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Perkoa Rosh Pinah
Investor
Presentation
January 2019
Santander Caribou
TSX: TV | www.trevali.com
Cautionary Note Regarding Forward-Looking Statements:
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 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
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; information relating to Trevali’s
normal course issuer bid, including the number of shares that may be purchased thereunder and the timing and terms and conditions of same; 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
of 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.):
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 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
operating 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 January 15, 2019.
TSX: TV | www.trevali.com
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
Industry-leading zinc
leverage (85% of
revenue from zinc)
Production increases
for 5 straight years
Disconnect between
current zinc pricing
and future supply
constraints
Four operating
zinc mines
Perkoa Mine
(Burkina Faso)
Caribou Mine
(Canada)
Rosh Pinah Mine
(Namibia)
Santander Mine
(Peru)
Diversified Production
in Pro-Mining
Jurisdictions
Significant
Organic NAV Growth
Opportunities
Mineral resources at all
mines remain open for
expansion with
exploration drill programs
ongoing
Advanced Project pipeline
– Rosh Pinah 2.0,
Bathurst Mining Camp,
Santander Pipe, Perkoa
Frontier VMS Belt
Strong Financial
Position and Leadership
Proven management and
technical teams –
Achieved 2018 guidance
Strong balance sheet and
liquidity with low leverage
Glencore:
a cornerstone strategic
shareholder (25.8%)
providing strong technical
and logistical support
NCIB for up to C$20
million (6.5% of free float)
4
TSX: TV | www.trevali.com
*Constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”. C1 Cash Costs are based on various assumptions and estimates, including,
but not limited to: production volumes, commodity prices (Zn: $1.13/lb Pb: $0.94/lb Ag: $14.50/oz), foreign currency exchange rates (N$/USD: 13.50; XOF/USD: 560; PEN/USD 3.25;
C$/USD $1.30) and normal operating conditions. Trevali’s interest is 90% of Perkoa and 90% of Rosh Pinah.
**Operating Cost per tonne milled is a non-IFRS measures. See “Non-IFRS Measures”
Global Top-10 Zinc Producer
2019 consolidated
zinc production
guidance*
Santander Mine, Peru
• Producing since 2013
• 2019 zinc production guidance
of 59-65* million payable lbs
Caribou Mine, Canada
• Producing since 2015
• 2019 zinc production guidance
of 71-79* million payable lbs
Perkoa Mine, Burkina Faso
• Producing since 2013
• 2019 zinc production guidance of
151-168* million payable lbs
Rosh Pinah Mine, Namibia
• Producing since 1969
• 2019 zinc production guidance
of 80-89* million payable lbs.
361-401 million
payable lbs
Zinc
44-49 million
payable lbs
Lead
1.3-1.4 million
payable ozs
Silver
Operating Cost of US$69-
$76 per tonne**
Zinc Mines
Projects/Other Assets
5
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Allocating Capital to Achieve Superior Financial Returns
6
Optimize Existing Operations
▪ Implement Best Practices & continuously improve
efficiencies
▪ New management and operating teams:
▪ Santander → Rosh Pinah – transferred
underground operational skills & practices
▪ Perkoa → Caribou – underground geotechnical
and CRF experience
▪ Rosh Pinah – transferred systems tracking
▪ Caribou – transferred mine planning protocols
▪ Focus on near-mine exploration to extend mine life:
▪ Built exploration team at Perkoa
▪ Re-evaluating Rosh Pinah from first principles
▪ Increased focus on Santander Pipe and its
higher grades
▪ Improve cash flow stability and predictability:
▪ Focus on concentrate transportation logistics
▪ Enhanced mine to mill planning and oversight
Pursue Organic Growth Opportunities
▪ Increase production and improve cost position through
strategic allocation of capital:
▪ Rosh Pinah (RP) 2.0: Evaluating a capital-efficient,
50% increase in mill throughput at Trevali’s lowest
cost and longest life operation (Tier 1 deposit)
▪ Perkoa’s HFO Project: On schedule with
anticipated annual savings of approx. US$5/t milled
▪ Drive district-scale exploration to extend mine life:
▪ Bathurst Mining Camp: Mine-to-Mill strategy
encompassing Caribou, Restigouche, Murray
Brook and Halfmile to take advantage of existing
infrastructure
▪ Regional opportunities at Perkoa and Santander
Evaluate Accretive Investment Opportunities
▪ NCIB in place for up to C$20 million (~6.5% of freely
traded shares outstanding).
