Investor Presentation Santander Caribou September 2018 Perkoa - - PowerPoint PPT Presentation

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Investor Presentation Santander Caribou September 2018 Perkoa Rosh Pinah TSX: TV | www.trevali.com TSX: TV | www.trevali.com Cautionary Note Regarding Forward-Looking Statements: This presentation contains forward -looking


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Perkoa Rosh Pinah

Investor Presentation

September 2018

Santander Caribou

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Cautionary Note Regarding Forward-Looking Statements:

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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 Perkoa, Caribou, Rosh Pinah and Santander mines (the “Mines”); 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 objectives in respect of the Mines; liquidity, capital resources and expenditures; sustainability and environmental initiatives and objectives; business development strategies and outlook; leverage metrics; debt repayment schedules; planned work programs and drilling programs in respect of the Mines; achieving projected recovery rates; anticipated mine life, recovery rates and

  • perating 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; 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

  • f Trevali’s mineral projects; the costs of operating and exploration expenditures; Trevali’s ability to operate in a safe, efficient and effective manner; Trevali’s

ability to obtain financing as and when 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.

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Cautionary Note Regarding Forward-Looking Statements (cont.):

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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 Mines 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 Mines; inaccuracies or changes in the analysis of the exploration potential of the Mines; failure to complete the work programs or drilling programs at the Mines; 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 Mines; 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

  • statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are based on the beliefs,

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

  • perating performance of Trevali for the relevant reporting periods. The use of these measures enables management to assess performance trends and to

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 August 21, 2018.

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Trevali – Base Metal Producer with Strong Cash Flow Generation

Certain statements represent forward looking information, see “Cautionary Note Regarding Forward-Looking Statements”. Such forward-looking information assumes normal operating conditions and achievement of production and cost guidance.

Global Top-10 Zinc Producer Pure-play producer with industry-leading zinc leverage (85% of revenue from zinc) Production increases for 5 straight years Well positioned for further growth Disconnect between current zinc pricing and future supply growth Four operating zinc mines Perkoa Mine (Burkina Faso) Caribou Mine (Canada) Rosh Pinah Mine (Namibia) Santander Mine (Peru) Diversified Production in Stable Pro-Mining Jurisdictions Significant Organic NAV Growth Opportunities Strong exploration team Mineral resources at all mines remain open for expansion with exploration drill programs

  • ngoing

Strong regional potential in proximity to

  • perations and existing

infrastructure with 60,000-metre 2018 drill programs underway Strong Financial Position and Leadership Proven management and technical teams – Execution and Delivery Solid cash flow profile, strong treasury (plus-$100 million) and low debt level – poised for growth Glencore: a cornerstone strategic shareholder (25.5%) providing strong technical and logistical support

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*Constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”. Cash costs (net of by-products) are based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (Zn: $1.25/lb Pb: $1.00/lb Ag: $19/lb), foreign currency exchange rates (N$/USD: 13.00; XOF/USD: 609; PEN/USD 3.25; C$/USD $1.25) and normal operating conditions. Trevali’s interest is 90% of Perkoa and 90% of Rosh Pinah. **Site operating cost per tonne milled is a non-IFRS measures. See “Non-IFRS Measures”

Global Top-10 Zinc Producer With Growth Potential

2018 consolidated zinc production guidance*

Santander Mine, Peru

  • Producing since 2013
  • 2018 zinc production guidance
  • f 55-58* million payable lbs.

Caribou Mine, Canada

  • Producing since 2015
  • 2018 zinc production guidance
  • f 86-90* million payable lbs.

Perkoa Mine, Burkina Faso

  • Producing since 2013
  • 2018 zinc production guidance of

164-174* million payable lbs. Rosh Pinah Mine, Namibia

  • Producing since 1969
  • 2018 zinc production guidance
  • f 95-105* million payable lbs.

