man nt’s dis cussio n and...

Man

For the

ageme

e Three M

nt’s Dis

Months En

scussio

nded Mar

on and

rch 31, 20

Analys

015 and 2

sis

2014

TVI Pacifi

The discu“the Comand futurstatementInternatioexpressedwebsite Managem Forward- Certain inare freque”anticipate“will” occudates the that couldstatementand develgeologicaexcessiveavailabilityAnnual Inupdate fochange otforward‐lo Qualified Mike Bueacted as tMineral PEngineersand techn Additionaavailable Corporat TVI is a pand acquproven aacquiring and cash The Comppursuing oby membe Prior to 2company

c Inc.

ussion and anmpany”) result

e plans. It sts for the thnal Financiald in Canadiaat www.tvipa

ment Discussio

-looking Stat

nformation conently characte”, “outlook” ur. Forward-lo

statements ad cause actuats. These faclopment of m

al data, fluctuae operating y of and cost

nformation Foorward‐lookinther than as rooking statem

Persons

e, Bsc. Eng, Mthe Qualified

Projects (“NI 4s of Ontario anical informati

l information on SEDAR at

e Profile

ublicly-tradeduisition of resability to des

resource proflows.

pany is currenother opportuers of its high

014, TVI conpreviously e

MANAGF

nalysis that fots over the peshould be rehree months Reporting S

an dollars unlacific.com oon & Analysis

tements

ntained hereiterized by woand other simooking statemare made, anal events or rtors include,

mineral properating metal prcosts and ets of financingorm under theg statementsrequired by s

ments.

M.Eng, P.EngPerson in co43-101”) repoand Canadianion in this doc

on the Comt www.sedar.

d Canadian resource projecsign, build aojects that ca

ntly evaluatinunities for invehly experience

nsolidated TVengaged in th

GEMENT’S DFOR THE THR

MARCH 3

Pa

ollows is inteeriods ended ad in conjunended Marc

Standards (“IFess otherwisr on SEDA

s (“MD&A”) is

in constitutesords such as milar words, o

ments are basnd are subjecresults to diffwithout limitarties, the uncerices, the posexpenses, ung needed in te heading “Rs if circumstaecurities laws

g, Technical Aompliance withorting requiren Institute of cument and h

mpany, includcom and on t

esource compcts in the Asiand operate n be rapidly

g the Cirianiuestment and ed Project Ad

VI Resource Dhe profitable

ISCUSSION REE MONTH31, 2015 AND

age 2 of 31

ended to provMarch 31, 20

nction with thch 31, 2015FRS”). All nu

se indicated. AR’s websites as of May 13

forward‐look“plan”, “expe

or statementssed on the opct to a varietyfer materially tion: the inheertainties invossibility of projncertainties rthe future, an

Risk Factors”. ances or mas. The reader

Advisor and Ph National Insements by virf Mining and has confirmed

ding the Comthe Company

pany focused ia Pacific reg

mines, TVI developed a

u Gold Projecdevelopmentvisory Group

Development production o

AND ANALYHS ENDED D 2014

vide a summa015 and 2014he unaudited5 and 2014, umbers in thAdditional inf

e at www.se3, 2015.

king statemenect”, “forecass that certainpinions and ey of risks and

from those perent risks involved in interpject delays or

related to thnd other facto The Compaanagement’s r is cautioned

Project Advisstrument 43-1irtue of his mMetallurgy.

d compliance

mpany’s Anny’s website at

on the produgion. Led by

is currentlynd put into p

ct located in Ft in the Asia P.

(Phils.), Inc. of gold, silver

YSIS

ary of TVI Pa4, as well as itd interim con

prepared inis discussionformation is edar.com. In

nts. Forward‐lst”, “project”, n events or cestimates of md uncertaintiesprojected in tvolved in the mpreting drillingr cost overrun

he necessity ors describedany undertake

estimates od not to place

sory Group m101 Standard

membership inHe has apprwith NI 43-10

nual Informatwww.tvipacif

uction, develoa managem

y focused oproduction to

Fiji for potentiaPacific region

(“TVIRD”), ar, copper and

March 31,

acific Inc. (“Tts financial po

nsolidated finn accordancen and analysavailable on

nformation in

looking statem”intend”, ”bel

conditions “mamanagement s and other fathe forward‐lomining, explog results and ns or unantici

of financingd in the Compes no obligator opinions s

undue relian

member of TVds of Disclosun the Profesroved the sci01 requiremen

tion Form, isic.com.

opment, exploment team witon evaluating

generate rev

al investmentn as recomme

a private Philid zinc at its

, 2015

TVI” or osition ancial

e with is are TVI’s

n this

ments lieve”, ay” or at the actors ooking oration d other ipated g, the pany’s tion to should nce on

VI, has ure for sional ientific nts.

s also

oration th the g and venue

t while ended

ippine 100%

TVI Pacifi

owned Caowned Agproject. During 20purposes private PhacquisitioDecembeTVI receivvarious su As a resudetermineagreemenrelevant awholly owAzucar jo TVI’s constatementequity mesubsidiariresults dir As part olisting on 31, 2015completin In additioninterest inMindoro Rand (iv) a

c Inc.

anatuan minegata joint ven

013, TVI wasand entered

hilippine invesn of an inter

er 2013. The ved total proubsidiaries, ea

ult of the Traned that TVI nont with PRHIactivities, resuwned subsidiaint venture pr

ntinuing interets as an inveethod. As sues now resulrectly compar

f PRHI’s agrethe Philippin, TVIRD wasg the listing p

n to its interesn Foyson ResResources Ltd100% invest

MANAGF

e. TVIRD is nture mining p

s focused oninto various d

stment corporrest in its indTransactions

oceeds of USach before ta

nsactions, TVo longer had which requi

ulting in joint cary of TVIRDrojects, were d

est of approxestment in joch, revenuest in an adjus

rable year-ove

eement to inve Stock Exchs actively looprocess in 201

st in TVIRD asources Limited. (“Mindoro”ment in share


MARCH 3

Pa

currently engproject and th

n obtaining adefinitive agreration, involvidirectly held s occurred in S$10.65 millioax and related

VI’s interest incontrol in TV

ires unanimocontrol. Expl

D. Consequedeconsolidate

ximately 30.6int venture w

s earned and tment to the er-year.

vest in TVI ahange (“PSE”oking at sec15.

and other Philed (“Foyson”” or “MRL”); (es of TG Worl


age 3 of 31

gaged in the he developm

additional fineements withng a private pPhilippine asmultiple clos

on while US$d fees.

n TVIRD was VIRD due to tous consent foration Drillin

ently, TVIRD, ed from TVI’s

66% in TVIRDwithin the min

related expeinvestment a

nd TVIRD, th”) following cocuring a listin

lippine subsid”) (see Subse(iii) a 10% inteld Energy Co


production oent of the 10

ancing for wh Prime Resoplacement of

ssets, includinsings with the$11.85 million

reduced to 3the reductionfrom both pa

ng CorporatioEDCO and

s consolidated

D is recordening segmentenses incurreaccount and t

he parties agompletion of ng on the P

diaries, TVI dequent Eventserest in the Arp. (“TG Wor

YSIS

of nickel later00% owned B

working capitaurces Holding

f common shang TVIRD, (“e final closingn was receiv

30.66% and Tn of interest aarties on dec

on (“EDCO”) hinterests in A

d financial sta

ed in the cont, and accou

ed at the levetherefore do

greed that TVthe Transact

PSE with a v

irectly holds (ts) (ii) a 14.4%Amazon Bay Irld”).

March 31,

rite ore at itsBalabag gold-

al and invesgs, Inc. (“PRHares in TVI an“Transactiong in July 2014ved by TVIRD

TVI’s manageand by virtue cisions concehas now becoAgata and Paatements.

nsolidated finnted for usin

el of TVIRD anot make fin

VIRD would sions. As at Mview to pote

(i) a 26.01% e% equity interIron Sands pr

, 2015

s 60% -silver

stment HI”), a nd the

ns”) in 4, and D and

ement of an

erning ome a an de

ancial ng the and its ancial

eek a March ntially

equity rest in roject;

TV

TVI Pacific

VI Corporate Str

Inc.

ucture

MAANAGEMENT’S DFOR THE TH

MARCH

o

DISCUSSION ANHREE MONTHS E31, 2015 AND 20

f 31

ND ANALYSIS ENDED 014

March

h 31, 2015

TVI Pa

INVESTM TVIRD is productionproduced dry metric2014. Dproduction TVIRD ismaximize

M(“

F

D

A

E TVI’s conwithin thestatementsubsidiariTVIRD, itgeneratedlevel of TV During thethe remaiinterest inpurchase share prichave a 31 Summaryvaluation TVI’s inve Agata Nic The Agatabetween Tventure acommenc The Agat(“MPSA”)Norte proof Butuanwithin pro

acific Inc.

MENT IN TVI R

a private Philn after the paover 105,200

c tonnes of couring the 10n, TVIRD gen

currently focits investmen

Maximizing proDSO”) Projec

inalizing a De

Defining an init

Advancing the

xploring oppo

tinuing interee mining segts. As such,es now resuts subsidiaried by TVIRD wVIRD, its subs

e year endedning Class B

n TVIRD, upoprice is expe

ce following t.58% interes

y information of TVIRD wh

estment intere

ckel Laterite P

a nickel lateriTVIRD and Mgreement sig

cement of com

ta DSO Projarea located

vince. It is a. The projec

oximity to main

MANAGF

RESOURCE

lippine resourassage of the0 ounces of gopper concen-year period

nerated over U

cused on mant value for TV

ofits and expact;

efinitive Feasi

tial NI43-101

Balabag Gol

ortunities for m

st of approximment, and a, revenues elt in an adjus and joint vwill be used tsidiaries and

December 3B shares of TVon execution ected to be USthe listing. Ut in TVIRD.

is provided bhen it lists on est in TVIRD.

Project

te project is hMindoro in whgned on Septmmercial prod

ject site is lod in the adjaccessible by

ct mine site isn markets in A


MARCH 3

DEVELOPM

rce company e Philippine Mgold and 1.8 ntrate and 30

in which theUS$479 millio

aximizing its VI, by focusin

anding resour

ibility Study (“

resource at t

d-Silver Proje

mine life exte

mately 30.66%accounted forarned and restment to the

ventures will to fund currejoint ventures

31, 2014, TVI VIRD held byof TVIRD’s l

S $500,000, inUpon exercisi

below on the vthe PSE. Th

held by Agatahich TVIRD hember 24, 20

duction of nick

ocated in a acent municipland (approx

s located 3.5 kAsia and prov


Page

ENT PHILS.,

responsible fMining Act of

million ounce0,548 dry mete Canatuan on in gross re

valuation forng on the follo

rces at the Ag

“DFS”) at the

the Agata Lim

ect towards p

nsion at the C

% in TVIRD ir using the eelated expene investmenttherefore no

ent and futures to further en

paid $232,02y a non-contrlisting on thencluding the dng its interes

various TVIRhis may in tur

a Mining Venholds a 60% i012, TVIRD ekel laterite DS

4,995-hectarpalities of Tuximately 1.5-hkm from AMVvides the opp


e 5 of 31

INC.

for putting thef 1995. This es of silver frtric tonnes ofgold-silver a

evenues and U

r its listing oowing areas o

gata Nickel La

Agata Nickel

mestone Proje

roduction; an

Canatuan min

s recorded aequity methodses incurred t account. C

ot flow througe operations nhance the va

20 as down-prolling interes

e PSE within down-paymenst to acquire

RD projects asrn have a mat

tures Inc. (“Ainterest and iearned a 60%SO in Octobe

re Mineral Pbay, Jabong

hours driving tVI’s private poortunity for sh

YSIS

e first foreign-was the Can

rom 2004 to f zinc concen

and copper-ziUS$180 millio

on the PSE, of growth:

aterite Direct

l Processing P

ect;

nd

ne.

s an investmd in the conat the level

Cash generatgh directly to and expansio

alue of TVI’s i

payment on ast holder, repan agreed tint, plus 10% the remainin

s they may mterial impact

AMVI”), a jointis operator.

% interest in Ar 2014.

Processing Sa and Santiatime) from th

ort, which is shipping all yea

March 31,

-invested minnatuan mine 2008 and 19

ntrate from 20inc mines weon in cash flow

which would

Shipping Ore

Project;

ent in joint vensolidated fin

of TVIRD ated at the le

TVI. Cash on activities ainvestment.

n option to acpresenting a 0me. The totof a function g interest, TV

materially affeon the valuat

t venture comPursuant to aAMVI followin

haring Agreeago in Agusae provincial ctrategically loar round.

, 2015

ne into which

99,778 009 to ere in ws.

d also

e

enture ancial nd its vel of flows

at the

cquire 0.92% tal net of the VI will

ect the tion of

mpany a joint ng the

ement an del capital ocated

TVI Pacifi

AccordingLaterite Rgrading 12.1 million In a subsAgata Noand Proba0.9% Ni. and do no CommercAs of Mara total of 5 Since Octproject wFollowingMineral RAgata pro Agata Nic The Agatawhich TVdelivery orequireme The projeproximity located ne As at Maupdated runderwayDFS are e Agata Lim The Agatafor the AAusenco fpurity levprogram cmeters ancarbonate In NovemInstrumenwill evaluacalcium c

c Inc.

g to an April Resource - Ag.1% nickel ann dry metric to

equent Feasirth Nickel Laable ReserveThese reserv

ot indicate the

cial productionrch 31, 2015, 528,757 wet m

tober 2014, Twith the aim

program coReport Code woject for TVIR

ckel Processin

a nickel proceVIRD has the of a DFS. ent and has e

ect is locatedto the cause

ear main mar

arch 31, 2015resource rep

y since Octobexpected to b

mestone Proje

a Limestone Agata Nickel

for Mindoro, els of CaCOcompleted bynd yielded ine).

mber 2014, Ant 43-101-comate the feasib

carbonate pro

MANAGF

10, 2013, Ngata North, Pnd 22.5% irononnes grading

bility Study reterite DSO P

es of 9.7 millioves were calce full amount o

n of nickel laa total of 10 nmetric tonnes

TVIRD has aof upgrading

ompletion, anwill be producD’s PSE listin

ng Project

essing projecright to earnAs at Dece

earned 45% o

d in the middeway facilitiesrkets in Asia a

5, TVIRD is ort on the A

ber 2014 to vbe published i

ect

project is helLaterite Projerecrystallized

O3 of greater y Mindoro in 2ntercepts with

AMVI commempliant resourbility of commoduct marketa


MARCH 3

Pa

I 43-101 techPhilippines", thn in the Measg 1.0% nickel

eport publishProject, Mindaon wet metricculated only oof both limoni

terite direct snickel laterites of limonite o

lso undertakeg and increasn updated NIced in the thirng.

ct is held by An a 60% inteember 31, 2f shares in AP

dle of the cus that were buand provides t

conducting fiAgata nickel validate and en the second

ld by AMVI. ect, Mindana limestone octhan 95%.

