Zinc

(TheNewswire)

Metallum Resources Inc.

Vancouver, British Columbia TheNewswire - January 27, 2022 - Metallum Resources Inc. (TSXV:MZN) ("Metallum" or the Company") is pleased to report that it has successfully renewed its existing exploration permit for a further 3 years on the Company's flagship Superior Lake Zinc and Copper Project, located 150km east of Thunder Bay, Ontario.

The Company is reviewing and formulating exploration plans for the high priority targets on the property with the objective to increase tonnage and extend the mine life.

Kerem Usenmez, P.Eng, Metallum's President and CEO, commented; "We are very pleased with renewing the exploration permits for another three years and look forward to planning the 2022 exploration program. This is one of the permits we have been working on to maintain.  Our immediate focus is obtaining other necessary permits required for the development of our flagship project.  This exploration permit will not only enable us to do more work to extend the resources and the life of mine, but it also validates the support from local communities and First Nations."

About Metallum

Metallum Resources (TSXV:MZN) is developing its Superior Lake Zinc and Copper Project located in Ontario, Canada which has been advanced to the feasibility stage. For more information on the project please visit metallumzinc.com .

Metallum is a member of the Gold Group of companies, led by Simon Ridgway. For further details about the Company and the Superior Lake Project, please visit the Company's website at metallumzinc.com .

ON BEHALF OF THE BOARD

Kerem Usenmez,

President & Chief Executive Officer

Metallum Resources Inc.

Symbol: TSXV-MZN

For further information, contact:

Kerem Usenmez, President & CEO

Tel: 604-688-5288;  Fax: 604-682-1514

Email: info@metallumzinc.com

Website: metallumzinc.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Company's property exploration and development plans. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether exploration and development of the Company's properties will proceed as planned; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; risks associated with COVID-19 including adverse impacts on the world economy, exploration efforts and the availability of personnel; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company's stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.

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Metallum Resources

Metallum Resources

Overview

Market experts believe that global zinc demand is set to outpace production growth in 2021. The zinc market could see upwards of 2.9 percent to 14 million tonnes in production increases as producers worldwide continue to ramp up output in the face of surging demands.

Global zinc production continues to struggle to meet increasing demand. In 2019, 12.8 million tons of zinc was mined, with 33.7 percent of that coming from China. Companies operating advanced, high-quality zinc production assets in the West present investors with an opportunity to satisfy growing global demand without the same level of exposure to geopolitical risk.

One such company is Metallum Resources (TSXV:MZN), which acquired the Superior Lake zinc project from Superior Lake Resources (ASX:SUP). Superior Lake has a prospective JORC-compliant bankable feasibility study. Highlights from the report include an IRR of 31 percent (pre-tax), 9-year mine life with current reserve/resources.

The Superior Lake zinc project consists of two high-grade resource targets: Winston Lake and Pick Lake. Winston Lake produced historic average recoveries at 93.7 percent zinc and 78.3 percent copper, 37 percent Ag and 38 percent Au with approximately 900 Mlbs Zn, 53.7 Mlbs Cu, 1,172 koz Ag, 51.17 koz Au. Likewise, Pick Lake hosts highlighted drilling results of zinc grades up to 40.6 percent over 0.51m and 30.47 percent over 13.4m.


With most major permitting in place, the company plans to commence an extensive drilling campaign and further its established exploration programs to identify additional targets across the Superior Lake property. Existing infrastructure and historic revitalization of the project present the company with fast-tracked and lower-cost development conditions.

Metallum Resources has advantageous positioning in the space of zinc developer valuation. Compared to other players in the market, Metallum Resources presents an excellent CAD$21 million market cap with a robust post-transaction share distribution portfolio. The company has no material debt.

Metallum Resources’ management team has a proven track record of bringing shareholder value. The company is part of the Gold Group, a winning team of results-driven leaders with world-class expertise in mine building, resource expansion and established stakeholder value.

