVIRD's past exploration, operations, construction and project development experience in the region and in such terrain, current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for Balabag (which are all subject to change).

The Company wishes to clarify that in making the decision to put Balabag into production, TVIRD, a Philippine corporation that the Company does not control, relied exclusively on technical and economic analysis prepared under Philippine regulations and did not rely on any feasibility study classifying mineral reserves prepared in accordance with NI 43-101. Historically such projects have a much higher risk of economic and technical failure.

Forward-looking statements regarding the restart of operations at TVIRD's Siana Gold Mine ("Siana") and its ability to reach commercial operation, as well as the ongoing development of mining operations, the anticipated underground mining and construction and date of commercial operation of a solar project are based upon, but are not limited to, TVIRD's past operational, construction and project development experience in the region and in such terrain, the condition of and ability to restore and/or replace equipment and infrastructure acquired with the acquisition of Siana, current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for Siana (which are all subject to change).

Forward-looking statements regarding Pan de Azucar ("PDA"), current drilling and the possible resumption of drilling, the results of such drilling and the possible lifting of the Cease-and-Desist Order ("CDO") issued by the Iloilo provincial government, are based upon, but are not limited to, TVIRD's past exploration, operations, construction and project development experience in the region and in such terrain, current and previous exploration activities, discussions with third parties, community-related programs, legislation of and relations with various levels of government, the availability of financing and TVIRD's overall plans, budget and strategy for PDA as may be considered and agreed between TVIRD and its joint venture partner (which are all subject to change).

Forward-looking statements regarding the Agata Limestone Project, possible future development and operations are based upon, but are not limited to, TVIRD's past exploration, operations, construction and project development experience in the region and in such terrain, ongoing discussions with and expression of interest by major international companies in the limestone deposit, the availability of financing and TVIRD's overall plans, budget and strategy for the Agata Limestone Project as may be considered and agreed between TVIRD and its joint venture partner (which are all subject to change).

Forward-looking statement related to possible nickel prospects and their acquisition by TVIRD/AMVI do not lend any certainty that such acquisition and subsequent exploration will occur and are based on, but are not limited to, TVIRD's past exploration, operations and project development experience in the region and in such terrain,

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for AMVI as may be considered and agreed between TVIRD/AMVI and its joint venture partner (which are all subject to change).

Forward-looking statements regarding the Mabilo project ("Mabilo") and the Nalesbitan project ("Nalesbitan) are based upon, but are not limited to, TVIRD's past operational, construction and project development experience in the region and in such terrain, current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for Mabilo as may be considered and agreed between TVIRD and its joint venture partner (which are all subject to change).

Forward-looking information respecting the anticipated timing of various critical events associated with the IPO for TVIRD is based upon various assumptions and factors, including the receipt by TVIRD of all regulatory approvals required to permit the IPO and the listing of the TVIRD shares on the PSE (such as approvals from the SEC and PSE); advice received from professional advisors to TVIRD with respect to legally mandated time frames for various applications and steps/events associated with the IPO; there being no material changes in the business, affairs, capital, prospects or assets of TVIRD prior to completion of the IPO and the listing of the TVIRD shares on the PSE; and satisfaction or waiver of all conditions for the benefit of the underwriter set out in the underwriting agreement between the underwriter and TVIRD.

Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although TVI believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements.

The forward-looking statements of TVI contained in this MD&A are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI and its affiliates are exposed in the conduct of their business (including but not limited to mining) are described in detail in this MD&A under the heading "Risk Factors", any of which could cause actual results to differ materially from the projected forward-looking information, and in TVI's Annual Information Form for the year ended December 31, 2023, which was filed on SEDAR on April 29, 2024, and is available on www.sedarplus.ca. Subject to applicable securities laws, TVI does not undertake any obligation to publicly revise the forward-looking statements included in this MD&A to reflect subsequent events or circumstances, except as required by law.

Qualified Persons

Michael Bue, Bsc. Eng, M.Eng, P.Eng, has acted as the Qualified Person in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") reporting requirements by virtue of his membership in the Professional Engineers of Ontario and Canadian Institute of Mining and Metallurgy. He has approved any scientific and technical information that may be contained in this document and has confirmed compliance with NI 43-101 requirements.

