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Calgary, Alberta--(Newsfile Corp. - February 7, 2025) - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("TVI" or the "Company") announces the appointment of Davidson & Company LLC (the "Successor Auditor"), chartered professional accountants, as the Company's new auditor to hold office until the TVI's next annual meeting of shareholders.
The appointment of the Successor Auditor has been approved by the board of directors (the "Board") and the Company's audit committee (the "Audit Committee"), and TVI will seek shareholders ratification of the Successor Auditor's appointment at the next annual meeting of shareholders.
As announced on October 8, 2024, the Company's former auditor, PricewaterhouseCooper LLC (the "Predecessor Auditor"), resigned effective September 6, 2024. The Predecessor Auditor's reports with respect to TVI's financial statements for the fiscal years ended December 31, 2023 and December 31, 2022 did not contain a modified opinion. However, there was a reportable event concerning an unresolved issue, as such terms are defined in National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), related to potential whistleblower allegations ("Allegations") involving TVI Resource Development (Phils) Inc. ("TVIRD"), the Company's 30.66% subsidiary, and the tailings incident at the Siana gold mine ("Incident") owned and operated by Greenstone Resources Corporation, a wholly-owned subsidiary TVIRD (see the Company's news release dated October 8, 2024).
The Company has authorized the Predecessor Auditor to respond fully to inquiries by the Successor Auditor concerning the Incident and Allegations.
The Company's reporting package, including the notice of change of auditor, together with the required letters from the Predecessor Auditor and Successor Auditor, each prepared in accordance with Section 4.11 of NI 51-102, are available on TVI's SEDAR+ profile at www.sedarplus.ca.
About TVI Pacific Inc.
TVI is a Canadian resource company focused on mining projects in the Philippines, one of the most prolifically mineralized countries in the world. TVI maintains a strong presence in the Philippines through its 30.66% equity interest in TVIRD, a Philippines corporation. Through TVIRD, TVI has ownership in TVIRD's 100%-owned Balabag gold/silver mine, a currently producing mine, and is focused on ramping up to commercial production at TVIRD's recently restarted 100%-owned Siana gold mine. TVIRD also has in its portfolio of projects its 100%-owned Mapawa project (gold), a 60% indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely copper, gold and silver, with by-products magnetite and pyrite), and a 60% interest in Agata Mining Ventures Inc. (nickel/iron DSO mine).