TSX: TV | www.trevali.com
TSX: TV | www.trevali.com
Bathurst Mining Camp Site Visit Presentation
October 2018
Bathurst Mining Camp Site Visit Presentation October 2018 TSX: TV - - PowerPoint PPT Presentation
Bathurst Mining Camp Site Visit Presentation October 2018 TSX: TV | www.trevali.com TSX: TV | www.trevali.com Cautionary Note Regarding Forward-Looking Statements: This presentation contains forward -looking information (also
TSX: TV | www.trevali.com
October 2018
TSX: TV | www.trevali.com
2
This presentation contains “forward-looking information” (also referred to herein as “forward-looking statements”) under the provisions of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking statements include, but are not limited to, those in respect of: the economic outlook for the mining industry; expectations regarding metal prices; the timing and amount of estimated future production; the current and planned commercial operations, initiatives and objectives in respect of certain projects of Trevali Mining Corporation (“Trevali” or “TV”), including the Caribou mine, the Restigouche project, the Murray Brook deposit and the Halfmile and Stratmat deposits (collectively, the “Projects”); the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves; Trevali’s current and planned exploration initiatives; strategies and
development strategies and outlook; leverage metrics; debt repayment schedules; planned work programs and drilling programs in respect of the Projects; achieving projected recovery rates; anticipated mine life, recovery rates and operating efficiencies; costs and expenditures, including capital and operating costs; costs and timing of the development of new deposits; off-take obligations; targeted cost reductions; exploration and expansion potential; success of exploration activities; permitting and certification timelines; currency fluctuations; requirements for additional capital; government regulation of mining operations; environmental matters; closure obligations and unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; the timing and possible outcome of pending litigation; and other information that is based upon forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Forward-looking statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such statements. Assumptions have been made regarding, among other things: present and future business strategies and the environment in which Trevali will operate in the future, including commodity prices, anticipated costs and ability to achieve goals; Trevali’s ability to carry on its exploration and development activities; Trevali’s ability to meet its obligations under property agreements, including the exercise by Trevali of its option with respect to the remaining Murray Brook acquisition payments; the timing and results of drilling programs; the discovery of mineral resources and mineral reserves on Trevali’s mineral properties; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of Trevali’s mineral projects; the costs of
required and on reasonable terms; Trevali’s ability to continue operating; dilution and mining recovery assumptions; assumptions regarding stockpiles; the success of mining, processing, exploration and development activities; the accuracy of geological, mining and metallurgical estimates; no significant unanticipated operational or technical difficulties; maintaining good relations with the communities; no significant events or changes relating to regulatory, environmental, health and safety matters; certain tax matters; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices, foreign exchange rates and inflation rates). Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.
TSX: TV | www.trevali.com
3
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Trevali and/or the Projects to be materially different from those expressed or implied by such forward-looking statements, including but not limited to, those in respect of: risks related to the integration of acquisitions; volatility of the price of zinc, lead, silver and other metals; international operations including economic and political instability in foreign jurisdictions in which Trevali operates; current global financial conditions; joint venture operations; actual results of current and planned exploration activities; actual results of drilling programs; discrepancies between actual and estimated production, mineral reserves and mineral resources, grade and metallurgical recoveries; failure to replace mineral reserves; mining operational and development risks; actual results of current reclamation activities; environmental policies and risks; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in the market, demand, supply and/or uses of zinc and copper; accidents; labour disputes; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other risks of the mining industry; inaccuracies or changes in the consolidated zinc production, exploration and operational guidance for the Projects; inaccuracies or changes in the analysis of the exploration potential of the Projects; failure to complete the work programs or drilling programs at the Projects; delays, suspensions or technical challenges associated with capital projects; risks relating to reliance on historical data; failure of plant, equipment or processes to operate as anticipated; inaccuracies or changes in the growth pipelines of the Projects; taxation risks; title risks; opposition from community or indigenous groups; compliance with laws, including environmental laws; exchange controls; higher prices for fuel, steel, power, labour and other consumables; political or economic instability and unexpected regulatory changes; as well as those factors discussed in the section entitled “Risk Factors” in Trevali’s most recent management’s discussion and analysis and annual information form available under Trevali’s profile on SEDAR at www.sedar.com. Although Trevali has attempted to identify important factors, assumptions and risks that could cause actual results to differ materially from those contained in forward-looking statements, there may be others that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking
expectations and opinions of management on the date the statements are made and, accordingly, are subject to change. Trevali assumes no obligation to update any forward-looking statements that are included in this presentation, whether as a result of new information, future events or otherwise, except as required by law. Non-IFRS Measures This presentation refers to “EBITDA” (earnings before interest, taxes, depreciation and amortization), “free cash flow”, “site cash operating cost per tonne milled”, and “site cash operating cost per pound of payable zinc equivalent produced”, which are financial performance measures with no standard meaning under International Financial Reporting Standards (“IFRS”). Such non‐IFRS financial measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally to evaluate the underlying
evaluate the results of the underlying business of Trevali. Management understands that certain investors, and others who follow Trevali’s performance, also assess performance in this way. Management believes that these measures reflect Trevali’s performance and are better indications of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The information presented herein was approved by management of Trevali on October 1, 2018.