Additional information on the Company, including the Company's Annual Information Form, is also available on SEDAR at www.sedarplus.caand on the Company's website at www.tvipacific.com.

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TVI Pacific Inc.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

Corporate Profile

TVI is a publicly traded Canadian resource company focused on the evaluation and acquisition of interests in resource projects in the Asia Pacific region.

TVI management's track record of success has included:

	Mine	Year	Number of	Product Shipped
			Shipments
1	Canatuan	2004-2008	107	105,200 ounces of gold / 1.8 million ounces of silver
	Gold-Silver Mine
2	Canatuan	2009-2014	39 Cu concentrate	199,778 dry metric tonnes of copper concentrate /
	Copper-Zinc Mine		/ 7 Zn concentrate	30,548 dry metric tonnes of zinc concentrate
3	Agata	2014-2023	382	20.78 million wet metric tonnes of nickel laterite
	Nickel / Iron Mine

Canatuan was the first foreign invested mine placed into production in the Philippines upon the enactment of the Philippine Mining Act of 1995 - the law that was instituted to revitalize the large-scale mining industry that would propel the nation's economic growth. Through Canatuan TVI became recognized as one of the most responsible miners in the Philippines through its 100% ownership and operation of Canatuan and what was, up until 2014, its 100% owned Philippine operating subsidiary, TVI Resource Development (Phils.) Inc. ("TVIRD"). The Canatuan gold/silver and copper/zinc mines represent the first two mines put into operation by TVI/TVIRD.

TVI divested full control of TVIRD in December 2013 but retained a 30.66% interest in the entity in the form of a joint venture through which it shares joint control. TVIRD continued to move forward and in October 2014 commenced operations at the Agata nickel/iron mine, Agata Mining Ventures Inc. ("AMVI"). Through to completion of its final shipment in August 2023, AMVI shipped a total of 20.78 million wet metric tonnes of nickel laterite. Rehabilitation activities commenced at the Agata nickel/iron mine in October 2023 under the final mine rehabilitation and decommissioning plan ("FMRDP"). The Agata nickel/iron mine represents the third mine put into operation by TVIRD. AMVI is a joint venture company between TVIRD (60%), Mindoro Resources Ltd. ("Mindoro") (15%) and Minimax Mineral Exploration Corporation ("Minimax") (25%), in which TVIRD is operator. AMVI holds also the Agata Limestone Project within the same Mineral Production Sharing Agreement ("MPSA") as the Agata nickel/iron mine where planning and coordination activities have continued and several major international companies have expressed interest in the limestone deposits.

Moving forward yet again, TVI celebrated the first shipment of gold doré from TVIRD's 100%-ownedBalabag Gold-Silvermine ("Balabag") on September 30, 2021. TVIRD has now proudly shipped through to March 31, 2024, ninety-one (91) shipments in the amount of 58,189 kg doré containing 85,585 ounces of Au and 1,723,420 ounces of Ag for 105,405 gold equivalent ounces ("AuEq oz"). The mine is situated approximately 75 kilometers (47 miles) east-northeast of TVIRD's Canatuan mine. Plant throughput in March 2024 averaged 2,217 tonnes per day ("t/d") and 1,954 t/d year-to-date. Balabag represents the fourth mine put into operation by TVIRD.

Milling operations at the Siana Gold Mine ("Siana") resumed on March 18, 2024, after having been temporarily shutdown in August 2023 for further rehabilitative works as part of the soft-commissioning