2011 which oh a weighted

enced an exprce estimate iencing a lime

able to the pa


age 6 of 31

hnical report he Agata DSOured and Indi and 16.3% ir

ed on Augusanao, Philippic tonnes of nicon the high iroite and sapro

shipping ore ce ore shipmenore for total gr

en a large-scsing the reso43-101 technrd quarter of 2

Agata Proceserest upon ex2014, TVIRD PI, which rem

urrent Agata uilt to supporthe opportuni

inal optimizatlaterite proje

expand the ehalf of 2015.

Based on theao, Philippineccurs near the

This informaoutlined a largd average of

ploration proin mid-2015. Oestone DSO oaper and plas


entitled "IndeO project hasicated resourron in the Infe

t 30, 2013 ennes” the projckel laterite oon/low nickel lite ore reserv

commenced nts have beenross proceeds

cale drill progources previnical report t2015 in order

ssing Inc. (“APxpending a m

has complemain in escrow

nickel lateritert the DSO opity for shippin

tion studies ect based on xisting resou

e technical rees” dated 20 e Agata nickeation was bage area of ap

60.46 meter

gram aimed Once a resou

operation or pstics industrie

YSIS

ependent Res 33.9 millionrce categorieserred resourc

ntitled “Technect was show

ore with a graore in the nicves in the dep

at the projecn completed bs of US$7.04

ram at the Aously disclosthat also mer to support t

PI”), a joint veminimum of $eted its minw until it comp

e DSO operaperations, whg all year rou

and awaiting an extensivrces. Result

eport entitled December 2el laterite depased on an inpproximately 4rs of 98.86%

at defining urce has beenproducing a hes in Asia. D

March 31,

eport on the Nn dry metric tos and an add

ce category.

nical Report fown to have Pade of 48% Feckel laterite deposit.

ct in October by AMVI contamillion.

Agata nickel lased in April eets the Philihe valuation

enture compa$2 million animum expen

pletes a DFS.

ation and in hich is strategund.

g the results ve drilling prots of the optim

“Technical R2011 prepare

posit with verynitial five-hol400 meters b

% CaCO3 (ca

an initial Nan developed, igher value g

Due to the pro

, 2015

Nickel onnes itional

for the Proven e with eposit

2014. aining

aterite 2013. ippine of the

any in nd the nditure

close gically

of an ogram mized

Report ed by y high e drill

by 800 alcium

ational AMVI round oject's

TVI Pacifi

close proxhaving low Balabag G The Balabhas a totaCorporatioZamboan In 2008, Tstudy wasMineral RindependeLtd. All st With the ethe propepursuing access an In 2011, Tholes anddepth of resumed Desist Or(4,005 feedepth of 3 Through 2carry out principal ocyanide leresemblesoperationsof vein mamenabilithe effecti On May 2Mines anApplicatioReport tomining pro On OctobCertificate Since midreceipt of engineerinhas now

c Inc.

ximity to the w transport an

Gold and Silve

bag gold/silveal area of 4,7on registeredga Del Sur an

TVI filed a NI s based on a

Resources at ent technical tudies are ava

exercise of thrty into full pran extension

nd security pr

TVIRD drilledd total depth o

1,180 meterin January 20

rder issued bet) were drille34,155.60 me

2013, a one metallurgica

objectives of eaching testss actual operas and metalluineralization dty to leachingiveness of ca

2013, TVIRD d Geoscienc

on and requeo comply withojects.

ber 1, 2013, e (“ECC”) CO

d-2013, exploall permits.

ng design forbeen comple

MANAGF

causeway wnd handling c

er Project

er project is o79 hectares a

d as Title No.nd Zamboang

43-101 compa previous re

the Balabagreport which

ailable on SE

he option to aroduction with as a result ooblems arisin

105 exploratof 13,182 mers (3,871 fee013 followingy the govern

ed. Since projeters.

metric ton pel test work othe pilot plan

s, optimize thations, providurgical procesdistributed thg as determinrbon-in-leach

submitted ances Bureau (ested TVIRD h the 10-yea

the Environ-1301-0004 f

oration and deFrom that per a gold-silveeted and det


MARCH 3

Pa

where materiacosts.

owned 100% and includes 086-97-IX. T

ga Sibugay P

pliant scopingsource repor

g Project of Th is NI 43-10DAR at www

cquire, TVIRDhin five yearsof delays cau

ng from the ea

tion holes andeters. In 2012et) until drillin the relocatioment, and anject inception

er day pilot pon samples ot test work w

he metallurgicde design parass control. Troughout the ned from prio

h over carbon-

n updated De“MGB”). Thto submit a

r mine life re

mental Manafor the Balaba

evelopment weriod through er processing tailed design


age 7 of 31

als will be sh

by TVIRD. Tan MPSA or

The MPSA isrovince, Islan

g study titled rt filed in 200TVI Pacific In1 compliant a.sedar.com.

D has the rig of what was used by Execarlier presenc

d 13 sterilizat2, TVIRD drilng was suspon of illegal mn additional 1n in 2005, a to

plant was estof the differenwere to confirm

cal processinameters for e

The sample mdeposit and

or laboratory -in-pulp in pro

eclaration of hrough Decemdditional reqequirement c

agement Bureag Gold-Silve

work was put to the currenplant to proc work is und


ipped, potent

The tenementriginally in thes located withnd of Mindana

Scoping Stud07 titled NI 43nc. In June and was prod

ht to completto be Januar

cutive Order ce of illegal m

tion/geotechnlled 5 additiopended due miners throug18 infill holesotal of 296 ho

tablished at Tnt types of mm the results ng under an engineering, amaterial analy

the results vascale tests. ocessing the

Mining Projecmber 2013, Muirements an

currently requ

eau issued tr Project.

on hold at thnt date, TVIRDcess ore on-sder way. TV

YSIS

tial operation

t covering thee name of Zahin the Municao, Philippines

dy of the Bala3-101 Techn2012, TVIRDduced by Ge

te a full feasibry 25, 2008, f79 as well asiners.

nical holes fornal exploratioto security ch the issuanc

s equivalent toles have bee

TVIRD’s Canmineralization

obtained in penvironment

and to start trayzed represenalidated BalaThe results test material.

ct Feasibility MGB returnend revise theuired through

the Environm

he Balabag pD has continusite. Basic eIRD has also

March 31,

ns will benefit

e Balabag promboanga Min

cipalities of Bs.

abag Project.ical Report fo

D filed an upeoreference O

bility study anfor which TVIs previous su

r a total of 11on holes for aconcerns. Dce of a Ceaso 1,220.55 m

en drilled for a

atuan mine sat Balabag.

previous labothat more c

aining personnted different abag test matalso demons

(“DMPF”) wited TVIRD’s De Feasibility h legislation f

mental Comp

project pendinued to work oengineering do constructed

, 2015

t from

operty nerals

Bayog,

This for the pdated Online

nd put IRD is urface

8 drill a total Drilling e and

meters a total

site to The

ratory closely nnel in

types erial’s trated

th the DMPF Study for all

liance

ng the on the design d and

TVI Pacifi

maintaineconstructi In May 2project. In Decemrequiremeand Natur As of MaDENR in the permiwork will c Canatuan

The Canadeposit lowas the f1995. From 200from an o As the upcontainingplant in Mconcentraa total vomillion. Mine Expa TVIRD hasurroundiisolation. the samedeposits e An airborMagneticsongoing to In previoprogramsdiscoverySE prospe In late 20VMS lensthe preseresembles

c Inc.

ed 16 kilomeon.

2014, TVIRD

mber 2014, Tents necessaral Resources

rch 31, 2015the third quatting processcommence.

n Mine

atuan Mine is ocated in the irst foreign-in

04 to mid-200verlying goss

per portion ofg copper and March 2009. ate for a total lume of 30,54

ansion Oppor

as an extensng the CanatSurface expl

e rock suite texist within th

ne geophysics) has identifo define pote

us years, cowere carriedof three add

ects, confirme

11, a gravity s below the Cance of a kiloms the alteratio

MANAGF

eters of acce

received the

TVIRD enterry for the aps (“DENR”).

5, TVIRD conrter of 2015 a could be com

owned 100%Province of Zvested mine

08, TVIRD prosan (oxidized)

f the ore bodyzinc was expFrom Marchvolume of 19

48 dry metric

rtunities - Gre

sive 352 squtuan mine thaloration carriethat hosts the GCTA.

cal survey dofied potential ntial drilling ta

oncurrent witd out within thitional areas oed the presen

survey was canatuan ore b

meter wide quon halo envelo


MARCH 3

Pa

ess roads to

e approval o

ed the final proval of its

tinued to woand, dependinmpleted in th

% by TVIRD. Zamboanga dto reach prod

oduced over) portion of the

y was mined oposed and TVh 2009 to Fe99,778 dry mec tonnes. Gro

eater Canatua

uare kilometeat make up ted out on the he Canatuan

one in 2011 exploration

argets in the t

h the work he immediateof interest. D

nce of sulphid

conducted ovebody. In 2012uartz-sericite-poping the Can


age 8 of 31

o the project

of its social d

phase of itDMPF from t

rk on its DMng on the DEe fourth quar

The mine wadel Norte on duction after

105,200 oune deposit, ge

out, the undeVIRD completbruary 2014, etric tonnes aoss revenues

an Tenement

er (136 squarthe GCTA. Vproperties haorebody. T

utilizing modetargets withintenement adja

on the Can Canatuan prDrilling two ode horizons do

er the Canatu2, initial grounpyrite alterationatuan ore bo


t in anticipat

development

ts permitting the Philippine

PF and expeENR's responrter of 2015,

as a volcanogthe island of the passage

nces of gold anerating gros

erlying primaryted the const TVIRD comand seven shs generated d

Areas (“GCT

re mile) pacVMS depositsas defined a 4TVIRD believ

ern VTEM (Vn the GCTA. acent to the C

atuan deposroject area. Tof these showown dip from

uan Mine to pnd verificationon zone in Cuody.

YSIS

tion of the c

managemen

process by es' Departme

ects to submise time, TVIRafter which o

genic massivef Mindanao ine of the Philip

and 1.8 millioss revenues o

y sulphide poruction of a spleted 39 sh

hipments of zduring this ph

TA”)

kage of tenes like Canatu40+ kilometreves that simil

Versatile Tim Ground su

Canatuan min

sit, reconnaisThese progra

wings, the Masurface goss

pursue the pron of VTEM anuyan. This m

March 31,

commenceme

nt program fo

fulfilling theent of Environ

it the report tRD anticipateon-site constru

e sulphide (“Vn the Philippinppine Mining A

on ounces of of US$86 milli

ortion of the desulphide produipments of cinc concentra

hase were US

ement applicauan rarely oc (25+ miles) blar Canatuan

e Domain Elrvey verificat

ne area.

ssance exploams resulted lusok and Ma

san mineraliza

obability of annomalies confmineral assem

, 2015

ent of

or the

e final nment

to the es that uction

VMS”) nes. It Act of

silver on.

eposit uction

copper ate for S$393

ations ccur in belt of n-style

ectro-tion is

oration in the

alusok ation.

nother firmed

mblage

TVI Pacifi

In Januarcovering tIndigenouthe MPSAapplicatioDepartmeSecretaryuncertain On Novemof the Can In Novemthe nearbdeposits awill commImplemen Carrying The carrythe balanrealized b

InvesSharSharInvesSharSharInves

(1)

The Compended Ma

ShaShaShaShaShaSha

HEADS O During Qengaged exploratio

c Inc.

ry 2012, TVIRthe Malusok a

us Peoples (“A permit. Hns imposed

ent’s backlog y to renew th

at this time.

mber 19, 201natuan MPSA

mber 2014, TVy GCTA of Mand thereby gmence at thntation Rules

value of inve

ying value of tnce reported by the Philippi

stment in joint vre of net loss re of other comstment in joint vre of net loss re of other comstment in joint v) Other Comprehen

pany’s share arch 31, 2015

are of revenue are of compreheare of total curreare of total asseare of total curreare of total liabi

OF AGREEME

Q3 2012, TVI ein mining exp

on in Papua N

MANAGF

RD completedand SE MaluNCIP”) and a

However, theby the Secof applicatione permit gra

3, TVIRD fileA to include 50

VIRD receivedMalusok and Sgive opportunhe Malusok and Regulatio

estment in T

the investmenat Decembene entities du

venture at Janu

prehensive incventure at Dec

prehensive incventure at Marc

nsive Income is gen

of the joint ve5 are as follow

ensive income ent assets ets ent liabilities lities

ENTS WITH M

entered into tploration in thNew Guinea.


MARCH 3

Pa

d the Free Prsok prospect

all documentse approval pretary of thens once the Pnting process

ed for an appl00 hectares o

d regulatory aSE Malusok. nity to expand

and SE Mons by regula

TVIRD

nt in joint venr 31, 2013 t

uring the three

uary 1, 2014

come (1) ember 31, 201

come (1) ch 31, 2015

nerated by the con

enture’s resuws:

MINDORO A

two heads of e PhilippinesThe HOAs, d


age 9 of 31

rior Informed ts. Approval ws were forwarocess was

e DENR in 2President of ts. Timing as

ication with thof the Maluso

approval to exThis enablesd the Canatu

Malusok prosators.

nture is $12,7to account foe months end

4

version from Philipp

lt of operation

$

AND FOYSON

agreements s; and Foysondated July 6, 2


Consent (“FPwas granted brded to the Mhalted by th

2011; and mthe Philippines to the issua

he DENR forok MPSA App

xpand its currs TVIRD to fuan mining op

spects once

797,973 as ator TVI’s propded March 31

ppine pesos of the P

ns, assets an

March 31, 20

1,19

7,923,6

4,88,4

N

(“HOA”) with n, an Australia2012 and Au

YSIS

PIC”) processby the NationMGB for reviehe moratoriumay be furthes provides tance of the p

r expansion olication.

rent Canatuarther assess

perations. ExTVIRD is

t March 31 20portionate sha, 2015.

