TVI Pacific : 2023 Management’s Discussion and Analysis Q3

Management's Discussion and Analysis

For the nine months ended September 30, 2023 and 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

This Management Discussion and Analysis ("MD&A") of the financial condition and results of operations of TVI Pacific Inc. ("TVI" or "the Company") should be read in conjunction with the unaudited interim consolidated financial statements and related notes for the nine months ended September 30, 2023 and 2022, in addition to the audited consolidated financial statements for the years ended December 31, 2022 and 2021, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. This MD&A contains forward-looking statements that are subject to risks and uncertainties as discussed under "Forward-looking Statements".

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

All figures in this MD&A are expressed in Canadian dollars unless otherwise indicated. Additional information is available on TVI's website at www.tvipacific.comor under the Company's profile on the SEDAR+ website at www.sedarplus.ca. Information in this MD&A is as of November 16, 2023("effective date").

NOTICE TO READER

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

The accompanying unaudited consolidated interim financial statements of TVI Pacific Inc. for the interim reporting period ended September 30, 2023, have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of the Company's management.

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

Forward-looking Statements

Certain information set out herein constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, TVI can give no assurance that those expectations will prove to have been correct.

TVI Pacific Inc.

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September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

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

Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied and should not be read as guarantees of future performance or results. These factors include, but are not limited to, such things as:

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

Forward-looking statements regarding TVIRD's operations and continuing development works at the Balabag Gold-Silver Mine ("Balabag") are based upon, but are not limited to, TVIRD's past operational, construction and project development experience in the region and in such terrain, current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for Balabag (which are all subject to change).

The forward-looking statements include information relating to possible acquisition opportunities in the region of Agata Nickel Laterite Mine and possible development opportunities at the Agata Limestone project, in which TVIRD holds a 60% interest and is operator, and are based upon, but not limited to, TVIRD's past operational, construction and project development experience in the region and in such terrain, current and previous exploration activities and the ability and opportunity to find, determine and confirm additional mineral resource and reserves, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy as may be considered and agreed between TVIRD and its Agata nickel/iron mine ("AMVI") joint venture partners (which are all subject to change).

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

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

TVI Pacific Inc.

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September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

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

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

The forward-looking statements of TVI contained in this MD&A are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI and its affiliates are exposed in the conduct of their business (including but not limited to mining) are described in detail in this MD&A under the heading "Risk Factors", any of which could cause actual results to differ materially from the projected forward-looking information, and in TVI's Annual Information Form for the year ended December 31, 2022, which was filed on SEDAR on May 15, 2023, and is available on www.sedarplus.ca. Subject to applicable securities laws, TVI does not undertake any obligation to publicly revise the forward-looking statements included in this MD&A to reflect subsequent events or circumstances, except as required by law.

Qualified Persons

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

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

Corporate Profile

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

TVI management's track record of success includes putting the first foreign invested mine into production in the Philippines after the passage of the Philippine Mining Act of 1995. From 2004 to 2014, TVI produced 105,200 ounces of gold, 1.8 million ounces of silver, 199,778 tonnes of copper concentrate and 30,558 tonnes of zinc concentrate from the Canatuan mines and was recognized as one of the most responsible miners in the Philippines. Up until 2014, TVI carried out its work through its 100% owned Philippine operating subsidiary, TVI Resource Development (Phils.) Inc. ("TVIRD"), of which it has divested control in December 2013 but maintains a 30.66% interest in this joint venture, where TVI has joint control.

TVI Pacific Inc.

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September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

TVI management's track record of success has continued with the Agata nickel/iron mine, Agata Mining Ventures Inc. ("AMVI"), which commenced operations in October 2014 and has since shipped a total of

20.78 million wet metric tonnes of nickel laterite through 382 shipments as at October 31, 2023. TVIRD announced that AMVI would cease operations at the end of November 2022 but has been successful in completing seven additional shipments through the ten months ended October 31, 2023. AMVI has initiated rehabilitation activities under the final mine rehabilitation and decommissioning plan ("FMRDP"). AMVI is a joint venture company between TVIRD (60%), Mindoro Resources Ltd. ("Mindoro") (15%) and Minimax Mineral Exploration Corporation ("Minimax") (25%), in which TVIRD is operator.