▪ Investments must be accretive – maintain track
record of disciplined and patient capital allocation
Increase Production,
Cash Flow and Value
for all Trevali
Stakeholders
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.
TSX: TV | www.trevali.com
*Effective as of December 31st, 2017
5
3
12
5
4
1
5
2
7
4
5
1
Caribou
Santander
Rosh Pinah
Perkoa
Reserve and Resource Life*
Reserve Life M&I Resource Life(1) Inferred Resource Life(1)
(1) Contained M&I and Inferred resources (exclusive of reserves) divided by mill production rates. Mineral resources
that are not mineral reserves do not have demonstrated economic viability and can therefore not be relied upon to
extend mine life.
Adding Value Through Exploration
7
Source: S&P Market Intelligence, Trevali Mining Corp.
Source: Trevali Mining Corp.
Trevali’s mines are well positioned for mine
life extensions
▪ Globally, most underground Zn & Pb mines have
short lives. 47% have lives < 6 years
▪ 10-year track record at Trevali of replacing
resource – reserves and extending LOMs
▪ +$8 million, 36,000-metre 2019 planned drill
campaign
▪ Proven exploration team – lower quartile
discovery costs (< 0.5¢/lb)
▪ All deposits remain open for expansion
▪ Rosh Pinah: 50-year history, 12 years of
reserves, plus significant exploration upside
▪ Caribou: Bathurst Life of Mill strategy, including
Restigouche and Murray Brook
▪ Santander: Long-history of production, under-
explored region, with upside at Pipe to deliver
higher-grades longer-term
▪ Perkoa: Drilling extending deposit at depth with
new VMS targets being tested
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
5%
10%
15%
20%
25%
[0,2
]
[2,4
]
[4,6
]
[6,8
]
[8,1
0]
[10
,12
]
[12
,14
]
[14
,16
]
[16
,18
]
[18
,20
]
[20
,22
]
[22
,24
]
[24
,26
]
[26
,28
]
[28
,30
]
≥30
Cu
mu
lati
ve F
req
uen
cy (
%)
Freq
uen
cy (
%)
LOM (years)
% of Zn &Pb Mines
Cumulative Frequency
Santander Caribou / Perkoa
Rosh Pinah
TSX: TV | www.trevali.com
Growing Production and Reducing Net Debt, Benefiting All
Shareholders
8
Bolstered Management Team to Further Optimize Stakeholder Returns
Source: Trevali Mining Corp.
Improving Value Per Share Since 2015
▪ Utilizing our balance sheet and cash flow to add
incremental production
▪ Building liquidity, reducing net debt, positioning TV
for future smart growth
▪ Increased spending on exploration to drive
incremental production growth and mine life
extensions
▪ Returning cash to shareholders through C$20 million
NCIB, further increasing production per share
Building a High-Performance Management
Team
▪ Corporate team growth of >100% in the past year
▪ New senior finance team with new CFO and Head of
Group Finance
▪ New operating team with new COO announced
following Perkoa & Rosh Pinah acquisition. New
General Managers at 2 of the 4 mines
▪ Enhanced HSEC team
▪ In-house legal counsel, resource management, HR,
corporate development and investor relations
capabilities
0.00
0.04
0.08
0.12
0.16
0.20
0.24
0.28
0.32
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
Net
Deb
t (U
S$)
/ Sh
are
Pro
du
ctio
n (
lb)
/ Sh
are
Zn Prod'n/sh ZnEq Prod'n/sh Net Debt/sh
Reduced Net Debt / Share
Increased Prod'n /
Share
Date Position Person
September 2017 Chief Operating Officer Bryant Schwengler
June 2018 Chief Financial Officer Gerbrand van Heerden
June 2018 Head of Group Finance Daniel Schnurrenberger
June 2018 Corporate Manager HSEC Tracey Jacquemin
July 2018 VP General Consel & Corp. Secretary Steven Molnar
July 2018 VP Mineral Resource Management Yan Bourassa
September 2018 SVP Corporate Development & IR Alex Terentiew
October 2018 VP Human Resources Joanne Thomopoulos
July 2018 General Manager Santander Mine Giovanni Bloise
December 2017 General Manager Caribou Mine Hein Frey
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(1) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.