M

$

$

Philippine books to

d liabilities fo

15 D

108,120 $ 925,585 975,958 603,676 857,162 416,022

Mindoro, a Can company gust 17, 2012

March 31,

s for a new Mnal Commissiew and grantm on new per slowed b

the authority tpermit is the

of the contract

n MPSA to inpossible econ

xploration actgiven the p

015, adjustedare of net in

March 31, 2015

10

111

112

o $CAD equivalent.

or the three m

December 31,

5,1,8,

20,4,6,

Canadian comengaged in m2, respectivel

, 2015

MPSA on on ting of permit by the to the refore

t area

nclude nomic tivities proper

d from ncome

5

0,675,596 (88,294)

1,285,086 1,872,388 (328,528) 1,254,113 2,797,973

months

2014

,888,238 ,196,792 ,138,973 ,650,825 ,239,965 ,125,186

mpany mining ly, set

TVI Pacifi

out the teway of prMindoro a MINDORO Mindoro iExchange As at Marof Mindorentitles TVexercisedexercised85,558,70 Mindoro Ownersh TVI has mTVIRD in in the Agaand the P Structure i) Agata TVIRD haexpendedproductionventure cannouncethe Agata(Phils.), In ii) Agata TVIRD haDFS with minimum AgreemenUnder thpreparatiowithdraws As of Dechas earne2015, unt

c Inc.

rms of variourivate placemand Foyson (o

O

is a publicly e and Frankfu

rch 31, 2015, ro. Each unitVI to purchas at any time a until Octobe

06 shares, rep

Joint Ventur

ip

maintained itsthe interest eata Processin

Pan de Azucar

e of Mindoro

a Mining Opt

as earned its d a minimum n at Agata hcompany whoed in August 2a Project fromnc.).

a Processing

as the right torespect to a of $2 million

nt (“API Agree API Agree

on of the DFSs prior to com

cember 31, 2ed 45% of shil it completes

MANAGF

s proposed trment to be unor “associate

listed compaurt Stock Exch

TVI owns 42t consists of se one additioand from time

er 10, 2017. Apresenting an

re Projects

s direct intereearned in the ng Option andr Processing

Joint Ventur

tion and Join

60% interesof $2 millionaving commeose shares 2014 that it ham its Philippin

g Option and

o earn a 60%nickel proces

n within 12 meement”) andement, TVIRS. TVIRD wopleting a DFS

2014, TVIRD hares in Agats a definitive f


MARCH 3

Pa

ransactions cndertaken in tes”).

any incorporahange.

2,779,353 unitone common

onal share, ate to time untiAssuming then approximate

est in MindorAgata Miningd Joint VentuOption and Jo

res

nt Venture

t in AMVI upn within 12 menced within are owned

ad signed an ne partner, M

d Joint Ventu

interest in thssing facility a

months of the completing t

RD is requireould not retaiS.

has satisfieda Processingfeasibility stud


age 10 of 31

onsisting of atwo tranches

ated in Cana

ts of Mindoron share and t a price of $0l September

e exercise of e 25.2% holdi

o and has a g Option and Jure, the Pan Doint Venture.

pon meeting tonths of the 3 years of thcurrently by option agreem

Minimax (see

ure

he Agata Procat the Agata p

date of the Athe DFS withied to fund n any interes

d its minimumg Joint Venturdy.


a loan to, an a for each com

ada with shar

o, representingone commo

0.10 per shar28, 2017, whall of the warng in the cap

30.66% indirJoint VentureDe Azucar M

the conditionsdate of the ahe date of thTVIRD, Min

ment to acque Investment

cessing Jointproject, subjeAgata Procesin 4 years of all required

st in the Agat

m expenditurere, which rem

YSIS

acquisition of mpany, and j

res listed on

g a 14.4% hon share purc

re. The 18,77hile the 24,00rrants acquireital of Mindor

rect ownershe, and the inteining Option

s that includeagreement, ahe agreemenndoro and Mire an additioin TVI Reso

t Venture upoct to TVIRD hssing Option the date of thexpenditures

ta Processing

e requiremenmain in escro

March 31,

equity interesjoint ventures

the TSX Ve

olding in the cchase warran9,353 units c0,000 units ced, TVI wouldro.

ip interest therests to be eand Joint Ve

e (i) TVIRD hand (ii) commt. AMVI is a

Minimax. Mional 25% interource Develop

on the deliverhaving expenand Joint Ve

he API Agrees associatedg Joint Ventu

t of $2 milliow as at Marc

, 2015

sts by s with

enture

capital nt that can be can be d hold

rough arned nture,

having mercial a joint ndoro rest in pment

ry of a ded a

enture ement. d with re if it

n and ch 31,

TVI Pacifi

iii) Pan D TVIRD haaggregatethe date tsolely funproduction

The PDA TVIRD wothan $500TVIRD comillion of iv) PDA TVIRD hafollows: (iprocessinprocessinminimum anniversa The PDA that TVIRnot less thTVIRD comillion of On June agreemen31, 2015Decembedate, boththe PDA j FOYSON Foyson isSecurities As at Marcapital. TsubsequeSands pro Note rece Pursuant amount ofdue date time priorto be subj

c Inc.

De Azucar (“

as an option e expenditurethat a DMPFnding the PDn is achieved

Mining Optioould make ex0,000, prior tonsiders approaggregate ex

Processing O

as the right to) a 51% intereg project on g project (thaggregate ex

ary of the Proc

Processing RD will make han $500,000onsiders approaggregate ex

18, 2013, Tnts were exte, however, t

er 2014 to file h the request oint ventures

s a publicly s Exchange (“

rch 31, 2015, he sharehold

ent to March 3oject, of which

eivable

to the HOA f A$400,000 of the loan to

r to that date.ject to 8% pe

MANAGF

PDA”) Minin

to earn a 60es of $2 millioF is issued in DA mining pr

on or prior to

on and Joint Vxpenditures into the date topriate in its

xpenditures no

Option and J

o earn up to aest, by makinor prior to thee “Processin

xpenditures ocessing Decla

Option and Jexpenditures

0, prior to the opriate in its

xpenditures no

TVIRD’s minnded by one he minimum an extensionto extend thecontinues to

listed compa“ASX”).

TVI holds 21ding has incre31, 2015 (seeh Foyson mai

with Foyson as at Decem

o March 31, 2 Effective Ocr annum inter


MARCH 3

Pa

g Option and

0% interest inon in respect

respect of throject to theo the third ann

Venture Agree respect of thhat is 12 modiscretion, wioted above.

Joint Venture

a 60% interesg minimum ae first anniveng Declaratif $3 million inaration Date.

Joint Venture in respect odate that is 1discretion, wioted above.

imum spendyear, from Dspending co

n of the explore exploration be pending.

any incorpora

10,857,143 sheased to 26.0e Subsequentintains the oth

in 2012, TVIber 31, 2014015, and to b

ctober 15, 201rest, until con


age 11 of 31

d Joint Ventu

n the PDA Mof the PDA mhat project (t

point of coniversary of th

ement (“PDAhe PDA mininonths followinith any such e

e

st in the PDAaggregate exprsary of the don Date”); a

n respect of th

Agreement (f the PDA pr

12 months folith any such e

ding commitmDecember 31,ommitments ration period wperiod and th

ated in Aust

hares in Foys01% upon cot Events). TVher 90% inter

has an outs. In October be provided th14, the total pverted or repa


ure

ining Joint Vmining projecthe “Feasibili

ommercial prohe Feasibility

AMVI Agreemg project in a

ng the date oexpenditures

A Processing penditures of date that a Dand (ii) a 9%he processing

(“PDAPI Agrrocessing prolowing the daexpenditures

ments pursua, 2013, to Dehad not bee

with the MGBhe assignmen

tralia, with s

son, represenonversion of aI has a 10% irest.

standing note2014, TVI an

he option to cprincipal of thaid.

YSIS

Venture by: (i)t prior to the ity Declaratiooduction, proDeclaration D

ment”) initially an aggregate of the PDAMbeing credita

Joint Ventur$2 million in rMPF is issue

% interest by g project on o

reement”) initoject in an agate of the PDAbeing credita

ant to the Pcember 31, 2en met. TVB and as at thnt of the MPS

hares listed

ting 20.06% oa portion of thinterest in the

e receivable fnd Foyson agconvert the lohe loan outsta

March 31,

) making minfirst anniverson Date”); aovided commDate.

contemplateamount of no

MVI Agreemeable against t

e in two stagrespect of the

ed in respect making add

or prior to the

tially contempgregate amoAPI Agreemeable against t

PDA Joint Ve2014. As at MVIRD requesthe current repSA from Minim

on the Aust

of Foyson’s ishe note recee Amazon Ba

rom Foyson greed to extenan to equity aanding was a

, 2015

nimum ary of nd (ii)

mercial

ed that ot less nt, as the $2

ges as e PDA of the itional fourth

plated unt of

ent, as the $2

enture March ted in

porting max to

tralian

ssued ivable

ay Iron

in the nd the at any greed

TVI Pacifi

On Februprincipal opaid in ca The convereceived aconversiothat the cthrough 2 The Comthrough wthe earlieconvertedper sharethrough tosharehold The optioaccountedthe fair vaconsolida$104,114 conversioinstrumenaccrued in On Decemanother anow has s Foyson J On Auguscontempla

i) Amazthe 1satisfiincurrcommhave followend oof a Dunderoption Of theFoyso TVI wforma

c Inc.

ary 23, 2015of A$400,000

ash at the time

ersion option at the time of

on price of A$onversion of 015 (see Sub

pany enteredwhich it providr of conversio

d at any time e would also o their expiry ders on March

n to convert td for at fair value of the deted financial sduring the t

on option wasnt. The carryinnterest was $

mber 22, 201as a result of six directors.

Joint Venture

st 28, 2012, Tated by the H

zon Bay Iron S2 months folied and the dred on AB sinmitments; (iii) T

the right to ewing the expirof the second DSO operatiortake the deven to advance

e amount of on, TVI has in

was advised tally registered

MANAGF

, the Compan0 can be conve the loan prin

was approvef conversion w0.008 at any the principal

bsequent Eve

d into a Capided a further Aon date or maprior at a conbe received on Decembe

h 31, 2015.

the loan into salue in the coerivative finanstatements, wthree monthss $339,323 (ng amount of 470,969 as a

14, TVI againcompleting th

e Projects

TVI signed agOA:

Sands Projecllowing the laate of the Trance July 1, 2TVI would ea

earn a further ation of the iearning perio

on. If a DSO elopment to e$10 million to

the total spencurred a tota

that on July 2d with the Pa


MARCH 3

Pa

ny formalizedverted to equncipal is eithe

ed by the shawould also retime through be spread ov

ents).

ital PromissoA$100,000 ($aturity date. nversion pricethat may be

er 31, 2019.

shares is acconsolidated fncial instrumewhile the inters ended MarDecember 31the notes rec

at March 31, 2

n assumed ohe full subscr

greements w

ct (“AB”) - (i) Tater of the daanche 1 Closi2012, to a maarn a 10% inte

20% in AB bnitial earning od, TVI and F

project wereearn a 51% ino Foyson to ac

ending commal of $1,985,83

25, 2014, its apua New G


age 12 of 31

d a Conversiouity at A$0.00er converted o

areholders of ceive one opto their expiryver a period o

ry Note Agre$98,250) that The maturity

e of A$0.0029exercised at The conversi

counted for asinancial stateent amountingrest income frch 31, 20151, 2014 - $3ceivable accre2015 (Decem

one director pription of Tran

with Foyson re

TVI committedate on whiching; (ii) TVI agaximum of A$erest in AB asby spending a

period; (v) dFoyson may, ae determined nterest in the Dcquire the rem

itment in rela34 (equivalen

10% earnedGuinea Minera


on Agreement025 per shareor repaid.

Foyson on Mption per sharry on Decembof time, but is

eement on Feshall accrue date is May

9 to Foyson st a conversioion feature of

s a derivativeements. The Cg to $75,661 rom the accre. At March 3

372,087) preseted using theber 31, 2014

position and nche 2. Effec

elating to the

d to a minimuh all applicabgreed to refun$200,000 cres a result of inan additional

during the twoat TVI’s expeto be feasib

DSO project amaining 50%

ation to the jont A$2 million)

d interest in thal Resources

YSIS

t with Foysone while accru

March 31, 201re, which mayber 31, 2019. s expected to

ebruary 18, 2interest at 1215, 2015, buhares, at whin price of A$f the Note wa

e instrument aCompany recrecorded in o

etion of the no31, 2015, thesented as a de effective int- $299,787).

retained thective January

following join

um expendituble joint ventnd Foyson foeditable againnitial expenditA$5.5 million

o earning pernse, carry oule, TVI wouldarea. TVI wasin AB held by

oint venture a) for the Amaz

he Amazon Bs Authority (“

March 31,

n whereby theued interest w

5, and each y be exercise ASX rules re

o be fully com

2015, with Fo2% per annumut the Note mch time one o

$0.008 at anyas approved b

and was sepacognized a loother lossesote receivablee fair value oderivative finterest method

right to nomy 21, 2015, Fo

nt venture pro

re of A$2 milure conditionr any expendnst TVI’s speture; (iv) TVI wn within 12 mriods and up ut a feasibility d have the rigs also providey Titan Mines

arrangementszon Bay proje

Bay tenemen“PNG MRA”)

, 2015

e loan will be

share d at a equire mplete

oyson m until

may be option y time by the

arately oss on in the e was of the ancial

d, plus

minate oyson

ojects

lion in ns are ditures ending would

months to the study ght to ed the s.

s with ect.

nt was ) after

TVI Pacifi

havinof $1statem Foysokey tewith t1,627600kg On Juof Amwith s On MremaiwhollyAmazremovoutstaresultrespeshareThe rtranspthe pu

ii) New Iminimsuch receivthe in

On July relationshplastics-todiesel plaNewcastleproduce sand wasteand IGE iin convenfacility at within six On OctobA$337,50share capannounceFoyson wZealand, constructi

c Inc.

g been earlie,985,834 is

ments as at M

on announcedenement covethe other app7 sq. km. Dug of samples

uly 25, 2014, mazon Bay busynergies for i

March 16, 20ining 50% of y owned subzon Bay Projves the obliganding Optiont of this transect to Amazoe of a royalty royalty is set porting the reurchaser.