Company Highlights

  • Metallum Resources’ flagship Superior Lake zinc project is near-production, with all infrastructure in place, in the mining-friendly jurisdiction of Ontario, and is one of the highest-grade zinc development resources in North America.
  • Current resources estimates place Superior Lake with upwards of 2.07 million indicated tonnes of zinc at 18 percent zinc grades. The current mine life of Superior Lake stands at nine years and the asset has the potential for resource expansion with additional exploration.
  • The Lower Pick Lake massive sulphide Deposit has exceptional historic intercepts but is still largely untested, leaving huge potential for undiscovered, high grade massive sulphide mineralization that is close to existing underground development.
  • The Superior Lake zinc project’s 2 deposits, Winston Lake and Pick Lake, are both highly prospective VMS deposits that host very rich zinc and other metals mineralization.
  • Superior Lake Resources released a JORC-compliant (but not NI 43-101 compliant) Bankable Feasibility Study for the Superior Lake Zinc Project in 2019. Highlights from the report include an IRR of 31 percent (pre-tax), 9-year mine life with current reserve/resources, at 3 percent cut off grade.
  • The company is a significant proponent of stakeholder participation and mining best practices. It boasts strong relationships with community and local skilled workforces and emphasizes safety and sustainability while providing exceptional economic and project development potential.

Key Projects

Superior Lake Zinc Project

The Superior Lake zinc project sits approximately 200 kilometers east of Thunder Bay, Ontario. The project covers 175 kilometers squared and consists of two deposits – Winston Lake and Pick Lake. The property leverages excellent existing infrastructure, including all-weather access roads, transmission lines, tailings dam and over 180,000 meters of surface and undergrounding drilling.

Both highly prospective VMS deposits host very rich zinc and other metals mineralization, which presents Metallum with exceptional exploration and yield possibilities. The project boasts a good 43-101 indicated resource of 2.07 million tonnes at 17.9 percent zinc, 0.8 percent copper, 0.4g/t gold and 33.6 g/t silver and inferred resources at 0.27 million tonnes at 16.2 percent zinc, 1.0 percent copper, 0.3 g/t gold and 37.2 g/t silver. Pick Lake recoveries stand at 97 percent zinc and 54 percent concentrate returned from a test stope conducted before acquisition by Metallum.

Past work on the project includes successful exploratory testing, soil sampling and monitor surveying to measure dilution processing. In 2019, the project saw downhole EM surveying and the completion of three significant drill holes by Superior Lake Resources. This drill campaign adds to the 1,812 surface and underground drill holes in the asset’s database.

Over the next 12 months, the company plans to increase the zinc resources across the asset, dewater the mine and leverage its developmental momentum in advancing potential production. Metallum remains excited for the future of the Superior Lake zinc project and the economic growth that it’s projected to experience.

Superior Lake Resources released a JORC-compliant (but not NI 43-101 compliant) Bankable Feasibility Study for the Superior Lake Zinc Project in 2019. Highlights from the report include an IRR of 31 percent (pre-tax), 9-year mine life with current reserve/resources. Metallum Resource intends to upgrade this study in 2021.

Management Team

Kerem Usenmez — President, CEO & Director

Kerem Usenmez is a geological engineer and a mining entrepreneur with over 20 years of global experience. He has worked in various technical and leadership roles with Inco, Vale and Amec. Usenmez has been involved in mineral discovery exploration and various VMS deposits and discoveries in Canada, such as Duck Pond NFLD, Bathurst in New Brunswick and Northern Manitoba, working mainly in base metals, such as Zinc. Usenmez co-owns Atom Bits, a rapidly growing diamond drilling bit manufacturer in Canada. He is a member of the board of directors of the PDAC and is the co-chair of the Public Affairs Committee.

Kevin Bales — CFO

Kevin Bales has over 20 years of financial reporting experience in the mining and information technology industries. He currently serves as CFO for several public junior exploration companies with operations in Canada, the U.S, Latin America, and Europe. Bales holds a Bachelor of Management degree with a major in accounting.

Robert Middleton — Exploration Manager

Robert Middleton is an exploration geoscientist with over 50 years of experience in the mining and exploration industry in more than 40 countries through Canada, United States, Central America, Europe and Africa. He was involved in VMS deposit discoveries and expanding significant deposits such as Hemlo, Flin Flon, and Bell Creek. He worked as an exploration manager with junior and major companies such as Newmont. He holds a mining diploma from the Provincial Institute of Mining in Haileybury, a B.Sc. and M.Sc. in Applied Geophysics from Michigan Technological University. Middleton was named The Prospector of the year in 2008 by the Ontario Prospectors Association and MNDM, won the “Discovery of the year” awards in 2004 and 2001 and holds Lifetime Achievement Award from NWOPA.

