A PURE-PLAY ZINC PRODUCER€¦ · presentation, whether as a result of new information, future...

TSX: TV | www.trevali.com

A PURE-PLAY Z INC PRODUCER


SANTANDER

PERKOA ROSH PINAH

CARIBOU Investor Day Presentation APRIL 2018


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, production, and project development; 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”); TV’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; product distribution forecasts; leverage metrics; planned capital expenditures; debt repayment schedules; planned work programs and drilling programs in respect of the Mines; and economic performance, financial conditions and expectations.

Forward-looking statements also include, but are not limited to, factors and assumptions in respect of: normal operating conditions; cost and production guidance with respect to its operations and the Mines; statements with respect to the future price, market, demand, supply and/or uses of zinc and copper; current uses and initiatives propelling new uses of zinc; the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; targeted cost reductions; capital expenditures; free cash flow; earnings before interest, taxes, depreciation and amortization; costs and timing of the exploration and development of new deposits; success of current and planned exploration initiatives and activities; permitting timelines; currency exchange rate fluctuations; requirements for additional capital; government regulation of mining operations; environmental policies and risks; unanticipated reclamation expenses; timing and possible outcomes of pending litigation; title disputes or claims; and limitations on insurance coverage.

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 TV 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: international operations including economic and political instability in foreign jurisdictions in which TV operates; current global financial conditions; joint venture operations; actual results of current and planned exploration activities; actual results of drilling programs; 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 future prices, market, demand, supply and/or uses of zinc and copper; possible variations in mineral resources and mineral reserves; grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; integration of acquisitions; 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; inaccuracies or changes in the growth pipelines of the Mines; as well as those factors discussed in the section entitled “Risk Factors” in TV’s most recent management’s discussion and analysis and annual information form available on SEDAR at www.sedar.com. Although TV 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 made as of the date hereof and, accordingly, are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of TV’s operating environment. TV does not intend or undertake to publicly update any forward-looking statements that are included in this presentation, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

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 TV 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 TV. Management understands that certain investors, and others who follow TV’s performance, also assess performance in this way. Management believes that these measures reflect TV’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 April 16, 2018.


Trevali Investor Day Presentation Agenda

3

Page Section/Topic: Presenter:

4 Corporate Introduction and Overview Dr. Mark Cruise, President and CEO

9 HSEC and Sustainability Bryant Schwengler, COO

12 Operations Bryant Schwengler, COO

31 Business Development Gerbrand Van Heerden, SVP Business Development/Initiatives

35 Finance Anna Ladd, CFO

43 Exploration Dr. Mark Cruise, President and CEO

64 The Zinc Market Steve Stakiw, VP Investor Relations and Corporate Communications

Q&A session

TSX: TV | www.trevali.com 4

CORPORATE OVERVIEW

4 TSX: TV | www.trevali.com

Dr. Mark Cruise President and CEO


Trevali – A Pure-Play Zinc Producer

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

Four operating zinc mines

Pure-play producer

with industry-leading zinc leverage (85% of

revenue from zinc)

Production increases for 5 straight years

Well positioned for

further growth

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

ongoing

Strong regional potential in proximity to operations 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

5


*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 80% of Rosh Pinah. **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”

Global Top-10 Zinc Producer With Growth Potential

2018 consolidated zinc production guidance*

Santander Mine, Peru • Producing since 2013 • 2018 zinc production guidance

of 54-57* million payable lbs.

Caribou Mine, Canada • Producing since 2015 • 2018 zinc production guidance


Perkoa Mine, Burkina Faso • Producing since 2013 • 2018 zinc production guidance of

155-165* million payable lbs.

Rosh Pinah Mine, Namibia • Producing since 1969 • 2018 zinc production guidance


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. C2 cost of US$0.67-$0.73 per pound of zinc (net of by-products).**

Zinc Mines

Projects/Other Assets

6


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

Demonstrated Year-Over-Year Production Growth

7

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

Jan-02-2014 Jul-02-2014 Jan-02-2015 Jul-02-2015 Jan-02-2016 Jul-02-2016 Jan-02-2017 Jul-02-2017 Jan-02-2018

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2014 2015 2016 2017 2018F

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ZnE

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Zn production (mm lbs) Pb in ZnEq production (mm lbs)

Ag in ZnEq production (mm lbs) Market Capitalization (US$)


Capital Structure

Share Capital: (as of April 13, 2018, C$1.21/share)

Shares issued/outstanding: 830 million

Shares fully diluted: 840 million

Market Capitalization: C$1.0 billion

Cash Position: Approx. US$120 million

Debt Outstanding: Approx. US$140 million

Major Shareholders: Glencore PLC 25.5%

Blackrock 5.9%

M&G Investments 3.3%

Colonial First State 2.8%

CI Funds 2.8%

Oppenheimer Funds 2.0%

J.P. Morgan Asset Management 1.8%

Dimensional Fund Advisors 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 Alex Terentiew BMO Capital Markets 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. Sebastian Cruz Kallpa Securities S.A.B Shane Nagle National Bank Jeff Woolley Paradigm Capital Inc. Brian MacArthur Raymond James Ltd 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, or concurrence with, such information, conclusions or recommendations. Trevali does not distribute research reports.

