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Creating a Premier

Mid-Tier Zinc Producer

Trevali Mining Corporation Corporate Presentation


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TSX: TV BVL: TV | www.trevali.com | April 2017
Disclaimer1
Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding
metal prices and production, the potential acquisition transaction described herein (the Transaction) and the expected benefits thereof, the commercial
operations of certain of Trevali Mining Corporations (TV) projects, and its liquidity and capital resources and expenditures, contain certain forward-looking
statements regarding TVs economic performance, financial condition as well as assumptions regarding normal operating conditions, cost guidance and production
guidance with respect to its operations, including pro forma operations, and assuming completion of the Transaction. Although TV believes that the expectations
reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions,
success of business initiatives, changes in the regulatory environment and other government actions, fluctuations in metal prices and exchange rates, and
business and operational risk management. TV undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect
events or circumstances after the date of the annual report. All subsequent written or oral forward-looking statements attributable to TV or any person acting on its
behalf are qualified by the cautionary statements herein.

Trevali's production plan at the Caribou Mine is based only on measured, indicated and inferred resources, and not mineral reserves, and does not have
demonstrated economic viability. Trevalis production plan at the Santander Mine is based only on measured, indicated and inferred mineral resources, and not
mineral reserves, and does not have demonstrated economic viability. Production plans at the Rosh Pinah and Perkoa mines are based on both proven and
probable reserves in addition to measured, indicated and inferred resources. Mineral resources that are not mineral reserves do 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 Preliminary Economic Assessment (PEA) will
be realized. Additionally, where Trevali 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.

Reported reserves and resources for Rosh Pinah and Perkoa are based on Glencore's Resources and Reserves Report 2016. The Zinc Mineral Resource and
Ore Reserve Statement at 31 December 2016 has been compiled in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). The term Ore Reserves, as defined in Clause 28 of the JORC Code, has the same meaning as Mineral Reserves
as defined in The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves. The Mineral
Resource and Ore Reserve statements have been reviewed and the relevant data extracted and compiled by Ignacio Seebold, Glencore Zinc (ICOGEurGeol).
Glencore Competent Persons: Aline Ct, Project Manager, Glencore Zinc, (OGQ); Sheron Kaviua, Mineral Resources Manager, Glencore Zinc, (SACNASP). (see
http://www.glencore.com/assets/investors/doc/reports_and_results/2016/GLEN-2016-Resources-Reserves-Report.pdf for details)

There can be no assurance that the Transaction will be successfully completed as it will be subject to the satisfaction of a number of conditions including, without
limitation, Trevali shareholder approval and Transaction financing.
1Please refer to Appendix: Disclosures for important items relating to the resource estimates and production plans. 2
Zinc: Demand and Supply
Global zinc demand continues to rise - driven by
GDP growth, urbanization & infrastructure
development, and as a mid-cycle commodity with
expanding markets for consumer goods
(automobiles, appliances, etc.)
Primary zinc supply in deficit following the recent
closures of global marquee mines (Brunswick 12,
Century and Lisheen)
Consensus forecast of significantly tightening zinc
market over the next several years
Benchmark zinc smelter treatment charges (TCs)
dropped significantly in 2016, and even further in
2017 down to US$172/tonne with no smelter price
participation (0% escalators) down from approx.
US$260/tonne realized price in Q4-2016
Wood Mackenzie forecasting US$1.23/lb zinc long-
term price
Zinc smelters scaling back/curtailing refined zinc
metal production due to concentrate shortages
Global zinc production, demand and price forecasts (Source: Wood Mackenzie, MMG)

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Creating a Premier Zinc Producer
A Global Pure-Play Zinc Producer Strong zinc leverage with
approximately 85% of revenue derived from zinc production*
Successfully brought two zinc mines into production and acquiring two
additional producing zinc mines to become a Global Top-10 Zinc Producer*
Zinc production now to take advantage of zinc deficits now
Strong organic growth potential at all projects
Proven management and technical teams
Production in Santander zinc mine in Peru in fourth year of commercial production and has delivered
Peru and consistent, strong operational performance
Canada Caribou zinc mine in Canada successfully achieved commercial production in 2016
Recently announced agreement to acquire the Rosh Pinah mine in Namibia and Perkoa
Acquiring
mine in Burkina Faso from Glencore*
additional zinc
More than a 150% increase in Trevalis forecast annual zinc production - creating a
mines in Africa
Global Top-10 Zinc Producer*
Completely refinanced balance sheet significantly reduces cost of capital*
Strengthened
Increased covenant flexibility to pursue additional growth opportunities*
Position
Glencore becoming a cornerstone, strategic shareholder (25%)*
Strong trading
2017 YTD average daily trading volume of over 4.2 million shares
liquidity
Please refer to Appendix: Disclosures for important items relating to the resource estimates, PEA and production plans.
*Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost

guidance, and closure of the Transaction. 4


Glencore Zinc Mines Acquisition: Transaction Summary

Transaction value of US$400 million


Trevali is acquiring the following assets from Glencore:
Proposed 80.08% interest in the Rosh Pinah zinc mine in Namibia
Transaction 90.00% interest in the Perkoa zinc mine in Burkina Faso (effective 100% interest based on current Life-of-Mine (LOM))
Effective 39.24% interest in the Gergarub project in Namibia and an option to acquire 100% interest in the Heath Steele project in
Canada and associated exploration claims