TSX: TV | www.trevali.com Location Bathurst Mining Camp, New Brunswick, Canada Ownership 100% Trevali Type of deposit Volcanogenic Massive Sulphide (VMS) Mining Underground - Modified Avoca (cut-and-fill) Processing Concentrator plant with crushing, milling, flotation, thickening and filtration End product Zn concentrate and Pb-Ag concentrate Infrastructure 3,000 tpd underground mining operation and processing mill Current mine life 6 years; remains open, drilling ongoing
CANADA NEW BRUNSWICK
Primary metal
4
TSX: TV | www.trevali.com
By-product metals
TSX: TV | www.trevali.com
See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above table.
Reserves and Resources (as of Dec. 31/2017) 2017 Production
Average head grade of 5.9% Zn and 77% recovery
2018 production guidance(1)
(1) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”. (2) Site operating cost per tonne milled and C2 cost per pound of zinc (net of by-products) are non-IFRS measures. See “Non-IFRS Measures”
Site operating costs US$55-61/tonne milled. C2 cost of US$0.68-0.74 per lb zinc (net of by- products)(2)
5
Category Tonnes Zn (%) Pb (%) Ag(g/t) Cu (%) Proven Reserves 2,620,000 5.8 2.1 64.3 0.35 Probable Reserves 2,480,000 5.9 2.2 62.1 0.39 Proven & Probable Reserves 5,110,000 5.8 2.2 63.2 0.37 Measured Resources 5,870,000 6.1 2.3 67.0 0.37 Indicated Resources 3,030,000 6.1 2.3 70.0 0.39 Measured & Indicated Resources 8,890,000 6.1 2.3 68.0 0.38 Inferred Resources 7,000,000 5.7 2.1 65.0 0.30
➢ Current mine life of 6 years ➢ Remains open and actively drilling
1.2 billion lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)
TSX: TV | www.trevali.com
(1) Cash cost per tonne milled, C1 cost per pound of zinc (net of by-products) and All-in-Sustaining Cost per pound of zinc are non-IFRS measures. See “Non-IFRS Measures”
6
TSX: TV | www.trevali.com
7
➢ New SAG mill liners/lifters – upgraded bolt mechanisms delivering better reliability and throughput capability ➢ Integration of new UG mining fleet demonstrating higher availability/reliability and lower
contractor): Previous contractor UG development cost of approx. US$4,800/m versus owner-
Overall mining production cost reduced from average US$36/t to US$27/t for owner-operator ➢ Clean up of historical surface waste – fulfilling agreement with Province ➢ Currently a total of 350 employees and contractors at site (including 17 women, 41 First Nations)
TSX: TV | www.trevali.com
zones (North Limb Extension)
tight targets opens up opportunity for further definition drilling from surface
resource delineation drilling in “Hinge” area
8
*Outside of the currently delineated reserves and resources, the exploration potential quality and grade is conceptual in nature and there has been insufficient exploration to define additional mineral
Statements”.
