TVI Pacific Announces Change of Auditor and Update to the Voluntary Suspension of Mining Operations at the Siana Gold Mine
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) announces the resignation of its auditor, PricewaterhouseCooper , effective September 6, 2024. The company is in the process of appointing a new auditor. A reportable event related to potential whistleblower allegations involving TVI Resource Development (Phils) Inc. (TVIRD), the company's 30.66% subsidiary, and a tailings incident at the Siana gold mine has been noted.
On May 13, 2024, Greenstone Resources (GRC), a wholly-owned subsidiary of TVIRD, experienced an embankment failure at its tailings storage facility following earthquakes. Mining operations were voluntarily suspended. An investigation resulted in a notice of violation and a fine of ₱150,000 (CAD$3,601), which has been paid. Unproven whistleblower allegations were later reported, but an internal investigation found them unsubstantiated. The former auditor was unable to conclude on the matter's implications before resigning.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) annuncia le dimissioni del suo revisore, PricewaterhouseCoopers, a partire dal 6 settembre 2024. L'azienda è attualmente in fase di nomina di un nuovo revisore. È stato segnalato un evento riportabile relativo a potenziali accuse di whistleblowing che coinvolgono TVI Resource Development (Phils) Inc. (TVIRD), la sussidiaria al 30,66% dell'azienda, e un incidente di scarti nella miniera d'oro di Siana.
Il 13 maggio 2024, Greenstone Resources (GRC), una sussidiaria interamente controllata da TVIRD, ha subito un cedimento della scarpata nella sua struttura di stoccaggio degli scarti in seguito a terremoti. Le operazioni minerarie sono state sospese volontariamente. Un'inchiesta ha portato a un avviso di violazione e a una multa di ₱150.000 (CAD$3.601), che è stata pagata. Accuse di whistleblowing non provate sono state riportate in seguito, ma un'inchiesta interna le ha giudicate infondate. Il precedente revisore non è stato in grado di concludere sulle implicazioni della questione prima di dimettersi.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) anuncia la renuncia de su auditor, PricewaterhouseCoopers, a partir del 6 de septiembre de 2024. La empresa se encuentra en proceso de nombrar un nuevo auditor. Se ha registrado un evento notificable relacionado con posibles acusaciones de denuncias anónimas que involucran a TVI Resource Development (Phils) Inc. (TVIRD), la subsidiaria del 30,66% de la empresa, y un incidente de relaves en la mina de oro de Siana.
El 13 de mayo de 2024, Greenstone Resources (GRC), una subsidiaria de propiedad total de TVIRD, experimentó un fallo en la infraestructura de su instalación de almacenamiento de relaves tras terremotos. Las operaciones mineras fueron suspendidas voluntariamente. Una investigación resultó en un aviso de violación y una multa de ₱150,000 (CAD$3,601), que ha sido pagada. Se informaron acusaciones de denuncias anónimas no comprobadas, pero una investigación interna las encontró infundadas. El auditor anterior no pudo concluir sobre las implicaciones del asunto antes de renunciar.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF)는 2024년 9월 6일부로 감사인 PricewaterhouseCoopers의 사임을 발표했습니다. 회사는 새로운 감사인을 임명하는 과정에 있습니다. 보고 가능한 사건이 TVI Resource Development (Phils) Inc. (TVIRD, 회사의 30.66% 자회사)와 Siana 금광의 탈이 발생과 관련된 잠재적인 내부 고발자 주장을 포함하고 있음을 언급했습니다.
2024년 5월 13일, TVIRD의 전액 출자 자회사 Greenstone Resources (GRC)는 지진으로 인해 탈 저장 시설에서 경사면 붕괴를 겪었습니다. 채굴 작업은 자발적으로 중단되었습니다. 조사 결과 위반 통지와 ₱150,000 (CAD$3,601)의 벌금이 부과되었으며, 이는 지급되었습니다. 입증되지 않은 내부 고발자 주장이 나중에 보고되었으나, 내부 조사 결과 그 주장은 근거 없음을 확인했습니다. 이전 감사인은 사임하기 전에 이 문제의 시사점에 대해 결론을 내리지 못했습니다.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) annonce la démission de son auditeur, PricewaterhouseCoopers, à compter du 6 septembre 2024. L'entreprise est en train de nommer un nouvel auditeur. Un événement rapportable lié à de potentielles allégations de lanceurs d'alerte impliquant TVI Resource Development (Phils) Inc. (TVIRD), la filiale à 30,66% de la société, et un incident de résidus à la mine d'or de Siana, a été noté.
Le 13 mai 2024, Greenstone Resources (GRC), une filiale entièrement détenue par TVIRD, a connu un effondrement de talus dans sa installation de stockage de résidus suite à des tremblements de terre. Les opérations minières ont été suspendues volontairement. Une enquête a abouti à un avis de violation et une amende de ₱150 000 (CAD$3 601), qui a été réglée. Des allégations de lanceurs d'alerte non prouvées ont ensuite été signalées, mais une enquête interne a conclu à leur caractère infondé. L'ancien auditeur n'a pas pu tirer de conclusions sur les implications de la question avant de démissionner.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) gibt die Rücktrittsankündigung seines Prüfers, PricewaterhouseCoopers, bekannt, wirksam zum 6. September 2024. Das Unternehmen befindet sich derzeit im Prozess, einen neuen Prüfer zu ernennen. Es wurde ein meldepflichtiger Vorfall im Zusammenhang mit möglichen Whistleblower-Vorwürfen gegen die TVI Resource Development (Phils) Inc. (TVIRD), der 30,66%igen Tochtergesellschaft des Unternehmens, und einem Rückstandsvorfall in der Goldmine Siana festgestellt.