(2) Operating Cost per tonne milled and C1 Cash Cost per pound of zinc are non-IFRS measures. See “Non-IFRS Measures”
Achieved 2018 Guidance
9
Asset diversification to de-risk corporate production
Source: Trevali Mining Corp.
Achieved 2018 Production Guidance (per January 15, 2018)
▪ Caribou – Adverse ground conditions impacted Q4 production and costs, costs YTD higher on use of CRF and additional development.
▪ Santander – Higher costs driven primarily from a weaker Q1 (ball mill maintenance and underground water pumping infrastructure completed).
Temporary blockade in Q3 marginally impacted production, with annual guidance achieved. Costs per tonne milled in Q2 and Q3 within guidance.
▪ Rosh Pinah – Production and costs in H1-18 below expectations due to sub-optimal operational practices while training and building new team /
operational practices. Enhanced skills training and operational support, along with improved ore delivery and higher grades drove an improved H2-
18.
▪ Perkoa – Production and costs continue to track better-than-expectations on higher mill availability and grades. Production exceed annual guidance.
▪ Since 2014 when Santander commenced commercial production, Trevali has exceeded ZnEq production guidance 3 of 4 years.
▪ 2018 production guidance, as announced on January 15, 2018 was 400 – 427 mm lbs Zn.
TSX: TV | www.trevali.com
Strong Financial Position
10
Undrawn RCF*$ 119.6 mm
Cash$ 93.1 mm
Liquidity at Sept. 30, 2018
*net of $5.9 mm in Letters of Credit
$213 mm
As of September 30, 2018:
▪ $93 million in cash & equivalents
▪ $155 million in debt
▪ Net debt of $62 million
▪ $175 million working capital
▪ Rosh Pinah sales made October
▪ Options being evaluated to improve Perkoa
concentrate trucking and transport logistics
▪ Total liquidity of $213 million
▪ Amended and increased Credit Facility
September 18, 2018 to $275 million
▪ $149.5 million drawn as at September 30, 2018
▪ Reduces interest payments and provides
financial flexibility
▪ No principal repayments required until maturity
in September 2022
Source: Trevali Mining Corp. 3Q18 Financial Statements
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0
50
100
150
200
250
Net
Deb
t /
LTM
EB
ITD
A (x
)
US$
mm
Net Debt LTM EBITDA Net Debt / LTM EBITDA
TSX: TV | www.trevali.com
Cash Flow Reconciliation
11
Over the last 12 months (LTM), as of Sept
30/2018:
▪ Trevali has invested $145 million in
operations and debt repayments
▪ Repaid $56 million in debt
▪ Net debt improved by $34 million
▪ Increased ownership in Rosh Pinah, a Tier 1
zinc deposit, by 10% for $23 million
▪ Invested $10 million on exploration to
increase resources and extend mine lives
▪ Zinc prices have declined by 21%
▪ Cash position largely unchanged
Subsequent to Q3-2018 quarter end:
▪ Repaid $9.5 million in finance leases
▪ Reducing concentrate inventory at Rosh
Pinah with 25,472 DMT sold in October
▪ Initiated C$20 million NCIB, have purchased
and cancelled 12.7-million shares as of Dec
31/2018 at a total cost of $3.5 million.
Source: Trevali Mining Corp.