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

phase. Through to March 30, 2024, a total of 29,900 tonnes of mill feed ran through the mill at an average throughput of 2,300 t/d for the thirteen (13) running days ended March 30, 2024. As the mill stabilizes recoveries are expected to increase with the ramp-up of mill throughput expected to continue in the coming months as Siana moves toward commercial production. An unforeseen failure of the embankment of TSF3 occurred on May 11, 2024, and Greenstone Resources Corporation ("GRC"), an entity 100%-owned by TVIRD and the owner and operator of Siana and the Mapawa Project ("Mapawa"), voluntarily suspended mining operations to closely examine what has transpired and to ensure the absolute safety of the neighboring communities. There has been no reported loss of life or injury to GRC personnel or members of the immediate community nor has there been any damage incurred to the current mining operations, including the mine infrastructure and equipment, the active TSF (TSF6) or the mine itself. Milling operations are currently continuing using the existing run-of-mine stockpile. TSF3 was practically not utilized by GRC prior to GRC being acquired by TVIRD in November 2021 and the resumption of operations in December 2022 for the purpose of soft-commissioning of the plant. GRC has relied primarily on the newly built TSF6 that was designed, constructed and completed in the fourth quarter of 2023 together with a recognized engineering firm. Siana and Mapawa are located in the southern Philippines island of Mindanao. Prior to the acquisition of GRC by TVIRD, GRC was the Philippines affiliate of Red 5 Limited ("Red 5") (ASX: RED), a Perth, Western Australian-based gold company, the shares of which are listed on the Australian Securities

Exchange ("ASX"). Red 5 previously reported in their 2021 Annual Report a combined historical Indicated JORC 2012 mineral resource estimate for the Siana open pit and underground mine of 4.3Mt @ 4.6 g/t Au and 6.8 g/t Ag and combined Inferred JORC 2012 mineral resource estimate for the Siana open pit and underground mine of 0.5Mt @ 8.9 g/t Au and 10.6 g/t Ag. TVI is not treating this as a current mineral resource under National Instrument 43-101 - Standards of Disclosure for Mineral Projects as a qualified person has not done sufficient work to classify the historical estimate as current. Once Siana moves into commercial production it will represent the fifth mine put into operation by TVIRD.

TVIRD has gained a 60% indirect interest in the Mabilo Project ("Mabilo") through having acquired on January 31, 2022, all the outstanding capital stock of SageCapital Partners, Inc. ("SageCapital"). SageCapital is a holding company incorporated under the laws of the Philippines which, in turn, owns 60% of the outstanding capital stock of Mt. Labo Exploration and Development Corporation ("MLEDC"), a Philippines mining and minerals exploration development company whose projects are based in Camarines Norte, Philippines, and which is the owner and operator of Mabilo. With a near-surface deposit, Mabilo has potential for a direct shipping ore ("DSO") operation and it is contemplated that mining will use an open-pit mining method. The Mabilo mineralized deposit is classified as a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely copper, gold and silver, with by-products magnetite (Fe3O4) and pyrite (FeS2). A NI 43-101 Technical Report prepared by Lycopodium Minerals Pty Ltd. and filed on May 2, 2016, under the SEDAR profile of RTG Mining Inc. ("RTG"), which holds a 40% interest in MLEDC through SRM Gold, reflects a historical Probable Mineral Reserves estimate of 7.8Mt at 2.0% Cu, 2.0g/t Au, 8.8g/t Ag and 45.5% 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.

Drill rigs were mobilized to Pan de Azucar ("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. A total of 31 proposed exploration drillholes (3,040 meters) and redrilling of 3 old drillholes (240 meters) for metallurgical study are planned for a total meterage of 3,280 meters. At the effective date of this MD&A, a total of 1,548 meters has been drilled and includes the completion of 14 new drillholes, the redrilling of 2 holes and the premature termination of 3 drillholes following the receipt on March 4, 2024, of a Cease-and-Desist Order ("CDO") issued by the Iloilo provincial government. Until the CDO is resolved,

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

drilling and field operations have been suspended and the exploration team has turned its focus to drill core logging. Approximately half of the core samples have been prepared for transport and submission to the Balabag fire assay laboratory. TVIRD has an option to earn a 60% interest in the PDA Mining Joint Venture through completing defined spending commitments related to exploration. At present the PDA Mining Joint Venture is held by Minimax (59%), Mindoro (40%, through MRL Nickel Philippines, Inc.) and TVIRD (1%).

TVI does not operate or control any of the mines or projects of TVIRD.