Grant Davey - Director

Grant Davey is an experienced entrepreneur with 30 years of senior management and operational experience in the development, construction and operation of precious metals, base metals, uranium and bulk commodities around the world. More recently, he has been involved in venture capital investments in several exploration and mining projects and has been instrumental in the acquisition and development of the Honeymoon uranium mine in South Australia, the Panda Hill niobium project in Tanzania, the Superior Lake zinc project in Ontario, the Cape Ray gold project in Newfoundland and the acquisition of the Kaylekera Uranium mine in Malawi from Paladin. He is currently a Director of Cradle Resources Limited (ASX:CXX), Lotus Resources Limited (ASX:LOT), and Frontier Energy (ASX:FTE), and is a member of the Australian Institute of Company Directors (AICD).

NPV increases to C$383M with average EBITDA of C$102m pa for Superior Lake Zinc Project

NPV increases to C$383M with average EBITDA of C$102m pa for Superior Lake Zinc Project

(TheNewswire)

Metallum Resources Inc.

HIGHLIGHTS

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Metallum Resources completes $5.2 million private placement to advance the development of the Superior Lake Zinc Project and Board changes

Metallum Resources completes $5.2 million private placement to advance the development of the Superior Lake Zinc Project and Board changes

(TheNewswire)

Metallum Resources Inc.

April 21, 2022 TheNewswire - Vancouver, British Columbia: Metallum Resources Inc. (TSXV:MZN) is pleased to report that it has closed its previously announced non-brokered private placement with the issuance of 87,371,674 units at $0.06 each, for gross proceeds of $5,242,300.  Each unit consists of one common share of the Company and one warrant which entitles the holder to purchase one additional common share at $0.14 for two years from closing.

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Metallum Resources increases proposed non-brokered private placement financing to $5.242 million

Metallum Resources increases proposed non-brokered private placement financing to $5.242 million

(TheNewswire)

Metallum Resources Inc.

April 8, 2022 TheNewswire - Vancouver, British Columbia - Metallum Resources Inc. (TSXV:MZN) is pleased to report that its previously announced non-brokered private placement has been oversubscribed and, subject to TSX Venture Exchange approval, has been increased to 87.37 million units at $0.06 each, to raise gross proceeds of up to $5.242 million. Each unit consists of one common share of the Company and one warrant which will entitle the holder to purchase one additional common share at $0.14 for two years from closing.

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Metallum Resources increases proposed non-brokered private placement financing to $5.2 million

Metallum Resources increases proposed non-brokered private placement financing to $5.2 million

(TheNewswire)

Metallum Resources Inc.

April 4, 2022 TheNewswire - V ancouver, British Columbia: Metallum Resources Inc. (TSXV:MZN) is pleased to announce that its previously announced non-brokered private placement has been oversubscribed and, subject to TSX Venture Exchange approval, has been increased to 86.67 million units at $0.06 each, to raise gross proceeds of up to $5.2 million. Each unit consists of one common share of the Company and one warrant which will entitle the holder to purchase one additional common share at $0.14 for two years from closing.

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Metallum Resources announces proposed $5 million Non-brokered Private Placement Financing

Metallum Resources announces proposed $5 million Non-brokered Private Placement Financing

(TheNewswire)

Metallum Resources Inc.

March 21, 2022 TheNewswire - Vancouver, British Columbia: Metallum Resources Inc. (TSXV:MZN) is pleased to announce that it proposes to complete, subject to acceptance by the TSX Venture Exchange, a non-brokered private placement of up to 83,340,000 units at $0.06 per unit, to raise gross proceeds of $5,000,400.  Each unit consists of one common share of the Company and one warrant which will entitle the holder to purchase one additional common share at $0.14 for two years from closing.

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Trevali Provides Update on Search at Perkoa Mine: No Survivors Found in Refuge Chamber

Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV) (BVL: TV) (OTCQX: TREVF) ( Frankfurt : 4TI) reports that search and rescue team members reached the refuge chamber below Level 520 in the Perkoa Mine in Burkina Faso . The refuge chamber was found intact and with no one inside. It is now clear that none of the eight missing workers reached the refuge chamber.

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

The Company's search crews will continue to work at maximum capacity, 24-hours-per-day until the missing individuals are recovered.

"This is devastating news, and we would like to offer our deepest sympathies to our colleagues' families and friends during this difficult time," said Ricus Grimbeek, President and CEO. "We will continue our search efforts unabated and reaffirm our commitment to work at full-speed to find our colleagues."