Ireland Gold/Cmum of A$100

expenditure ved during theformation me

4, 2014, Foyhip with Integro-diesel technants in eastere, New Southsustainable ee plastics-to-fs currently op

ntional diesel its Berkeley Vmonths of fun

ber 23, 2014,00, through whpital. This red on Decemwill acquire eChina, Northon of up to fo

MANAGF

r approved bypresented a

March 31, 201

d on July 3, 2ering the Amaproved Amazouring Q2 201being provide

TVI providedut renewed itsits PNG opera

015, Foyson the shares in

bsidiary of Foject, and thigation of Fon Fee of A$3saction, Foyson Bay, whereon all mineraat 0.5% of g

espective mine

Copper (“NI”)0,000 for eachwould earn T

e year of the eemorandum o

yson announrated Green Enology, wherern Australia oh Wales, withnergy resourfuels and for pperating a sucengines. IG

Vale pilot plannding.

, Foyson annhich IGE wasresulted in th

mber 31, 2014exclusive liceh America, Inour plants in e


MARCH 3

Pa

y the Ministeras exploration5.

2014, that theazon Bay ironon Bay tenem4, a samplin

ed to a major

d notice to Fos commitmenations.

announced n Titan Minesoyson. Titans agreement

oyson to pay300,000 or thon and TVI eeby Foyson als extracted gross revenuerals or conc

and Massauh project, withTVI the rightexpenditure bn NI or MTI.

nced that it Energy Pty Ltde the agreed sover the next h a focus on rces. The tecpower generaccessful pilot

GE is seekingnt site, which

nounced com granted 135 he dilution of4, its intentionnses to use dia, Southea

eastern Austra


age 13 of 31

r for Mining on and evalu

PNG MRA hn sands projements, Foysong program aChinese grou

oyson of its innt to assist Fo

it had execs Limited, upon Mines Limt terminates

y the former he Option Exentered into aand TVI shaand concent

ue less all cocentrate from

and Tanga Ishin nine montt to match anby TVI or duri

has commend. (“IGE”) to astrategy is to two years. the develop

chnology is aation in remotplant, produc the necessa has full envi

pletion of a million ordinaf TVI’s interen to enter int

IGE’s wastest Asia, Papualia.


on June 5, 201uation assets

has renewed ect on the souon now has aat Amazon Baup in Beijing f

ntent not to proyson in findi

cuted a bindon completio

mited holds ththe Amazonshareholder

xercise consida Royalty Agll be responstrate produce

osts incurred the port of lo

slands (“MTI”ths of the grany third partyng the 12 mo

nced exclusivacquire and fbuild four comIGE is an Aument of its w

applicable to te locations bcing industry ary funding toronmental ap

private placeary shares, reest in Foysoto a strategic e conversionua New Guin

YSIS

14. Accordings in the con

exploration licutheast cost a land holdingay was compfor metallurgic

roceed with thng a cash flo

ing agreemeon of which The exploration Bay Optiors of Titan Mderation of Areement of thsible to pay ed from Amain connectio

oading to the

”) - (i) TVI comanting of the ty offer to faronths following

ve negotiatiofund the commmmercial-scaustralian comwaste conversboth process

by processingstandard dies

o complete thpprovals and

ement by IGEepresenting 1on to 20.06%c relationship n technology nea and Fiji,

March 31,

gly, the net amsolidated fin

cense EL139of PNG. Togg of approximpleted, resultcal testing.

he Stage 2 faow positive pr

ent to acquirTitan will becon licenses fon AgreemenMines Limite

A$10 million. he same datetheir proportizon Bay andn with shippipoint of deliv

mmitted to sptenements; arm into NI org the finalizat

ons for a stramercializationle waste plas

mpany locatedsion technolo

sing non-recyg a hybrid biomsel suitable fohe first commcan be opera

E in the amou4.73% of Foy

%. Foyson fwith IGE whin Australia,and also fun

, 2015

mount ancial

96, the gether mately ting in

arm-in roject,

re the ome a or the t and d the As a e with ionate

d sold. ing or

very to

pend a and (ii) r MTI, tion of

ategic n of its stic-to-d near ogy to clable mass, or use

mercial ational

unt of yson’s further hereby New

nd the

TVI Pacifi

On Marchacquire liconversiofacility, anacquisitioactivities, Carrying The carrythe requiaccountinimpairmen

DecembAdditionaShare ofMarch 3

The bookproportionof losses proportion As at MacalculatedMarch 31of net los$561,744

Number Share prFair valuExchangFair valu

TVI has dBoard of D Fiji – Ciri In NovemLtd. ("Kalventure pproject loAgreemenwhich wopossible c Upon com("Stage 2

c Inc.

h 18, 2015, Fcenses to co

on, a waste pland all other n is expectedthereby crea

value of inve

ying amount orement to reg records of nt, which is m

er 31, 2014 al investment f other compreh1, 2015

k value of TVnate share of

realized by nate share of

arch 31, 2015d based on t, 2015 were sses of Mindand $1,679,2

of shares rice at March 3ue in foreign cuge rate ue in CAD

determined thDirectors of th

aniu Gold Pr

mber 2014, TVlo"), a private

partnership tocated in the nt, TVI has buld include s

confirmatory d

mpletion of th2") of the Agr

MANAGF

Foyson annouommercializeastics-to-diesassets used d to generateting potential

estments in

of the investmecord TVI’s f Foyson and

measured as t

hensive income

VI’s investmef net losses s

Mindoro wilnet income th

5, the fair vahe number o$611,633 andoro during t253, respectiv

1,2015 rrency

at it has signhe associates

roject

VI entered inte resource coo conduct mi

Macuata Proeen granted t

surveying, resdrilling (see S

he initial stagreement whe


MARCH 3

Pa

unced it had e technologiesel conversion

exclusively e short-term to increase T

Mindoro and

ments as of Mproportionate

d Mindoro. Inhe current fai

e

ent in Mindorsince having al now be cahat may be re

alues of the of shares heldd $855,587, the period evely.

ificant influens and various

to a Heads ofompany incorneral exploraovince of northe right to cosampling of d

Subsequent E

ge of work, Treby it will us


age 14 of 31

signed a bines related to n plant and thin IGE’s buscash flow fo

TVI’s investme

d Foyson

March 31, 201e share of addition, TVir value of eac

Foyson$ 46

(441

$ 43

ro has been acquired the

arried forwardealized.

investments d by TVI murespectively.

ended March

nce of the assother contrac

f Terms Agrerporated in Fijation, developrthern Vanuaonduct an exdrill core, ass

Events).

TVI will have se best effort


nding Businesplastics and

he Managemesiness, includor Foyson thaent interest.

5 was $436,2net losses

VI is requiredch investmen

M64,342 $ 4,526) 16,419 36,235 $

reduced to investment. A

d to future p

in Foyson altiplied by shThe total un31, 2015 a

Foyson210,857

A$0A$632

0 $61

sociates by victual terms.

eement (“Agrji, for the excpment and p

a Levu Islandxtensive due dsaying, geolo

the option tots to conclud

YSIS

ss Sale Agred biomass toent team requding feedstocat may be u

235. The carrrecognized d

d to assess int.

Mindoro -

- - -

nil as a resuAny further p

periods and o

and Mindoro, hare price of recognized p

and cumulativ

M7,143 0.003 2,571 .9669 1,633

rtue of its rep

reement”) witclusive right tproduction ond, Fiji. Undediligence revi

ogical and mi

o proceed to de the materia

March 31,

ement with IGo fuel and euired to operack contracts. sed for expa

rying value redirectly withiits investmen

Total$ 464

(4416

$ 436

ult of recordiproportionate offset agains

which haveeach associa

proportionate vely, amount

Mindoro 42,779,353

$0.020 $855,587

1.000 $855,587

presentation o

th Kalo Exploto enter into an the Cirianiur the terms oiew of the proine modelling

the second al terms of a

, 2015

GE to energy ate the

This ansion

eflects n the

nts for

4,342 ,526) 6,419 6,235

ng its share

st any

been ate at share ted to

on the

oration a joint u gold of the operty g, and

stage a Joint

TVI Pacifi

Venture Aof a JVA oNI43-101 earn a 20exclusive feasibility Upon comAgreemeneconomic PETROL On Marchcompany,and Niger Philippin

Through T

the Philip

Petroleum

In 2011, tOperator move the evaluate t

On Augusmoratoriu5, 2017 aresourceswith a com The moraventure ppartners aconductedincluded aProspectsthe SC 54 In 2013, Nrefocusedasset withseek diveuntil such Trafigura partner in

c Inc.

Agreement ("Jor SHA, TVI wcompliant re

0% economic option to prstudy. Upon

mpletion of Snt ("Stage 4"

c interest in th

LEUM AND

h 10, 2011, , TG World. Ar.

es Offshore

TG World, TV

pines. SC 54

m Limited of P

he partnershiwas unable trig and produ

the results of

st 18, 2014, m period thatnd provides t

s in the blockmmitment to d

atorium was partners for tadditional timed, prior to eleanalysis of thes, and engine4A Block: Nid

Nido announcd its intentionhin its portfoliostment of its time a sale h

has concludthe Joint Ven

MANAGF

JVA") or Sharwill initiate a mesource and d

interest in thoceed to a t

n completion oStage 3, TVI ) whereby it we properties u

NATURAL G

TVI acquiredAt the time of

VI continues to

4A is situated

Perth, Australi

ip suspendedo resolve desuction facilitiethe Tindalo o

the Philippint includes SChe joint ventu

k. At the enddrill one well.

granted aftetwelve monthe to fully integcting to entere Tindalo reseering studiesdo 1X1, Yaka

ced the planns in other bloo. At the timinterest in SC

has closed an

ed the sale nture, and wh


MARCH 3

Pa

reholder Holdmajor exploradelivery of a She properties.third stage ("of Stage 3, Twill have thewill initiate thupon complet

GAS PROPE

d control of af acquisition, i

o hold a 12.5

d offshore, we

a (“Nido”) wh

d developmenspite well wores to the nearoperation.

e DepartmenC54A. The mure sufficient td of this perio

r the DOE hh extensionsgrate the resur Sub-phase 7ults, the acqus targeting al and Tindalo

ned divestiturocks and othe of writing, N

C54A; but in thnd a new Ope

of its 15% inhich in turn ha


age 15 of 31

ders Agreemeation program Scoping Stud. Following tStage 3") whVI would earn

e exclusive ohe developmetion.

ERTIES

an internationits major area

5% working in

est of the Pa

ho owns a 42.

nt of its Tindarkovers and arby Yakal field

nt of Energymoratorium pe

time to studyod, the joint v

had previouslto Sub-phas

ults of the exp7, which requuisition of 2Ddevelopment.

re of its 42.4%her countries,Nido has advhe interim has

erator has bee

nterest to Haas been acqui


ent ("SHA") w with the primdy. Upon comthe completiohereby it willn a 40% econ

option to procent of the pro

nal petroleumas of focus we

nterest in Serv

alawan island

.4% working i

lo field as a ra horizontal sid was postpo

(“DOE”) conferiod extends

the developmventure has th

ly approvedse 6 of SC 5ploration anduires a one-wand 3D seismt strategy for

% interest, in, resulting in

vised the partns continued toen appointed.

ague and Lonired by Wess

YSIS

with Kalo. Upmary objectivempletion of S

on of Stage 2l deliver a denomic interesceed to the foject and ultim

m exploration ere offshore P

vice Contract

s. The projec

nterest in the

result of wateidetrack well.

oned to allow

firmed its apfrom August

ment of the dihe option to

three applica54A to allowdevelopment

well commitmemic data overr the three di

n light of a stSC 54A bec

nership it inteo act as Oper

ndon Oil B.Vex Exploratio

March 31,

pon the compe of establishiStage 2, TVI w2, TVI will havefinitive NI 4st in the propefourth stage omately earn a

and developPhilippines, A

54A (“SC 54

ct operator is

e project.

r incursion th An earlier pthe joint vent

proval of a 35, 2014 to A

iscovered maenter sub-ph

ations by thew the joint vet studies theyent. These str the Lawaan-scovered fiel

rategic reviewcoming a nonends to continrator and will

V., which is non PLC of the

, 2015

pletion ing an would ve the 3-101 erties. of the a 70%

pment Alaska

4A”) in

s Nido

at the plan to ture to

3 year August arginal ase 7

e joint enture y have tudies -Libas ds on

w that n-core nue to do so

now a UK.

TVI Pacifi

Another pPhilippineits 30.1% not procee

The estim

2015. TVI manafields, incupside. Acthe divest QUARTE(in thousan

March 31DecembeSeptembeJune 30, 2March 31DecembeSeptembeJune 30, 2

(1) Net of n

Revenue

During 20revenue. the deconfinancing

Net Incom

For the thadministraexchangeconvertibl Adjusting items, the

Reported DepreciatShare of Net loss b joint ven

c Inc.

partner, Kairikes Pty Ltd.), a

interest in SCeded.

mated fair val

agement nonecluding Tindaccordingly TVtment of its in

RLY FINANCnds of Canadia

, 2015 er 31, 2014 er 30, 2014 2014 , 2014

er 31, 2013 er 30, 2013 2013

non-controlling inter

014 and for The results s

nsolidation oftransactions

me (Loss)

hree months eative expense gain from te note receiv

for taxes, dee net loss for t

net loss tion expense net loss of assbefore deprecianture

MANAGF

ki Energy (throannounced onC54A to Focu

lue of the Co

etheless contlo, on a long

VI intends to pterest in the e

CIAL INFORMn dollars, exce

$

rests. Please see th

the three msince the first f the Philippinwith PRHI.

ended March es and sharthe revaluatio

vable and inco

preciation, shthe three mon

ociates and joiation, share of


MARCH 3

Pa

ough which itn October 20,us Oil and Ga

ompany’s wo

tinues to belieg-term basis,pursue develoevent of an ap

MATION ept per share in

Net Revenue

8,8312,0717,01

he “Non-controlling

onths endedquarter of 20

ne subsidiarie

31, 2015, nere of losses on of short-tome tax recov

hare of net losnths ended M

nt venture loss of associa


age 16 of 31

ts interest in t2014, that it

as of Aberdee

rking interest

eve in the deand that the

opment optionpproach by a

nformation)

Net Inc(Los

- $- - - - 2 4 5

g interests” section

March 31, 014 are not des at the end

et loss was $0of associate

term depositsvery.

ss of associatarch 31, 2015

ates and


the partnershhas entered

en. At the tim

t in SC54A w

evelopment pe Block has imns with its parpotential buy

comess)

N

(752) $(1,140) (1,469) (1,860) (1,561) (9,839)

342 (4,315) below.

