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Tvi corporate presentation august 11 2016 f
- 2. Qualified Person Statement and Disclaimer Qualified Person Mike Bue, Bsc. Eng, M.Eng, P.Eng, Technical Advisor and Project Advisory Group member of TVI and a member of the Professional Engineers of Ontario and Canadian Institute of Mining and Metallurgy, is the qualified person under NI43-101 who has approved the scientific and technical information in this presentation. Forward-looking Statements This presentation contains certain forward-looking information (referred to herein as "forward-looking statements"). 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 in this presentation are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. 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 by such forward-looking statements. These factors include, but are not limited to, such things as inherent risks associated with the exploration and development of mining properties, ultimate recoverability of mineral reserves, timing, results and costs of exploration and development activities, availability of financial resources or third-party financing, new laws (domestic or foreign), changes in administrative practices, changes in exploration plans or budgets, and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this Presentation and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes. The forward-looking statements contained in this presentation are made as of the date hereof and TVI does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable Canadian securities law. The forward-looking statements contained herein are expressly qualified by this cautionary statement. 2
- 3. 3 TVI Pacific Inc. Overview • TSX-listed Canadian resource company focused on the production, development, exploration and acquisition of diversified resource projects in the Asia Pacific. • Successful operator of the Canatuan gold-silver/copper-zinc mine, the first foreign-invested mine to reach production after the passage of the Philippine Mining Act of 1995. • Management has the proven ability to develop and operate mines with low CAPEX in challenging locations with award-winning safety, environmental and social performance. • Focused on repeating its success by searching for new resource opportunities that can be rapidly developed and put into production -- currently evaluating the Cirianiu Gold Project located in Fiji. • Holds a 30.66%* interest in TVI Resource Development (Phils.) Inc., a private Philippine production and development company seeking to list on the Philippine Stock Exchange in 2016 -- listing is expected to enhance TVI’s investment value considerably. • TVI also holds a 27.24% interest in FOY Group Ltd., a green energy company in Australia which is seeking to relist on the ASX in H2/2016 – listing could potentially provide TVI with a source of funding. * TVI has the option to increase its ownership of TVIRD to 31.6% once TVIRD lists on the Philippine Stock Exchange
- 4. 4 Share Structure, Liquidity & Ownership Issued & Outstanding Shares 655.47 Million Shares Fully Diluted 716.27 Million 52 Week High/Low C$0.03/$0.005 Market Capitalization (as at August 11, 2016) C$9.83 Million Cash & Short Term Investments (as at June 30-, 2016) C$1.56 Million Insider & Fund Shareholdings (as of March 2016) Holder Name Position % LIM ASIA FUNDS 62183356 9.49 SEAJAY MANAGEMENT ENTERPRISES (controlled by Cliff James) 57556349 8.78 PRIME RESOURCE HOLDINGS 33333333 5.00 ARMSTRONG ROBERT C 9337744 1.42 JAMES CLIFFORD M 6888900 1.05 GLOBAL SOLUTIONS LIMITED 5382163 0.82 THOMSON WAYNE G 4002000 0.61 HOREJSI JAN R 1437358 0.22 MOSCOVITZ DAVID 717541 0.11 RICHARDS PETER C G 501479 0.08 CRAMM C BRIAN 420698 0.06 14.5% 13.1% 72.4% Shareholder Breakdown Institutions Insiders Retail Sources : Bloomberg March 28, 2016; TVI’s Management Information Circular May 11, 2015Source: Bloomberg, June 6, 2016
- 5. 5 History of Success at the Canatuan Mine • Located in the Province of Zamboanga del Norte on the Philippine Island of Mindanao, Canatuan was the first foreign-invested mine to reach production after the passage of the Philippine Mining Act of 1995. • Mining operations focused initially on an overlying oxidized gossan zone of the Canatuan orebody containing gold and silver and subsequently on an underlying primary sulphide zone containing copper and zinc. • From 2004 to mid-2008 the mine produced over 105,200 ounces of gold and 1.8 million ounces of silver doré for gross revenues of US$86.0 million. • Initial capex was ~US$1 million prior to 2005 and total capex was US$29 million over life of gold-silver operations. • Once the upper zone of the orebody was mined out, a sulphide flotation plant was completed in November 2008. • From 2009 to 2014, TVIRD completed 39 shipments of copper concentrate totaling 199,778 dry metric tonnes (dmt) and seven shipments of zinc concentrate totaling 30,548 dmt for gross revenues of US$393.0 million. • Initial capex was US$28.3 million and total capex was $44.8 million over the life of the copper/zinc operations.