The first shipment of gold doré from TVIRD's 100%-ownedBalabag Gold-Silvermine ("Balabag") was completed on September 30, 2021, and through to September 30, 2023, seventy (70) shipments had been completed in the amount of 49,265 kg doré containing 66,650 ounces of gold ("Au") and 1,466,405 ounces of silver ("Ag") for 83,388 gold equivalent ounces ("AuEq oz"). A further four (4) shipments have been completed since September 30, 2023 and through to October 31, 2023, bringing the total number of shipments since completion of the first shipment on September 30, 2021 to 74 shipments in the amount of 86,878 AuEq oz. Plant throughput in October 2023 averaged 2,091 tonnes per day ("tpd") and 2,256 tpd for the ten months ended October 31, 2023. The tailings storage facility ("TSF") is being constructed in stages to accommodate both the increased throughput and progressively increasing resources as they may be defined. Placement of Zone 3 is continuing to proceed.

On November 4, 2022, TVIRD completed its acquisition of 100% of the outstanding equity in Greenstone Resources Corporation ("GRC"), the owner and operator of the Siana Gold Mine ("Siana") and the Mapawa Project ("Mapawa"), both of which are located in the southern Philippine island of Mindanao. Prior to the acquisition by TVIRD, GRC was the Philippines affiliate of Red 5 Limited ("Red 5") (ASX: RED), a Perth, Western Australian-based gold company, the shares of which are listed on the Australian Securities

Exchange ("ASX"). Red 5 previously reported in their 2020 Annual Report a combined historical Indicated JORC 2012 mineral resource estimate for the Siana open pit and underground mine of 4.3Mt @ 4.6 g/t Au and 6.8 g/t Ag and combined Inferred JORC 2012 mineral resource estimate for the Siana open pit and underground mine of 0.5Mt @ 8.9 g/t Au and 10.6 g/t Ag. TVI is not treating this as a current mineral resource under National Instrument 43-101 - Standards of Disclosure for Mineral Projects as a qualified person has not done sufficient work to classify the historical estimate as current. TVIRD has progressed with rehabilitation of the plant to the stage that soft commissioning commenced on December 9, 2022 and is continuing. The plant has been shut down in August for further maintenance. As of September 30, 2023, 699 kilograms of doré containing 6,401 ounces of Au and 15,377 ounces of Ag have been smelted and a total of 645 kilograms of doré containing 6,132 ounces of Au and 14,217 ounces of Ag have been shipped through the period of soft commissioning. The construction of TSF-6 continues to make significant progress.

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

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September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

next steps and announced on May 23, 2023 that TVIRD and SageCapital have signed a binding agreement (the "Agreement") with RTG with respect to an agreed restructuring of Mabilo. The Agreement provides the opportunity to now focus on finalizing the remaining permitting matters and financing plans for Mabilo, together with surface rights, following which a commitment to development is expected to be formalized by the Board of MLEDC.

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

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

TVIRD					Record of Awards
Award	2010	2011	2012	2013	2015*	2016*	2017*	2018*	2019*	2021*	2022
Presidential Mineral Industry Environment Awards ("PMIEA"):
PMIEA								Agata	Agata	Agata	Balabag
Platinum	Canatuan		Canatuan				Agata
Titanium		Canatuan		Canatuan	Agata	Agata
Safest Mining Operation /	Surface Operation
Winner		Canatuan Canatuan								Balabag
Safest Mineral Processing (Concentrator Category)
Winner	Canatuan Canatuan Canatuan Canatuan
Best Mining Forest Award
2nd Runner Up				Canatuan							Balabag
3rd Runner Up	Canatuan		Canatuan

Notes:

• TVIRD received awards up through 2013 as operator of the Canatuan Mine and commencing 2015 through 2022 has received awards as operator of the Agata Mining Ventures Inc. DSO operations since start-up of operations in October 2014. The Presidential Industry Environmental Award ("PMIEA") is the highest award given by the PMIEA Selection Committee ("PMIEA-SC"). Mining companies which fall short of the PMIEA requirements but exhibited excellent performance in environment, safety, health, and social development are awarded with the PMIEA-SC Achievement Awards, namely the Platinum and Titanium awards.
• TVIRD did not participate in the 2020 awards program.