Future
Resource Tonnes Zn % Pb % Cu % Ag (g/t) Au (g/t) Indicated 4,700,000 5.31 2.07 0.41 48.5 0.6 Inferred 2,400,000 4.76 2.07 0.70 38.8 0.4 Resource Tonnes Zn % Pb % Cu % Ag (g/t) Au (g/t) Measured 400,000 5.92 1.99 0.46 40 0.6 Indicated 7,400,000 7.00 2.37 0.16 35 0.3 Measured & Indicated 7,800,000 6.94 2.35 0.18 36 0.3 Inferred 6,500,000 5.62 1.51 0.15 23 0.1
Six VMS Deposits Providing Optionality and Long-term Feed to the Caribou Mill
Restigouche
*Based on a Mine Plan Reopening Report dated March 2009 and prepared by CSI Mining and Engineering, for Blue Note Metals Inc. Historic resource estimate is based on 236 diamond drill holes and past open pit production, using a 7% lead+zinc cut-off grade. Gold was not estimated. These resources should be viewed as historic and neither the Canadian Securities Administrators nor the US Securities and Exchange Commission recognize the reporting of historic resources, they are considered conceptual in nature. It cannot be assumed that all or any part of historic geological resources will ever be upgraded to a higher category. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and Trevali is not treating the historical estimate as current mineral resources. **Historic reserve estimate is based on 1998 Noranda internal Heath Steele Mines report. These reserves should be viewed as historic and neither the Canadian Securities Administrators nor the US Securities and Exchange Commission recognize the reporting of historic reserves/resources, they are considered conceptual in
sufficient work to classify the historical estimate as a current mineral reserves and Trevali is not treating the historical estimate as current mineral reserves. See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above tables. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Heath Steele
Category Tonnes Zn% Pb% Cu% Ag (g/t) Historic Resources Remaining* 861,882 7.07 5.25 0.33 78 Past Production 1997 198,000 6.6 5.34 127 Past Production 2008 557,978 6.4 4.7 100 Category Tonnes Zn% Pb% Cu% Ag (g/t) Historic Proven & Probable Reserves** 743,434 5.11 2.18 1.16 91.5 Historic Possible Reserves** 292,530 4.02 1.49 1.36 67.0
Halfmile (fully permitted mine) Stratmat
9
TSX: TV | www.trevali.com
Resource Tonnes Zn % Pb % Cu % Ag (g/t) Au (g/t) Measured 3,681,000 5.57 1.87 0.36 70.5 0.56 Indicated 1,603,000 4.48 1.63 0.70 65.3 0.88 Measured & Indicated 5,284,000 5.24 1.80 0.46 68.9 0.65 Inferred 125,000 2.58 0.92 2.16 47.3 0.54
Murray Brook(1)
(1) Letter of Intent to enter option agreement to earn 75% interest from Puma Exploration. Resources estimates based on Puma Exploration NI 43-101 report filed on SEDAR February 20, 2017.
3.5 billion lbs contained Zn (in measured and indicated resources - as of Dec. 31/2017)
TSX: TV | www.trevali.com
*Based on potential of continued utilization of the Caribou Mill Complex to process mineral feed from Trevali’s other projects and deposits in the Bathurst Mining Camp beyond the operating life of the Caribou underground mine. Subject to additional engineering studies, permitting and operating plans.
10
100 150 200 250
ZnEq Production (mm lbs) Caribou Restigouche Murray Brook Halfmile / Stratmat
TSX: TV | www.trevali.com
11
TSX: TV | www.trevali.com Location Bathurst Mining Camp, New Brunswick, Canada Ownership 100% Trevali (Mining Lease) Type of deposit Volcanogenic Massive Sulphide (VMS) Mining Planned Underground Processing Planned shipment to Caribou concentrator plant with crushing, milling, flotation, thickening and filtration End product Zn concentrate and Pb-Ag concentrate
CANADA NEW BRUNSWICK
Primary metal
12
TSX: TV | www.trevali.com
By-product metals
TSX: TV | www.trevali.com
*Based on a Mine Plan Reopening Report dated March 2009 and prepared by CSI Mining and Engineering, for Blue Note Metals Inc. Historic resource estimate is based on 236 diamond drill holes and past open pit production, using a 7% lead+zinc cut-off grade. Gold was not estimated. These resources should be viewed as historic and neither Canadian Securities Administrators nor the US Securities and Exchange Commission recognize the reporting of historic resources, they are considered conceptual in nature. It cannot be assumed that all or any part of historic geological resources will ever be upgraded to a higher category. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and Trevali is not treating the historical estimate as current mineral resources.