TSX: TV | www.trevali.com
Capital Structure and Market Valuation
Share Capital:(as of January 15, 2019, C$0.39/share)
Shares issued/outstanding: 818 million
Shares fully diluted: 829 million
Market Capitalization: C$319 million
Cash Position (Sept 30/18): approx. US$93 million
Debt Outstanding (Sept 30/18): approx. US$155 million
Major Shareholders:
Glencore PLC 25.8%
Blackrock 6.0%
OppenheimerFunds 2.3%
Dimensional Fund 1.8%
M&G Investment 1.7%
AGF Investments 1.2%
Total Institutional Ownership (ex-Glencore): 35-40%
TSX:TV BVL(Lima):TV US-OTCQX: TREVF
12
Benefits of the Glencore Relationship
Access to Glencore Technical Services
• Broadens technical capabilities – group
metallurgist, technology
• Peer reviews – resource/reserve modelling
• Life of mine planning
Supply chain / logistical support as required
Long-term & supportive shareholder (partner since 2010
and shareholder since 2012)
*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.
Source: Capital IQ consensus estimates
TSX:TECK.B
TSX:LUN TSX:HBM
TSX:TV
TSX:TI
NYSE:NEXA
TSX:CMMC
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TSX:CS
TSX:TKO
0.2
0.3
0.4
0.5
0.6
0.7
0.8
- 1.00 2.00 3.00 4.00 5.00 6.00
P/N
AV
(x)
2019E EV/EBITDA (x)
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
P/N
AV
(x)
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
ProcessingConcentrator plant with crushing, milling,
flotation, thickening and filtration
End product Zn concentrate
Infrastructure2,000 tpd underground mining operation and
processing mill
Current mine life 5 years; remains open, drilling ongoing
Perkoa MineBurkina Faso
Perkoa Mine
Primary metal
13TSX: TV | www.trevali.com
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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) As of Dec 31/2017
(2) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.
(3) Operating Cost per tonne and C1 Cash Cost per pound of zinc are non-IFRS measures. See “Non-IFRS Measures”
Perkoa Mine – Burkina Faso
Reserves and Resources (as of Dec. 31/2017)2018 Preliminary Production (100% basis)
183.9 million payable lbs Zinc
2019 Production Guidance(2) (100% basis)
151-168 million payable lbs Zinc
Operating Cost US$106-117/tonne milled.
C1 Cash Cost of US$0.84-0.92 per lb
zinc(3)
14
Highlights➢ Current mine life of approx. 5 years (1)
➢ Remains open and actively drilling
➢ HFO project on budget and schedule
➢ Exploration team established
➢ Exceeded 2018 production guidance
1.47 billion lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)
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Perkoa Exploration
Perkoa Mine: Value Add
• Resource expansion drilling continued to return high-grade zinc
results up to 320m below the current modelled mining level
• Extending deposit at depth
• Deepest hole has intersected high grade mineralization
PUX016: 18.3m at 13.2% Zn, incl. 6.75 metres at 18.78% Zn-
open at depth
• Continued to test the depth and lateral extents of the Perkoa system
• Q4: Directional drilling from surface to drill multiple intersects, aiming
to increase inferred resources
Regional: Value Creation
Two New VMS systems identified:
• Geologically analogous to large Canadian VMS systems
(Matagami, Flin Flon, Noranda, etc.; approx. 40-100 million-
tonne endowments)
• 233 km2 land package
• Exploration team created
• AF1: Mineral system analysis suggests larger hydrothermal
system then Perkoa – requires drill testing
• Byrhado: Stacked gossan horizons plus stockwork zone
discovered
• Drilling in progress
Map showing areas worked in Q3 and drill targets planned during Q4Hangingwall Lens Long Section
15
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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
ProcessingConcentrator plant with crushing, milling, flotation,
thickening and filtration
End product Zn concentrate and Pb-Ag concentrate
Infrastructure2,000 tpd underground mining operation and processing
mill
Current mine life 12 years; remains open, drilling ongoing
Rosh Pinah MineNamibia
16
Rosh Pinah Mine
AFRICA
NAMIBIA
16TSX: TV | www.trevali.com
Primary metal By-product metals
TSX: TV | www.trevali.com
Rosh Pinah Mine - Namibia
Reserves and Resources (as of Dec. 31/2017)2018 Preliminary Production (100% basis)
94.2 million payable lbs Zinc
8.5 million payable lbs Lead
104,000 payable ozs Silver
2019 Production Guidance(2) (100% basis)
80-89 million payable lbs Zinc
10-11 million payable lbs Lead
145,000-161,000 payable ozs Silver
Operating Cost US$56-63/tonne milled. C1
Cash Cost of US$0.70-0.77 per lb zinc(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.