As the previous 100% owner of TVIRD, TVI's focus upon responsible mining established the framework through which TVIRD received and has continued to receive various environmental and safety awards for its exceptional performance. The following is a full record of past and current awards:

TVIRD

Record of Awards

Award

2010

2011

2012

2013

2015*

2016*

2017*

2018*

2019*

2021*

2022

2023

Presidential Mineral Industry Environment Awards ("PMIEA"):

PMIEA

Agata

Agata

Agata

Balabag

Balabag

Platinum

Canatuan

Canatuan

Agata

Titanium

Canatuan

Canatuan

Agata

Agata

Safest Mining Operation /

Surface Operation

Winner

Canatuan Canatuan

Balabag

Platinum

Siana

Balabag

Safest Mineral Processing (Concentrator Category)

Winner

Canatuan Canatuan Canatuan Canatuan

Best Mining Forest Award

2nd Runner Up

Canatuan

Balabag

Balabag

3rd Runner Up

Canatuan

Canatuan

Notes:

• TVIRD received awards up through 2013 as operator of the Canatuan Mine and commencing 2015 through 2021 has received awards as operator of the Agata Mining Ventures Inc. DSO operations since start-up of operations in October 2014. The Presidential Industry Environmental Award ("PMIEA") is the highest award given by the PMIEA Selection Committee ("PMIEA-SC"). Mining companies which fall short of the PMIEA requirements but exhibited excellent performance in environment, safety, health, and social development are awarded with the PMIEA-SC Achievement Awards, namely the Platinum and Titanium awards.
• TVIRD did not participate in the 2020 awards program.

In addition to TVI's 30.66% interest in TVIRD and other Philippine subsidiaries (through TVI Marketing), TVI directly held at December 31, 2023, a 14.4% equity interest in Mindoro and a 100% investment in

shares of TG World Energy Corp. ("TG World").

TVI is presently dependent on possible distributions from its joint venture investment in TVIRD, which the Company does not control. While generally significant, the TVIRD dividends are not sufficient in and of themselves to enable the Company to fund all aspects of its operations and, accordingly, management is pursuing other financing alternatives to fund the Company's operations and to pursue interests in resource projects in the Asia Pacific region that can be rapidly developed and put into production to generate revenue and cash flows so it can continue as a going concern. Nevertheless, there is no assurance that these initiatives will be successful.

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March 31, 2024

As at March 31, 2024:

TVI Pacific Inc.	TVI Pacific Inc.
Corporate Structure	(an Alberta Corporation)

	14.4%			100%		100%		100%
	Mindoro Resources Ltd	TVI Asia-Pacific Resources	TVI Limited		TG World Energy Corp.
	(a Canadian Corporation)		(a Philippine company)	(an Anguillian Corporation)	(an Alberta Corporation)
						100%
	MRL Nickel Philippines Inc.				TVI International Marketing
	(a Philippine Corporation)				(a Hong Kong Corporation)	90%		Corporate entities
								TVI Minerals Processing Inc.	Operating entities
Agata Mining	Agata	Pan de Azucar		Pan de Azucar	30.66%
	(Note 2)		(a Philippines Corporation)
JV	Processing JV	Mining JV			Processing JV		Investments
60%	60%	60%		60%
				Option to earn	TVI Resource Development	Projects at TVIRD level:
				(1) Balabag Gold-Silver Mine ;
						Phils., Inc.
							(2) Additional Mining Tenements (26).
						(a Philippine Corporation)
Projects at Agata JV level:
(1) Agata Nickel/Iron Mine;	Projects at Greenstone level:	100%			100%	100%
(2) Agata Limestone Project
(1) Siana Gold Mine;		Greenstone Resources	Exploration Drilling	SageCapital Partners,
		(2) Mapawa			Corporation	Corporation	Inc.
									60%
									Mt.Labo Exploration &	Projects at MLEDC level:
									Development Corp.	(1) Mabilo - 60%
Notes:

1. Two non-voting,non-participating redeemable deferred shares are held by Prime Resource Holdings Inc., who also holds 68.42% of TVIRD and 10% of TVI Minerals Processing as well as
2. TVI Resource Development Phils Inc. - the 30.66% interest is held directly by TVI Pacific Inc. while 68.42% is held by Prime Resource Holdings Inc. (a Philippine corporation) and 0.92% is

5% equity of TVI Pacific Inc. held by other Class B shareholders.