Approximately US$227.4 million cash


Consideration
Approximately US$172.6 million in Trevali common shares issued to Glencore

Cash consideration payable pursuant to the Transaction will be funded through a combination of the following:
US$190 million senior debt financing facility1 (approx. US$82 million will be used to refinance Trevalis existing working capital facility and
Financing plant loan provided by Glencore in Peru and Senior Secured Notes)
US$197 million in newly issued Trevali common shares via the issuance of Subscription Receipts
Financing also to fund approximately US$35 million of potential working capital needs and transaction costs

Effective date: April 1, 2017


Timing
Closing date: Expected on or before July 31, 2017

Glencore has agreed to a 36-month standstill and to hold newly issued Trevali shares for a period of at least 24 months
Investors Rights Glencore will gain right to nominate one additional representative to the Board to hold 2 of 8 Board seats (Board size to be increased by 1 to
Agreement 8 Board members) and to nominate two independent nominees for election. Following the addition, 5 of 8 Board members will be
independent.

Approval from Trevali shareholders


Key Conditions TSX approval
Completion of the private placement of subscriptions receipts and the new senior debt financing facility

1Indicative terms of LIBOR + 3.5% and 5-year term.

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Glencore Zinc Mines Acquisition: Expected Benefits to
Trevali Shareholders*
Transforms Trevali Significantly enhances Trevalis position as the go-to name for zinc exposure
into a Premier Increases capital markets profile with pro forma market capitalization of approximately C$1 billion
Intermediate Zinc Enhances asset diversification with four producing assets across global platform
Company Maintains conservative balance sheet with strong free cash flow generation*

Significantly
More than doubles Trevalis 2017E production to approx. 410* million lbs. Zn and approx. 470* million lbs. ZnEq
Increases Production
Scale While Maintains current operating margins and attractive leverage to zinc prices
Maintaining Attractive
Increases leverage to zinc with zinc representing about 85%* of total pro forma metal production
Margins

Enhances Cash Flow Completely refinanced balance sheet significantly reduces cost of capital and increases covenant flexibility to pursue
Generation and potential M&A opportunities
Low cost debt (indicative terms of LIBOR + 3.5% and 5-year term)
Maintains Transaction more than doubles Trevalis projected 2017E EBITDA
Conservative Balance Maintains conservative balance sheet with expected pro forma Net Debt / 2017E EBITDA of <1.0x* on closing and
Sheet <0.1x* by year end 2017 at spot prices

Increases scale and creates a platform to enable future growth


Creates Platform for Positions Trevali to compete for worlds best zinc / base metal assets from a position of strength
Future Growth Further builds on long standing strategic relationship, with Glencore becoming a cornerstone investor (25%) in Trevali
Addition of Glencores industry leading operating and management teams

Attractive Transaction Transaction is expected to be accretive to existing Trevali shareholders on a projected cash flow* per share and
Economics projected NAV* per share basis at spot prices

Source: Company data, management estimates.


Analysis shown on attributable basis using mid-point of guidance; based on spot pricing of US$1.30/lb Zn, US$1.05/lb Pb, US$2.70/lb Cu, US$1,235/oz Au, and US$17.85/oz Ag.
Perkoa reflects effective 100% interest based on current LOM.
*Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the

Transaction.
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Trevali Expected to Become 8th Largest Zinc Producer Globally1

FY2016 Zinc % of Total Revenue (%)


1% 16% 19% 14% 68% 74% 11% 86% 11% 20% 7% n.a. 20% 7% 3% 20% 3% 2% 73%

2,412 1,854 1,459 726


603 On a pro-forma basis, new-Trevali is projected
570
to sit in the middle of the C1 cost curve1

FY2016 Zinc Production (mm lb)


463

406 405

326

263 255
244
232

174 166 163 163 156

Glencore Vedanta Teck Boliden Volcan Milpo Mitsui Pro Dowa Lundin Goldcorp Sociedad Hudbay Nyrstar South32 KAZ Southern Grupo Trevali1
Mining Forma Holdings Mining Minera El Minerals Copper Mxico
Trevali1 Brocal

Source: Company data, FactSet, SNL


Analysis shown on consolidated basis using 2016 actual production in million lbs; excludes MMG due to mine shutdown in 2016; excludes Hindustan Zinc due to consolidation by
Vedanta; Teck excludes refined zinc production/sales.
1
Zinc % of total revenue calculated based on zinc production at an assumed price of US$0.93/lb Zn for 2016 divided by total revenue; Glencore % based on industrial metals revenue.
1Pro forma acquisition of Perkoa and Rosh Pinah; Trevali and Pro Forma Trevali based on attributable 2017E metrics due to expected ramp-up. Represents forward looking information
1
(including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the Transaction.