Up to the end of 2013, TVI consolidated TVIRD as a subsidiary within its financial statements and reported related revenues and cash flows. Following completion in 2014 of the Transactions between TVI and Prime Resources Holdings, Inc. ("PRHI"), TVI's interest in TVIRD was reduced to 30.66% and management determined that TVI no longer had control in TVIRD due to the reduction of interest and by virtue of an agreement with PRHI which requires unanimous consent from both parties on decisions concerning relevant activities, resulting in joint control. Consequently, TVIRD and its 100% owned Exploration Drilling Corporation ("EDCO") were deconsolidated from TVI's financial statements. The retained interest of approximately 30.66% has subsequently been considered an investment in joint venture to be accounted for using the equity method in the consolidated financial statements of TVI. As such, TVI has, since the end of 2013, not reported any revenues and cash flows of TVIRD directly within its own financial statements but rather captures its share of net income or net loss of TVIRD as Other Income - Share of Income of Joint Venture and adjusts its investment in TVIRD, recorded on TVI Pacific's balance sheet as an investment in joint venture, at the end of each reporting period.

TVI Pacific Inc.

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September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

As part of PRHI's 2013 agreement to invest in TVI and TVIRD, the parties agreed that TVIRD would seek a listing on the Philippine Stock Exchange ("PSE") following completion of the Transactions, but all activities related to the proposed listing and initial public offering ("IPO") were placed on hold primarily as a result of the uncertain environment in which the Philippine mining industry began to operate following the nationwide audit of metallic mines ordered by the Department of Environment and Natural Resources ("DENR") Secretary under the Duterte Administration that came into power in June 2016.

In addition to its interest in TVIRD and other Philippine subsidiaries, TVI directly held at September 30, 2023, a 14.4% equity interest in Mindoro and a 100% investment in shares of TG World Energy Corp. ("TG World"), that held 100% of the shares of TG World (BVI) Corporation through until March 1, 2022, at which time the sale of all 100% of the shares of TG World (BVI) Corporation was completed by TG World (see "Petroleum and Natural Gas Properties").

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

On August 15, 2023, the Company completed a non-brokered private placement to PRHI of 53,600,000 common shares in the capital of the Company, at a price of $0.025 per share, for gross proceeds of $1,340,000. The proceeds of the private placement have been used for general working capital purposes.

TVI Pacific Inc.

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September 30, 2023

As at September 30, 2023:

TVI Pacific Inc.

Corporate Structure

TVI Pacific Inc.

(an Alberta Corporation)

14.4%

100%

100%

100%

Mindoro Resources Ltd

TVI Asia-Pacific Resources

TVI Limited

TG World Energy Corp.

(a Canadian Corporation)

(a Philippine company)

(an Anguillian Corporation)

(an Alberta Corporation)

100%

MRL Nickel Philippines Inc.

TVI International Marketing

(a Philippine Corporation)

(a Hong Kong Corporation)

90%

Corporate entities

Operating entities

TVI Minerals Processing Inc.

30.66%

Agata Mining

Agata

Pan de Azucar

Pan de Azucar

(Note 2)

(a Philippines Corporation)

JV

Processing JV

Mining JV

Processing JV

Investments

60%

60%

60%

60%

Projects at TVIRD level:

Option to earn

TVI Resource Development

(1) Balabag Gold-Silver Mine ;

Phils., Inc.

(2) Additional Mining Tenements (26).

(a Philippine Corporation)

Projects at Agata JV level:

(1) Agata Nickel/Iron Mine;

Projects at Greenstone level:

100%

100%

100%

(2) Agata Limestone Project

(1) Siana Gold Mine;

Greenstone Resources

Exploration Drilling

SageCapital Partners,

(2) Mapawa

Corporation

Corporation

Inc.

60%

Projects at MLEDC level:

Mt.Labo Exploration &

Development Corp.

(1) Mabilo - 60%

Notes:

1. Two non-voting,non-participating redeemable deferred shares are held by Prime Resource Holdings Inc., who also holds 68.42% of TVIRD and 10% of TVI Minerals Processing as well as 5% equity of TVI Pacific Inc.
2. TVI Resource Development Phils Inc. - the 30.66% interest is held directly by TVI Pacific Inc. while 68.42% is held by Prime Resource Holdings Inc. (a Philippine corporation) and 0.92% is held by other Class B shareholders.