Senior representatives of Trevali and the Perkoa Mine mining contractor Byrnecut have been in close communication with the families of the missing workers throughout the search process and will continue to offer support. The Company will also continue to work alongside the Burkinabe authorities and is grateful for the search assistance received from them as well as the Burkina Faso mining community. Out of respect for privacy of the workers' families and friends, the Company will not be publicly disclosing the names of the workers.

The Company will provide further details as more information becomes available.

About Trevali Mining Corporation

Trevali is a global base-metals mining Company headquartered in Vancouver, Canada . The bulk of Trevali's revenue is generated from zinc and lead concentrate production at its three operational assets: the 90%-owned Perkoa Mine in Burkina Faso , the 90%-owned Rosh Pinah Mine in Namibia , and the wholly owned Caribou Mine in northern New Brunswick, Canada . In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada . Trevali also owns an effective 44% interest in the Gergarub Project in Namibia . The Company's growth strategy is focused on the exploration, development, operation, and optimization of properties within its portfolio, as well as other mineral assets it may acquire that fit its strategic criteria. Trevali's vision is to be a responsible, top-tier operator of long-life, low-cost mines in stable pro-mining jurisdictions. Trevali is committed to socially responsible mining, working safely, ethically, and with integrity. Integrating responsible practices into its management systems, standards, and decision-making processes is essential to ensuring everyone and every community's long-term sustainability.

The shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements are based on the beliefs, expectations and opinions of management of the Company as of the date the statement are published, and the Company assumes no obligation to update any forward-looking statement, except as required by law. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events including, but not limited to, statements with respect to the recovery efforts at Perkoa  including the Company's plans with respect thereto, the efficacy of the Company's pumping, decline ramp rehabilitation and de-watering activities and its efforts to restore electrical power and communications at the lower levels of Perkoa, the Company's ability to effectively dewater the mine and restore access to the lower levels of Perkoa, the results of any investigation of the flooding incident, the Company's assessment of the effect of the flooding on the safety and structural integrity of Perkoa's underground areas, the effect of the flooding on the cost of production at Perkoa, the length of time before underground mining operations can be recommenced safely at Perkoa, if at all, and the effect of the suspension of mine and milling operations at Perkoa on the Company's results of operations and metal production. As well, forward looking statements relate to the Company's growth strategies, the continued success of mineral exploration, the content, cost, timing and results of future exploration programs and life of mine expectancies, Trevali's ability to fund future exploration activities, estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production and capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses and title disputes or claims. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to the Company's search efforts and plans to remedy the impact of the flooding at the Perkoa Mine, including that such efforts and plans will not be effective or achieve their desired outcomes; actual results of current exploration activities, including the inherent uncertainty of mineral exploration and estimations of exploration targets; changes in project parameters as plans continue to be refined; future prices of zinc, lead, silver and other minerals and the anticipated sensitivity of our financial performance to such prices; possible variations in ore reserves, grade or recoveries; dependence on key personnel; potential conflicts of interest involving our directors and officers; labour pool constraints; labour disputes; availability of infrastructure required for the development of mining projects; delays or inability to obtain governmental and regulatory approvals for mining operations or financing or in the completion of development or construction activities; counterparty risks; increased operating and capital costs; foreign currency exchange rate fluctuations; operating in foreign jurisdictions with risk of changes to governmental regulation, including any new or ongoing decrees and regulations issued by any governmental authority in response to the COVID-19 pandemic; compliance with governmental regulations; compliance with environmental laws and regulations; land reclamation and mine closure obligations; challenges to title or ownership interest of our mineral properties; maintaining ongoing social license to operate; impact of climatic conditions on the Company's mining operations; corruption and bribery; limitations inherent in our insurance coverage; compliance with debt covenants; competition in the mining industry; our ability to integrate new acquisitions into our operations; cybersecurity threats; litigation; and other risks of the mining industry including, without limitation, other risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Trevali Mining Corporation

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Trevali releases First Quarter 2022 Results; Achieves Adjusted EBITDA of $41.4 million, an Increase of 64% Over the Prior Quarter

Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV) (BVL: TV) (OTCQX: TREVF) ( Frankfurt : 4TI) today released financial and operating results for the three months ended March 31, 2022 . The Company reported first quarter production of 62.3 million pounds of zinc at an all-in sustaining cost 1 ("AISC") of $1.06 per pound. First quarter revenues of $93.1 million were supported by the average LME zinc price of $1.70 per pound over the quarter, and contributed to Adjusted EBITDA 1 of $41 .4 million, an increase of 64% over the prior quarter. First-quarter adjusted earnings per share was $0.07 . All financial figures are in U.S. dollars.