- 6. 6 Searching for our Next Success Story TVI is looking to repeat its success at Canatuan by searching for new resource opportunities in the Asia Pacific Region with the assistance of a highly experienced PROJECT ADVISORY GROUP, consisting of: Douglas J. Kirwin -- Independent consulting geologist with over 45 years of international exploration experience with companies including Anglo American, Amax, Indochina Goldfields and Ivanhoe Mines. Member of the discovery team for the Hugo Dummett deposit at Oyu Tolgoi in Mongolia, the Jelai-Mewet and Seryung epithermal deposits in north east Kalimantan, the Eunsan-Moisan gold mines in South Korea, the Moditaung gold deposits in Myanmar and the Merlin Re-Mo deposit in Australia. John Holliday -- Independent geologist with over 30 years of experience with companies including BHP Minerals and Newcrest Mining. A principal discoverer of the Cadia and Marsden porphyry gold-copper deposits in NSW, and was a principal geological advisor on the acquisition of many significant projects, including Namosi and Wafi-Golpu. Craig Panther -- Independent consulting geologist with over 20 years with companies including Ivanhoe Mines, Barrick Gold, Mineral Resources Ltd. and Sigma Gold NL. Specialist in Pacific Rim Arc geology and mineralization. Ciceron (Jun) Angeles -- Geologist with over 35 years of exploration experience in Asia with companies like Newcrest Mining. Specializations include epithermal gold-silver, porphyry copper-gold and Carlin styles of mineralization. Mike Bue -- Mining engineer with over 35 years of experience with companies such as Queensland Nickel Ltd. (a former subsidiary of BHP Billiton). Experience includes underground and open pit projects and operations; mineral exploration and mineral resource/ore reserve evaluation; and project and mine management.
- 7. 7 Resource Acquisition & Development Strategy • Acquiring or joint venturing with companies on resource deposits that may have a modest initial resource size but with the potential for significant resource growth… • Beginning operations as quickly as possible to generate revenues and cash flow… • Using cash flows from operations to fund further exploration to grow the resource and expand operations… Benefits of this strategy include: • Low upfront capital expenditures = lower risk • Minimal dilution to shareholders as growth is self-financed • Demonstration of economic and social benefits realized by local communities and government entities to ensure continued support for expanded operations Management’s resource acquisition and development strategy is centered around the concept of…
- 8. 8 Cirianiu Gold Project, Fiji • The Cirianiu project is 100% owned by Kalo Exploration Inc., a private Fijian company, which controls three licenses (SPLs 1419, 1464, 1492) covering 606 km2. • TVI entered into Heads of Term Agreement with Kalo in November 2014 to conduct a due diligence program before entering a possible Joint Venture agreement. • If a JV is formed, TVI will have the right to earn up to a 70% interest by advancing the project into development. • Located on Vanua Levu Island, Fiji, approximately 3,000 km east of Australia. • Fiji is host to many gold mines/projects such as the: o Emperor gold mine (production of 7 million ounces since 1933) o Namosi project, one of the world's largest undeveloped copper-gold deposits o Mt. Kasi Gold Mine, which operated in the 1930s and 1940s and may be brought back online by Newcrest o Tuvatu gold deposit controlled by Lion One Metals which recently received its mining license to commence development and mine construction Cirianu Gold Project FIJI Wainikoro SPL 1464
- 9. 9 • Placer drilled 41 holes in 1980-90s totaling 4,194 metres and defined at least six grass-roots intermediate- to low- sulfidation epithermal gold-silver targets. • Most advanced exploration target is Qiriyaga Hill, where Placer drilled 27 holes totaling 2,776 metres and found near-surface gold mineralization. • Detailed exploration carried out by Kalo since 2009 include geological mapping, contour trenching, channel sampling and diamond drill testing in 22 holes totaling 3,231 metres. • Results indicate a low-sulphidation system with epithermal gold mineralization in a mineralized corridor extending 8.5 km. Cirianiu Gold Project History Gold Intercepts Gold Intercepts Preliminary geological interpretation from re-logging of previous drill core