400-427 million payable lbs Zinc 44-46 million payable lbs by-product Lead 1.4-1.5 million payable ozs by-product Silver

Site operating costs of US$60-$66 per tonne.**

Zinc Mines Projects/Other Assets

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2018 forecast production is from the lower end of disclosed guidance and constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”

Demonstrated Year-Over-Year Production Growth

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Four years of continual zinc production growth with a strong forecast 2018

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Capital Structure

Share Capital: (as of September 7, 2018, C$0.71/share) Shares issued/outstanding: 831 million Shares fully diluted: 840 million Market Capitalization: C$590 million Cash Position:

  • approx. US$104 million

Debt Outstanding:

  • approx. US$132 million

Major Shareholders:

Glencore PLC 25.5% Blackrock 5.9% M&G Investments 3.3% CI Funds 2.8% Oppenheimer Funds 2.0% J.P. Morgan Asset Management 1.8% Dimensional Fund Advisors 1.6% Colonial First State 1.6% Fiera Capital 1.4% CQS - New City Investment 1.1% Total Institutional Ownership (ex-Glencore): ~45%

Sell-Side Mining Analyst Research Coverage*

Analyst Firm Dalton Baretto Canaccord Genuity Oscar Cabrera CIBC Capital Markets Stefan Ioannou Cormark Securities Inc. Jacques Wortman Eight Capital Ian Parkinson GMP Securities L.P. Pierre Vaillancourt Haywood Securities Inc. Jose Inurritegui Kallpa Securities S.A.B Shane Nagle National Bank Jeff Woolley Paradigm Capital Inc. Brian MacArthur Raymond James Ltd Sam Crittenden RBC Capital Markets Orest Wowkodaw Scotiabank Craig Hutchison TD Securities Inc.

*The above investment firms and equity analysts provide research reports on Trevali Mining Corporation. Any opinions, estimates, forecasts or other analyses, including prior or future Trevali performance from any source is the opinion of the writer and is theirs alone and does not represent the opinions, estimates or forecasts of Trevali or its management. Trevali does not, by any reference, imply any endorsement of,

  • r concurrence with, such information, conclusions or recommendations. Trevali does not distribute research reports.

TSX:TV BVL(Lima):TV US-OTCQX: TREVF

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Benefits of the Glencore Relationship

Access to Glencore Technical Services

  • Broadens technical capabilities – group metallurgist, technology
  • Peer reviews - resource and reserve modelling
  • Life of mine planning

Supply chain / logistical support as required Increased exposure to opportunities Access to attractive debt facilities Long-term & supportive shareholder (partner since 2010 and shareholder since 2012)

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Our Strategy to Add Shareholder Value

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1st

Optimize existing operations

➢ Implement Best Practices & continuously improve ➢ Near-mine exploration to add reserves and extend mine life ➢ Commitment to safety and the environment ➢ Increase cash flow & improve stability and predictability ➢ Pay down debt

Pursue organic growth opportunities

➢ Bathurst Mining Camp: Mine to Mill strategy encompassing Caribou, Restigouche, Murray Brook, Halfmile and Stratmat ➢ Rosh Pinah (RP) 3000: Evaluating expanding mill throughput by 50% to 3,000 tpd, increasing production and lowering unit

  • perating costs

➢ Exploration to drive production optionality

Evaluate growth opportunities

➢ Focus on zinc and copper ➢ Both producing and development stage assets could be considered ➢ Must be accretive - maintain track record of disciplined and patient acquisitions

2nd 3rd

Continuously adding shareholder value through operating improvements, exploration and growth

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Measuring Our Success

Santander acquired for $6.5 million – Caribou for $24 million Glencore African Zinc Mine Acquisitions:

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Improvements Made:

➢ Implementing best practices ➢ Focus on exploration ➢ Mine life extensions ➢ Resource and reserve growth ➢ Operating cost reduced over 2016 ➢ Generated approx. $65 million in FCF to June 30, 2018 ➢ 14% FCF yield to TV shareholders in 10 months ➢ Increased Rosh Pinah ownership to 90% (from 80%) for $24 million

Cost savings and growth initiatives

➢ Production expansion at Rosh Pinah under evaluation (RP3000 study). A potential 50% increase in mill throughput, with a decrease in unit costs ➢ Conversion to more efficient power generation at Perkoa expected to result in $5/tonne (5%) reduction to on-site

  • perating costs (expected by 2019)

Glencore Trevali

Perkoa & Rosh Pinah

Effective Date Dec-16 Dec-17 + 1 yr Life-of-Mine 2020 2022 + 2 yrs Reserves (Mt) 2.48 3.33 34% Zn Grade (%) 15.10 13.06

  • 14%

Contained Zn (t) 376,312 434,700 16% M&I Resources (Mt) 4.26 4.85 14% Zn Grade (%) 14.60 13.73