Past production and historic resources*
13
Category Tonnes Zn% Pb% Cu% Ag (g/t) Historic Resources Remaining* 861,882 7.07 5.25 0.33 78 Past Production 1997 198,000 6.6 5.34 127 Past Production 2008 557,978 6.4 4.7 100
west of Trevali’s Caribou Mine site, along Highway 180
dips gently to the north-northwest
sulphide body has strike length
approximately 120 metres and continues down dip for 460
with an average thickness of approximately 20 metres
mining method by past operators with the material trucked to and processed at the Caribou mill, in total approximately 756,000 tonnes were mined historically
Restigouche tabled significant remaining historic resources*
TSX: TV | www.trevali.com
*Based on potential of continued utilization of the Caribou Mill Complex to process mineral feed from Trevali’s other projects and deposits in the Bathurst Mining Camp beyond the operating life of the Caribou underground mine. Subject to additional engineering studies, permitting and operating plans.
14
100 150 200 250
ZnEq Production (mm lbs) Caribou Restigouche Murray Brook Halfmile / Stratmat
TSX: TV | www.trevali.com
15
TSX: TV | www.trevali.com
16
Pit Bottom Vertical Pillars Access Ramp from Surface Typical Cut and Fill Panel
TSX: TV | www.trevali.com
17
Highlights
proximity to Charlo Brook
ECCC as per MMER
Program
TSX: TV | www.trevali.com
18
▪ Mix of infill, twinning and step-out drilling, with goal
collect geotechnical data for mine development plan ▪ Results well aligned with historic drilling ▪ Trevali currently carrying out updated resource estimate (in year-end reporting) and mine planning ▪ Deposit remains open at depth, with plans for future downhole geophysical surveying to define drill targets
TSX: TV | www.trevali.com Location Bathurst Mining Camp, New Brunswick, Canada Ownership Trevali has 75% option from Puma Exploration Type of deposit Volcanogenic Massive Sulphide (VMS) Processing Planned shipment to Caribou concentrator plant End product Zn concentrate and Pb-Ag concentrate
CANADA NEW BRUNSWICK
Primary metal
19
TSX: TV | www.trevali.com
By-product metals
TSX: TV | www.trevali.com
Mineral resource estimates based on the technical report titled “Amended and Restated Technical Report and Updated Mineral Resource Estimate on the Murray Brook Project, New Brunswick, Canada” prepared by P&E Mining Consultants Inc. and filed on SEDAR by Puma Exploration on February 20, 2017.
Mineral resources
20
10 kilometres west of Trevali’s Caribou Mine
interest in Murray Brook by providing $7.5 million in financing for Puma Exploration to complete its acquisition of a 100% interest in the project
Resource Tonnes Zn % Pb % Cu % Ag (g/t) Au (g/t) Measured 3,681,000 5.57 1.87 0.36 70.5 0.56 Indicated 1,603,000 4.48 1.63 0.70 65.3 0.88 Measured & Indicated 5,284,000 5.24 1.80 0.46 68.9 0.65 Inferred 125,000 2.58 0.92 2.16 47.3 0.54
TSX: TV | www.trevali.com
*Based on potential of continued utilization of the Caribou Mill Complex to process mineral feed from Trevali’s other projects and deposits in the Bathurst Mining Camp beyond the operating life of the Caribou underground mine. Subject to additional engineering studies, permitting and operating plans.
21
100 150 200 250
ZnEq Production (mm lbs) Caribou Restigouche Murray Brook Halfmile / Stratmat
TSX: TV | www.trevali.com
22
TSX: TV | www.trevali.com
without any Cu and/or Au credits
23
TSX: TV | www.trevali.com
24
TSX: TV | www.trevali.com
25
metallurgy based on varying feed blends (Nov 2018)
– Provincial EA required (2-3 years) – Approval to Operate (6 months in conjunction with EA’s) – Permitting for 40 Mile Dam
– Metallurgical optimization – Mine design optimization – Geotechnical confirmation – Materials handling strategy to Caribou
TSX: TV | www.trevali.com
26
Based on past Votorantim Metallurgical Testing: Overall recoveries of 88.8% Zn, 51.4% Cu and 36.6% Pb were achieved in the initial locked cycle test. Trevali/Puma currently finalizing updated metallurgical testing
TSX: TV | www.trevali.com
27
financing to finalize Puma’s acquisition
the Murray Brook project, which includes the Murray Brook deposit and the Murray Brook east property, within the time frame negotiated with Votorantim Metals Canada Inc. and El Nino Ventures Inc.