2015, the Cdirectly compd of 2013, as

0.8 million, wes and joint s, interest in

tes and joint v5, would be:

Three

YSIS

hip is held by into a binding

me of writing, t

was $803,973

otential of themportant remrtners and/or yer.

Net Income (LoBasic

(0.001) (0.002) (0.002) (0.003) (0.002) (0.016)

0.000 (0.007)

Company did parable to tho

a result of th

which is madet venture as ncome from

venture and o

Months Ende($ mill

(0.750.010.37

(0.37

March 31,

Yilgarn Petrog term sheet tthe transactio

3 as at Marc

e three discomaining explo

entertain offe

oss) per ShareDiluted

$ (0.0 (0.0 (0.0 (0.0 (0.0 (0.0 0. (0.0

not generatese in 2013, dhe investmen

e up of generaoffset by fo

the revaluati

other non-rec

ed March 31, 2ion) 5) 1 7

7)

, 2015

oleum to sell

on has

ch 31,

overed oration ers for

e(1)

001) 002) 002) 003) 002) 016) .000 007)

e any due to nt and

al and oreign ion of

curring

2015

TVI Pacifi

For the sincluded Tresult of tits investmconcentrawere exha CONSOL During theto a $1.6 Total genin Q1 201ventures. directors’ During theaccretion TVI also hprimarily Pacific, asexchange During thenet loss oMindoro d TVI also rmillion thrinvestmen SEGMEN Prior to thin its Philisegmentemanagemsegmentsthe equity TVI has thjoint ventexploratio

c Inc.

same period TVI’s proportthe PRHI tranment in joint ate as Canatuausted.

LIDATED RES

e three monthmillion net los

eral and adm14 as a resul

The expenfees, investo

e period endeof the note re

had a foreignattributable ts compared t

e gain on the c

e period endeof Foyson eqduring the sam

recorded its prough the pernt in its Philip

NTED INFORM

he deconsolidippine subsided informationment to make s, which reflecy method pert

he following reture with min

on in the Philip

MANAGF

ended Marctionate share nsaction. The

venture. TVuan reached

SULTS OF O

hs ended Marss during the

ministrative ext of the accru

nses mostly r relations ex

ed March 31eceivable from

n exchange gto the gain oo $0.4 millioncollection of in

ed March 31, ual to $0.04 me period in 2

proportionate sriod ended Mpine assets a

MATION

dation of its Piaries and recn is reporteddecisions ab

cts the resultsaining to its in

eporting segmning activitieppines.


MARCH 3

Pa

h 31, 2014, of loss in its

e proportionaVIRD had onits end of mi

PERATIONS

rch 31, 2015, same period

xpense decreaued recovery consist of prpenses and o

, 2015, the Cm Foyson.

gain of $0.2 mon the transln during the sntercompany

2015, the comillion, as co2014.

share of net larch 31, 2015

as investment

Philippine subcognized its s in the sameout resource s of the mininnvestment in

ments: (1) mins in the Ph


age 17 of 31

TVI had a cs Philippine ate share of lonly one shipmne life early

S

TVI had a coin 2014.

ased to $0.6of costs for

rofessional aother corporat

Company had

million during ation of US

same period ipayables res

onsolidated neompared to $

oss of TVIRD5 and March in joint ventu

sidiaries in Dshare of assee way as intallocation an

ng operationsjoint venture.

ning exploratiilippines and


consolidated affiliates followoss in Philippment each oin 2014 and

onsolidated ne

million in Q1services prov

and consultante expenses.

d an interest i

the period eDollar denomn 2014, whic

sulting from th

et loss includ$0.5 million sh

D in an amoun31, 2014, res

ure.

December 201ets, liabilities,ernal reportin

nd performancs in the Philip.

ion in Fiji, andd Papua New

YSIS

net loss of $wing their de

pine entities isof copper con

ore reserves

et loss of $0.8

2015 compavided by TVI ncy fees, per

income of $0

nded March minated bank

ch also includhe PRHI Tran

ded TVI’s prophare of net lo

nt equal to $0spectively. T

13, TVI conso revenues anng provided ce assessme

ppines, before

d investmentsw Guinea; a

March 31,

$1.6 millioneconsolidations recorded thncentrate ands from the op

8 million com

ared to $0.8 mPacific to thersonnel expe

0.1 million fro

31, 2015, whk accounts oed realized fo

nsactions.

portionate shoss of Foyso

0.3 million andTVI accounts

olidated its innd expenses. to TVI’s exec

ent of the opee the applicat

s in associateand (2) petro

, 2015

which n as a rough d zinc pen pit

pared

million e joint enses,

m the

hich is of TVI oreign

are of n and

d $0.6 for its

nterest TVI’s

cutive erating tion of

es and oleum

O

E

D InF

OS

N

ALC

(1) M

TVI Pacific

Operating expenses

Exploration costs

Depreciation expen

nterest income Foreign exchange g

(loss) Other gains (loss) Share of loss of ass

and joint venture Net loss

Assets Liabilities Capital expenditure

Mining segment’s opera

Inc.

Mini

s $

(8

se (8

gains

sociates (37

$ (45

$ 13,47

s

rating results in the tab

MA

Three month

ng Petrole

Explora

- $ (23

84,055)

- 84,055) (24

-

- - (3

73,054) 57,109) $ (17

77,073 $ 80

ble above shows the sh

ANAGEMENT’S DFOR THE TH

MARCH

Pag

hs ended March 31eum ation Corpora

3,866) $ (539,6

-

(368) (4,94,234) (544,61,875 109,8

8,674 233,53,549) (75,9

- 7,234) $ (277,1

03,973 $ 8,138,82,708 1,043,4

4,8

hare in the results of t

DISCUSSION ANHREE MONTHS E31, 2015 AND 20

ge 18 of 31

1, 2015

ate Total

91) $ (563,55

- (84,05

50) (5,3141) (652,93868 111,7

551 242,244) (79,49

- (373,0566) $ (751,50

853 $ 22,419,8430 1,046,1831 4,8

the associates and the

ND ANALYSIS ENDED 014

Mining

57) $ (14,054

55)

18) 30) (14,054743 2

225 6,4993) (26,382

54) (596,24209) $ (630,165

899 $ 10,367,6938 15,09

831

30.66% interest in the

Three months enPetroleum

Exploration

4) $ (185,582

-

- (4784) (186,06022 12

91 (3,2152) 4,099

2) 5) $ (185,164

95 $ 2,975,09695 159,069

-

e Philippine joint ventu

March 31

nded March 31, 20

Corporate

) $ (634,332)

- -

8) (6,047)0) (640,379)2 13,482

5) 379,2199 -

- (497,611)4) $ (745,289)

6 $ 11,799,557 9 827,872- -

ure after the application

, 2015

014

Total

$ (833,968)

-

(6,525) (840,493)

13,516

382,495 (22,283)

(1,093,853) $ (1,560,618)

$ 25,142,348 1,002,036

-

n of equity method.

TVI Paci

Mining Se

The minin2015 comloss of Foin Fiji. Tinvestmenfuture pro For the sh CONSOL

Cash Pos

OperatingChange in

Funds usNet expen

assets Free cash

Common

Free cash(1) Free cas

At March balance oMarketing(“TVI MinMarch 31 Cash andproceeds 31, 2015 directly bythat level Pacific. Capital R TVI’s capof the Phoperations Equity Total capcommon average n

ific Inc.

egment

ng segment ompared to $0.oyson, $0.3 mVI is not curnt has previo

oportionate sh

hare of losses

LIDATED CAS

sition

g cash flow fromn working capit

ed in operationnditures on pro

h outflow

shares outstan

h flow per sharsh flow is a non-IFR

31, 2015, theof $4.7 milliong”), TVI Asia-erals”) and T, 2014, prior t

d short-term dfrom the PRis $10.8 milli

y TVIRD, all that would co

Requirements

ital expendituhilippine entits and availab

pital was $32shares as at

number of com

MANAGF

of TVI produce6 million net

million share orrently recognusly been ful

hare of possib

s of Foyson a

SH POSITION

m (used in) opetal

ns operty and equ

nding

e RS measure. Pleas

e TVI consolidn held by TVI-Pacific Reso

TG World, as to collection o

deposits heldHI Transactioion, of which of which is avontribute to th

s

ures through 2ties and join

ble project fina

2,972,145 at March 24, 2

mmon shares


MARCH 3

Pa

ed a net lossloss in same

of loss in TVInizing its proplly impaired;

ble net income

nd Mindoro, s

N, LIQUIDITY

erations

uipment and ot

se see definitions in

dated financia, which includ

ources Corpocompared to

of remaining p

d specifically ons. Of note $8.2 million

vailable to thhe value of th

2015 are expt ventures, w

ancing.

March 31, 22015 and at Ms issued and


age 19 of 31

of $0.5 millioe period in 20RD, as well aportionate shthese losses

e reported by

see Heads of

Y AND CAPIT

ThrM

$

her

$

$n the “Non-IFRS M

al statementsdes TVI Pacifration (“TVI Aa consolidate

proceeds from

by TVI at Mis that total

is held in joine Philippine ee investments

pected to be nwhere capita

015 and MaMarch 31, 20outstanding f


on during the 014. It consisas $0.08 milliohare of any fus will continue

Mindoro.

f Agreements

TAL RESOUR

ree months enMarch 31, 201

(670143

(526

4

(531

655,470

(0Measures” section.

s reflect a totafic, TVI InternAsia-Pacific”ed cash balan

m the PRHI Tr

March 31, 201cash held bynt venture acentities to funts in joint vent

negligible as tal expenditure

arch 31, 2014015, were 65for the three

YSIS

three monthssts of the $0.0on in exploraurther lossese to accumul

s with Mindoro

RCES

nded 5

ThreM

0,071) $ 3,783

6,288)

4,831

,119) $

0,372

0.001) $

al cash and snational Mark”), TVI Minerance of $1.9 mransactions.

15, included y all Philippineccounts and $nd activities atures within th

the primary foe programs

4. The Comp5,470,372. Tmonths ende

March 31,

s ended Marc04 million sha

ation costs incs in Mindoro ate and offse

o and Foyson

ee months endMarch 31, 2014

(1,9431,152

(790

(790

655,470

(0

short-term deketing Limitedals Processinmillion at the e

all final remae entities at M$2.5 million isand investmehe accounts o

ocus is at thewill be funde

pany’s outstaThe basic weied March 31,

2015

ch 31, are of curred as its

et any

n.

ded 4

,424) 2,770

,654)

-

,654)

0,372

.001)

posits (“TVI g Inc. end of

aining March s held

ents at of TVI

e level ed by

anding ighted 2015,

TVI Pacifi

was 655,4average nthe Comp Stock Op The Comand emplono more tof which weighted 31, 2015, to the com RISK FA There areand unceimmateria Statemenas at thedisseminareasonablcan give n Risk Man

TVI’s activinterest raunpredictaperformanTVI’s risk (a) Curre

TVI facesoffice in Clocated insales, andplanning changes i (b) Intere

Interest rabecause income aexposure interest tethrough co

c Inc.

470,372 (Decnumber of copany was in a

ption Plan

pany has a soyees of the Cthan 5 years f9,166,666 waverage exera net of $80

mprehensive i

ACTORS

e certain risksrtainties not p

al, could also

nts made in the effective dated by thirdle assumptionno assurance

nagement

vities exposeate risk), liquability of finance. The Boamanagemen

ency risk

s currency risCanada (Cann the Republicd the Companthe timing on foreign exc

est rate risk

ate risk is theof changes ind operating to fair value

erms, regardleomparison of

MANAGF

cember 31, 2ommon share

loss position

share option Company. Tfrom the date

were vested arcise price of ,476 (Decemincome in the

involved in Tpresently knohave an impa

his MD&A regdate of suchd parties. Altns and that in

e that those ex

e it to a varietidity risk andncial marketsard of Directot framework.

sks mainly dunadian Dollarc of the Philipny does not e

of settlement change rates.

e risk that then market intecash flows a

e interest ratess of changef actual intere


MARCH 3

Pa

2014 - 655,47s in computin.

plan pursuanhe options ge of grant. At Mand exercisa$0.019 per sber 31, 2014

e consolidated

TVI’s operatioown, or not exact to TVI’s bu

garding risk fah statements though TVInformation rexpectations w

ty of financiald credit risk. s and seeks ors has the ov

ue to the subr and US Doppines (Pesoengage in cur

of foreign c

e fair value orerest rates. are largely inde risk since es in market sts with mark


age 20 of 31

70,372). No ng diluted pe

nt to which openerally vest oMarch 31, 20able. Duringshare were iss - $213,457)

d financial sta

ons, some of wxpressed or iusiness, finan

actors are basand, in cer

believes thaceived from o

will prove to ha

l risks: markeTVI’s overalto minimize

verall respons

bstantial crossllar), while th

o) and Austrarrency hedgincurrency deno

r future cash As TVI has dependent ofits note receconditions. T

ket interest rat


adjustments er share amou

ptions may bover a period15, TVI had 4 the period, sued. During of stock-base

atements.

which are beyimplied belowncial condition

sed upon the rtain cases,

at the risk faor disseminatave been corr

et risk (includl risk managepotential adv

sibility for the

s-border elemhe associateslia (Australian

ng activities. Tominated ba

flows of a finno significanf changes ineivable and sTVI reviews ites.