- 10. 10 Cirianiu Due Diligence Program • Since November 2014, TVI has been carrying out a detailed due diligence program at the Cirianiu project which involves resampling of drill core, assaying, geological and mine modelling, auger soil geochemistry surveys, confirmation drilling, regional ridge soil sampling and trenching. • Preliminary results have confirmed that the Qiriyaga Hill target is a low-sulphidation epithermal gold deposit where gold is distributed in volcaniclastic host rocks mainly as free gold in quartz stockwork and hydrothermal breccia. • General gold grades appears to be in the range of 0.3- 5.0 g/t with localized higher-grade zones. • The mineralization is mainly gold with varying amounts of silver, lead, zinc and copper. Gold has a moderate correlation with silver with a gold to silver ratio at 1.3:1.0. • TVI will make an investment decision on the project in 2016, subject to the company securing funding via the sale of its various investment interests.
- 11. Our Investments
- 12. 12 Investment in TVIRD TVI holds a 30.66%* interest in TVI Resource Development (Phils), Inc., a diversified Philippine resource company. TVIRD’s Key Activities include: 1) Achieving a listing on the Philippine Stock Exchange in 2016. 2) Nickel laterite direct shipping ore (“DSO”) operations and increasing resources at the Agata Nickel Laterite Project. 3) Advancing the Balabag Gold-Silver Project and towards construction and production in 2016. 4) Advancing the Agata Limestone Project towards development and production. AGATA Nickel Laterite Nickel Processing Limestone BALABAG Gold-Silver North Zamboanga Exploration CANATUAN Agribusiness & Exploration LUZON Manila MINDANAO * TVI has the option to increase its ownership of TVIRD to 31.6% once TVIRD lists on the Philippine Stock Exchange
- 13. 13 The PSE listing will allow TVI to monetize portions of its TVIRD holdings which will represent an ongoing source of non-dilutive funding during a time when capital is difficult to raise for new project acquisition and development activities. • TVIRD may be pursuing an Initial Public Offering and listing on the Philippine Stock Exchange in H2/2016. • If listed, TVIRD’s market capitalization will be publicly available and the value of TVI’s equity interest readily calculated. • TVI will also have the opportunity to raise funds through a secondary offering in the IPO. • A Preliminary Prospectus in connection with the IPO was filed by TVIRD with the PSE and Philippine Securities and Exchange Commission on October 7, 2015, and an updated version was filed on December 16, 2015. The updated Prospectus can be viewed at the following link: http://tvird.com.ph/wp- content/uploads/TVIRD-Registration-Statement-Prospectus-and- FS-16-Dec-2015.pdf. * TVI has the option to increase its ownership of TVIRD to 31.6% once TVIRD lists on the Philippine Stock Exchange TVIRD’s Philippine Stock Exchange Listing
- 14. 14 TVIRD’s Agata Nickel DSO Project • Owned by Agata Mining Venture Inc. (AMVI), a Joint Venture company in which TVIRD has a 60% interest and is the operator. • Project is located in the Surigao mining region of Mindanao and benefits from excellent location and logistics with mining areas located within 3.5 kilometres of a private port in Tubay, Agusan del Norte. • Project has resources of 10 million tonnes of high iron limonite ore plus 23 million tonnes of saprolite ore consisting of mid- and high-grade nickel ore. • Commercial production began in October 2014 and over 3 million wet metric tonnes of nickel laterite ore have been shipped as of July 2016. Operations currently mine upwards of +30,000 wet metric tonnes of ore per day (weather permitting). • From October 2014 to April 2015, TVIRD completed a 16,768-metre, 986-hole drill program to validate and successfully increased resources based on Philippine Mineral Reporting Code standards, which is supporting a higher valuation for its IPO.