Votorantim and El Nino interest, the Murray Brook deposit shall subsequently be owned by Trevali and Puma on a 75-per-cent and 25- per-cent basis, respectively, and the combined exploration properties, part
per-cent and 49-per-cent basis, respectively. Puma Exploration – Murray Brook option earn-in schedule
*Trevali has covenanted to have Puma’s current environmental bond released on or before December 31, 2018, which may require that Trevali provide a replacement environmental bond or letter of credit.
TSX: TV | www.trevali.com
28
TSX: TV | www.trevali.com Location Bathurst Mining Camp, New Brunswick, Canada Ownership 100% Trevali Type of deposit Volcanogenic Massive Sulphide (VMS) Processing Potential shipment to Caribou concentrator plant End product Zn concentrate and Pb-Ag concentrate
CANADA NEW BRUNSWICK
Primary metal
29
TSX: TV | www.trevali.com
By-product metals
TSX: TV | www.trevali.com
Mineral resources
30
integrated Halfmile/Stratmat mining complexes to support feed to the Caribou mill complex
Resource Tonnes Zn % Pb % Cu % Ag (g/t) Au (g/t) Indicated 4,700,000 5.31 2.07 0.41 48.5 0.6 Inferred 2,400,000 4.76 2.07 0.70 38.8 0.4 Resource Tonnes Zn % Pb % Cu % Ag (g/t) Au (g/t) Measured 400,000 5.92 1.99 0.46 40 0.6 Indicated 7,400,000 7.00 2.37 0.16 35 0.3 Measured & Indicated 7,800,000 6.94 2.35 0.18 36 0.3 Inferred 6,500,000 5.62 1.51 0.15 23 0.1
Halfmile (fully permitted mine) Stratmat
See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above tables. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
TSX: TV | www.trevali.com
*Based on potential of continued utilization of the Caribou Mill Complex to process mineral feed from Trevali’s other projects and deposits in the Bathurst Mining Camp beyond the operating life of the Caribou underground mine. Subject to additional engineering studies, permitting and operating plans.
31
100 150 200 250
ZnEq Production (mm lbs) Caribou Restigouche Murray Brook Halfmile / Stratmat
TSX: TV | www.trevali.com
(1) The PEA is considered preliminary in nature and includes economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, and there is no certainty that the results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
32
Halfmile-Stratmat Project Preliminary Economic Assessment Highlights:
(based on US$1.15/lb Zn, US$0.95/lb Pb, US$2.72/lb Cu, US$19/oz Ag, US$1283.90/oz Au and Canadian dollar exchange rate of US$0.79) (no credits for Au, all values in Canadian $’s unless noted otherwise)1 Development Scenario: DMS feed transported and processed in the Caribou Concentrator IRR ▪ Pre-tax IRR of 34% with a 2.9-year payback ▪ Post-tax IRR of 25% with a 2.6-year payback NPV ▪ Pre-tax NPV(8%) of $222 million ▪ Post-tax NPV(8%) of $116 million Production Costs ▪ LOM Opex Costs of US$0.73/lb zinc equivalent
▪
Total Site Operating Cost of $73.46/tonne milled (includes mining, transport, milling, G&A and Environmental) Capex
▪
Pre-production capital of $155.6 million
▪
Life of integrated project total capital cost of $332 million Production (Payable) ▪ Average peak annual payable production (years 4 – 10) of 117 million
Mine Life ▪ Planned mine life of 13 years LOM Mill Feed ▪ Estimated DMS Plant Feed* of 13,011,000 tonnes, after dense media separation 10,219,000 tonnes grading 6.99% Zn, 2.39% Pb, 0.25% Cu, 40.7 g/t Ag and 0.36 g/t Au over LOM Recoveries ▪ Average LOM recoveries of 85.2% for Zn, 64.7% for Pb, 40% for Cu, 81.1% for Ag reporting to Zn/Pb/Cu concentrates Local/Regional Benefits ▪
TSX: TV | www.trevali.com
33
TSX: TV | www.trevali.com
34
TSX: TV | www.trevali.com
35
Highlights
Program
TSX: TV | www.trevali.com Location Bathurst Mining Camp, New Brunswick, Canada Ownership Option for 100% interest Type of deposit Volcanogenic Massive Sulphide (VMS)
CANADA NEW BRUNSWICK
Primary metal
36
TSX: TV | www.trevali.com
By-product metals
TSX: TV | www.trevali.com
(1) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.