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

8

Trevali one-year share price


HSEC SUSTAINABILITY

Bryant Schwengler COO


Mission and Vision

Mission We are a zinc-focused base metals mining company, which recognizes that HSEC sustainability is a key component of a successful business. As such, we incorporate safety, health, community and environmental considerations into all plans, strategies, and decisions.

Vision Our Vision is to grow to a mid-tier mining company that is an industry leader in successful development and growth of strategic partnerships with our stakeholders and communities. We want to be recognized as a company that puts the safety and health of our people first and foremost whilst demonstrating stewardship of the environment in which we operate.

10 10 TSX: TV | www.trevali.com


ENVIRONMENT Our environmental and social management system proactively guides statutory compliance, responsible stewardship of the land, air and water in which we interact and implement environmental and social closure planning that is self sustaining for present and future generations.

COMMUNITIES Through integrity, reliability, transparency and mutual respect we will build meaningful partnerships with our communities in which we operate. We believe that interactions, consultations and communication must be ethical, free from discrimination, in cognizance of human rights, and mutually beneficial.

PEOPLE We embrace the complexity, diversity, cultural heritage and customs of our people. We believe in creating a workplace free from discrimination where everyone is treated fairly, equally, and with mutual respect.

HEALTH & SAFETY Our primary focus is the safety of our people who work at our assets. We believe that all injuries and occupational diseases are preventable and we will be unwavering in our pursuit of a proactive safety culture comprising of personal responsibility, accountability, and teamwork. We provide all our people with the necessary equipment, tools and training to conduct the work safely through a continuously improved and structured safety management framework.



OPERATIONS


Bryant Schwengler COO


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


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 on 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)

155-165 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)

14

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)


Perkoa Mine – Resource Model Excellent prospects for expansion

Footwall Lens

Mined out

Crown pillar

Hanging Wall Lens

UG 2018 HW drilling potential to add 0.7 - 1Mt


Mine very well set up to meet future demands of the mill

Metallurgical enhancements whilst maintaining throughput

Regional growth opportunities through smart exploration

National Awards for Health Programs

PEOPLE PROCESS PERFORMANCE

Training and development of local Burkinabe people in operational and professional roles

Successful culturally diverse team achieving success together

Sharing knowledge and skills Over 4.5 years LTI free

Re-commissioning of secondary grinding circuit driving better recovery and concentrate quality

World class mining contractor Imbedding continuous

improvement platform targeting production costs

Commenced progressive tailings dam rehabilitation

Perkoa Mine –Trevali Value Add to Project


Location Namibia (600 km south of Windhoek)

Ownership 80.08% Trevali, 19.92% Namibian Empowerment Partners

Type of deposit Sediment hosted

Mining Underground – Sub-level open stoping


End product Zn concentrate and Pb-Ag concentrate



Rosh Pinah Mine Namibia

17

Rosh Pinah Mine

AFRICA

NAMIBIA


Primary metal By-product metals


Rosh Pinah Mine - Namibia

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

2017 Production(1) (100% basis)


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)


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.

18

(1) 2017 production is full year production. Trevali acquired ownership (80%) of Rosh Pinah on 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”




Rosh Pinah Mine – Resource Model


Organic business improvement for the site

Regrind mill commissioned – improving recoveries and concentrate grades

Mill expansion study (2,000 tpd to 3,000 tpd)

Regional growth opportunities through exploration

ISO 14001 (2015) Accreditation


Negotiated first 3 year agreement for unionized employees

Sharing of key skills from the site to the greater group

Importing key skills for training and development purposes

Coaching and enhancement of safety leadership on site

Targeted Health Education and Improvements

Implementation of operational skills and techniques proven at other sites

Challenging the norm through the junior miner lens

Conditional monitoring and review of key operational aspects

Equipment selection and optimization

Rosh Pinah –Trevali Value Add to Project


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)





Santander Mine Peru


Primary metal By-product metals


Santander Mine - Peru

2017 Production




Average head grade of 4.5% Zn and 82% recovery

2018 production guidance(1)


11-12 million payable lbs Lead



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.