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

FINANCIAL AND OPERATIONAL HIGHLIGHTS

  • A flooding event at the Perkoa mine occurred on April 16, 2022 resulting in eight missing workers and the suspension of all site operations. Search efforts continue, and production and cost guidance for the Perkoa mine has been suspended until an assessment is completed.
  • Zinc payable production of 62.3 million pounds with strong performances from the Rosh Pinah and Perkoa mines, partially offset by production challenges at the Caribou mine.
  • C1 Cash Cost 1 and AISC 1 of $1.06 and $1.22 per pound, respectively, 3% and 5% decreases from the prior quarter.
  • 2022 production guidance is unchanged at the Caribou and Rosh Pinah mines and we expect continued volatility on our operating unit costs reflecting higher raw material costs, energy costs, zinc treatment charges, freight rates and the increase in commodity prices, that in many cases result in higher price-linked royalties at our operations.
  • Q1 2022 revenues of $93.1 million , an increase of 3% over the prior quarter, supported by the average London Metal Exchange ("LME") zinc price of $1.70 per pound despite lower sales volumes.
  • Adjusted EBITDA 1 of $41.4 million , an increase of 64% over the prior quarter , due to higher zinc prices and increased by-product credits at the Rosh Pinah mine due to a lead concentrate shipment.
  • Net Debt 1 for Q1 2022 increased from $78.0 million at December 31, 2021 to $81.8 million due to the timing of shipments and the buildup of receivables . The majority of the $96.1 million receivables balance at March 31, 2022 is expected to be collected between April and July 2022 and the Net Debt 1 position has reduced as of April 30, 2022 by $19.1 million to $62.7 million .
  • Executed a mandate agreement to arrange a senior secured project finance facility of up to $110 million with Standard Bank towards a potential financing package to refinance existing debt and RP2.0 project funding. The Perkoa mine's status is creating uncertainty around the required financing amount and timing.
  • RP2.0 early works program is tracking well on cost and schedule with $2.4 million of $20 million forecast incurred as at end of April 2022 and expected to be sourced from internal cashflows.
  • Proven and Probable Mineral Reserves [2] increased by 4.9 million tonnes as at December 31, 2021 , a 28% increase over December 31, 2020 .

Ricus Grimbeek, Trevali's President and CEO stated, "The flooding event at the Perkoa Mine on April 16th has brought unprecedented challenges for the entire Trevali team. We are providing support to and are in regular communication with the families of the missing workers to ensure they have what they need in these difficult times while we continue with search and rescue activities. We will continue to provide stakeholders with updates as appropriate.

In the first quarter, we produced 62.3 million pounds of payable zinc across the portfolio. Rosh Pinah and Perkoa delivered another quarter of strong production while Caribou focused on positioning for improving performance for the balance of the year. As far as our financial performance is concerned, a key highlight in the first quarter was that the company generated Adjusted EBITDA 1 of $41 .4 million, an increase of 64% over the prior quarter, due to higher zinc prices.

The early works program for the RP2.0 expansion at Rosh Pinah is tracking well and is on budget and schedule. I am pleased to announce that Trevali has executed a mandate agreement to arrange a senior secured financing facility of up to $110 million with Standard Bank. This is an important step forward towards a comprehensive financing package for the company. In addition, we have received several fulsome non-binding expressions of interest from streaming and royalty companies to support our funding requirements. Finally, I would like to reiterate that RP2.0 is a prized project for us, and we believe the strong fundamentals in the zinc market support the timing of this investment in transforming the company."

This news release should be read in conjunction with Trevali's quarterly consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2022 , which are available on Trevali's website and the Company's profile on SEDAR at www.sedar.com . Certain financial information is reported herein using non-IFRS measures; see Non-IFRS Financial Performance Measures below and in Trevali's accompanying management's discussion and analysis for the three months ended March 31, 2022 .