37
formerly producing zinc-lead-silver-copper- gold mine located adjacent to the Company's Stratmat Deposit and approximately 35 km south-southeast of the Caribou Mine. Mining
by a variety
companies (including Noranda) discontinuously between 1957 and
zinc, lead, copper, silver and gold were extracted from several zones on the property.
underground mining
between 1957 to 1999 extracted approx. 24 million tonnes averaging 5.2% Zn, 1.8% Pb, 0.93% Cu & 65.6 g/t Ag
drill testing
E-Zone confirmed significant massive sulphide mineralization
drill program underway testing the depth projection of the E Zone
Category Tonnes Zn% Pb% Cu% Ag (g/t) Historic Proven & Probable Reserves** 743,434 5.11 2.18 1.16 91.5 Historic Possible Reserves** 292,530 4.02 1.49 1.36 67.0
**Historic reserve estimate is based on 1998 Noranda internal Heath Steele Mines report. These reserves should be viewed as historic and neither the Canadian Securities Administrators nor the US Securities and Exchange Commission recognize the reporting
assumed that all or any part of historic geological reserves/resources will ever be upgraded to a higher category. A qualified person has not done sufficient work to classify the historical estimate as a current mineral reserves and Trevali is not treating the historical estimate as current mineral reserves.
TSX: TV | www.trevali.com
38
Scientific and technical information contained in this presentation was reviewed and approved by EurGeol Dr. Mark D. Cruise, TV's President and Chief Executive Officer, and a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr. Cruise is not independent of TV as he is an officer, director and shareholder of TV. Certain technical information in this presentation was derived from the following technical reports: 1. The technical report entitled “Technical Report on the Caribou Mine, Bathurst, New Brunswick, Canada” dated May 31, 2018 as prepared by Roscoe Postle Associates Inc. and by “qualified persons” Torben Jensen, P.Eng., Ian T. Blakley, P.Geo., EurGeol, Tracey Jacquemin, Pr.Sci.Nat., and Shaun C. Woods, P.Eng. (the “Caribou Technical Report”); 2. The technical report entitled “Technical Report on Preliminary Economic Assessment for the Halfmile-Stratmat Massive Sulphide Zinc-Lead-Silver Integrated Project Bathurst, New Brunswick, Canada” dated October 26, 2017 as prepared by SRK Consulting (Canada) Inc. and by “qualified persons” Benny Zhang, PEng, MEng, and Gary Poxleitner, PEng, PMP, both Principal Mining Engineers of SRK Consulting (Canada) Inc. (the “Halfmile/Stratmat PEA”); 3. The technical report entitled “Amended and Restated Technical Report and Updated Mineral Resource Estimate on the Murray Brook Project, New Brunswick, Canada” dated February 20, 2017 as prepared by P&E Mining Consultants Inc. and filed on SEDAR by Puma Exploration. The Technical Reports are available on the SEDAR profile of TV at www.sedar.com. Additionally, where TV discusses exploration/expansion potential herein, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
TSX: TV | www.trevali.com
39
Unless otherwise indicated, all mineral resource and mineral reserve estimates disclosed in this presentation have been prepared in accordance with NI 43-101 of the Canadian Securities Administrators. The definitions used in NI 43-101 are incorporated by reference from the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. Disclosure standards under NI 43-101 differ in material respects from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource information included on this Website may not be comparable to similar information concerning U.S. companies. Under SEC Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that is “part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination”. In addition, the term “resource” does not equate to the term “reserve”. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required to be disclosed by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all
higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Accordingly, information concerning descriptions of any mineral deposits, mineralization and resources on this Website may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
TSX: TV | www.trevali.com
Suite 1400-1199 West Hastings Street Vancouver, BC, V6E 3T5, CANADA Tel: 1-604-488-1661 Fax: 1-604-629-1425 www.trevali.com
A member of the
Vice President, Investor Relations and Corporate Communications sstakiw@trevali.com Direct phone:1-604-638-5623