- 15. 15 TVIRD’s Balabag Gold-Silver Project Manila CANATUAN ZAMBOANGA PENINSULA BALABAG • TVIRD holds 100% the mineral production sharing agreement (MPSA) area covering 4,779 hectares on the Balabag gold and silver project. • Located in the municipality of Bayog and approx. 75 km east-northeast of TVIRD’s former flagship project, Canatuan. • Low-sulphidation epithermal gold and silver vein deposit with a resource of 1.78 million tonnes averaging 2.34 g/t gold and 72.3 g/t silver for contained metal of 134,262 ounces of gold and 4,148,196 ounces of silver. • TVIRD has received all major permits required to initiate the development, construction and operation of the mine. • TVIRD is now working on securing project financing to fund the development of the Balabag mine.
- 16. 16 TVIRD’s Agata Limestone Project • Owned by Agata Mining Venture Inc. (AMVI), a JV company in which TVIRD has a 60% interest and is operator. • Limestone deposits are located south of the nickel laterite DSO operations and share same infrastructure. • A 17-hole drill program was carried out from November 2014 to April 2015 and drill results have confirmed the presence of a high-purity recrystallized limestone deposit covering an area of 600 metres by 650 metres. Significant intercepts yielded between 80% to 100% CaCO3. • These results formed the basis of a technical report compiled to Philippine Mineral Reporting Code standards completed in August 2015. The resulting resource is contributing to a higher valuation for TVIRD’s listing efforts on the PSE. • TVIRD is currently entertaining offers from prospective buyers while conducting feasibility/permitting review activities with a view of putting the limestone project into production in the near term.
- 17. Investments in FOY & Mindoro FOY Group Limited (formerly Foyson Resource Inc.) • TVI holds a 27.24% equity interest in FOY Group Limited., an Australian company which controls the Amazon Bay Iron Sands Project in Papua New Guinea and is in the process of acquiring and funding the commercialization of plastics to diesel technology in Australia. • The plastics-to-fuel technology converts waste products and plastics destined for landfill into Australian standard transport fuel. • FOY expects to relist on the ASX in H2/2016 following approval of its business transactions. • TVI intends to sell portions of its interest in FOY after the ASX relisting to raise funds. Mindoro Resources • TVI holds a 14.4% equity stake in Mindoro Resources Ltd., which is the 40% joint venture partner with TVIRD in Agata Mining Ventures Inc. (AMVI). AMVI controls the Agata Nickel Laterite Project and DSO Operations and Agata Limestone Project. 17
- 18. 18 Investment Highlights As the successful operator of the Canatuan gold-silver/copper-zinc mine in the Philippines, TVI is well-recognized for its ability to develop and operate mines with low capex in challenging locations with award-winning safety, environmental and social performance. TVI’s is positioned as an ideal partner on new resource development opportunities in the Asia Pacific region and is currently seeking advanced projects that it can quickly put into production to generate cash flows. Management is assisted by highly experienced group of project evaluation experts led by former Ivanhoe and Newcrest Mining executives. TVI expects its 30.66% interest in TVI Resource Development (Phils.) Inc. (TVIRD) to become a source of considerable shareholder value creation and liquidity once TVIRD lists on the Philippine Stock Exchange. TVI expects its 27.24% interest in FOY Group to be a potential source of funding once FOY relists on the Australian Stock Exchange in H2/2016.