  • 6%

Contained Zn (t) 621,589 665,700 7% LOM ZnEq Payable Production (kt) 293 342 17% LTM Site Operating Cost (US$/t milled) 114.3 104.1

  • 9%

Effective Date Dec-16 Dec-17 + 1 yr Life-of-Mine 2024 2029 + 5 yrs Reserves (Mt) 5.08 7.74 52% Zn Grade (%) 8.78 7.61

  • 13%

Contained Zn (t) 446,700 589,100 32% M&I Resources (Mt) 9.94 10.76 8% Zn Grade (%) 7.85 7.78

  • 1%

Contained Zn (t) 780,500 836,400 7% LOM ZnEq Payable Production (kt) 384 510 33% LTM Site Operating Cost (US$/t milled) 54.9 54.8 0%

Comments:

  • December 2016 figures based on N.I. 43-101 reports issued in April 2017
  • December 2017 figures based on N.I. 43-101 reports issued in May 2018
  • $1.11/lb Zn, $0.96/lb Pb, $3.15/lb Cu, $1,335/oz Au and $19.15/oz Ag used for ZnEq

Perkoa Rosh Pinah

Site operating cost per tonne milled is a non-IFRS measures. See “Non-IFRS Measures”.

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Strong Cash Flow Generation & Liquidity

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Balance Sheet & Liquidity

As of June 30, 2018: ➢ $102 million in cash & equivalents ➢ $143 million in debt (long-term debt and lease obligations) ➢ Net debt of $41 million ➢ $160 million working capital ➢ Total liquidity of $166 million ➢ Annual debt repayments of $34 million in 2018 and $40 million in 2019

All-in Margin Breakdown

➢ YTD AISC of $0.88/lb ➢ Debt repayment approx. $0.08/lb ➢ Non-sustaining capital, interest, corporate G&A and exploration expenses approx. $0.10/lb ➢ AIC before debt repayment of <$1.00/lb Zn ➢ H2-2018 expected to benefit from: ➢ Improved grades at Rosh Pinah ➢ Lower costs at Santander

(in US$ mln) Costs Margin Zinc produced (mln lb of payable zinc) 203 Zinc price ($/lb) realized before pp adj. $1.45 Provisional pricing adjustments ($/lb)

  • $0.10

Zinc price realized ($/lb) $1.35 Revenue (net, after TC and pp) $249 Production costs $106 Smelting & refining costs $61 Distribution costs $14 Royalty expenses $7 By-product revenue

  • $35

Inventory stock movement

  • $4

C1 Cash Cost $150 C1 Cash Cost per Pound $0.74 $0.61 Sustaining Capital $30 All-in Sustaining Costs (AISC) $179 AISC per Pound $0.88 $0.47 Six months ended June 30, 2018

Revenues include effects of settlement adjustments on sales from prior quarters and is calculated on a 100% basis. C1 Cash Cost per Pound and All-in Sustaining Cost per Pound are non-IFRS measures. See ‘Non-IFRS Measures'

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0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8

P/NAV (x)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

EV/EBITDA (2019E)

0.0 1.0 2.0 3.0 4.0 5.0 6.0

P/CF (2019E)

TSX:TV TSX:TI TSX:ASND TSX:HBM TSX:LUN NYSE:NEXA TSX:TECK.B TSX:CS TSX:CMMC TSX:TKO 0.2 0.3 0.4 0.5 0.6 0.7

  • 1.0

2.0 3.0 4.0 5.0

P/NAV (x)

Attractive Valuation

*The above estimates and multiples are based on consensus estimates compiled by S&P Capital IQ. Trevali does not, by any reference, imply any endorsement of, or concurrence with, such information, conclusions or recommendations. Trevali does not distribute research reports.

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Source: Capital IQ consensus estimates

Potential to be even lower with anticipated exploration success

?