22

(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:


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

TSX: TV | www.trevali.com 23 500m

500m

0m

Mined out

Un-mined

Santander Mine – Resource Model


Consistently maintaining mine life and replacing depleted resources

Regional growth opportunities through exploration


Training and coaching on working safely

Key Support for communities surrounding the operation including health and education

Implementation of significant pumping network to dewater the mine

Optimizing milling resulting in achieving 10 – 15% excess throughput above nameplate

Developing key strategies to match skills and experience in country

Santander –Trevali Value Add to Project


Location Bathurst Mining Camp, New Brunswick, Canada

Ownership 100% Trevali

Type of deposit Volcanogenic Massive Sulphide (VMS)

Mining Underground - Modified Avoca (cut-and-fill)





Bathurst Mining Camp Operations New Brunswick, Canada

CANADA

NEW BRUNSWICK

Primary metal


Caribou Mill and Mine

By-product metals


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




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”


27-28 million payable lbs Lead



26

Category Tonnes Zn (%) Pb (%) Ag(g/t) Cu (%) Proven Reserves 2,880,000 6.2 2.3 70.5 - Probable Reserves 2,340,000 6.5 2.4 72.1 - Proven & Probable Reserves 5,220,000 6.3 2.4 71.2 -

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




Caribou Mine – Resource Model


Anchor site for the Bathurst Mining Camp

Providing essential cash flow to grow the region and develop long term mill life

Regional growth opportunities through exploration and utilization of Caribou Mill

Signed Indigenous Benefit Agreement (IBA)


Developed 5 year agreement for surface employees

Conversion to Owner Miner mid 2017

Importing key skills to support the mission

Key Stakeholder partnerships

Achieving combined production levels never reached before for the Caribou Mine

Importing new processes and skills to reduce operational risks

In-bedding cultural of challenging the norm and constantly seeking improvement

Working in Partnership with Province on to assist with managing their historical site liabilities.

Caribou Mine –Trevali Value Add to Project

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


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



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)


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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Business Development


Gerbrand Van Heerden SVP – Business Development/Initiatives


Entered LOI for option on Murray Brook

Announced closing of US$190M debt facility and acquisition of

Rosh Pinah and Perkoa

Acquired mining lease for Restigouche

Announced acquisition of Rosh Pinah and Perkoa

(10.0)

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40.0

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12/31/2016 2/19/2017 4/10/2017 5/30/2017 7/19/2017 9/7/2017 10/27/2017 12/16/2017 2/4/2018 3/26/2018

Price

Cha

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TV Share Price

LME Zinc Price (CASH)


Track record of capitalizing on positive zinc market fundamentals and bolt-on acquisitions

32



33

Well-positioned for capital efficient and accretive growth

Strong financial position

• Total available liquidity of $125M as of December 31st, 2017

• Strong 2018F FCF generation

Solid balance sheet

• 2017 Debt/EBITDA of 1.3x • Forecast 2018 Debt/EBITDA of <0.5 • 2017 EBIT/Interest Expense of 3.9x • Significantly lower leverage and interest

coverage ratios expected for 2018


• Lower quartile discovery costs (≤ 1 ¢/lb) • Upper quartile quality (tonnes & grade) • Consistently funded, regardless of

timing within the cycle

Strategic partnerships

• Full access to Glencore’s extensive technical, operating and marketing resources

• Strong network of consultants


Business Initiatives: Trevali Business Improvement DNA

34

• Structure – Experienced corporate lead, HOD’s, BI Champions, BI Superintendent (in Trevali DNA)

• Tools – BI Action Statement & dashboards, monthly, quarterly, annual review & benefit tracking

• Synergies – Glencore procurement platforms/ group contracts/ assistance/ collective buying power/ strong

negotiations – Sites knowledge sharing/ contracts/ visits/ cross pollination

Major business improvement focus areas: • Drilling & blasting – improved advances/ lower costs • Mucking & trucking improvements • Mining ops de-bottlenecking • Automation/ improved reporting • Power consumption efficiencies • Water balance/ management/ recycling • Reagents/ Met testing & improvements • G&A systems automation, low cost approach • Group dashboard reporting, real time reporting • Keep it simple approach • Safety first


FINANCE


Anna Ladd CFO


Strong Balance Sheet & Financial Flexibility(1)

36

Increased cash balances by: (since year-end 2016) ~$83 million

Cash and Cash Equivalents: $100 million(2)

Working Capital: $144 million Strong financial position to fund exploration and high return capital projects from existing cash and liquidity of currently:

$125 million

Total Debt $148 million

Revolver (undrawn) $28 million

(1) All financial figures are in USD (unless otherwise stated) and are as at December 31, 2017 (2) Includes all cash balances

$15

$97

$28

31-Dec-16 31-Dec-17

Cash & Cash Equivalents Available Credit

Strong Financial Position ($ millions)

$125


2018 Forecast Product Distribution

37

Santander Caribou Rosh Pinah Perkoa

Net Revenue - By Site Net Revenue - By Product

Zinc ConcentrateLead Concentrates

Mine Product Payable Metals

Santander Zinc Concentrate Zinc Lead Concentrate Lead, Silver

Caribou Zinc Concentrate Zinc, Silver Lead Concentrate Lead, Silver, Gold

Rosh Pinah Zinc Concentrate Zinc Lead Concentrate Lead, Silver

Perkoa Zinc Concentrate Zinc


Strong Zinc Leverage

38

With 85% of revenue derived from zinc production, Trevali has one of the highest leverage ratio to zinc price amongst zinc producers. Source: Scotiabank – December 2017

APPROX

85%

2018E EBITDA* Leverage to a 10% Increase in Spot Zinc Prices

TV

NSU

NEXA

LUN

SMT

HBM

TECK

0% 5% 10% 15% $20

Note: Base case assumes spot zinc price of $1.43/lb. Source: Scotiabank GBM estimates - December 2017.