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Pro-Forma Production and Cost Profile*
2016 Zinc 2017E Zinc
Production Guidance
398-412* mm lb
Perkoa, Burkina Faso
Producing since 2013
2017E zinc production guidance of 165-170* million payable lb
2017E total site cash cost guidance of US$95-100/tonne* milled
2017E AISC guidance of US$0.83-0.87/lb* Zinc
Perkoa*
165-170 mm lb

Rosh Pinah, Namibia


~215% Producing since 1969
2017E zinc production guidance of 80-84* million payable lb
2017E total site cash cost guidance of US$45-50/tonne* milled
2017E AISC guidance of US$0.68-0.72/lb* Zinc
Rosh Pinah*
80-84 mm lb
Santander, Peru
Producing since 2013
129 mm lb 2017E zinc production guidance of 63-65* million payable lb
Santander* 2017E total site cash cost guidance of US$35-40/tonne* milled
63-65 mm lb
2017E AISC guidance of US$0.66-0.70/lb* Zinc
Santander
61 mm lb

Caribou*
Caribou, Canada
Caribou 90-93 mm lb Producing since 2015
68 mm lb 2017E zinc production guidance of 90-93* million payable lb
2017E total site cash cost guidance of US$55-60/tonne* milled
2017E AISC guidance of US$0.84-0.88/lb* Zinc
2016 2017E
Source: Trevali data, Glencore data and management estimates
Analysis shown on attributable basis using mid-point of 2017 guidance and full year production.
Perkoa reflects effective 100% interest based on current LOM. Caribou commenced commercial production on July 1, 2016.
*Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the

Transaction. 8
Trevali Capital Structure
TSX:TV | BVL(Lima):TV | US-OTCQX: TREVF

Share Capital
(as of April 3, 2017, C$1.29/share)
Shares issued/outstanding: 403 million
Pro-forma I&O shares: 817 million*
Shares fully diluted: 419 million
Pro-forma shares fully diluted: 833 million*
Market Capitalization: C$520 million
Stock Options1: 9.6 million
Warrants1: 7.9 million

Major Institutional Shareholders:


Colonial First State Investments
J.P. Morgan Asset Mgmt
CQS Asset Mgmt
Fiera Capital
Total Funds/Institutions approx. 45-50%
Trevali one-year share price performance

Financial Details

Cash Position: US$15 million


Debt2 : US$85 million

1 Details of outstanding options and warrants can be found in the Appendix: Options and Warrants
2 Details of debt is tabled in Appendix: Debt Details
* Subject to closure of the Glencore Rosh Pinah and Perkoa Mines Acquisition Transaction (following all requisite conditions)

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Trevali Management & Directors
DR. MARK CRUISE PRESIDENT & CEO ANNA LADD, CMA CHIEF FINANCIAL OFFICER
Base metal deposit specialist with over 20-years project experience from grass-roots Over 15 years experience in the finance and mining industry. Served as VP Finance
exploration through resource definition to permitting and production in Europe and the and CFO of Sulliden Gold, Crowflight Minerals, Kria Resources and other privately
Americas on behalf of Pasminco Exploration, Anglo American and TSX-listed held exploration companies, in addition to senior positions with mining companies
companies. Geology Ph.D. on the Irish zinc-lead orefield and was a member of Anglo including Kinross Gold Corporation and has also worked in Thompson and Sudbury
Americans Lisheen Zinc-Lead Mine feasibility/technical team in Ireland. Co-founded operations for Vale Inco. Ms. Ladd is a Certified Public Accountant and received her
Trevali in 2007 to position the Company for anticipated global Zn deficits. Masters of Arts in Economics from Queen's University, and a Bachelor of Commerce
degree in Finance from the University of British Columbia.
PAUL KELLER, P.ENG. CHIEF OPERATING OFFICER
DANIEL MARINOV VP OF EXPLORATION
28 years of mine operations experience in Canada, most recently as Manager of Over 24 years of international experience in exploration and underground mining,
Technical Services for a major Canadian mining contractor where he led a team of and has held senior management roles with Rio Tinto and Anglo American (including
engineers and designers on various mining contracts for major mining companies. project manager at Anglo's Michiquillay porphyry Cu-Au-Mo deposit in 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 STAKIW VP CORPORATE COMMUNICATIONS
Over 25 years of geology/mining industry and research/finance market experience.
Steve has held a senior management role with a leading mining research and
investment publication and has consulted to resource-focused investment funds.

Directors
DR. MARK CRUISE, PRESIDENT, CEO & DIRECTOR MIKE HOFFMAN, DIRECTOR - OPERATIONS
Over 25 years global mine development experience including Vice President
DAVID HUBERMAN, CHAIRMAN & DIRECTOR Operations at Yamana Gold, Desert Sun and Goldcorp.
Experienced lawyer specializing in corporate, commercial, banking, securities,
regulatory and mining law. Director of Ivanhoe Mines Ltd. (renamed Turquoise Hill CATHERINE GIGNAC, DIRECTOR
Resources) from 2003-2012 and its Chairman from 2011-2012. Geologist and mining analyst with over 25 years experience at mining companies and
several global brokerage firms (UBS, RBC and Merrill Lynch Canada) as well as
CHRIS ESKDALE, DIRECTOR independent firms (Wellington West, Loewen Ondaatje McCutcheon and Dundee).
Global Head Industrial Zinc for Glencore Plc. DAVID KORBIN, DIRECTOR
Chartered Accountant and former Director of Callinan Royalties Corporation,
ANTON DRESCHER, DIRECTOR Turquoise Hill Resources Ltd. (formerly Ivanhoe Mines) and Ivanhoe Mines Australia.
Certified Management Accountant with extensive public company board and officer Previous managing partner of Deloitte Touche LLC and also was a Director of
experience. Seaspan Corporation and Chairman of its Audit Committee.