  • With the exception of P/NAV (exploration to fill gap), valuation is compelling
  • High P/NAV with low cash flow multiples likely a reflection of shorter mine lives – an artifact of underground mining operations
  • Yet Rosh Pinah has been operating since 1969, Santander from 1958 – and most recently 2013, Perkoa since 2013, and

Caribou since 2015

  • …and each has excellent exploration upside
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TSX: TV | www.trevali.com Location Burkina Faso (150 km west of Ouagadougou) Ownership 90% Trevali, 10% Government of Burkina Faso Type of deposit Volcanogenic Massive Sulphide (VMS) Mining Underground - Transversal and retreat Processing Concentrator plant with crushing, milling, flotation, thickening and filtration End product Zn concentrate Infrastructure 2,000 tpd underground mining operation and processing mill Current mine life 5 years; remains open, drilling ongoing

Perkoa Mine

Burkina Faso

Perkoa Mine

Primary metal

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TSX: TV | www.trevali.com Category Tonnes Zn (%) Proven Reserves 2,290,000 13.9 Probable Reserves 1,040,000 11.1 Proven and Probable Reserves 3,330,000 13.1 Measured Resources 2,630,000 15.7 Indicated Resources 2,220,000 11.4 Measured and Indicated Resources 4,850,000 13.7 Inferred Resources 680,000 8.9

See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(1) 2017 production is full year production. Trevali acquired ownership (90%) of Perkoa as of Aug 31, 2017. (2) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”. (3) 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”

Perkoa Mine – Burkina Faso

Reserves and Resources (as of Dec. 31/2017) 2017 Production(1) (100% basis)

172.3 million payable lbs Zinc

Average head grade of 15.2% Zn and 92.5% recovery

2018 production guidance(2) (100% basis)

164-174 million payable lbs Zinc

Site operating costs US$103-113/tonne

  • milled. C2 costs of US$0.82-0.91 per lb

zinc (net of by-products)(3)

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➢ Current mine life of 5 years ➢ Remains open and actively drilling

1.47 billion lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)

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Perkoa Exploration Potential*

*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

  • resources. It is uncertain if further exploration will result in the target being delineated as a mineral resource. Constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking

Statements”.

Perkoa Mine cross section

Regional VTEM geophysics highlighted conductors for follow-up screening

  • 233 km2 land package
  • Mineralization remains open at depth below the orebody
  • 22,000-metres drilled in 2017 from both surface and underground
  • Regionally – 46 electromagnetic anomalies identified for

follow-up; multiple clusters at 5-km intervals along prospective Perkoa Mine Horizon

  • Geologically analogous to large Canadian VMS systems (Matagami,

Flin Flon, Noranda, etc.; approx. 40-100 million-tonne endowments)

First mover in an unexplored VMS belt

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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

Bathurst Mining Camp Operations

New Brunswick, Canada

CANADA NEW BRUNSWICK

Primary metal

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Caribou Mill and Mine

By-product metals

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See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above table.

Bathurst Mining Camp Operations - Caribou Mine

Reserves and Resources (as of Dec. 31/2017) 2017 Production

79.9 million payable lbs Zinc 30.9 million payable lbs Lead 890,300 payable ozs Silver

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”

86-90 million payable lbs Zinc 27-28 million payable lbs Lead 627,000-658,000 payable ozs Silver

Site operating costs US$55-61/tonne milled. C2 cost of US$0.68-0.74 per lb zinc (net of by- products)(2)

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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)

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  • Deposit remains open
  • 2017 exploration program discovered

additional zones (North Limb Extension)

  • Successful utilization of directional

drilling to hit tight targets opens up

  • pportunity for further definition drilling

from surface

  • 2018 work program: 10,000-metre

underground resource delineation drilling in “Hinge” area

Caribou Exploration Potential*

Exploration innovation in a mature, prolific mining camp

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*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

  • resources. It is uncertain if further exploration will result in the target being delineated as a mineral resource. Constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking

Statements”.

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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

Bathurst Mining Camp, New Brunswick

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. **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 nature. It cannot be assumed that all or any part of historic geological reserves/resources will ever be upgraded to a higher category. 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

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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)

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Bathurst Mining Camp – Life of Mill Strategy*

*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.