*EBITDA (earnings before interest, taxes, depreciation and amortization) is calculated by considering Company's earnings before interest payments, tax, depreciation and amortization are subtracted for any final accounting of its income and expenses. The EBITDA of a business gives an indication of its current operational profitability and is a Non-IFRS measure.

P/NAV

EV/2018 EBITDA EV/2019 EBITDA

Source: Goldman Sachs, IBES, selected broker research, Capital IQ. Market data as of Mar 26/18


2018 Forecasted Operating Cash Flow(1)

39

14,500

65,000

43,900

88,000

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

F Opening Santander Caribou Rosh Pinah Perkoa F Closing

US$'000

(1) Presented on a 100% basis. Key Assumption: Zn price of USD$3200/tonne and assumes normal operating conditions. Constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”


-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2018 2019 2020 2021 2022

$160-Million Term Facility Debt Repayment Schedule

40

Dec. 31/17 Balance

$148M

Low Debt/EBITDA (<1), relatively unlevered


2018 Mine Financials Outlook(1)

41

Mine Net Revenue (US$) Expense (US$) Forecast Gross Margin

Santander $78.9 million $33.6 million 57%

Caribou $148.8 million $58.6 million 61%

Rosh Pinah $177.5 million $38.7 million 78%

Perkoa $237.0 million $79.3 million 67%

Consolidated $642.2 million $210.1 million 67%

Strong operating margins at all mines

(1) Presented on a 100% basis. Key Assumption: Zn price of USD$3200/tonne and assumes normal operating conditions. Constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”


2018 Capital Expenditures Outlook

42

Operating Mining Unit Sustaining Non-Sustaining Total

Perkoa $ 7.7 $ 7.3 $ 15.0

Rosh Pinah $ 7.6 $ 13.5 $ 21.1

Santander $ 9.6 $ 6.5 $ 16.1

Caribou $ 9.8 $ 15.2 $ 25.0

$ 34.7 $ 42.5 $ 77.2

Leveraging strong financial position and operating cashflow to invest in our operating mines

Capital Expenditures ($ millions) ~+/- 5%


2018 - 2021 EXPLORATION

STRATEGY REVIEW


Dr. Mark Cruise President and CEO


Trevali Assets: A Global Footprint

44

Mine Advanced Project Exploration

Ruttan

Santander HG Pipe

Rosh Pinah Gergarub EPL 2616

Bathurst Mining Camp Caribou Restigouche Heath Steele Halfmile-Stratmat BMC Regional

Perkoa VMS Regional

Grow the NAV of the company by discovery and/or acquisition


Rosh Pinah Deposit

Bathurst Mining Camp

Santander CRD System

Perkoa VMS Belt

Trevali Exploration (a NAV Generator) – 2017 Highlights

45

• Proven exploration team – lower quartile discovery costs providing strong leverage for generating shareholder value.

• All deposits remain open for expansion – drives increased Life Of Mines (LOM) - ~60,000m committed brown-field (low risk) drill campaign in progress.

Successful exploration & discovery:

Tier 1 zinc deposit (tonnage/grade) in an established yet underexplored major global Zn district. Low risk, high reward exploration.

Control 6 deposits in one of the world’s largest VMS Districts – visibility on multiple project pipeline providing approx. 20 years of mill feed.

Analogous to large Peruvian polymetallic systems (Antamina) – upper quartile tonnage and grades increasing – remains under-explored. Interest from Super-Majors for system’s potential.

First mover in an high-grade, frontier VMS belt. Perkoa is one of the highest-grade Zn mine globally. Excellent potential for further discoveries.

Mineral system analysis indicates significant size potential – provides optionality for either increased throughput and/or multi-cycle LOMs:


Growing the Mineral Reserves and Mineral Resources

46

Mineral Resource / Reserves Tonnes Comparsion 2016-20172P MEAS IND M+I INF

Quantity Quantity Quantity Quantity Quantity(Mt) (Mt) (Mt) (Mt) (Mt)

2016 10.10 11.13 22.30 33.43 31.262017 18.22 14.33 25.93 40.24 36.42Diff 8.12 3.20 3.63 6.81 5.16

% Change 80.4% 28.7% 16.3% 20.4% 16.5%

Mineral Resource / Reserves Contained Zinc Mt Comparsion 2016-20172P MEAS IND M+I INFZn Zn Zn Zn Zn

(Mt) (Mt) (Mt) (Mt) (Mt)2016 0.935 1.1 1.6 2.7 1.72017 1.4 1.2 1.8 3.0 1.8

Diff MT 0.5 0.1 0.2 0.3 0.1% Change 53.9% 10.8% 12.1% 11.6% 6.4%


Trevali Exploration Business Approach

47

Successful exploration & discovery:

Partnerships: Strategic: • Glencore

• iCRAG: Murray Hitzman – ex-CSM, Consultant – CRD / Zn expert

• MRDU: Dick Tosdal – Consultant – Porphyry and CRD

• Royal School of Mines – R&D & talent feeder

• Natural History Museum – R&D • Ex-Anglo – Network of Consultants

Technology:

• BGDS: Proprietary directional drilling tool • R&D initiatives: Geomet improvements

Group Talent: • Secondments between business units to develop skills

• People driven and team effort

• “Hunting pack” exploration teams, deposit type experts/consultants, creative thinkers

• Consistent / committed funding through the cycles

• Innovative thinking & technologies; conceptual geology, vectors to mineral reserves

• Persistence and Focus on quality

• Blend of carefully selected lower risk near mine districts and higher risk exploration frontiers (established and emerging mineral districts)

• Continual review of information

• Drill - Drill - Drill


Exploration – A NAV Driver from Discovery to Delivery

48

Disciplined Exploration Efficiency • Measures productivity • Cost per target test

Exploration Effectiveness • Measures exploration success • Probability of discovering an orebody

Metrics • Lower quartile discovery cost (¢/lb &

unit cost) • Upper quartile quality (tons & grade) • Industry unit cost per discovery

x3-4 last decade

BENCHMARKING

Proven track record (~10 years) of discovery and value-add with the drill bit – measurable value creation.

Since 2007 we invested US $33.6 million on exploration (Santander and Bathurst Mining Camp)

Discovery cost of approx. ≤ 1 ¢/lb Zn Industry average of 3 ¢/lb Zn+Pb

Exploration as ROI – a value not cost centre Unit Discovery Cost: Zinc+Lead World 1975-2016

3 c/lb

5 c/lb

1 c/lb Trevali

FORECAST 3 ¢/lb Zn+Pb Going forward

Forefront in Value Creation


Trevali Exploration – Strategic Drivers Shareholder Upside Leverage

49

• Advancing exploration frontiers

• Greenfields exploration discovery; >1mt Zn metal + 10yrs L.O.M.

• Breakthrough R & D

VALUE ADD Replace + add new resources

to current mines

VALUE RECOGNITION Drill-ready project

identification

VALUE CREATION

• Focus on resource additions

• Accelerate near mine projects (low risk- high reward)

• Provide development options

• Leverage existing infrastructure

• New projects & emerging business

• Progress project pipeline

• Identify BD opportunities

T1: 1 YEAR T2: 2-3 YEARS T3: 5 YEARS


Trevali Exploration: Strategic NAV Drivers – Project Pipeline

50

Intelligence Network Alliance partners Farm-ins Takeovers etc.

Concept Province Target Prospect Advanced

Project DISCOVERY

Sale for cash Farm-outs Claw-back deals Retained royalty interest etc.

Trevali Exploration

Project Pipeline

Divestment by:

Opportunities from:

Perkoa

SAN: Region RPZC: EPL

SAN: Pipe

BMC: HML/SMT/RST/MB

Concept

• Decisions based on ranking, results and risk evaluations

• Divestment business options to keep focus, pushing best projects forward in the pipeline


Project Breakdown: Growth 2018 - 2021 Budget Sustainable Disciplined Funding to Grow NAV

51

2018 – 2021 Budget

$ (M USD) 2018 Updated

2019 Projected

2020 Projected

2021 Projected 2018-2021

New Brunswick $ 3.0 $ $ $ $

Santander $ 3.5 $ $ $ $

Rosh Pinah $ 2.0 $ $ $ $

Perkoa 3.5 $ $ $ $

Total $ 12.0 $ 10-15pa $ 10-15pa $ 10-15pa $ 42-57

(2018 Committed – 2019-2021 Contingent provisional budgets)

Sustain Provide/maintain

5yr M+I+I for LR mine planning

Grow Discovery

on existing Licenses

Discover truckable or standalone resources

Enrich Increase value of

each tonne mined Increase metal content

per vertical meter


Project Metric

VALUE ADD 1 Year

Perkoa Mine Resource Define ~1Mt inferred mineral resource at ROM grades

Multi-commodity Perkoa Identify/Define Cu +/- Ag resource opportunities

VALUE RECOGNITION

2-3 Year

Perkoa Mine Resource Define an additional ~1-2Mt INF resource at ROM grades

Define and test near Mine Targets Significant cluster of drill intercepts ~5m at 10% ZnEq

Multi commodity: Regional targets Cu, Au Target generation and initial validation to provide proof of concept

VALUE CREATION 5 year

Discover / acquire one new deposit +2 Mt truckable at +10-12% ZnEQ +6 Mt stand-alone at +12-15% ZnEQ