17
Highlights➢ Current mine life of approx. 12 years (1)
➢ Remains open and actively drilling
1.85 billion lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)
(1) As of Dec 31/2017
(2) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.
(3) Operating Cost per tonne and C1 Cash Cost per pound of zinc are non-IFRS measures. See “Non-IFRS Measures”
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Value Add - Western Orefield Resource Extension Drilling:
• An established yet under-explored major zinc district.• There has never been a sustained, modern exploration
program undertaken until now.• Ongoing underground exploration continues to extend and
define the emerging NW extension in the Western Orefield.
• Rosh Pinah deposit re-targeted from first principles - excellent
potential to discover new extensions.
• 9.1 m grading 15.6% Zn, 0.13% Pb, 3.6 g/t Ag
• 19.4 m grading 13.8% Zn, 1.9% Pb, 16.4 g/t Ag
• 35.5 m grading 6.1% Zn, 1.5% Pb, 9.4 g/t Ag
Rosh Pinah Exploration and Growth Opportunity
Value Recognition and Creation:
• Operationally enhanced integrated planning,
accountability, and operational tracking
• Increased rates of production drilling in 2018• 1 mo. at start of 2018 with 2 rigs, to 3 mo. ready-to-mine
stopes currently with 1 rig
• Re-interpreted geology with new targets identified,
and an improved understanding of the deposit
• Evaluating RP2.0 (50% expansion to 3,000 tpd)• Substantial exploration potential to support a larger
operation and bring forward cash flows
• Opportunities to reduce unit costs
200m
EXT –
WF3
WF3
EF1
PO
TE
NT
IAL
EX
T -
EF
1
SF1
18
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)
ProcessingConcentrator plant with crushing, milling, flotation,
thickening and filtration
End product Zn concentrate and Pb-Ag concentrate
Infrastructure3,000 tpd processing mill; 2,600-2,700 tpd
underground mining operation
Current mine life 6 years; remains open, drilling ongoing
Bathurst Mining Camp OperationsNew Brunswick, Canada
CANADA
NEW BRUNSWICK
Primary metal
19TSX: TV | www.trevali.com
Caribou Mill and Mine
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.
Bathurst Mining Camp Operations - Caribou Mine
Reserves and Resources (as of Dec. 31/2017)2018 Preliminary Production
72 million payable lbs Zinc
25.3 million payable lbs Lead
632,000 payable ozs Silver
2019 Production Guidance(2)
71-79 million payable lbs Zinc
24-27 million payable lbs Lead
641,000-713,000 payable ozs Silver
Operating Cost US$72-79/tonne milled. C1
Cash Cost of US$0.95-1.02 per lb zinc(3)
20
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
Highlights➢ Current mine life of approx. 6 years (1)
➢ Remains open and actively drilling
➢ Advancing life of mill strategy
1.2 billion lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)
(1) As of Dec 31/2017
(2) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.
(3) Operating Cost per tonne and C1 Cash Cost per pound of zinc are non-IFRS measures. See “Non-IFRS Measures”
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 &
Indicated7,800,000 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 BrunswickSix 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
21TSX: 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 &
Indicated5,284,000 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)
*Conceptual plan 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.
-
ZnEq
Pro
du
ctio
n
Conceptual Bathurst Mining Camp Life of Mill Strategy
Halfmile / StratmatCaribou
Murray Brook
Restigouche
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)
ProcessingConcentrator plant with crushing, milling, flotation,
thickening and filtration
End product Zn concentrate and Pb-Ag concentrate
Infrastructure2,000 tpd underground mining operation and processing
mill
Current mine life 3 years; remains open, drilling ongoing
Santander MinePeru
22TSX: TV | www.trevali.com
Primary metal By-product metals
TSX: TV | www.trevali.com
Santander Mine - Peru
2018 Preliminary Production
56.8 million payable lbs Zinc
7.9 million payable lbs Lead
435,000 payable ozs Silver
2019 Production Guidance(2)
59-65 million payable lbs Zinc
10-11 million payable lbs Lead
536,000-595,000 payable ozs Silver
Operating Cost US$45-49/tonne milled. C1 Cash
Cost of US$0.71-0.78 per lb zinc(3)
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.
