TVI Pacific : 2023 Management’s Discussion and Analysis Q2

Management's Discussion and Analysis

For the six months ended June 30, 2023 and 2022

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED

JUNE 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 six months ended June 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 August 24, 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 June 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.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED

JUNE 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 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 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 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).

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED

JUNE 30, 2023 AND 2022

Forward-looking information respecting the anticipated timing of various critical events associated with the 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 PSE (such as approvals from the 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 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

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MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED

JUNE 30, 2023 AND 2022

20.56 million wet metric tonnes of nickel laterite through 378 shipments as at June 30, 2023. TVIRD announced that AMVI would cease operations at the end of November 2022 but has been successful thus far in completing five additional shipments through the seven months ended July 31, 2023, bringing the total shipments to date to 20.67 million wet metric tonnes of nickel laterite through 380 shipments. AMVI is a joint venture company between TVIRD (60%), Mindoro Resources Ltd. (NEX:MIO.H) ("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 June 30, 2023, fifty-eight (58) shipments had been completed in the amount of 44,056 kg doré containing 58,243 ounces of gold ("Au") and 1,311,770 ounces of silver ("Ag") for 73,234 gold equivalent ounces ("AuEq oz"). A further four (4) shipments have been completed since June 30, 2023 and through to July 31, 2023, bringing the total number of shipments since completion of the first shipment on September 30, 2021 to 62 shipments in the amount of 76,428 AuEq oz. Plant throughput in July 2023 averaged 2,088 tonnes per day ("tpd") and 2,304 tpd for the seven months ended July 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. As of June 30, 2023, 420 kilograms of doré containing 4,752 ounces of Au and 8,457 ounces of Ag have been smelted and a total of 315 kilograms of doré containing 4,350 ounces of Au and 5,490 ounces of silver 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 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,

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