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High-Quality Diversified Assets in Mining-Friendly Jurisdictions

Heath Steele
Ruttan (Canada) 2017E Attributable Production* (mm lb Zn Eq.)
(Canada)
Caribou /
Halfmile-Stratmat
(Canada) Caribou
Perkoa 128
168 27%
36%

Perkoa
(Burkina Faso) Santander
Santander 85
(Peru) 18%
Rosh Pinah
Gergarub 90
Rosh Pinah (Namibia) 19%
(Namibia)

Zinc Mines

Projects / Other Assets

Source: Company data, management estimates


Analysis shown on attributable basis using mid-point of guidance; based on spot pricing of US$1.30/lb Zn, US$1.05/lb Pb, US$2.70/lb Cu, US$1,235/oz Au, and US$17.85/oz Ag.
Perkoa reflects effective 100% interest based on current LOM.
*Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the

Transaction.
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Peru

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Santander Mine, Peru Location Peru
Resource Tonnes Zn (%) Pb (%) Ag (oz/ton) Ownership 100% controlled
Type of deposit Carbonate Replacement Deposit
Proven &
2,540,000 4.51 0.69 1.09 Primary metals Zn, Pb, Ag
Probable*
Measured & Processing Standard milling with flotation recovery
3,800,000 4.85 0.83 1.23 End product Zn and Pb-Ag concentrates
Indicated
Inferred 12,000,000 4.22 0.23 0.56 Infrastructure Underground mining operation, 2,000 tonne-per-
day processing mill, tailings facility and camp

2,000 tonne-per-day Zinc-Lead-Silver mine and mill complex in


the Central Peruvian Polymetallic Belt
2016 production statistics:
89% Zinc recovery producing 61.3 million payable lbs
86% Lead recovery producing 19.3 million payable lbs
71% Silver recovery producing 813,807 payable ozs
2016 site cash costs of US$0.32/lb ZnEq1 (payable produced)
or US$34.17/tonne (includes mining, milling and site G&A).
Total (all in) cash cost of US$0.75/lb ZnEq1 (payable produced)
includes site costs plus smelting, refining, freight, royalty and
sustaining capex.
2017 metal production guidance:
Zinc 63-65 million payable pounds
Lead 12-14 million payable pounds
Silver 700,000-900,000 payable ounces
Total site cash costs of US$35-40/tonne milled
Significant exploration potential to expand current resource; all
the deposits remaining open; successful, ongoing drill program

Please refer to Appendix: Disclosures for important items relating to the resource estimates and production plans.
* Mineral Reserves (Proven & Probable) included in Mineral Resources Santander mine, mill, and infrastructure, Peru
1ZnEq 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 13
Price))/Zn Price.
Santander Mine Development Workings

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New Brunswick, Canada

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Caribou Mine - Bathurst Mining Camp, New Brunswick
Location Bathurst Mining Camp, New Brunswick
Resource Tonnes Zn% Cu% Pb% Ag (g/t) Au (g/t) Ownership 100% controlled
Measured & Type of deposit VMS polymetallic
7,230,000 6.99 0.43 2.93 84.4 0.9 Primary metals Zn, Pb, Ag, Cu, Au
Indicated
Inferred 3,660,000 6.95 0.32 2.81 78.3 1.2 Processing Standard milling with flotation recovery
End product Zn, Pb-Ag and planned Cu-Au concentrates
Infrastructure 3,000 tonne-per-day underground mining
3,000 tonne-per-day Zinc-Lead-Silver mine and mill complex in operation and processing mill
the Bathurst Mining Camp of New Brunswick, Canada
2016 production statistics*:
77% Zinc recovery producing 36.7 million payable lbs
58% Lead recovery producing 13.8 million payable lbs
36% Silver recovery producing 402,067 payable ozs
2016 site cash costs of US$0.45/lb ZnEq1 (payable produced) or
US$56.39/tonne (includes mining, milling and site G&A). Total
(all in) cash cost of US$0.92/lb ZnEq1 (payable produced)
includes site costs plus smelting, refining, freight, royalty and
sustaining capex
2017 production guidance:
Zinc 90-93 million payable pounds
Lead 30-32 million payable pounds
Silver 800,000-900,000 payable ounces
Total site cash costs of US$55-60/tonne milled
Deposit remains open to depth
* Declared commercial production July 1/2016
Please refer to Appendix: Disclosures for important items relating to the resource estimates and Caribou mine and milling complex, Bathurst, New Brunswick
production plans.
1ZnEq 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.
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Caribou Exploration Upside

Seven zones in the deposit and


remains open
Copper feeder zones never
previously targeted
Recent deep drilling encountered
massive sulphides approx. 450
metres below current defined
resource
Historic deep holes encountered
significant mineralized intervals
(including DDH076 with 5.8 metres
of 8.4% Zn, 3.9% Pb, 0.3% Cu, 147
g/t Ag and 1.2 g/t Au)

