TVI Pacific Inc. provided an update of restart activities at the Siana Gold Mine ("Siana"). Siana is owned and operated by Greenstone Resources Corporation ("GRC"), a 100% owned subsidiary of the Philippine corporation in which TVI holds a 30.66% interest, TVI Resource Development Phils Inc. ("TVIRD"). Siana is located in Tubod, Surigao del Norte, approximately 35 kilometers from Surigao City and near to Lake Mainit in the southern Philippines island of Mindanao.

As previously reported, TVIRD/GRC commenced soft-recommissioning and rehabilitation of the mill in December 2022 after the plant had stood idle through a long period of care and maintenance since the decision of Red 5 Limited/GRC Siana to suspend operations in April 2017. During the soft-recommissioning stage the low-grade stockpile of mineralized material was used and a total of 365,249 tonnes of low-grade mineralized material with an average grade of 0.68 g/t Au and 4.37 g/t Ag was milled, averaging a plant utilization of 64% and an average throughput of 2,200 t/d. The drawdown of the low-grade stockpile was managed to align with the restart of mine development and the removal of a large amount of waste located above the target high-grade ore required for continuous mining operations. The mill was temporarily again shutdown in early August 2023 for further rehabilitative works but through to that time and through to February 29, 2024, a total of 699 kg of doré containing 6,466 oz of Au and 15,538 oz of Ag had been smelted and shipped.

Milling operations resumed on March 18, 2024, and through to March 30, 2024, a total of 29,900 tonnes of mill feed has run through the mill at an average throughput of 2,300 t/d for the thirteen (13) running days ended March 30, 2024. Milling was raised to higher throughput than planned to test the maximum capacity of the plant. During the said duration, mill throughput reached a maximum of 3,000 t/d. In its first 277 hours of run time since the mill resumed operations, recovery rates for the carbonaceous limestone ore have averaged 83% for Au and 50% for Ag while the head grades have averaged 2.00 g/t for Au and 12.29 g/t for Ag.

Recoveries are expected to increase as the mill stabilizes and the ramp-up of mill throughput is also expected to continue in the coming months as Siana moves toward commercial production. The nameplate capacity of the GRC Siana Outotec mill is 1.1 million tonnes per annum. Mining operations in the open-pit continue to ramp-up and approach a level of sustainable production as higher-grade ore is exposed.

An average total-to-date through March 29, 2024, of 1,000 t/d of ore has been mined and 13,000 t/d of waste has been moved at an average strip ratio of 1:8 (ore to waste). There is currently an approximate 70,766 tonnes of ore on the run-of-mine ("ROM") stockpile above the 0.75 g/t Au cut-off grade. The stockpile has an average grade of 2.19 g/t Au and 9.21 g/t Ag.

The current stockpile inventory is composed of 57% carbonaceous limestone ore and 43% base metal veins. These are the two major mineralized domains identified by the grade control section.