YSIS

were requireunts for these

be granted to d of up to thre46,350,000 op

500,000 stothe three mo

ed compensa

yond its contrw, or that are n and operatin

opinions of minformation

actors belowted by third prrect.

ing currency ement prograverse effects establishme

ment of its ops and joint ven Dollar). TheTVI minimize

alances and

nancial instrut interest-beamarket intereshort-term dets exposure t

March 31,

ed to the weie periods bec

directors, offe years and eptions outstan

ock options wonths ended Mation were ch

rol. Additionapresently de

ng results.

management oreceived fro

w are based parties is relia

risk and fair am focuses o

on TVI’s finnt and oversi

perations. TVenture entitieere are no fos risks by carclosely moni

ument will flucaring assets, est rates. TVeposits haveto interest rat

, 2015

ighted cause

ficers, expire nding, with a March arged

l risks eemed

of TVI om or

upon able, it

value on the ancial ght of

VI has es are orward refully itoring

ctuate TVI’s

VI has fixed

te risk

TVI Pacifi

(c) Liquid

Liquidity rapproach and stresflexibility iexpects to As at Marsurplus of (d) Credi

Credit riscontractuaderivativemanages reputable The carryaccounts 2014 repr Risk on I In its minrealize theof these outcome investmendown in thabove thefully writteinvestmenventure. Regulato Political a On July 9ExecutiveAdministra“rationalizpermits w Readers Implemen The key ewould be cause Loc

c Inc.

dity risk

risk is the risis to ensure

ssed circumstin funding thro be able to m

rch 31, 2015 f $6.0 million

it risk

sk arises fromal obligations

e financial inscredit risk asbanks, which

ying amounts receivable, d

resent TVI’s m

nvestments

nority investme expected recompanies aof the proje

nts and furthehe value of the carrying valuen-down as ant in TVIRD is

ory Risk

and Regulato

9, 2012, the Pe Order (Exeation to carry

zing existing rwere issued an

are referrednting Rules an

elements of thallowed until

cal Governme

MANAGF

k that TVI withat it will havtances. Duerough its jointmeet its curren

TVI has a $as at Decemb

m the potens and arises ptrument, acco

ssociated withh were approv

of cash and due from relamaximum cred

ments in TVIReturns from thand projectedects. Market er losses mayhese investmue as at Marca result of ans adjusted at

ory Environm

Philippine Govecutive Ordey out certain drevenue sharnd industry op

d to previousnd Regulation

he policy in thl new fiscal leent Units (“LG


MARCH 3

Pa

ll not be ableve sufficient lie to the dynat ventures by nt financial ob

5.7 million wber 31, 2014.

tial that a cprincipally froounts receivah cash by maved by the Bo

cash equivalated parties adit exposure.

RD, Foyson ahese investme cash flows value of th

y be incurred ents. As at Mch 31, 2015 wn earlier shaeach reportin

ment in the P

vernment intrr #79, or “Edirectives anding schemes perated in an

s MD&A dons issued sub

he view of TVegislation hadGU”) to rescin


age 21 of 31

e to meet its iquidity to meamic nature keeping com

bligations with

orking capita

counterparty m TVI’s cash

able, due fromintaining its c

oard of Directo

ents, short-teand notes rec

and Mindoro, ents. TVI anfrom these ine shares maby TVIRD, Fo

March 31, 20while the valuere in the los

ng period by T

Philippines re

roduced a newEO 79”), whd signaled theand mechanenvironment

ocuments forsequently to e

VIRD Managed been passed and/or not


financial oblieet its liabilitie

of the undemmitted credith its current s

al surplus, as

to a financiah and cash eqm related parcash and inveors.

erm deposits,ceivable at M

TVI is expod its managenvestments may decline, oyson or Min15, the fair ve of investmes of this assTVI’s share in

related to inv

w mining polich providede Governmen

nisms”. Duringof extreme u

r a detailed execute the E

ement, were ed by Congrepass legislati

YSIS

gations as thes when due, rlying businet lines with m

source of fund

compared to

al instrumentquivalents, shrties and noteestments in ac

derivative finMarch 31, 20

osed to the riement do not may change affecting the

ndoro that woualue of inves

ent in Mindorosociate. Simn the income

vestment in T

icy in the form direction tont's intention g the intervenuncertainty.

analysis of Executive Ord

that (a) no neess; (b) the Gon contraven

March 31,

hey fall due. under both n

ess, TVI mainmajor vendorsds.

o a working c

t fails to mehort-term depes receivableccounts with

nancial instru15 and Marc

isk that it macontrol the adepending o

e valuation ould require a tment in Foyso has alreadyilarly, the vaor loss of this

TVIRD

m of a Presido agencies o

to seek legisning period no

EO 79 andder.

ew mining prGovernment wning the Minin

, 2015

TVI’s normal ntains

s. TVI

capital

eet its posits, . TVI highly

ument, ch 31,

ay not ctions

on the of the write-son is

y been lue of s joint

dential of the slation o new

d the

ojects was to g Act;

TVI Pacifi

(c) compaterms pasareas that The govehas appro(see TVI progress Twhich thefrom BalaTVIRD mway to pre Political a EmergingTVIRD, in The

Phii.e. Thebelifisctaxafor the No.55%neg

WhandAFTFPI

Govcovmawith

Sevprecurby fisc

A pPhi(ZaPhirisk

c Inc.

anies would bssed subsequt would be off

rnment also oved both thePacific’s newTVIRD’s appl permitting pr

abag could maintaining coevent an impa

and Regulato

from the abncluding, but n

e governmenlippines in itsnew projects

e Balabag Pieves it shoul

cal regime maation levels odeliberation iCongression

. 5367 which% share of adgative impact

hile the goverd ApplicationsTA 13, AFTA IC process re

vernment hasverage for thintenance anh specified us

veral draft, insented for drently have thCongress, or

cal regime and

petition for Wlippines by th

amboanga Pelippine Mining

k exists that i

MANAGF

be issued newuently by Conf limits to min

committed toe ECC for thes release datlications for throcess is proc

make efforts tontrol of the pact on the pro

ory Risks in

bove policy enot limited to:

t’s intention s new fiscal res and existingroject is an d be governe

ay be appliedon mining proin mid-2015.

nal hearings a proposes a djusted net mon the mining

rnment has ss for Financia14 and APSA

equired for the

s raised the phe affected nd rehabilitatioses).

ndependent miscussion in he support ofr have significd regulatory f

Writ of Kalikashird parties seninsula) andg Act of 1995t may be imp


MARCH 3

Pa

w exploration ngress; and (erals explora

o honour exise Balabag proted April 28, 2he DMPF for ceeding, thero return or to

premises, andoject’s timeline

the Philippin

nvironment a

to increase egime. Howeg projects wilexisting proje

ed by the exisd to the Balabojects are pen It remains to

at this time. H10% baselin

mining revenug industry and

stated that Moal and TechnicA 39 there is ese tenement

possibility of environs andon of post m

member's bilthe Philippin

f the Administcant elementramework un

san (“Writ of seeking canced amendmen5. TVIRD is nopleaded into


age 22 of 31

permits on thd) there woution and deve

ting contractsoject, and, mo2014). The Mthe Balabag e is a risk tha

o obstruct devd that the gove.

nes related to

are certain ris

the level of ever, the newll be given thect in advansting fiscal rebag Project. nding in the Co be seen wh

However, if cee revenue shues (whichevd the econom

otions for Recal Assistanca risk that the

ts may drag o

a requiremend communiti

mining sites (i

ls, referred tne House of tration, in thets of them adder which the

Nature”) hasellation of all nt of the Imot named as the case, an


he condition tld be a definelopment.

s such as thoore recently, tMGB is also wproject. But oat illegal minevelopment opvernment may

to investmen

sks faced by

taxation for w regime is tohe option of anced stages egime. Howe

Currently, thCongressionahether any ofertain bills areharing agreemver is higher),mics of most n

econsiderationce Agreemente Motions maout and/or not

nt for compues, as well .e., setting u

to as "AlternRepresentat

e event that thdopted as lawe mining indus

s been filed wmining tene

plementing Ra respondend/or it may b

YSIS

that they be sitive map pub

ose held by Tthe DMPF foworking diligeof note is thaters who wereperations in sy not act in a

nt in TVIRD

TVI, through

all new minio only be appadopting the of approval, ver, there is

hree bills propal Ways and f the bills wille passed, spement with the, it would hav

new mining pr

n will be procts (“AFTAs”), ay not be apprt be secured.

lsory and maas perpetua

p trust funds

native Miningtives. While hey were to b

w, they wouldstry operates

with the Supment applicaRules and Rt to the afore

be impacted s

March 31,

subject to the blished of "No

TVIRD, and ir the Agata p

ently with TVIt with the spe previously evsome way, dea sufficiently t

h its investm

ng projects iplied prospecnew fiscal reand manage

a risk that theposing a variMeans Comml be passed decifically House governmenve a tremendrojects.

cessed for A including TVroved; and th

andatory insual liability fo

s or heritage

Acts" have these bills dbe passed intd further impas in the countr

reme Court oations in RegiRegulations tesaid petition, should an ad

, 2015

fiscal o Go"

n fact project RD to

eed by victed espite timely

ent in

in the ctively; egime. ement e new ety of mittee during se Bill t or a

dously

APSAs VIRD’s hat the

urance or the funds

been do not to law air the ry.

of the ion IX to the but a

dverse

TVI Pacifi

rulinCagan 15,

TheDENchathe an subhavthe Couchothe ruleagreto b201ConGovof tCon

Social an Although that title to There areand mouapplicatiomanagemdevelopmAccording In additioincluding affect any Future Ex Exploratiothat even discoveryultimately drilling, codevelopincurrent exreplaceme

c Inc.

ng issue fromgayan de OroOrder coming2014, TVIRD

e Supreme CNR Secretary

allenge the coCourt’s La Bapplication

bsequently beve taken place

Philippines, urt continues oose not to re

Mining Act. ed null and veements in th

be renegotiate5, TVIRD file

ngress whichvernment andhe position thngress is actin

nd Economic

TVIRD has oo such mining

e continuing rint protests ons. TVIRD h

ment is comment and corpgly manageme

n, there is a Mindanao –

y mine elsewh

xploration an

on for and dea combinatioof minerals developed i

onstructing mg metallurgicxploration anent of curren

MANAGF

m the court. To. TVIRD legag from the CoD filed a manif

Court has heay, Sagittariusonstitutionalityugal judgmenfor a Finanen denied bue before the have provideto deliberate

eject the petitiIn that event,void and TVhe country woed (which woed a manifes proposes th

d the mining chat the deterng on said au

c Environmen

btained a titleg rights will no

isks that comor refuse to as been suc

mmitted to cporate social ent believes t

continuing, bover and abo

here.

nd Developm

evelopment ofon of careful or metals manto producing

mining and pcal processesd developme

nt production


MARCH 3

Pa

The Supreme al counsel is ourt directing festation ado

ard argument Mining Inc.,y of certain snt that upheldncial and Teut which deniaCourt and alled final writtee the case inon and make, there is a ris

VIRD’s appeaould be ruleduld affect TVstation with the new fiscal contractor for rmination of tuthority by del

nt

e opinion withot be challeng

munities or loprovide the cessful to dacontinuing th

responsibilitthe risk of the

background sove the norm

ment Activitie

f precious anevaluation, e

ay result in sg mines. Marocessing fac

s and extractent programs

at existing m


age 23 of 31

Court has remonitoring thit to file withipting the retu

ts before it fr Oceana Goections of the

d its constitutiechnical Assal TVIRD has parties to th

en submission camera. Ae a new rulingsk that the mal of the den null and voidIRD along withe Supreme

regime and large scale m

the governmeliberating on H

respect to itsged or impugn

ocal politiciannecessary e

ate in gaininghe policies ty that have e withdrawal o

security risk imal security ri

es may not b

d base metaexperience ansubstantial rewajor expensescilities at a sting the minewill result in

mining opera


emanded the he case. On An ten (10) da

urn of the writ

rom Petitioneold Corporatioe Mining Act ionality. TVIRsistance Agre appealed. Te case, as wns to the Co

A risk exists g on the consining agreemnial would bd and their tath all other teCourt that Hrevenue sha

metallic minerent’s share inHouse Bill No

s Philippine pned.

ns could withdendorsementsg community

of communbeen effectiv

of community

nvolved in ansks of theft a

be Successfu

l properties innd knowledgewards, few ps may be reqsite, connecterals or meta

profitable cotions with ne

YSIS

case to the CApril 08, 201

ays a return ofiled by the p

ers in the cason and TVIR

of 1995 andRD is a respoeement (“FT

Three sessionwell as the Chourt. At the t

that the Supstitutionality o

ments cited in be rejected; axation agreeenement holdHouse Bill Naring arrangeral mining open mining is ao. 5367.

properties, the

draw support s to support support for i

nity developmve and rewasupport is low

ny operation and robbery t

ul

nvolve signifie may not eliproperties thaquired to estaing to a relia

als. TVI cannommercial miew reserves.

March 31,

Court of Appe4, TVIRD rec

of the writ. Onpublic respond

se of BaraquD, which see

d in effect to ondent in regTAA”), whichns of oral arguhamber of Mintime of writin

preme Court of key provisiothe case wouor that all m

ements woulders). On Mao. 5367 is fi

ement betweeerations. TVI policy matte

ere is no guar

for TVIRD proproject titles

ts operationsment, sustairding to this w.

in the Philippthat may gen

cant financiaminate. Whi

at are exploreablish reservable infrastrunot ensure thning operatio Also, subst

, 2015

eals in ceived n April dents.

uel vs. eks to revisit ard to

h has ument nes of ng the could

ons in uld be mining have

arch 5, led in

en the IRD is er and

rantee

ojects s and s, and inable time.

pines, nerally

l risks le the

ed are ves by ucture, hat its ons or tantial

TVI Pacifi

expensesexploratio The econthe accugovernmeenvironmecompletiofinancing.flow. Estimupon detaestimatesgrades ofrecovery r It is possmateriallyunexpecteexperienccash flows Funding Future dethrough pFailure toaffiliates, postpone terminate The abilityperformaneconomiccontrol. A Current finhave seeThe volatino assurainvestmen Subsidia The consLimited, T TVIRD shrestructur The restruaccount fpolicies of

c Inc.

s may be incon results or th

omic feasibiliracy of reseent regulationental protecti

on of feasibility Developmemates of provailed geologi

s of capital af minerals orrates; and an

ible that actuy from TVI’s ed problemsce higher opes, earnings, r

and Liquidity

evelopment aproject and mo obtain addi

associates oits exploratiosome or all o

y to make scnce of TVI ac and compeAs at March 3

nancial marken substantial ility and unceance that amonts of TVI.

ries and Join

solidated finanTVI Marketing

hares are owring at the end

ucturing of thfor TVIRD onf these compa

MANAGF

curred on exhe inability to

ty of developerve/resources relating to pon; and marky studies, iss

ent projects haven and probcal and engnd operating r metals to bticipated soci

ual costs andbest estimaduring the

erating costs.esults of oper

y

nd exploratioining cash flotional funding

or joint ventuon and develoof its operatio

cheduled payand its affiliattitive conditio1, 2015, TVI

ets remain vovolatility and

rtainty in the ounts will be a

nt Ventures

ncial stateme, TVI Asia-Pa

wned 30.66%d of 2013 aris

e ownership n a consolidaanies.