Resources of Caribou Deposit

Tonnes Zn% Cu% Pb% Ag (g/t) Au (g/t)

Measured &
7,230,000 6.99 0.43 2.93 84.4 0.9
Indicated

Inferred 3,660,000 6.95 0.32 2.81 78.3 1.2

Please refer to Appendix: Disclosures for important items relating to the resource estimates and production plans.
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Namibia

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Rosh Pinah Mine1 Namibia
Resource(2) Tonnes Zn (%) Pb (%) Ag (g/t) Location Namibia (600-km south of Windhoek)
80.08% Glencore, 19.92% Namibian Empowerment
Proven 1,611,600 9.8% 1.0% 17 Ownership
Companies
Probable 3,469,600 8.3% 1.7% 22 Type of deposit SEDEX / VMS
Primary metals Zn, Pb, Ag
Measured 3,352,400 8.7% 1.7% 27
Mining Sub level open stoping and room and pillar
Indicated 6,588,100 7.4% 1.4% 23 Concentrator plant with crushing, milling, flotation,
Processing
Inferred 2,929,300 6.0% 1.1% 26 thickening and filtration
End product Zn-Ag, Pb-Ag concentrates
2,000 tonne-per-day underground zinc mine in operation
Infrastructure Underground mining operation, ~2,000 tpd processing mill
since 1969
2017 metal production guidance:
Zinc 100-105* million payable pounds
Lead 9-11* million payable pounds
Total site cash costs of US$45-50/tonne* milled
AISC of US$0.68-0.72/lb* Zinc
Growth opportunities / upside identified
Plant improvement project to be completed by
December 2017 (improve recoveries and increase
concentrate content)
Copper recovery potential and improved gold and
silver recoveries
Deposit remains open for expansion
Proven mining operation with 48-year track record
Regional exploration activities ongoing
Source: Glencore data, management estimates
1Analysis shown on 100% basis and full year contribution.
Rosh Pinah mine site, Namibia
2JORC compliant; Mineral Resources are inclusive of Mineral Reserves shown at 100% ownership; reported reserves and resources for Rosh Pinah and Perkoa are based on Glencore's

Resources & Reserves report as at 31 December 2016.


*Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the

Transaction. 19
Rosh Pinah Exploration Potential*

Located on the same


underexplored belt as Skorpion Mine TMW & TME
2 x DD
(Open Pit) TME
Skorpion, Black Mountain TMW

and Gamsberg
Spitskop
Limited historic exploration
discovery of Gergarub Gergarub Project Massive Pyrite & Breccia
2 X DD
(EM target)
Several quality targets
remain
Significant exploration
potential remains on EPL 2616

EPL2616
McMillan

Underground exploration Bakoven

activities ongoing main Aloe Valley

mining zone WF3


Rosh Pinah Mine
(Underground)
Open to the NW

Satellite image of Rosh Pinah and surrounding projects, Namibia


Source: Glencore data, management estimates
*Outside of the currently delineated reserves and resources, the exploration potential quality and grade is conceptual in nature and there has been insufficient exploration to define additional
mineral resources. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the
Transaction. 20
Burkina Faso

Perkoa Mine

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Perkoa Mine1 Burkina Faso
Resource (2) Tonnes Zn (%) Location Burkina Faso
Ownership 90% Glencore, 10% Government of Burkina Faso
Proven 1,700,000 15.8 Type of deposit VMS
Probable 780,000 13.7 Primary metals Zn
Measured 3,040,000 15.5 Mining Transversal and retreat
Processing Concentrator plant with crushing, milling, flotation,
Indicated 1,220,000 12.4 thickening and filtration
Inferred 1,640,000 12.9 End product Zn concentrate
Infrastructure Underground mining operation, ~2,000 tpd
processing mill
2,000 tonne-per-day underground zinc mine commenced
production in 2013
2017 metal production guidance:
Zinc 165-170* million payable pounds
Total site cash costs of US$95-100/tonne* milled
AISC of US$0.83-0.87/lb* Zinc
Simple metallurgy high zinc recoveries (plus-90%)
Strong CSR receiving recognition for 2 national awards for
community development and significant contribution to
community health program
Significant exploration potential on 4 adjacent properties /
historical gold occurrences assayed

Source: Glencore data, management estimates Perkoa mine infrastructure, Burkina Faso
1Analysis shown on 100% basis and full year contribution.
2JORC compliant; Mineral Resources are inclusive of Mineral Reserves shown at 100% ownership; reported reserves and resources for Rosh Pinah and Perkoa are based on Glencore's

Resources & Reserves report as at 31 December 2016.


*Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the

Transaction. 22
Perkoa Exploration Potential*

Mineralization remains open at depth

Drill testing in progress

Regionally 46 EM anomalies identified for follow-up

Licenses never explored for base metals gold only

Regional geophysics highlighted 46 conductors for follow-up screening


Perkoa 3D Model illustrating planned resource conversion
and expansion drilling*
Source: Glencore data, management estimates
*Outside of the currently delineated reserves and resources, the exploration potential quality and grade is conceptual in nature and there has been insufficient exploration to define additional
mineral resources. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
Represents forward looking information (including metal/commodity price forecasts); assumes normal operating conditions, achievement of production and cost guidance, and closure of the
Transaction. 23
Halfmile Mine - Bathurst Mining Camp, New Brunswick
Location Bathurst Mining Camp, New Brunswick
Resource Tonnes Zn% Pb% Cu% Ag (g/t) Au (g/t)
Ownership 100% controlled
Indicated 6,262,043 8.13 2.58 0.22 30.8 n/a Type of deposit VMS polymetallic
Inferred 6,078,200 6.69 1.83 0.14 20.5 n/a Primary metals Zn, Pb, Ag, Cu, Au
Processing Standard milling with flotation recovery
Fully permitted underground mine with production levels in End product Zn, Pb-Ag and Cu-Au concentrates
place Infrastructure Fully permitted and developed underground
Halfmile Mine developed in 2011 with trial underground mining operation
mining/production in 2012 of over 100,000 tonnes of material
processed on a toll-basis through the Brunswick 12 Mill -
providing metallurgical/recovery data
Produced quality, saleable concentrates (Zn, Pb-Ag and Cu-
Au) averaging:
53.7% Zn concentrate
45.8% Pb concentrate (with 680 g/t Ag)
27% Cu concentrate (with 325 g/t Ag and 2.7 g/t Au)
Significant exploration upside beyond Upper and Lower Zones
that host current resource
Remains open for expansion -- 3D seismic survey indicates a
large, deep reflector (Deep Zone) that returned multiple,
mineralized drill intercepts including:
5.7 m of 9.88% Zn, 2.33% Pb and 3.9 m of 9.42% Zn, 1% Pb
4.5 m of 10.61% Zn, 1.41% Pb and 0.22% Cu
6 m of 9.61% Zn, 1.93% Pb
5 m of 9.77% Zn, 3.46% Pb and 4.8 m of 7% Zn, 2.27% Pb
PEA study underway on potential combined Halfmile-Stratmat
development plan

Source: Company data, resource is NI 43-101 compliant. Please refer to Appendix: Disclosures for important items relating to the resource estimates and production
plans.
24
Stratmat Deposit - Bathurst Mining Camp, New Brunswick
Location Bathurst Mining Camp, New Brunswick
Resource Tonnes Zn% Pb% Cu% Ag (g/t) Au (g/t)
Ownership 100% controlled
Indicated 4,700,000 5.31 2.07 0.41 48.5 0.6 Type of deposit VMS polymetallic
Inferred 2,400,000 4.76 2.07 0.70 38.8 0.4 Primary metals Zn, Pb, Ag, Cu, Au
Processing Potential standard milling with flotation recovery
Multi-lens zinc-lead-silver-copper-gold rich volcanogenic Potential end
Potential Zn, Pb-Ag and Cu-Au concentrates
massive sulphide product
Infrastructure In permitting stage, drill delineated deposit
Near-surface sulphide body remains open for expansion
along strike and at depth
Multi-phase 30,000-metre drill program has returned
results including: Hole RST-752 intersecting 26.75
metres grading 7.42% Zn, 1.37% Pb, 1.26% Cu, 94.2 g/t
Ag and 2.45 g/t Au
Discovery of new multi-lens zones of copper-gold
mineralization including: Hole ST-793 intersecting 5.7
metres of 15.9% Zn, 7% Pb, 0.54% Cu and 98 g/t Ag
plus a higher-grade copper zone of 35 metres of 2.36%
Cu, both in the S-5 Lens; Hole ST-769 returned 9.2
metres of 7% Zn and 3.8% Pb in the S-1 Zone
PEA study underway on potential combined Halfmile-
Stratmat development plan

Source: Company data, resource is NI 43-101 compliant. Please refer to Appendix: Disclosures for important items relating to the resource estimates and production plans.

25
Appendix: Trevali - Track Record of Successful Execution
Trevali established to identify, acquire and develop zinc assets
2007
Acquired Santander Zinc project in Peru
2008 Discovered significant new Zn-mineralized zones at Santander
Initial Santander resource estimate
2009
MOU agreement with Glencore to develop Santander
2010 Finalized agreement with Glencore for mine development at Santander
Acquired Halfmile and Stratmat zinc deposits in New Brunswick
2011
Permitted and commenced development at both Santander and Halfmile mines
Trial mining commenced at Halfmile Mine in New Brunswick
2012 Commence construction at Santander Mine in Peru
Acquired Caribou Mine and Mill in New Brunswick
2013 Commenced operations and commissioning at Santander Mine
Declared Commercial Production at Santander Mine
2014 Positive Preliminary Economic Assessment (PEA) study on Caribou Mine
Santander Mine production exceeds 2014 guidance
Commenced operations and commissioning at Caribou Mine
2015 Discovered multiple new zones of high-grade Zn-Pb-Ag mineralization at Santander Mine
Santander Zinc Mine production exceeds 2015 guidance
Declared Commercial Production at Caribou Zinc Mine
2016 Expanded new zones of high-grade Zn-Pb-Ag mineralization at Santander Mine
Record annual zinc production from Santander Mine in 2016
Invests in Caribou Mine future with new mining fleet
2017
Transformational planned acquisition of Perkoa and Rosh Pinah from Glencore