- 19. 19 Management Team Clifford M. James President and Chief Executive Officer Mr. James is a geologist and business executive with over 40 years of technical and financial experience in the natural resource sector throughout North America, Africa and Asia. He has spearheaded TVI’s activities in the Philippines since 1993 and was responsible for bringing on stream the Canatuan gold-silver mine – the first foreign-funded, modern, full-scale producing mine in the Philippines since the passage of the Mining Act in 1995. His tireless efforts continue to drive TVI’s commitment to transparent, environmentally and socially responsible mining practices that bring sustainable development to the company's host communities. Mr. James currently serves as a Director for Foyson Resources Limited, a Papua New Guinea-focused mineral exploration company, and Mindoro Resources Ltd., an Alberta incorporated company engaged in mining exploration in the Philippines. Patrick Hanna Chief Financial Officer and VP Finance & Administration Mr. Hanna is a Certified Management Accountant with more than 30 years of professional experience in both the mining and oil and gas sectors. Prior to joining TVI in 2010, Mr. Hanna was Director of Financial Excellence for Kazakhmys Copper Corporation, the 10th largest copper producer worldwide. Prior to that, Mr. Hanna represented Glencore International as Vice-President for Project Finance for its lead and zinc facility, Kazzinc, in Kazakhstan, and High River Gold in its gold mining operation in Russia. Mr. Hanna's experience includes 18 years living and working internationally with various other companies including Gulf Canada Resources, Neste Oil and Ernst & Young. Shirley Anthony VP Corporate Communications Ms. Anthony is a corporate communications professional with 11 years of experience in investor relations, communications and strategic marketing with publicly listed resource equities in Canada and the United States. Previously, she has held the roles of VP Corporate Communications for International Tower Hill Mines Ltd. and as Manager of Corporate Communications for Corvus Gold Inc. from 2010 to 2012. From 2008 to 2010, she served as corporate communications manager for Silvercorp Metals Inc., an NYSE/TSX-listed silver and base metals producer in China. Prior to that, she held the position of corporate communications and investor relations for publicly traded resource companies focused on gold, silver, uranium, base metals and potash exploration. Ms. Anthony holds a Bachelor of Arts degree in Interdisciplinary Studies from the University of British Columbia.
- 20. 20 Clifford M. James, Chairman – See bio on management page. Robert C. Armstrong, Ph.D. -- Over 40 years of experience in the mining industry, having worked in senior and executive positions for companies such as Cominco Ltd. and Echo Bay Mines Ltd., with both domestic and foreign responsibilities for mineral exploration and mining operations. He is currently President of Armstrong Associates International LLC, a private company involved in the mineral exploration industry based out of Denver, Colorado. C. Brian Cramm, C.M.A., -- Mr. Cramm has held both senior and executive management positions within the mining industry. Most recently he was Vice President, Chief Financial Officer & Treasurer for General Minerals Corporation and he has held the position of Vice President Corporate Development for both Echo Bay Mines Ltd and Crystallex International. Currently, Mr. Cramm is President of Number Sense, Corp., providing consulting services to the mining industry in Canada and the US focusing on finance, deal making, and executive management. Jan R. Horejsi, B.Sc. -- Mr. Horejsi is a business executive with over 40 years of experience in the oil and gas industry throughout North America. Mr. Horejsi serves as a director of a number of Canadian companies and was most recently President and CEO of Jadex International, a junior oil and gas exploration company. Prior to that, he was the Senior Vice- President of North American Operations at Ranger Oil Limited, a Canadian oil and gas exploration and production company. David Moscovitz, LLB -- Mr. Moscovitz is a lawyer and consultant at Dentons Canada LLP with over 35 years of extensive experience in acquisitions, divestments, dispositions, financings, joint ventures and other general business law. Prior to this, he was a Lawyer and Partner at Goodman and Carr LLP. Peter C.G. Richards, LLB -- Mr. Richards attended the University of British Columbia graduating with a law degree, during which time he served in the RCN Reserve, retiring as a Lieutenant. He specialized in corporate and commercial law, wealth preservation, estate planning and business negotiations until his retirement. Wayne G. Thomson, B.Sc. – Over 35 years of Canadian and International business experience. He currently serves as a Director and chairs the Reserves Committee of Cenovus Energy, an $18 billion market cap oil company listed on the NYSE and TSX. Mr. Thomson is also Chaiman of Maha Energy Inc. and Inventys Inc. Board of Directors
- 21. Corporate Head Office: TVI Pacific Inc. Suite 806, 505 – 2nd Street S.W. Calgary, Alberta T2P 1N8 Tel: (403) 265-4356 Fax: (403) 264-7028 Email: tvi-info@tvipacific.com Investor Relations/Media Contact: Shirley Anthony, VP Corporate Communications Tel: 778-999-2771 E-mail: Shirley.anthony@tvipacific.com Contact Information 21