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  • 50

100 150 200 250

ZnEq Production (mm lbs) Caribou Restigouche Murray Brook Halfmile / Stratmat

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TSX: TV | www.trevali.com Location

Namibia (600 km south of Windhoek)

Ownership

90% Trevali, 10% Namibian Empowerment Partners

Type of deposit

Sediment hosted

Mining

Underground – Sub-level open stoping

Processing

Concentrator plant with crushing, milling, flotation, thickening and filtration

End product

Zn concentrate and Pb-Ag concentrate

Infrastructure

2,000 tpd underground mining operation and processing mill

Current mine life

12 years; remains open, drilling ongoing

Rosh Pinah Mine

Namibia

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Rosh Pinah Mine

AFRICA NAMIBIA

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Primary metal By-product metals

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Rosh Pinah Mine - Namibia

Reserves and Resources (as of Dec. 31/2017) 2017 Production(1) (100% basis)

88.2 million payable lbs Zinc 14.5 million payable lbs Lead 239,572 payable ozs Silver

Average head grade of 8.8% Zn and 83.6% recovery

2018 production guidance(2) (100% basis)

95-105 million payable lbs Zinc 5.7-6.0 million payable lbs Lead 123,000-129,000 payable ozs Silver

Site operating costs US$49-54/tonne milled. C2 cost of US$0.55-0.60 per lb zinc (net of by- products)(3)

Category Tonnes Zn (%) Pb (%) Ag(g/t) Proven Reserves 2,660,000 9.1 1.3 18 Probable Reserves 5,080,000 6.8 1.4 20 Proven and Probable Reserves 7,740,000 7.6 1.4 20 Measured Resources 4,370,000 8.5 1.9 27 Indicated Resources 6,400,000 7.3 1.5 24 Measured and Indicated Resources 10,760,000 7,8 1.7 25 Inferred Resources 3,000,000 6.5 1.1 31

See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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(1) 2017 production is full year production. Trevali acquired ownership (80%) of Rosh Pinah on Aug 31, 2017. In Q2-2018, Trevali increased its interest to 90%. (2) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”. (3) 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”

➢ Current mine life of 12 years ➢ Remains open and actively drilling

1.85 billion lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)

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Rosh Pinah Exploration Potential*

  • Active mining zones remain open

for significant expansion, specifically Western Orefield (WF)

  • There has never been a sustained,

modern exploration program undertaken until now

  • 6,000-metre underground drill

program underway with additional 6,000-metre surface drill program contingent on results

An established yet under-explored major zinc district

*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 resources. It is uncertain if further exploration will result in the target being delineated as a mineral resource. Constitutes forward-looking information, see “Cautionary Note Regarding Forward-Looking Statements”.

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23 ➢ Landholdings form part of the under-explored Gariep Belt that hosts Rosh Pinah, Gergarub and Skorpion ➢ EPL2616 is under-explored: first target tested by Anglo in 2008 was a discovery under cover (Gergarub - grades and mineralogy similar to Rosh Pinah) ➢ Remaining targets untested ➢ Potential to discover sufficient additional tonnage to support longer-term Rosh Pinah mill expansion decisions

Growth Pipeline

Rosh Pinah Region, Namibia

Satellite image of Rosh Pinah, Gergarub and surrounding projects, Namibia

Significant exploration potential remains

Gergarub

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TSX: TV | www.trevali.com Location

Peru (approx. 200 km northeast of Lima)

Ownership

100% Trevali

Type of deposit

Carbonate Replacement Deposit (CRD)

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

2,000 tpd underground mining operation and processing mill

Current mine life

5 years; remains open, drilling ongoing

Santander Mine

Peru

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Primary metal By-product metals

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Santander Mine - Peru

2017 Production

53.1 million payable lbs Zinc 10.5 million payable lbs Lead 602,700 payable ozs Silver

Average head grade of 4.5% Zn and 82% recovery

2018 production guidance(1)

55-58 million payable lbs Zinc 11-12 million payable lbs Lead 654,000-687,000 payable ozs Silver

Site operating costs US$38-42/tonne milled. C2 cost of US$0.49-0.53 per lb zinc (net of by- products)(2)

Reserves and Resources (as of Dec. 31/2017)

See “Cautionary Note Regarding Mineral Reserves and Mineral Resources” for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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(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”

Category Tonnes Zn (%) Pb (%) Ag(g/t) Proven Reserves 460,000 3.8 0.8 26 Probable Reserves 1,460,000 4.6 0.7 32 Proven and Probable Reserves 1,930,000 4.4 0.8 31 Measured Resources 1,057,558 4.2 0.8 27 Indicated Resources 1,930,033 5.1 0.9 38 Measured and Indicated Resources 2,987,591 4.8 0.8 34 Inferred Resources 3,080,000 5.1 0.5 32 Category Tonnes Zn (%) Pb (%) Ag(g/t) Inferred Resources 10,100,000 4.1 0.2 15 Magistral North, Central, South Orebodies: Santander Pipe Deposit:

➢ Current mine life of 5 years ➢ Remains open and actively drilling

314 million lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)

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Santander Exploration Potential*

Santander Pipe High Grade Target

  • Santander pipe previously mined between 1957 and 1991
  • Proof of concept drilling in 2010 confirmed historic grades
  • 2017 drilling: SAN225 65m at 7.26% Zn – incl. 6.5m at 20.38%

Zn & 0.43% Cu

  • Implementation of Directional Drilling in 2017
  • Remains open at depth and along the anticline axis
  • 2018 Program: min. 5,000-metre resource delineation drilling
  • Magistral deposits (North/Central/South) currently in production
  • 18,000-metre 2018 drill program aimed at resource upgrade

and delineation to facilitate long-range mine planning**

An established yet under-explored major mining district

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*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 resources. It is uncertain if further exploration will result in the target being delineated as a mineral resource. Constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.

Two Principal Targets: Magistrals + Santander High-Grade Pipe

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Management

  • Dr. Mark Cruise

PRESIDENT & CEO Base metal deposit specialist with over 20-years project experience from exploration and resource definition to permitting and production in Europe and the America’s on behalf of Pasminco Exploration, Anglo American and TSX-listed companies. Co-founded Trevali in 2007 to position the Company for anticipated global Zn deficits.

Bryant Schwengler

CHIEF OPERATING OFFICER 17 years of experience in a variety of roles including senior management positions in both underground and open-pit mining operations. Bryant commenced his career with Mount Isa Mines Ltd at Ernest Henry Mine (Cu-Au), then transitioned to Xstrata Zinc and ultimately Glencore at the world-class Mt Isa Zinc

  • perations. He became GM at the Caribou Mine

in early 2016.

Paul Keller, P.ENG.

SVP MAJOR PROJECTS & TECHNICAL SUPPORT 30 years of mine operations experience in Canada and Peru. Paul began his career with Rio Algom and has also worked in various management roles with Barrick Gold's Hemlo mine in

  • perations,

engineering and maintenance.

Steve Molnar

VP GENERAL COUNSEL & CORPORATE SECRETARY Joined Trevali from McCarthy Tetrault LLP, where he practiced corporate and securities law with a focus on the mining industry.

Gerbrand Van Heerden

CHIEF FINANCIAL OFFICER 18 years experience in the finance and mining industry. Gerbrand began his career at Deloitte and has worked at Metorex Limited as Group Financial Controller and moved to senior management positions there prior to joining Rosh Pinah Zinc Corp. as CFO in

  • 2013. He is a Chartered Accountant from the

Institute of Chartered Accountants of South Africa and a Chartered Professional Accountant in British Columbia (CPABC)

Alex Terentiew

SVP CORPORATE DEVELOPMENT & INVESTOR RELATIONS Joined from BMO Capital Markets, where he was a top-ranked analyst, covering the base metals sector and providing research papers

  • n long-term growth potential, value margins

and commodity research.

Steve Stakiw

VP IR/CORPORATE COMMUNICATIONS Over 25 years of geology/mining industry and research/finance market experience and has held a senior management role with a leading mining research and investment publication.

Daniel Marinov

VP OF EXPLORATION Over 24 years of international experience in exploration and underground mining, and has held senior management roles with Rio Tinto and Anglo American (including project manager at Anglo's Michiquillay porphyry Cu- Au-Mo deposit in Peru).

Yan Bourassa

VP MINERAL RESOURCE MANAGEMENT Geologist with 20 years of experience in the resource industry in Africa and the Americas, whose experience ranges from exploration to

  • perations & resource estimation.
  • Dr. Mark Cruise, PRESIDENT & CEO

Mike Hoffman, CHAIRMAN

Over 35 years global mine development experience including Vice President Operations at Yamana Gold, Desert Sun and Goldcorp, and is on the Board of Eastmain Resources.

Chris Eskdale

Global Head Industrial Zinc for Glencore Plc.

Dan Myerson

Manages Glencore's Canadian zinc business.