26
Appendix: Resources & Contained Metal
Ag Au Pb Cu Ag
Tonnes %Zn %Pb % Cu Zn (Mlbs)
(g/t) (g/t) (Mlbs) (Mlbs) (Moz)
Indicated Resources1 CONTAINED METAL (INSITU)

Santander(Measured & Indicated) 3,800,000 4.85 0.83 0.07 42 - 407 69 6 4.7


Caribou (Measured & Indicated) 7,230,000 6.99 2.93 0.43 84 0.9 1,115 468 69 19.6
Halfmile 6,262,000 8.13 2.58 0.22 31 - 1,122 356 30 6.2
Stratmat 4,700,000 5.31 2.07 0.41 48 0.6 550 214 43 7.3

Total Indicated 3,194 1,107 148 37.8

Inferred Resources1 CONTAINED METAL (INSITU)

Santander 12,000,000 4.22 0.23 0.09 19 - 1,115 61 25 6.7


Caribou 3,660,000 6.95 2.81 0.32 78 1.23 560 227 26 9.2
Halfmile 6,078,000 6.69 1.83 0.14 21 - 896 245 19 4.0
Stratmat 2,400,000 4.76 2.07 0.70 39 0.4 252 110 37 3
Ruttan 19,750,000 1.47 - 1.17 - - 640 - 509 -

Total Inferred 3,463 643 616 22.9

1Please refer to Appendix: Disclosures for important items relating to the resource estimates.

27
Appendix: Options and Warrants

Number of Stock Options Exercise Price Expiry Date


855,000 $0.77 May 1/18
590,001 $0.62 May 31/18
30,000 $0.72 Aug 30/18
1,187,700 $1.01 Jun 24/19
248,500 $1.29 Aug 15/19
2,891,460 $1.03 Jan 30/20
3,796,000 $0.45 June 2/21
Total Stock Options: 9,598,661

Number of Warrants Exercise Price Expiry Date


500,000 $1.04 April 2017
7,402,880 $0.368 Dec 31/20
Total Warrants: 7,902,880

28
Appendix: Mining Analyst Coverage

Firm Analyst Location

BMO Capital Markets Alex Terentiew Toronto, Canada

Cormark Securities Inc. Stefan Ioannou Toronto, Canada

GMP Securities L.P. Ian Parkinson Toronto, Canada

Kallpa Securities S.A.B Luis Vicente Lima, Peru

Paradigm Capital Inc. Jeff Woolley Toronto, Canada

Scotiabank Orest Wowkodaw Toronto, Canada

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.

29
Appendix: Current Debt Details
Finance Lease Peru (Santander Mill)
Amount owing: US$25 million
Interest rate: 0%
Working Capital Facility Peru (Santander)
Amount owing: US$15 million
Interest rate: LIBOR + 5%
Total Peru debt (US$40 million) is repaid through a per-tonne-fee of material processed through the Santander Mill. Fee per tonne is
indexed to zinc prices and ranges from US$13/tonne to US$28/tonne.
Repayment schedule:
Monthly average London Metal Exchange Zinc price in USD per tonne USD per tonne treated
From $0 to $2,205 $13.00
Above $2,205 to $2,425 $18.00
Above $2,425 to $2,645 $23.00
Above $2,645 $28.00

Senior Secured Notes Canada (Caribou Mine)


Amount owing: US$47 million
Interest rate: 12.5%
Maturity date: 2019 Senior Secured Notes Payment Schedule (US$)
Fiscal Year Interest Payments Principal Payments
2016 $5,790,000 -
2017 $5,135,000 $11,538,000
2018 $4,053,000 $5,769,000
2019 $1,846,000 $29,538,000
Total $16,823,000 $46,846,000

30
Appendix: Disclosures
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO, and a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this
presentation. Dr. Cruise is not independent of the Company as he is an officer, director and shareholder.

Trevali's production plan at the Caribou Mine is based only on measured, indicated and inferred resources, and not mineral reserves, and does not have demonstrated economic viability.
Trevalis production plan at the Santander 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 Preliminary Economic Assessment (PEA) will be realized. Additionally, where Trevali discusses
exploration/expansion potential, 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.

The Santander resource estimate was independently estimated by the Companys consultant Arseneau Consulting Services Ltd. The resource estimates were prepared by and under the
supervision of Dr. Gilles Arseneau, an appropriate "independent qualified person" as this term is defined in National Instrument 43-101. Dassault Systemes Geovia Gems version 6.7 (Gems)
software was used to review and modify the geological solids provided by Trevali, prepare assay data for geostatistical analysis, construct the block model, estimate metal grades and tabulate
mineral resources. The Geostatistical Software SAGE2001 was used for geostatistical analysis and variography. A cut-off-grade of US$40 was utilized which is the nominal base-case
estimated grade of material that can be mined and processed considering all applicable costs. For reference, the Companys Santander 2017 site cash cost guidance (mining, milling and site
G&A) is US$35-$40 per tonne. The mineral resources identified in Table 1 are based on Ordinary Kriged (OK) capped values inside 5-by-5-by-5-metre blocks for the Magistral deposits and
10-by-10-by-5-metre blocks for the Puajanca and Santander Pipe deposits. Assays were capped prior to compositing and assays were composited to 2 metres for the Magistral and Puajanca
deposit and 3.5 metres for the Santander deposit. Resource estimates for Santander Pipe and Puajanca South are unchanged from 2012 but have been updated to reflect 2016 metal prices.
The US dollar value cut-off is based on the formula:
Dollar Value = ((Ag Price x Ag Recovery x Ag Grade) + (Pb Price x Pb Recovery x Pb Grade)+(Zn Price x Zn Recovery x (Zn Grade)). Price for silver is ($16.50/oz) and that for Pb ($0.95), Zn
($1.15) and Cu ($2.50) is per pound. A recovery of 74% was applied to Ag, 85% for Pb, 89% for Zn and 0% for Cu for calculating the dollar value formula. Santander zinc equivalent is
calculated by dividing the dollar value by the zinc price.