MARCH 3

Pa

xploration prdefine reserv

pment projectse estimates; prices, taxes,ket prices. Duance of necave no opera

bable reserveineering anacosts based

be mined anal, environme

d economic rates. It is n

start-up pha These uncerations and fin

n depends oows, joint veng when needures may cauopment plansns. This coul

ments of exptes and assoons and to cand its subsid

olatile due to d there were current markeadequate for

ents include tacific and TVI

% by TVI Masing from the f

of TVIRD as ated basis an


age 24 of 31

rojects that aves that can b

s is based upmetallurgical royalties, lan

Development cessary goverating history us and cash olysis. TVI a

d upon manynd processedental and regu

eturns of curnot unusual ase and to ertainties counancial condi

n the ability ontures, debt fded or on teuse TVI or it, forfeit rightsld have a mat

penses depenociates or joicertain financdiaries do not

uncertainties delays in obtets could leadfuture financi

the accounts Minerals, an

rketing andfinancing tran

noted above nd an inability


are subsequebe mined eco

pon many facl recoveries; nd tenure, lan

projects are rnmental permupon which tooperating cosalso conductsy factors, incld; ground anulatory compl

rrent and newfor new minrequire mor

uld have an aition.

of TVI and itsfinancing, equrms acceptabts affiliates, as in some or aterial adverse

nds on the finint ventures, cial, businesst have outstan

in the globaltaining requird to difficultieial obligations

of TVI and d its interest

68.42% by Pnsaction conc

resulted in thy to fully dire

YSIS

ently abandoonomically.

ctors, including capital and

nd use, impor also subject

mits and availo base estimats are, to a las feasibility sluding anticipd mining coliance costs.

w mining opening operatiore capital thadverse impa

s investmentsuity financing ble or favourassociates oall of its propee effect on TV

nancial condiwhich is su

s and other fnding debts.

l economy. Cred permits fos in raising fus and interna

its subsidiariin TVIRD.

PRHI as a rcluded with PR

he inability onect the finan

March 31,

oned due to

g but not limid operating rting and expot to the succlability of adeates of futurearge extent, bstudies that dpated tonnagenditions; exp

erations may ons to experhan anticipateact on TVI’s

s to obtain fuand other m

rable to TVI r joint venturerties, or redu

VI.

ition and opebject to prevfactors beyo

Commodity maor certain prounds. There cl cash availab

ies TG World

result of corpRHI.

n the part of Tcial and ope

, 2015

poor

ted to costs; orting, essful

equate e cash based derive e and

pected

differ rience ed or future

unding means.

or its res to uce or

erating vailing nd its

arkets ojects. can be ble for

d, TVI

porate

TVI to erating

TVI Pacifi

Property There areworldwidethroughoumining proacquire aoperations Environm The mininflooding, einsure agaand propeand possiTVI’s fina NON-IFRS Funds frogeneratedshould noManagemTVI’s abilfrom (use Free cashgeneratedequipmenalternativefree cashconsiderin Net loss bthat is noexpense, considereincome banalyze Tused by o COMPAR There had CHANGE Adoption

c Inc.

Competition

e large and we market. Sut the world. operties on te

any interest ins.

mental Hazar

ng business isenvironmentaainst these herty, environmble legal liabincial position

S MEASURE

om (used in) d from operatot be considement believes

ity to generad in) operatio

h flow from od from operatnt and cash e to, or moreh flow is a ung all the exp

before taxes, ot in accordashare of loss

ed an alternaefore interest

TVI’s ability toother compan

RATIVE AMO

d been no rec

ES IN ACCOU

n of new and

MANAGF

n

well establishignificant andAs a result, T

erms it considn additional o

ds

s subject to aal hazards anazards. Thismental damaility for any an.

ES

operations isting activities red an alternthat funds frote cash flow

ons may not b

operations is tions, before expenditures

e meaningful useful measuenditures nec

depreciationance with IFRs of associateative to, or mt, taxes, depr generate casies.

UNTS

classification o

UNTING POL

revised IFRS


MARCH 3

Pa

hed mining cd increasing TVI may be uders acceptaboperations th

a variety of rind the dischas may result ige, delayed nd all damage

s a measure before chan

ative to, or mom (used in)to fund capit

be comparable

a measure tchanges in w

s on other athan, cash flo

ure that reprecessary to ma

, and share oRS. It represees and joint vemore meaningreciation andsh income. T

of comparativ

ICIES

S


age 25 of 31

companies wicompetition

unable to acqble. Accordin

hat would yie

sks such as arge of toxic cn destruction production, ies. Such liab

that is not inges in workin

more meaningoperations is

tal investmene to similar m

that is not in working capitassets. Freeow from opeesents cash aintain TVI’s a

of net loss ofents income enture and imgful than, ne one-time ch

This measure

ve amounts d


ith technical exists for m

quire the rightngly, there caeld reserves o

ground fall, echemicals. T of mines andncreased pro

bilities may ha

accordance ng capital. Fgful than, cass a useful supnt and workin

measures used

accordance tal, less cashe cash flow rating activitieavailable for

asset base.

f associates abefore non-c

mpairment loset income. Mharges is a us

may not be c

uring the peri

YSIS

and financiamineral acquis

ts to exploit an be no assuor result in c

explosions anTVI may or md other facilitoduction and ave a materia

with IFRS. Funds from (u

h flow from opplemental m

ng capital reqd by other co

with IFRS. h expenditure

should not es. Manager reinvestme

and joint vencash expens

ss. This measManagementseful supplemcomparable to

iod ended Ma

March 31,

al resources sition opportuadditional attrurance that TVcommercial m

nd other accidmay not be aties, damage

exploration al adverse effe

It representsused in) operaoperating actimeasure to an

uirements. Fmpanies.

It representses on propertbe considerement believent or growth

ture, is a meses in deprecsure should nt believes thamental measuo similar mea

arch 31, 2015

, 2015

in the unities active VI will mining

dents, ble to to life costs, ect on

s cash ations vities.

nalyze Funds

s cash ty and ed an s that after

easure ciation not be at net ure to

asures

5.

TVI Pacifi

The consothe auditeIFRSs or expected New stan IFRS 9, “F- Recognthe guidanretains bcategoriesvalue throcontractuato be mechanges ilosses mothere wercredit riskstandard assessing IFRS 15,principlestiming anRevenue direct the and IAS periods bassessing There arebe expect CRITICAL Managemand relatebecause ofuture evfollowing a

TVI agrantein thelife anderiva

The Cventuchangrecov

c Inc.

olidated finaned consolidateIFRIC interprto have a ma

ndards not ye

Financial Instition and Meance in IAS 39ut simplifies s for financiaough profit anal cash flow casured at faiin fair value iodel that repre no changek in other com

is effective fg the full impa

“Revenue ffor reporting

d uncertaintyis recognizeduse and obta11 “Construc

beginning on g the impact o

e no other neted to have a

L ACCOUNT

ment is responed disclosureof their signifents affectinare significan

applies the faed to employe note receivand risk-free iative financial

Company revres, propertyges in circumverable. If the

MANAGF

ncial statemened financial sretations that

aterial impact

et effective a

truments” repasurement”. T9 that relates

the mixed al assets: amond loss. The bcharacteristicsir value throun other complaces the incs to classifica

mprehensive infor accountinact of IFRS 9.

from contractg useful infoy of revenued when a cusain the benefiction contractor after Jan

of IFRS 15.

w standards,material impa

ING ESTIMA

nsible for appes included wficance to theg them may

nt accounting

air value methees and direcble from Foysinterest rates instrument.

views and tey and equipmstances indicere are indica


MARCH 3

Pa

nts follow thestatements fot are effectiveto the Compa

at January 1,

laces existingThe completeto the classifimeasuremenortized cost, basis of classs of the finanugh profit or prehensive inccurred loss imation and mencome, for liag periods be

ts with custormation to us and cash fl

stomer obtainits from the gts” and relateuary 1, 2017

amendmentsact on TVI.

ATES AND JU

plying judgemwithin the cone consolidatedy differ signifestimates:

hod, using thctors under thson. Manages in using the

ests the carment, and ecate, in manaations that im


age 26 of 31

same accour the year en

e for the perioany.

2015

g requiremente version of Iication and mnt model andfair value thr

sification depecial asset. Invloss with thecome, not rec

mpairment moeasurement eabilities designeginning on o

omers” deals sers of finanlows arising

ns control of agood or serviced interpreta7 and earlier

s and interpre

UDGEMENTS

ent in preparinsolidated find financial staficantly from

he Black-Schohe share optioment must ese model to a

rying amounexploration angement’s jud

mpairment ma


unting policiesnded Decembod beginning

ts included inFRS 9 was i

measurement d establishesrough other cends on the evestments in e irrevocable cycling. Thereodel used in

except for thenated at fair vor after Janu

with revenuncial stateme

from an enta good or serce. The standations. The str application

etations that

S

ing accountinnancial statematements and

managemen

oles option pon plan, as wstimate the voassess the fa

nts of investmnd evaluationgment, that tay have occu

YSIS

s and methodber 31, 2014.

January 1, 2

n IAS 39, “Finssued in Julyof financial ins three primcomprehensiventity’s busineequity instrum option at ine is now a neIAS 39. For

recognition ovalue throughuary 1, 2018.

ue recognitioents about thtity’s contractrvice and thudard replaces tandard is efis permitted.

are not yet e

ng estimates. ments are pad because of nt’s current j

pricing modelwell as the deolatility, forfeitair value of

ments in assn assets whhe carrying aurred, the am

March 31,

ds of applicatiThere are no

2015 that wou

nancial Instrumy 2014. It repnstruments. IF

mary measureve income aness model anments are reqception to prew expected r financial liabof changes in

h profit or loss. The Compa

n and estabe nature, amts with custos has the abIAS 18 “Rev

ffective for a The Compa

effective that w

Certain estimarticularly senthe possibilitjudgements.

, for stock operivative embeture rate, expstock options

sociates andhenever evenamount may nmount by whic

, 2015

ion as o new uld be

ments places FRS 9 ement nd fair nd the quired resent credit

bilities n own s. The any is

lishes mount, omers. ility to

venue” annual any is

would

mates nsitive ty that The

ptions edded pected s and

d joint nts or not be ch the

TVI Pacifi

carryicomprequirexplo

Signiftransacourswheththe amprovis

Manasignificontra

OFF BAL TVI does TRANSAC Transactioestablishe Durin

(MarcTVI foCompCompcorpofinanc

At Ma$234,consoventu

Durin2014-the du

Durin$152,TVI oin the

At Ma

$4,92financ

c Inc.

ng value of arehensive incres judgmentitation, sale o

ficant judgmeactions and ce of business

her additionalmounts that wsions in the ye

agement has aicant influencactual terms.

LANCE SHEE

not have any

CTIONS WIT

ons with relaed and agreed

g the three mch 31, 2014- $or the servicepany’s accounpany made aoration was $cial statement

arch 31, 201991 (Decem

olidated finanres.

g the three m- $57,938) At ue to related p

g the three m269) to a corwed the corp consolidated

arch 31, 201525 (Decembercial position.

MANAGF

assets exceecome. Evaluat in determin

or otherwise a

ent is requirecalculations fos. TVI recogn taxes will be

were initially rear in which s

assessed thece though theConsequently

ET ARRANGE

y off balance s

TH RELATED

ated parties d to by the pa

months ende$326,175). M

es of the Presntant and senadvance pay

$153,966 whits (December

15, TVI’s rember 31, 2014

ncial stateme

months endedMarch 31, 20

parties in the

months enderporation cont

poration $15,3d financial sta

5, the Compar 31, 2014 - $


MARCH 3

Pa

ds their estimating for reconing whether

are likely.

ed in determior which the unizes liabilitiee due. Whererecorded, sucsuch determin

e level of influ shareholdingy, this investm

EMENTS

sheet arrange

D PARTIES

are recordearties.

ed March 31,Management sident, travel cnior office admyments and ch formed pr 31, 2014 – $

maining rece4 - $21,555)ents and rela

d March 31, 2015, the feesconsolidated

ed Decembertrolled by a d

321 at March tements (Dec

any’s remain$9,311), prese


age 27 of 31

mated recoveoverability dur it is likely

ining the proultimate tax des for anticipae the final taxch differencesnation is made

ence that TVg is below 20ment has bee

ements.

ed at the ex

2015, TVI hfees are paidcosts and suministrator. Dat March 31art of the du

$147,305).

eivable from , presented ating to serv

2015, TVI incs payable to d financial stat

r 31, 2014, Tdirector and o

31, 2015, whcember 31, 20

ing payable ented as part


erable value iuring the exp

that future

ovision for incetermination ated tax auditx outcome of s will impact te.

VI has on Min0% because oen classified a

xchange amo

had incurred d to a corporapport staff wh

During the pe1, 2015, theue from relat

the joint veas part of d

vices provide

curred directodirectors weretements (Dec

TVI incurred officer of TVIRhich formed p014 - $12,786

to the joint vt of due to rel

YSIS

s charged toploration andeconomic b

come taxes. is uncertain dt issues basef these mattethe income ta

doro and detof the board ras an associa

ounts which

managemenation owned bhich includes riod ended M

e amount rected parties in

entures in thedue from relaed by TVI P

ors’ fees of $e $48,938, whcember 31, 20

$64,293 (DeRD for adminpart of the due6).

ventures in thlated parties

March 31,

the stateme evaluation penefit from

There are during the orded on estimars is different

ax and deferre

ermined that representatio

ate.

are the am

nt fees of $7by the Presidthe salaries

March 31, 201ceivable fromn the consoli

e Philippinesated parties iPacific to the

48,938 (Marchich formed p014 – $47,938

ecember 31, istrative expee to related p

he Philippinesin the statem

, 2015

nts of phase future

many dinary tes of t from ed tax

it has n and

mounts

74,349 ent of of the 5, the

m the idated

s was in the

e joint

ch 31, part of 8).

2014- enses. parties

s was ent of

TVI Pacifi

DurinHalf oA$100of ou$299,

On Dwhichmaturdebenrepayrepaycontinthe econveextenloan i

TVI’s corpoAs a corposervicpayab

CONTING The Comcommencpaymentsestimated Legal Act The Comp CONTRO Disclosu DisclosureinformatioFinancial disclosureof the deSecuritiesdisclosureinformatio

c Inc.

g the year enof the notes 0,000 was iss

utstanding no787).