Anton Drescher

Certified Management Accountant with extensive public company board and officer experience

Russell Ball

Past Executive VP, CFO and Corporate Development

  • f

Goldcorp Inc. Previously Strategic and Business Planning, Executive VP and CFO with Newmont Mining Corporation. He is both a Chartered Accountant from the Institute of Chartered Accountants of South Africa and a Certified Public Accountant in Colorado.

Jessica McDonald

Chair of Canada Post Corporation. Recently President & CEO of BC Hydro. Previous roles include Executive VP at HB Global Advisors Corp, positions in the British Columbia provincial government including Deputy Minister to the Premier, Cabinet Secretary, and Head of the BC Public Service.

Dan Isserow

Past President & CEO of major Canadian restaurant franchise. Currently the Co-Founder, President and CFO of company focused on the expanding market for digital sign applications. He is a Chartered Accountant from the Institute of Chartered Accountants of South Africa.

Directors

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Zinc: Demand and Supply – Continued Strong Fundamentals

Forecast ~2% per year through 2022

Global Zinc Demand Increase

Driven by GDP growth, urbanization & infrastructure development, and as a “mid-cycle” commodity with expanding markets for consumer goods.

Zinc Supply Remains Constrained

  • Mine (and refined) supply remains in deficit
  • Refined metal stocks continue to fall – Spot TCs

largely flat – in favour of the miners.

  • Industry and media discussion on increasing

payabilities in 2019.

  • Suggestive of strengthening price environment.
  • Approx. 280,000

tonnes/year

Strong zinc prices

Disconnect between current pricing environment & supply Forecast of continued strong zinc prices in reaction to ongoing near- term supply deficits

US$1.35/lb

US$2,967/tonne

2018

US$1.80/lb

US$3,975/tonne

2019

US$1.22/lb

US$2,700/tonne

LONG-TERM

Wood Mackenzie zinc price forecasts:

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Source: Wood Mackenzie research

US$1.63/lb

US$3,600/tonne

2020

Cash to three months backwardation

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Zinc: Growing Market/New Uses

(Agriculture, Batteries, Renewable Power)

14 million tonnes

  • f zinc is produced and

consumed annually. Demand is forecast to increase by

  • approx. 2% per year through

2022. APPROX 40%

Utilized in die-casting, production of brass and bronze, and into oxides and chemicals. Galvanizing 60% Brass/Bronze 11% Zinc diecast alloys 13% Zinc chemicals 9% Zinc Semis 5%

APPROX 60%

Utilized for its corrosion resistance (galvanized steel, rebar, autos, structural steel) Other 2%

Initiatives propelling new potential uses

  • f zinc include:

Zinc nutrient/fertilizer applications Zinc fertilizer can both significantly increase crop yield and boost nutrient value. Zinc Nutrient Initiative and Zinc Saves Kids programs spearheading new, significant uses. Zinc battery technology Advances in renewable grid power storage applications and fuel cells. Zinc is a highly stable metal, has excellent power density and is sustainable.

Zinc is an excellent anti-corrosion metal, is difficult to substitute and typically forms a minor cost component in its applications.

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Source: International Zinc Association; Zinc.org

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Cautionary Note Regarding Mineral Reserves and Mineral Resources:

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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 of Trevali in respect of the Perkoa, Caribou, Rosh Pinah, and Santander mines: 1. The technical report entitled “Technical Report on the Perkoa Mine, Burkina Faso” dated April 12, 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 Avakash A. Patel, P.Eng. (the “Perkoa Technical Report”); 2. 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”); 3. The technical report entitled “Technical Report on the Rosh Pinah Mine, Namibia” dated May 1, 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 Avakash A. Patel, P.Eng. (the “Rosh Pinah Technical Report”); and 4. The technical report entitled “Mineral Reserve Estimation Technical Report for the Santander Zinc Mine, Province de Huaral, Peru” dated March 31, 2017 as prepared primarily by SRK Consulting (Canada) Inc. and SRK Consulting (Peru) S.A. and by “qualified persons” Benny Zhang, P.Eng., Gary Poxleitner, P.Eng., Gilles Arseneau, P.Geo., Leonard Holland, C.Eng., and David Maarse (the “Santander Technical Report”). 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.

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Cautionary Note to U.S. Investors:

31

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

  • r any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a

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.

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Trevali Mining Corporation

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

Steve Stakiw

Vice President, Investor Relations and Corporate Communications sstakiw@trevali.com Direct phone:1-604-638-5623