Caribou resource estimate was completed by SRK Consulting (Canada) Inc. in January 2013. The tabled resource estimate utilizes a 5% zinc equivalent (ZnEQ) cut-off grade. ZnEq=((Cu
Grade*Cu Price*Cu Recovery)+(Pb Grade*Pb Price*Pb Recovery)+(Zn Grade*Zn Price*Zn Recover)+(Au Grade*Au Price*Au Recovery)+(Ag Grade*Ag Price*Ag Recovery))/Zn Price. In
calculating ZnEq, SRK Consulting (Canada) Inc. utilized the long term metal prices provide by Energy & Metals Consensus Forecast. Price for Au is $1470 per ounce, Ag is $26 per ounce, Cu
is $3.39 per pound, Pb is $1.18 per pound, and Zn is $1.14 per pound. A recovery of 83% was applied to Zn, 71% was applied to Pb, 57% was applied to Cu, 45% was applied to Ag, and 40%
was applied to Au. The pounds of metal are in-situ and have not had any mining factors applied to them.

Caribou PEA study was conducted in accordance with the definitions in Canadian National Instrument 43-101. SRK Consulting (Canada) Inc. was the lead independent consultant, with
contributions from other independent consultants commissioned by Trevali Holland & Holland Consulting and Stantec Consulting. The base case Caribou Mine Project PEA uses price
assumptions of US$1.00/lb zinc, US$1.00/lb lead, US$3.00/lb copper, US$21.00/oz silver and US$1,200/oz gold. These prices are based on a review of consensus price forecasts from
financial institutions and similar studies that recently have been published. The PEA is considered preliminary in nature and includes economic analysis that is based, in part, on inferred
mineral resources. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as
mineral reserves, and there is no certainty that the results will be realized. Mineral resources are not mineral reserves because they do not have demonstrated economic viability.

Halfmile Deposit resource estimate completed by Tetra Tech Wardrop and prepared by Tim Maunula, P.Geo. and Christopher Moreton, Ph.D., P.Geo.
Stratmat Deposit resource estimate completed by SRK Consulting (Canada) Inc. and prepared by Dr. Gilles Arseneau, P.Geo.

Reported reserves and resources for Rosh Pinah and Perkoa are based on Glencore's Resources and Reserves Report 2016. The Zinc Mineral Resource and Ore Reserve Statement at 31
December 2016 has been compiled in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The term Ore
Reserves, as defined in Clause 28 of the JORC Code, has the same meaning as Mineral Reserves as defined in The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition
Standards for Mineral Resources and Mineral Reserves. The Mineral Resource and Ore Reserve statements have been reviewed and the relevant data extracted and compiled by Ignacio
Seebold, Glencore Zinc (ICOGEurGeol). Glencore Competent Persons: Aline Ct, Project Manager, Glencore Zinc, (OGQ); Sheron Kaviua, Mineral Resources Manager, Glencore Zinc,
(SACNASP). (see http://www.glencore.com/assets/investors/doc/reports_and_results/2016/GLEN-2016-Resources-Reserves-Report.pdf for details)
31
Appendix: Cautionary Note Regarding United States Laws

In Canada, an issuer is required to provide technical information with respect to mineralization, including reserves and resources, if any, on its mineral
exploration properties in accordance with Canadian requirements, which differ significantly from the requirements of the SEC applicable to registration
statements and reports filed by U.S. companies pursuant to the U.S. Securities Act or the U.S. Securities Exchange Act of 1934, as amended. As such,
information contained in this presentation concerning descriptions of mineralization under Canadian standards may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

The terms mineral reserve, proven mineral reserve and probable mineral reserve are Canadian mining terms as defined in accordance with
Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and the Canadian Institute of Mining, Metallurgy and
Petroleum (the CIM) CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These
definitions differ from the definitions in Industry Guide 7 (Industry Guide 7) under the U.S. Securities Act. Under Industry Guide 7 standards, a final
or bankable feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to
designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.
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 contained 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 reserves presented in this presentation while in compliance with Canadian standards and
regulations, may not meet the requirements of reserve disclosure under SEC guidelines.

32
Contact Information
CONTACT:
Steve Stakiw
Vice President, Investor Relations and Corporate Communications
sstakiw@trevali.com
Direct phone:1-604-638-5623

TREVALI MINING CORPORATION


2300-1177 West Hastings Street
Vancouver, BC, Canada, V6E 2K3
Phone: 1-604-488-1661
Fax: 1-604-408-7499
www.trevali.com

A member of the

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