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INVESTMENT IN TVI RESOURCE DEVELOPMENT PHILS., INC.

The Origin of TVI Pacific: Canatuan Gold-Silver /Copper-Zinc Mines

The Canatuan gold-silver mine was the first to be brought into operation by TVIRD, a private Philippine resource company that was owned and operated 100% by TVI at that time. Canatuan mine produced over 105,200 ounces of Au and 1.8 million ounces of Ag from 2004 to 2008 and 199,778 dry metric tonnes of copper concentrate and 30,548 dry metric tonnes of zinc concentrate from 2009 to 2014. During the 10- year period in which the Canatuan gold-silver and copper-zinc mines were in production, TVIRD generated over US$479 million in revenues and US$180 million in cash flows. TVIRD's Canatuan mining operations also received multiple prestigious awards from the annual Philippine PMIEA ceremony and established TVIRD as a preeminent mining company committed to the highest levels of safety, environmental stewardship and sustainable development. The Canatuan gold/silver and copper/zinc mines represent the first two mines placed into operation by TVI/TVIRD.

As at the date of this MD&A, Canatuan is continuing its final rehabilitation activities under the supervision of the Multi-Partite Monitoring Team ("MMT") that includes representatives of the local community, the municipal and provincial government, and the Department of Environment and Natural Resources ("DENR") (as representatives of the national government).

Canatuan Mine (Before Rehabilitation) - 2015.

Canatuan Mine (After Rehabilitation) - February 2024

TVIRD has only a small remaining balance of FMRDP deliverables to complete at Canatuan which include yet a small part of the surface mine area. Rehabilitation of the sulphide Tailings Storage Facility ("TSF"), the gossan TSF and diversion dam, the upper and lower TSF, the mill and materials management area, the overburden waste disposal areas and the contractor and employee residential areas has been completed.

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TVIRD is currently focused on maximizing its valuation, which would also maximize its investment value for TVI, by focusing on the following areas of growth:

1. Continuing gold and silver production and process improvements at its Balabag Gold-SilverMine while adding additional reserves through ongoing exploration.

1. The commencement of commercial production at its Siana Gold Mine.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

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1. Advancing the Mabilo Project towards development and production.

1. Advancing the Pan de Azucar Project toward possible development and production.

1. Advancing the Agata Limestone Projects toward possible development and production.

1. Repeating its success by exploring and developing its large portfolio of exploration/development tenements while continuing to search for new resource properties that can be acquired, rapidly developed and placed into production.

1. Progressing plans to list on the Philippine Stock Exchange ("PSE").

Dividends were last issued by TVIRD in June 2022. All dividends have been received by TVI International Marketing Limited ("TVI Marketing"), a subsidiary of TVI and the direct shareholder of TVIRD, and have included:

TVI cannot independently control the declaration and payment of dividends from TVIRD as such decision requires both TVIRD and Prime Resources Holdings, Inc. ("PRHI"), as joint venture partners, to approve. The Omnibus Loan and Surety Agreement concluded with China Banking Corporation and announced by TVI Pacific on October 22, 2019 that provided for a US $28.5 million principal amount 5-year term loan facility (the "Facility") for the purpose of development of Balabag does not preclude the declaration and payment of dividends by TVIRD but does require that TVIRD provide prior notice to China Banking Corporation to certify that TVIRD is in compliance with various terms associated with the Facility provided in relation to Balabag. Since the announcement of the Facility, TVIRD has issued eight (8) dividends as at the effective date of this MD&A for a total amount of Php 418.8 million ($10.7 million), of which TVI has received its share equal to Php 128.4 million ($3.3 million) prior to Philippine dividend tax.

TVIRD issued no dividends through the three months ended March 31, 2024.

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