23
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:Highlights➢ Current mine life of approx. 3 years
➢ Remains open and actively drilling
➢ Mining & milling rates above design
314 million lbs contained Zn (in measured & indicated resources - as of Dec. 31/2017)
(1) As of Dec 31/2017
(2) Production guidance constitutes forward-looking information. see “Cautionary Note Regarding Forward-Looking Statements”.
(3) Operating Cost per tonne and C1 Cash Cost per pound of zinc are non-IFRS measures. See “Non-IFRS Measures”
TSX: TV | www.trevali.com
Santander Exploration
Value Add:
• Magistral – 18,000m 2018 exploration drilling continues to test the
deposit extensions approximately 350m below current
development.
• Pipe – continuing to extend the high-grade Zn-Cu targets at depth.
o 1.5 km from Magistral, ~300m from the mill, mined 1957-1991
o Multiple high grade lenses intersected
o Min 5,000 m resource delineation drilling to test high grade
mineralization and associated geophysical anomalies
Value Recognition and Creation:
• An established, yet under-explored major mining district
• 8 distinct hydrothermal centers defined multiple targets
with potential for polymetallic replacement and vein type
mineralization
• 45 km2 Santander exploration block remains under-
explored and recent geophysical and geochemical
surveys have defined several high priority targets
Magistral Sur
Magistral Section looking West HG Pipe Section looking North
24
TSX: TV | www.trevali.com
Management
Dr. Mark CruisePRESIDENT & 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 SchwenglerCHIEF 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
operations. 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 operations, engineering and
maintenance.
Steve MolnarVP 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 HeerdenCHIEF 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 TerentiewSVP 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
on long-term growth potential, value margins
and commodity research.
Steve StakiwVP 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 MarinovVP 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 BourassaVP MINERAL RESOURCE MANAGEMENT
Geologist with 20 years of experience in the
resource industry in Africa and the Americas,
whose experience ranges from exploration to
operations & resource estimation.
Dr. Mark Cruise, PRESIDENT & CEO
Mike Hoffman, CHAIRMAN
Over 35 years global mine development experience including
Vice President at Yamana Gold, Desert Sun and Goldcorp, and
is on the Boards of Eastmain Resources and Havilah Mining.
Chris EskdaleGlobal Head Industrial Zinc for Glencore Plc.
Dan MyersonManages Glencore's Canadian zinc business.
Anton DrescherCertified Management Accountant with extensive public
company board and officer experience
Russell BallPast Executive VP, CFO and Corporate Development of
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 McDonaldChair 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 IsserowPast 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
25
TSX: TV | www.trevali.com
Zinc: Demand and Supply – Continued Strong Fundamentals
Forecast 1-2% per year through 2022
Global Zinc Demand Increase
US-China trade war, concerns on global growth rates and
rising interest rates weighing on demand expectations. Yet demand growth remains positive.
Zinc Supply Remains Constrained• Supply growth expectations being trimmed. Deficit persisting.
• Visible inventories at a 10-year low
• Strict enforcement of environmental regulations in China have
limited mine and refined supply growth for two years
• Zn prices reflecting an assumption that Chinese refined output
will grow rapidly (15-20%) in 2019. Given Chinese refined
supply ↓ 3.1% YTD, a tighter market and higher prices could
materialize.
Approx. 280,000 tonnes/year
Strong zinc pricesDisconnect between current pricing
environment & supply
Forecast of continued strong zinc
prices in reaction to ongoing near-
term refined metal supply deficits
US$1.33/lbUS$2,923/tonne2018
US$1.47/lbUS$3,250/tonne2019
US$1.28/lbUS$2,820/tonneLONG-TERM
Wood Mackenzie zinc price forecasts:
26
Source: Wood Mackenzie research
US$1.60/lbUS$3,525/tonne2020
Source: Bloomberg
$-
$0.50
$1.00
$1.50
$2.00
$2.50
0 500,000 1,000,000 1,500,000 2,000,000
Zin
c P
rice
(U
S$/l
b)
Zinc Inventory Levels (tonnes)
2004 2005 2006 2007
2008 2009 2010 2011
2012 2013 2014 2015
2016 2017 2018 Current Data Point
Current DataPoint
TSX: TV | www.trevali.com
Zinc: Low Stocks, Strong Backwardation, a Tight Market
Highest Backwardation in 12 years
• Cash – 3 month backwardation at plus-decade high levels
• Buyers of Zn today are facing tight conditions.