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September 30, 2023

INVESTMENT IN TVI RESOURCE DEVELOPMENT PHILS., INC.

TVIRD is a private Philippine resource company responsible for proudly having put the first foreign-invested mine into production after the passage of the Philippine Mining Act of 1995. This was the Canatuan mine which produced, while under the 100% control of TVI Pacific, over 105,200 ounces of gold and 1.8 million ounces of silver from 2004 to 2008 and 199,778 dry metric tonnes of copper concentrate and 30,548 dry metric tonnes of zinc concentrate from 2009 to 2014. During the 10-year period in which the Canatuan gold-silver and copper-zinc mines were in production, TVIRD generated over US$479 million in revenues and US$180 million in cash flows. TVIRD's Canatuan mining operations also received multiple prestigious awards from the annual Philippine PMIEA ceremony and established TVIRD as a preeminent mining company committed to the highest levels of safety, environmental stewardship and sustainable development.

Canatuan is continuing its final rehabilitation activities under the supervision of the Multi-Partite Monitoring Team ("MMT") that includes representatives of the local community, the municipal and provincial government, and the DENR (as representatives of the national government).

The focus through the current Passive Closure Phase has been care and maintenance of the progressive rehabilitation programs that commenced through the time of mine operations and then continued through the Active Closure Phase, which had focused up through 2018 on structural improvements for drainage, erosion control and slope stability as well as soil conditioning and preparation and planting of cash crops and diverse forest species.

Seedlings planted have included Acacia auriculiformis, Acacia mangium, giant

bamboo, rubber, and coffee. In addition, Benguet pine, assorted hardwood, tiger grass

and Ipil-ipil (Leucaena leucocephala, a small fast-growing mimosoid tree).

As at the date of this MD&A, rehabilitation is continuing in only: (1) the Mill and Materials Management Area; (2) the Gossan Tailings Storage Facility and Diversion Dam; and (3) the Surface Mine Area. Each of these areas require a further 2 to 3 years of care and maintenance of vegetation planted.

Both Third Party and internal environmental monitoring programs have continued through the mine closure period. The internal monitoring program has involved regular data collection for meteorology, water quality, stream hydrology and instrumentation data collection for the former Tailings Storage Facility. Third Party monitoring programs completed during the Active Closure Phase include flora and fauna monitoring, air quality monitoring, and aquatic habitat monitoring.

TVI Pacific Inc.

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September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

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

1. Operating and continuing ramp-up of gold production at its Balabag Gold-SilverMine while adding additional reserves through ongoing exploration.

1. Advancing development and the restart of commercial operations at its Siana Gold Mine. o Advancing the Mabilo Project towards development and production.
   o Advancing the Pan de Azucar Project toward possible development and production.
   o Advancing the Agata Limestone Projects toward possible development and production.

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

1. Progressing plans to list on the PSE.

TVIRD has issued the following cash dividends to date, all of which have been received by TVI International Marketing Limited ("TVI Marketing"), a subsidiary of TVI, as the direct shareholder of TVIRD:

	Total TVIRD Dividend Declared		Total TVI International Marketing Share
	Prior to Philippine Dividend Tax	Net of Philippine Dividend Tax
Date Received	PHP		$CAD	PHP		$CAD	PHP		$CAD
(millions)		(thousands)	(millions)		(thousands)	(millions)		(thousands)
Total 2017 Dividends	185.0	$	4,747.6	56.7	$	1,454.2	48.2	$	1,236.1
Total 2018 Dividends	60.0	$	1,480.1	18.4	$	454.0	15.6	$	386.1
Total 2019 Dividends	60.0	$	1,532.1	18.4	$	469.8	15.6	$	399.3
Total 2020 Dividends	129.0	$	3,446.8	39.6	$	1,056.8	33.6	$	898.3
Total 2021 Dividends	182.4	$	4,596.1	55.9	$	1,409.3	47.5	$	1,197.9
Total 2022 Dividends	107.4	$	2,625.9	32.9	$	805.2	28.0	$	684.4
Total Dividends	723.8	$	18,428.6	221.9	$	5,649.3	188.5	$	4,802.1
				Withholding tax is 15%

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

TVIRD issued no dividends through the nine months ended September 30, 2023.

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September 30, 2023