Perkoa VMS Belt Exploration

4 YEAR EXPLORATION

BUDGET 4% Consultants

5% Geochem

15% Geophysics

6% Staff

2% Admin

67% Drilling

Perkoa Exploration Strategy 2018 – 2021 “Finding another Perkoa”

• Fully explore the Perkoa deposit – remains open for expansion – low risk, high reward

• Secure near-term (2022-2023) production by discovering new inferred mineral resources adjacent to Perkoa Mill

• Discover a new VMS deposit • Advance regional opportunities • Strong NAV leverage

First mover in an unexplored, frontier VMS belt


VALUE ADD

• Re-interpretation suggests additional 500-600 metre depth potential (to plus-1000 metres) based on identification of “geological” copper feeder zone

• Down-plunge on hanging wall lens to NNE; approx. 200-metre periodicity

• Drill underneath big blue fault – challenge the paradigms

• Mineral resource conversion drilling

VALUE RECOGNITION & CREATION

• Continue to mentor & develop the exploration team • First pass drilling of regional targets • Ground geophysical follow up (EM, VTEM and gravity)

over selected targets • Discovery

Perkoa 2018 Work Program

3D image showing down plunge extensions and periodicity of mineralisation

0.00

0.20

0.40

0.60

0.80

1.00

1.20

0

1

2

3

4

5

6

7

8

9

Con

tain

ed m

etal

(Mt)

Res

ourc

e to

nnes

(Mt)

PERKOA MINERAL RESOURCE and CONTAINED METAL

Measured Indicated Inferred Contained Zn metal


• Targeting (from 1st principles) an unexplored fertile VMS belt (over 250 km2 land package)

• Mineralization has geophysical response showing clusters of anomalies at approx. 5-km intervals

• Target ranking and definition in progress • Evidence of massive sulphides (gossans) associated with

geophysics over 25-km strike • Drill testing in H2-2018

Regional Targeting Pathway Identify potential sources of mineral reserves within trucking distance to existing operation Identify standalone opportunities but with operating synergies

Identify standalone opportunities elsewhere in district

1

3

2

Perkoa Regional 2019-2021

VALUE CREATION

Target #1 Perkoa Mine SW &

NE Extensions

AF1

Byrhado

Perkoa

Mine Horizon

Explored Area

5Km


Peru Exploration Strategy 2018 – 2021 “Looking for More Magistrals”

55

4 YEAR EXPLORATION

BUDGET 4% Mine Development

5% Consultants

2% Geochem

8% Geophysics

6% Staff

2% Admin

73% Drilling

Project Metric

VALUE ADD 1 Year

Magistral Resource Maintain rolling mine plan Santander High Grade Pipe Defined high-grade resources

Initial test of property targets Upper quartile sized CRD system

VALUE RECOGNITION 2-3 Year

Pb/Ag feed Mill Expansion 4K tpd optionality +5Mt IND SAN exploration lease projects Drill intercept of 5 metres at 6% ZnEq


Discover / acquire one new deposit +2 Mt truckable at 8% ZnEQ +20 Mt stand-alone at 10% ZnEQ

Cu-Mo-Au Porphyry targeting Target generation + initial validation to provide proof of concept

• Secure near-term production by defining new measured, indicated and inferred mineral resources around Magistrals

• Discover new source of Pb-Ag feed or higher-grade Zn

• Discover new CRD deposit • Strategically acquire advanced

projects

An established, yet under-explored major mining district


VALUE ADD • Mineral resource expansion/conversion

drilling at Magistral orebodies • Further drilling at Santander Pipe Deposit • Test multiple drill ready targets on property • Low risk exploration

VALUE RECOGNITION AND CREATION • Occurs on major crustal scale structural lateral ramp – fundamental

control on all of the major Peruvian systems – cf Antamina, Cerro de Pasco, etc.

• Interest from Super Majors • Mineralized “wet” porphyry discovered – 700 metres of “productive”

Mo veining intersected – 12Ma (Cerro de Pasco age) – remains open; validates proof of concept and upside potential

Santander 2018 – Work Program

500m

500m 0m

Un-mined

Mined out

Magistral Resources

Santander Pipe Deposit


Santander 2019 - 2021

• Aggressive mineral resource expansion drilling • Advance metallurgical studies • Continued target generation and validation on +45km²

tenement

Innovation to increase chances of success: • Deep exploration targets with directional drilling • Explore under volcanic cover • Ore sorting technology / geo-metallurgy studies • Complete vector studies • Open to different commodities/deposit types:

• Ab/Pb Veins • Cu/Mo/Au Porphyry

Central Peruvian Polymetallic Belt +700Km

VALUE RECOGNITION

1 Km

• Discover a new deposit

• Strategically advance opportunities in Peru

• Partnerships with junior explorers

• Conduct regional target generation and validation

• Regional, near mine property acquisition/JV

VALUE CREATION


Bathurst Mining Camp Exploration Strategy 2018-2021 “Long Operational Life in a Major VMS Camp”