• Historically, at current inventory levels, zinc prices
normally >$3,000/t. Currently approx. $2,500/t.• Zinc price is under valued in the current market.
Zinc Market Participation Rates Low
• Open interest on LME and SHFE at a 4-year low. Investors
sitting on the sidelines.
• Macro uncertainty
• Unclear price direction
• Rising concentrate supply, but refined supply failing to
grow as expected.
Consensus is Cautious• Consensus forecasting a more
conservative outlook for Zn prices
• Analysts acknowledging,
however, that Zn is undervalued,
and price risk is to the upside
US$1.34/lbUS$2,954/tonne2018
US$1.25/lbUS$2,756/tonne2019
US$1.14/lbUS$2,513/tonneLONG-TERM
Consensus zinc price forecasts:
27
Source: Wood Mackenzie research
US$1.20/lbUS$2,646/tonne2020
7,400,000
8,600,000
9,800,000
11,000,000
12,200,000
13,400,000
$1,400
$1,800
$2,200
$2,600
$3,000
$3,400
2013-11-18 2014-11-18 2015-11-18 2016-11-18 2017-11-18 2018-11-18
Zinc Participation; at cyclical lows
Zinc, $/mt (LHS)
LME + SHFE Aggregate OI, mt (RHS)
Source: LME, Scotiabank GBM and Scotiabank Commodity Derivatives, Bloomberg
TSX: TV | www.trevali.com
Zinc: Growing Market/New Uses (Agriculture, Batteries, Renewable Power)
14 million tonnesof zinc is produced and
consumed annually. Demand
is forecast to increase by 1-2% per year through 2022.
APPROX 40%Utilized in die-casting,
production of brass and bronze,
and into oxides and chemicals.
Galvanizing59%
Brass/Bronze11%
Zinc diecast alloys13%
Zinc chemicals9%
Zinc Semis5%
APPROX 60%Utilized for its corrosion
resistance (galvanized
steel, rebar, autos, structural steel)
Other2%
Initiatives propelling
new potential uses
of 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.
28TSX: TV | www.trevali.comSource: International Zinc Association; Zinc.org
TSX: TV | www.trevali.com
Appendix – Provisional Pricing
29
The decline in zinc prices in 2018, along with sales volume volatility, significantly impacted final concentrate sale
settlement prices
▪ Provisional pricing reflects two components:
1) Final settlement of sales (sales that have closed and are no longer open to adjustment)
2) Mark-to-market of open contracts that have not yet settled
▪ Provisional pricing sensitivity will vary quarter to quarter and depends on numerous factors, including:
▪ Quantity of metal provisionally priced (96.3 mm lbs Zn at $1.10/lb and 5.1 mm lbs Pb at $0.93/lb, as of Sept. 30, 2018)
▪ Final timing of settlements for each of the four mines
▪ Settlement periods generally range from one to six months after shipment
▪ Actual zinc price movements throughout the quarter
▪ Settlement price is at average LME for the month of settlement
▪ 3-month forward average zinc price for the last month in the quarter (mark-to-market pricing adjustment)
▪ Quantity of other Zn sales made during the quarter, which impacts the mark-to-market quantity
Source: Trevali Mining Corp.
TSX: TV | www.trevali.com
Cautionary Note Regarding Mineral Reserves and Mineral Resources:
30
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.
TSX: TV | www.trevali.com
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
or 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.
TSX: TV | www.trevali.com
Trevali Mining CorporationSuite 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 StakiwVice President, Investor Relations and
Corporate Communications
Direct phone:1-604-638-5623
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