December 12,h an annual irity date of Jnture offeringyment date foyment date wnue to accrueearlier of the ertible debentded to April 1s secured by

interest in joration owned

result, a pororation back toces previouslble by TVIRD

GENCIES AN

pany has ence April 1, 201s up to the end operating ex

tions

pany has no k

OLS AND PRO

re Controls a

e controls anon is gathere

Officer, on e. Managemsign and ope

s Administratoe controls andon relating to t

MANAGF

nded Decembreceivable fr

sued by the Cotes receivab

2014, TVIRnterest rate o

January 31, 2g by Mindoror the $500,0

was extended at 8% per anrevised rep

ture offering 15, 2015, andthe shares of

joint ventured by the Presirtion of the feo TVI for the py charged damounted to

ND CONTRAC

tered into a l15. The leased of the lease

xpense and ta

known curren

OCEDURES

and Procedu

nd procedured and reporta timely ba

ent, with the eration of TVors). Based d proceduresthe Company


MARCH 3

Pa

ber 31, 2014, rom Foyson (Company eacble was $47

D provided aof 8% shall f2015 or upoo. On Janua000 bridge lod to Februarynnum on the tpayment dateby Mindoro. on April 15, f Mindoro's P

, TVIRD, haident of TVI foees previouslperiod Januairectly to TV

o $25,919.

CTUAL OBLI

lease contrace is for a three contract in axes.

nt or pending

ures

es are desigted to managasis so that participation

VI’s disclosureon that eval

s are effectivey.


age 28 of 31

notes receiva(A$300,000)

ch in May 2010,969 as at

a bridge loanfully apply onn receipt of ary 29, 2015oan provided y 28, 2015, ftotal loan balae or upon re

On February2015 further hilippine subs

as also enteror the servicey paid by TVry 1, 2014 thrI have been

GATIONS

ct with respece-year term tMarch 2018 a

claims filed a

ned to provigement, inclu

appropriate of the certify

e controls anluation, the ce and design


able of $381,was also se

14 and FebruaMarch 31,

n to Mindoro n any unpaidthe proceeds5, TVIRD ag to Mindoro from Januaryance and the eceipt of they 27, 2015, textended agasidiary, MRL

red into a mes of the PresVI to the Prerough July 31

reduced. At

ct to its corpthrough to Maamounts to $

against it.

ide reasonabuding the Chi

decisions caing officers, h

nd procedurescertifying officned to ensure

YSIS

802 from Minettled and an ary 2015. Th2015 (Dece

in the amoud portion untils from a progreed to an on Decembe

y 31, 2015, wloan continue proceeds fr

the repaymenain to May 15Nickel Phils.,

management sident startingsident were

1, 2014, and tt March 31,

porate office parch 31, 2018179,177, incl

ble assuranceief Executive an be madehas evaluateds (as definedcers have coe they are aw

March 31,

ndoro were seadditional lo

he carrying amember 31, 20

nt of $500,00l the earlier ooposed conve

extension oer 12, 2014. while interestes to be payarom the propnt date was f5, 2015. The b Inc.

contract witg January 1, reimbursed bthe cost of on2015, the am

premises that8, and the totausive of base

e that all relOfficer and

e regarding d the effectived by the Canoncluded thatware of all ma

, 2015

ettled. oan of mount 014 -

00 on of the ertible of the

The t shall able at posed further bridge

th the 2014.

by the ngoing mount

t is to al rent e rent,

levant Chief public eness

nadian t such aterial

TVI Pacifi

Internal C TVI’s interegardingwith geneICOFR ascontrols o

It should bprovide a fraud. A cassurance SUBSEQ The Compthrough wof converbusiness conversiowhich timA$0.008 afeature isMeeting tnote and maturity d Further toA$400,00resulting iby the C84,611,26A$0.008 a Also on Aat the Ciriencouragadditionaldrilling woexpected IMPORT Certain stanot always"will", "inteare based cases, inforeflected infrom or disbeen corre

c Inc.

Controls ove

ernal controls the reliability

erally acceptes at March 3over financial

be noted that reasonable le

control systeme that the obje

UENT EVEN

pany enteredwhich it providrsion date orday immedia

on rights. Thee one option at any time t subject to s

through July the holder wi

date.

o Foyson sha00 loan (Notein a further 8

Company to 64 unlisted oand expiry da

April 27, 2015ianiu gold proing results fro exploration ould be essefor the fourth

TANT INFO

atements in this, identified by nd", "could", "mupon the opin

ormation recein such forwardsseminated by ect. Forward-lo

MANAGF

r Financial R

over financiay of financial ed accounting1, 2015, andreporting thro

while TVI’s Cevel of assura

m, no matter hectives of the

TS

d into a seconded a further Ar maturity daately followin

e note may bper share w

through to thehareholder a2015. If sharill be repaid a

areholder appe 6), A$211,54,611,264 sh295,468,407ptions were

ate of Decemb

5, the Companoject located iom data verifprogram incntial in allow quarter of 20

ORMATION

is MD&A consthe use of wormight", "shouldnions and expived from or d

d-looking statemthird parties is

ooking stateme


MARCH 3

Pa

Reporting

al reporting (“reporting an

g principles. plans to upd

oughout the y

Chief Executivance, they dohow well conc control syste

nd Capital ProA$100,000 thate. The matung a sharehoe converted ould also be eir expiry dat

approval that reholder apprall principal an

proval on Ma528 of the loahares provided, representinalso received

ber 31, 2019.

ny announcein the Macuatfication work ccluding augering an invest015.

N REGARD

stitute forward-lrds such as "sed", "believe", "sectations of Tdisseminated bments are bases reliable, it canents are subjec


age 29 of 31

“ICOFR”) arend the prepar Managemen

date the evalear.

ve Officer ando not expect thceived or operem are met.

omissory Noteat shall accruurity date is olders’ meetiat a conversreceived thate on Decemis expected

roval is not ond interest (a

arch 31, 2015an was convd to the Com

ng a 26.01%d at time of

d that it will bta province ocarried out tor soil geochetment decisio

ING FORW

looking informaeek", "anticipateschedule" and

TVI as at the eby third partieed upon reason give no assuct to certain ris


e intended to ration of finannt has evaluauation of ope

d Chief Finanhat the ICOFRrated, can on

e Agreement ue interest at

the earlier oing to be he

sion price of At may be exe

mber 31, 2019to be receive

obtained, the at the default

5, the Conveverted to Foy

mpany, bringin% equity inte

conversion t

be extending of northern Vao date, managemical surveyon to be mad

WARD-LOO

ation. Forwarde", "plan", "consimilar expres

effective date oes. Although Tonable assumpurance that thosks and uncert

YSIS

provide reasncial statemeated the effeerating effect

cial Officer beR would prevly provide rea

t on April 27, 12% per annof Septembeeld by FoysoA$0.0029 to ercised at a c9. As indicateed at an ExtrNotes remairate of 18%

rsion Agreemyson shares ong the total Frest in Foysthat have an

its due diligeanua Levu Islagement has dying and posde on the pro

OKING STA

d-looking statemntinue", "estimassions. Forwardof such statem

TVI believes thtions and that

ose expectationtainties (known

March 31,

sonable assuents in accordectiveness of tiveness of in

elieve that ICvent all errors asonable

2015, with Foum until the er 30, 2015 o

on to approvFoyson shar

conversion pred, the converaordinary Gen as a promper annum) o

ment related ton April 22,

Foyson sharesson. An addn exercise pr

ence work proand, Fiji. Basdetermined thssible confirmoject, which is

ATEMENTS

ments are ofteate", "expect", d-looking state

ments and, in chat the expectinformation re

ns will prove ton and unknown

, 2015

urance dance TVI’s

nternal

OFR and

oyson earlier or the ve the res, at rice of ersion eneral issory on the

to the 2015, s held itional

rice of

ogram sed on hat an mation s now

S

en, but "may",

ements certain tations ceived o have n) that

TVI Pacifi

could causlimited to, elsewhere;fluctuationsproperties;recoverabilcivil unrestadministratmechanicaand the like Forward-loCanatuan Philippinesexploration(which areNew Guineregulatory regarding eEXPA 61, are basedprograms uand proces The forwarTVIRD in commerciaProcessingpursuing thoutlined; (Bearn an inpriorities, d(including availability the joint vea failure toidentified eAnnual Info AccordingMD&A andoutcomes The forwarcautionary described iSEDAR onundertake subsequen

c Inc.

se actual outcosuch things

; volatility of ps in currency a inherent risk

ility of reservest; availability otive practices;

al problems); ane) that may dis

ooking statemeTenement Area

s are based un programs un all subject to ea are depenapprovals fromexpectations thMalusok and S

d upon currenundertaken in ssing activities

rd-looking statethe Agata a

alization of theg Plant). Relahe conceptual pB) TVIRD not fnterest under thdue diligence the profitabilityof funds; (C) a

enture agreemeo obtain requirelsewhere in TVormation Form

gly, readers shd such forwar

s.

rd-looking statestatement. Va

in detail in TVIn March 24, 20any obligation

nt events or circ

MANAGF

omes to differ mas general eprices for preand interest ratks associated s; production, tof financial reschanges in exnd extreme we

srupt operations

ents regarding a (including EXupon current

ndertaken in thchange). In cedent upon the

m the governmhat TVI will be SE Malusok) annt and previouthe Philippinesat Canatuan, a

ements set outand Pan de e Agata Mininated risks and planning descrfunding the nehe joint venturfindings, chan

y of such opea determinationents noted abored permits orVI's public filingdated March

hould not placrd-looking sta

ements of TVI crious risks to w’s Annual Inform15, and is availto publicly revicumstances, ex


MARCH 3

Pa

materially from conomic condcious metals, tes; inherent riswith the explo

timing, results sources or thirdxploration plansather conditions and explorati

the timing anXPA 61, Malusoand previous

he Philippines ertain cases, the receipt of fre

ments of the Phable to find adnd that this oreus exploration s and elsewherand TVI’s overa

t in this MD&A Azucar joint

g Project (Limuncertainties

ribed in this MDecessary expenre agreementsnges in laws erations), and n on the part ove for technicar other governgs, including, w24, 2015.

ce undue reliaatements shou

contained in thiwhich TVI and imation Form foilable at www.Sise the forwardxcept as requir


age 30 of 31

those anticipaditions in Cana

base metals, sks associatedoration and deand costs of ed-party financis or budgets; ans and forces oion.

nd nature of eok and SE Mal

exploration aand elsewherehe timing of exee prior informhilippines and Pdditional ore in e can be econo

activities, mare, managemeall plans, budge

include informventures; op

mestone DSO/include, but a

D&A not supponditures at Agas due to, amonor regulationsother factors, f TVIRD not to

al, economic, lenmental or regwithout limitation

ance upon theuld not be int

is MD&A are eits affiliates areor the year endSEDAR.com. Sd-looking statemred by law.


ated or implied.ada, the Phili

oil and gas; d with the exploevelopment of

exploration anding; new laws availability of pof nature (i.e. ty

exploration anlusok), Tamaroactivities, manre, and TVI’s oxploration activmed consent fPapua New Gthe Greater C

omically transpanagement's e

ent’s current anet and strategy

mation relating pportunities fo/Lime Productiare not limited orting current eata or Pan de ng other thingss affecting min

(ii) changes io pursue projecegal or other regulatory approvn, those risk fa

e forward-lookterpreted or re

expressly qualife exposed in thded December Subject to applicments included

YSIS

. These factorsippines, Papua

commodity soration and def oil and gas

d development (domestic or

personnel and eyphoons, heavy

nd drilling activok and TVI’s otnagement's exoverall plans, vities in the Phfrom indigenou

Guinea. ForwardCanatuan Tenemported to the exexperience witnd previous expy (which are all

to interests thaor exploration,ion Facility anto: (A) resul

expectations asAzucar to advs (i) changes ning operationin TVIRD budgcts contemplateeasons (includinvals); and (Dactors set forth

king statemenregarded as g

fied, in their ene conduct of th31, 2014, whiccable securities

d in this MD&A

March 31,

s include, but aa New Guine

supply and deevelopment of m

properties; ulactivities; politforeign); chanequipment (incy rains, earthqu

vities in the Gther tenementsxperience with budget and sthilippines and us communitied-looking statement Area (incxisting Canatuath other exploperience with ml subject to cha

at may be earn, developmennd the Agata lts of further ws to the opportvance the projein TVIRD's strs in the Philipgets and (iii) led by one or mng, without limi

D) certain otheat pp. 17-19 o

ts contained iuarantees of

tirety, by this heir business ach was filed on s laws, TVI doeto reflect

, 2015

are not a and

emand; mining ltimate tical or ges in

cluding uakes,

Greater s in the

other trategy Papua

es and ements cluding an mill oration mining

ange).

ned by nt and

Nickel work in tunities ects or rategic ppines limited

more of itation, r risks

of TVI's

in this future

are

es not

TVI Pacifi

Corporat S

C T F E W Corporat

C T F E

PTFE STFE

Registrar C 60 C T Share Lis T Auditors: P 3 C

T

c Inc.

te Head Offic

uite 806, 505Calgary, Albert

elephone: (40acsimile: (403mail: tvi-info@

Web: www.tvip

te Directory:

Clifford M. Jamelephone: (40acsimile: (403mail: tvi-info@

atrick B. Hanelephone: (40acsimile: (403mail: tvi-info@

hirley Anthonelephone: (77acsimile: (403mail: tvi-info@

r and Transfe

Computershar00, 530–8th A

Calgary, Albertelephone: (40

sting:

oronto Stock

:

ricewaterhou100, 111–5th

Calgary, Albertelephone: (40

MANAGF

ce:

5 – 2nd Streetta, Canada, T03) 265-43563) 264-7028 @tvipacific.copacific.com

mes, Presiden03) 265-43563) 264-7028 @tvipacific.co

na, Chief Fin03) 265-43563) 264-7028 @tvipacific.co

ny, VP Corpor78) 999-27713) 264-7028 @tvipacific.co

er Agent:

e Trust CompAvenue SW ta, Canada T03) 267-6800

Exchange Sy

seCoopers LAvenue SW ta, Canada T03) 509-7500


MARCH 3

Pa

t SW T2P 1N8

om

nt and Chief E

om

ancial Officer

om

rate Commun

om

pany of Cana

T2P 3S8

ymbol: TVI

LP

T2P 5L3


age 31 of 31

Executive Offi

r

nications

da


icer

YSIS

March 31,

, 2015

man nt’s dis cussio n and...

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