58

4 YEAR EXPLORATION


4% Consultants

4% Geochem

6% Geophysics

10% Staff

2% Admin

62% Drilling

Project Metric

VALUE ADD 1 Year

Caribou Mine resource expansion 1Mt indicated resources/year

Restigouche 0.5 Mt Murray Brook - metallurgy Acquire ~600M lbs of contained Zn


Heath Steele Economic drill intercept of 6 metres at 8% ZnEq

Caribou-Restigouche belt potential Proof of concept

VALUE CREATION 5 year Advance VMS deposit portfolio +2 Mt truckable at 8% ZnEQ to feed central Caribou mill

• Secure near-term production by defining new measured, indicated and inferred mineral resources at Caribou

• Strategically acquire additional prospective ground in under-explored Northern BMC


Caribou 2018 – Work Program

59

VALUE ADD

• Mineral resource expansion/conversion drilling at Caribou

• Further drilling at Restigouche • Geo-metallurgical Study at Caribou

and Murray Brook

VALUE RECOGNITION AND CREATION

• Drill test mineral system targets: CX Zone, RST Plunge • Test multiple drill ready targets at Heath Steele • Exploration drilling and geophysics on Caribou – Murray Brook –

Restigouche Belt as part of the newly formed Exploration Alliance with Puma Exploration

500m 0m

Un-mined

Mined out

North Limb – Looking ENE East Limb – Looking W

North Limb

East Limb

500m

East Limb

2017 Drilling

2018 Drilling


Bathurst Mining Camp (BMC) 2019-2021

• Strategic alliance with Puma Exploration to explore

northern Bathurst Mining Camp:

- Leverage exploration funding

• Sustained exploration at Heath Steele option

• Strategically advance opportunities in the region

• Advance metallurgical studies


Generative: • Heath Steele • Regional land package • Northern BMC

Advanced Projects: • Restigouche • Murray Brook • Halfmile / Stratmat

Heath Steele Long Section

Restigouche 2018 Drill Plan

Murray Brook Drill targets


Namibia Exploration Strategy 2018 – 2021 “Unlocking a Tier-1 Asset”

61

4 YEAR EXPLORATION


3% Consultants

3% Geochem

7% Geophysics

6% Staff

2% Admin

77% Drilling

Project Metric

VALUE ADD 1 Year

Mill expansion study Define +2Mt mineral resources

Ore upgrading technology Define marginal grade (10Mt @ 4-5% Zn) resource


Mill Expansion 5k tpd optionality Define +10Mt measured, indicated and inferred mineral resources

EPL2616 (exploration permit) Drill intercept - 5m at 8% Zn

Other deposit models Target generation + initial validation to provide proof of concept


Discover / acquire one new deposit

+2 Mt truckable at 10% ZnEQ +10 Mt stand-alone at 12% ZnEQ

• Active mining zones remain open for significant expansion, specifically the Western Orefield

• First sustained, modern exploration program undertaken on the project

• UG drilling underway with additional surface programs contingent on results


VALUE ADD

Rosh Pinah 2018 Work Program

62


• Rosh Pinah - add +2Mt of mineral resource

• Mill expansion optionality • Build on Anglo-African Zn exploration

success and network

• Re-target EPL 2616 from first principles using lessons learned from successful Gergarub discovery

• Initial target drill testing of EPL 2616


• EPL2616 is under-explored: first target tested by Anglo was a discovery under cover (Gergarub). Remaining targets remain untested.

• Discover sufficient additional tonnage to support longer-term mill expansion decisions.

• New discovery in Garieb belt. • Prospectivity suggests more to find.

VALUE CREATION

Rosh Pinah 2018 - 2021


THE ZINC MARKET Steve Stak iw

Vice President - Investor Relations and Corporate Communications



Zinc: Demand and Supply – Continued Strong Fundamentals

Global zinc inventories (LME & SHFE) are near multi-year lows while prices are forecast to remain strong

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 Constrained • Mine closures and production cuts over past few years

have significantly reduced global zinc concentrate stocks, disrupting concentrate flows, forced treatment charges lower, and constraining growth in refined production

• Refined metal stocks expected to fall to historically low levels in 2018, driving zinc prices higher

• Continued anticipated zinc supply constraints mean zinc prices will are expected to remain at elevated levels

Approx. 320,000 tonnes/year

Strengthening zinc prices Forecast of further strengthening zinc prices in reaction to continued near-term supply deficits

US$1.71/lb US$3,767/tonne 2018

US$1.87/lb US$4,125/tonne 2019

US$1.22/lb US$2,700/tonne LONG-TERM

Wood Mackenzie zinc price forecasts:

65

LME-LHS SHFE-LMS ZnPrice (US$)

Source: Wood Mackenzie research


Zinc: Outlook – Sustained Strong Prices

66

• Risks to supply are on the downside. Glencore restarts likely to be later and slower, accelerating near-term concentrate drawdowns

• Shortage of concentrate will constrain refined output

• Lack of project development over the next 2-3 years indicate extreme shortages seem inevitable