Am 13. Mai 2024 erlitt Greenstone Resources (GRC), eine hundertprozentige Tochtergesellschaft von TVIRD, nach Erdbeben einen Hangrutsch in ihrer Rückstandsspeicheranlage. Die Bergbauoperationen wurden freiwillig ausgesetzt. Eine Untersuchung führte zu einer Ordnungswidrigkeitsmitteilung und einer Geldstrafe von ₱150.000 (CAD$3.601), die bereits bezahlt wurde. Unbewiesene Whistleblower-Vorwürfe wurden später gemeldet, aber eine interne Untersuchung stellte fest, dass sie unbegründet waren. Der frühere Prüfer konnte vor seiner Rücktrittsentscheidung keine Schlussfolgerungen zu den Auswirkungen der Angelegenheit ziehen.
- Internal investigation found whistleblower allegations unsubstantiated
- Prompt implementation of rectification measures after the tailings incident
- No reported loss of life, injuries, or significant damage from the tailings incident
- Resignation of the company's auditor, PricewaterhouseCooper
- Reportable event related to potential whistleblower allegations and tailings incident
- Voluntary suspension of mining operations at the Siana gold mine
- Notice of violation and fine issued by the Environmental Management Bureau
- Former auditor unable to conclude on the implications of the whistleblower allegations
Calgary, Alberta--(Newsfile Corp. - October 8, 2024) - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("TVI" or the "Company") announces that its auditor, PricewaterhouseCooper LLC (the "Former Auditor"), has resigned effective September 6, 2024.
The Company's board of directors (the "Board") and audit committee (the "Audit Committee") have accepted the resignation of the Former Auditor. The appointment of a new auditor is currently under review by the Audit Committee and discussions have been ongoing with a potential successor auditor to fill the vacancy as required under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
In accordance with NI 51-102, TVI delivered a copy of a change of auditor notice (the "Notice") to the Former Auditor and the Former Auditor has provided its written response confirming that it agrees with the statements set forth in the Notice, which has been filed on SEDAR+. As soon as a successor auditor (the "Successor Auditor") has been appointed, TVI will file a further news release confirming such appointment and whether the Successor Auditor agrees with the statements in the Notice.
The Former 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 is a reportable event with respect to an unresolved issue, as such terms are defined in NI 51-102, related to potential whistleblower allegations involving TVI Resource Development (Phils) Inc. ("TVIRD"), the Company's
Further to its news release dated May 13, 2024, GRC experienced an unforeseen failure at the embankment of its tailings storage facility 3 following a series of earthquakes that occurred on the day of the incident (the "Incident"). In response, GRC voluntarily suspended mining operations to assess the situation and ensure the safety of nearby communities. No loss of life, injuries, or damage to GRC personnel, the community, mine infrastructure, equipment or active tailings storage facilities was reported. Following the Incident, an investigation was carried out by the Mines & Geosciences Bureau and the Environmental Management Bureau (the "EMB") of the Department of Environmental & Natural Resources. Following the investigation, the EMB issued GRC a notice of violation, which included a nominal fine of ₱150,000 (approximately CAD
The Company was later made aware of certain unproven whistleblower allegations (the "Allegations") involving TVIRD and the Incident on or about July 24, 2024. The Board and Audit Committee commenced an investigation to promptly review and assess the Allegations. On or about August 8, 2024, the Company completed its investigation and found the Allegations to be unsubstantiated. The Audit Committee considered and discussed the matter with the Former Auditor, who determined the matter could have a material impact on the Company's 2024 consolidated financial statements and was unable to reach a conclusion as to the matter's implications before the date of its resignation.
The Company has authorized the Former Auditor to respond fully to inquiries by the Successor Auditor concerning the Incident and Allegation, once appointed.
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
Contact Information:
Michael G. Regino
Chief Executive Officer
TVI Pacific Inc.
Phone: +632-7728-8491
E-mail: Michael.Regino@tvird.com.ph
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release 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 in this News Release include, but are not limited to: statements and information concerning the Company's continued pursuit for a Successor Auditor.
Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company and, in certain cases, information supplied by third parties as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from 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 (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited those risks described in detail in the Company's Annual Information Form for the year ended December 31, 2023, which was filed on SEDAR+ on April 29, 2024, and is available under the Company's profile at www.sedarplus.ca, and other matters discussed in News Release.
Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
The forward-looking statements contained in this News Release are made as of the date hereof, and the Company does not undertake any obligation to update or revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither 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 News Release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226040
FAQ
Why did TVI Pacific's auditor resign on September 6, 2024?
What happened at the Siana gold mine operated by TVIRD's subsidiary on May 13, 2024?
What was the outcome of the investigation into the tailings incident at the Siana gold mine?
How did TVI Pacific (TVIPF) respond to the whistleblower allegations related to the tailings incident?
