CALGARY, AB, April 23, 2025 /CNW/ - TVI Pacific Inc. ("TVI" or the "Corporation") (TSX.V: TVI) (OTC: TVIPF) today announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2024 (the "Required Filings"), will be delayed beyond the filing deadline of April 30, 2025, and as a result it will be in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.  The delay in the completion of the Required Filings is as a result of unforeseen delays by the local auditor of TVI in the Philippines. The delay caused by the local auditor means the auditor of TVI has not received all of the information that it requires in order to complete the audit of the Corporation's financial statements for the year ended December 31, 2024.

The Corporation has made an application to the Alberta Securities Commission (the "ASC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO does not generally affect the ability of shareholders who are not insiders of the Corporation to trade their securities. There is no certainty that the MCTO will be granted.

The Corporation is working expeditiously with its auditor, Davidson & Company LLP, and the local auditor in the Philippines, PwC Philippines, to complete the audit as soon as possible. TVI plans to remedy the default and file the Required Filings as soon as it is able to do so and expects such filing to occur on or prior to May 31, 2025. The Corporation also intends to satisfy the provisions of the alternate information guidelines of Section 10 of National Policy 12-203 Management Cease Trade Orders as long as it is in default of the filing requirements.  

The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.

About TVI

TVI is a Canadian resource company focused on mining projects in the Philippines. TVI maintains a strong presence in the Philippines through its 30.66% equity interest in TVIRD, a Philippines corporation.

Forward-Looking Statements

Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the issuance of the MCTO, timing of the filing of the Required Filings and TVI's future business operations. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and TVI assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by TVI with the securities regulatory authorities, available at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE TVI Pacific Inc.