• Long term forecast price of $2700/t will likely be exceeded as project pipeline cannot meet demand

Zinc Market Outlook

2015 2016 2017 2018 2019 2020 2021

Mine Production

Mt Zn

13.2 1.8%

12.4 -6.3%

13.0 5.2%

13.7 5.7%

14.5 7.6%

15.6 7.6%

16.3 4.6%

Refined Production

Mt Zn

13.7 3.6%

13.6 -0.9%

13.6 0.0%

14.1 3.7%

14.9 5.4%

15.5 4.3%

16.1 4.2%

Refined consumption

Mt Zn

13.8 0.9%

14.1 2.2%

14.4 1.9%

14.7 2.5%

15.1 2.3%

15.4 2.2%

15.7 2.0%

Stock change Mt Zn -0.1 -0.5 -0.8 -0.6 -0.2 0.1 0.4

Total Stocks Days 85 70 49 33 27 29 39

Price DOD (2018$ forecast)

$t Zn 1928 2090 2893 3757 4033 3446 2602

Source: Wood Mackenzie

Closures and the lack of investment in mine capacity sows the seeds for sustained high prices. — Wood Mackenzie



Zinc: New Mine Pipeline – Not Filling The Gap

67

Not enough mines at an advanced stage to meet medium-term needs. Requirement for the development of 2.1Mt of mine capability by 2022.

Once approved with financing and permitting, mine development can be 3-4 years

• The historic, supply-side response from China is not occurring as zinc production has been curtailed by enforcement of more stringent environmental operating policy

• Globally, permitting timelines are increasing, stretching out the mine development pipeline



Zinc: Growing Market/New Uses (Agriculture, Batteries, Renewable Power and EVs?)

14 million tonnes of 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 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.

68 TSX: TV | www.trevali.com Source: International Zinc Association


Why Trevali: 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

Four operating zinc mines

Pure-play producer

with industry-leading zinc leverage (85% of

revenue from zinc)

Production increases for 5 straight years

Well positioned for

further growth

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


Mineral resources at all mines remain open for

expansion with exploration drill programs

ongoing

Strong regional potential in proximity to operations 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

69


Thank you


Cautionary Note Regarding Mineral Reserves and Mineral Resources:

71

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 7, 2017 as prepared by Roscoe Postle Associates

Inc. and by “qualified persons” Torben Jensen, P.Eng., Ian T. Blakley, P. Geo, Tracey Jacquemin, Pr. Sci. Nat, and Holger Krutselmann (the “Perkoa Technical Report”);

2. The technical report entitled “Technical Report on Preliminary Economic Assessment for the Halfmile-Stratmat Massive Suplhide Zinc-Lead-Silver Integrated Project Bathurst, New Brunswick, Canada” dated October 26, 2017 as prepared primarily by SRK Consulting (Canada) Inc. and by “qualified persons” Benny Zhang, P. Eng, Gary Poxleitner, P. Eng, Gilles Arseneau, P. Geo, G. Ross MacFarlane, P. Eng, Paul Keller, P. Eng, and Jeffrey Barrett, P. Eng (the “Caribou Technical Report”)

3. The technical report entitled “Technical Report on the Rosh Pinah Mine, Namibia” dated April 7, 2017 as prepared by Roscoe Postle Associates Inc. and by “qualified persons” Torben Jensen, P.Eng., Ian T. Blakley, P. Geo, Tracey Jacquemin, Pr. Sci. Nat, and Holger Krutselmann (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” 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 Perkoa Technical Report, Caribou PEA, Rosh Pinah Technical Report, and Santander Technical Report are available on the SEDAR profile of TV at www.sedar.com. The production plan at the Caribou mine is based only on measured, indicated and inferred mineral resources, and not mineral reserves, and does not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is therefore no certainty that the conclusions of the production plans and Caribou Technical Report will be realized. The production plans at the Santander, Rosh Pinah and Perkoa mines are based on both proven and probable mineral reserves in addition to measured, indicated and inferred mineral resources. 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. Where ZnEq is presented: ZnEq Payable Pounds Produced = ((Zn Payable lbs Produced x Zn Price)+(Pb Payable lbs Produced x Pb Price)+(Cu Payable lbs Produced x Cu Price)+(Au oz Payable Produced x Au Price)+(Ag oz Payable Produced x Ag Price))/Zn Price.

http://www.sedar.com/


Cautionary Note Regarding United States Laws:

72

The mineral resource and mineral reserve estimates contained in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws and uses terms that are not recognized by the SEC. Canadian reporting requirements for disclosure of mineral properties are governed by the Canadian Securities Administrators’ NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) — Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”). U.S. reporting requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, the terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in NI 43-101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. You are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. You are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, information in this presentation containing descriptions of any mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. You are cautioned that the mineral reserves presented in this presentation, while in compliance with Canadian standards and regulations, may not meet the requirements of reserve disclosure under SEC guidelines.


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 [email protected] Direct phone:1-604-638-5623

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