Q1'22

Q4'21

Q1'21

Q1'22
vs
Q4'21

Q1'22
vs
Q1'21

Revenues







Zinc revenue

$

106,531

110,126

90,801

–  3%

17%

Lead and silver revenue


17,272

10,439

4,094

65%

322%

Smelting and refining costs


(30,692)

(29,784)

(22,939)

3%

34%

Net revenue

$

93,111

90,781

71,956

3%

29%

Average zinc LME price

$/lb

1.70

1.53

1.25

11%

36%

Average lead LME price

$/lb

1.06

1.06

0.92

0%

15%

Average silver LBMA price

$/oz

23.94

23.32

26.29

3%

–  9%

Sales quantities







Payable zinc

Mlbs

64.1

78.6

72.5

–18%

–12%

Payable lead

Mlbs

11.5

5.3

1.4

117%

721%

Payable silver

Mozs

0.2

0.2

0.1

0%

100%

BUSINESS OVERVIEW

Trevali is a global base-metals mining company, headquartered in Vancouver, Canada . The bulk of the Company's revenue is generated from base-metals mining at the 90%-owned Perkoa mine in Burkina Faso , the 90%-owned Rosh Pinah mine in Namibia and the wholly owned Caribou mine in New Brunswick . In addition, Trevali owns the Halfmile and Stratmat properties and the Restigouche deposit in New Brunswick, Canada , and the past producing Ruttan mine in northern Manitoba, Canada . Trevali also owns an effective 44% interest in the Gergarub project in Namibia . The shares of the Company are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

FINANCING INITIATIVE

The Company is continuing its work to secure project financing for the Rosh Pinah Expansion (" RP2.0 ") project and to refinance both the existing Revolving Credit Facility and Glencore Facility which mature in September 2022 . As previously disclosed, the Company had been targeting a comprehensive financing package totalling approximately $200 million to refinance existing debt and fund the RP2.0 project. As a consequence of the recent Perkoa flooding event, the amount of the financing package and timing of completion is subject to a higher level of uncertainty and the $200 million target amount can no longer be relied upon. Among other conditions, the financing package is subject to consent of the lenders under the Company's existing secured credit facilities and the negotiation of definitive financing documents.

Trevali appointed Endeavour Financial in September 2021 to advise the Company on the formation of a lending syndicate, coordinate lender due diligence and negotiate financing documentation with the objective of providing a competitive financing solution for RP2.0 and refinancing the existing Revolving Credit Facility. Trevali is considering several opportunities for the financing package, including project finance debt, subordinated debt, a silver stream on the Rosh Pinah mine's silver production and other potential financing sources.

Commercial Bank Mandate

The Company has executed a mandate agreement with Standard Bank of Namibia Limited and The Standard Bank of South Africa Limited ("Standard Bank") to arrange a senior secured project finance facility of up to $110 million (the "Mandate Agreement"). The Mandate Agreement sets out an exclusive arrangement with Standard Bank describing the activities needed to arrange a senior secured financing facility (the "Loan Facility") for the RP2.0 expansion project at the Rosh Pinah mine. Standard Bank has agreed to seek credit approval to provide up to 100% of the amount of the Loan Facility, and to arrange an Export Credit Agency ("ECA") backed equipment finance facility for a significant portion of the $110 million Loan Facility. The proposed senior secured financing facility is expected to comprise most of the comprehensive funding package.

The Mandate Agreement contemplates the completion of technical, environmental, market, insurance, fiscal and legal due diligence and is subject to customary representations, warranties and conditions precedent, including agreement on final terms and conditions and requisite documentation for the Loan Facility and related agreements and procurement of credit approvals as well as time frames for completing these steps.

Other Financing

In addition to the Loan Facility, the Company has received non-binding expressions of interest from streaming and royalty companies in the order of $40 million to $50 million , and mining-focused alternative lenders, as well as from the Rosh Pinah mine's concentrate off-taker, Glencore. Glencore has indicated its support for the project by proposing an aggregate $33 million financing package, which may include an extension to the existing Glencore Facility of $13 million , subordinated to traditional project finance debt and contingent on the remainder of the required financing package being secured as well as negotiation of satisfactory terms and conditions.

PRODUCTION GUIDANCE AT ROSH PINAH AND CARIBOU UNCHANGED

Due to the flooding event at the Perkoa Mine that occurred on April 16, 2022 resulting in eight missing workers and the suspension of all site operations 2022 production and cost guidance for the Perkoa Mine has been suspended until an assessment is completed.

2022 production guidance is unchanged at the Caribou and Rosh Pinah mines. As of the date of this MD&A, we anticipate continued volatility in our unit operating costs due to global inflationary pressures. The annual benchmark contract treatment charge for zinc concentrate was agreed to at $230 per tonne in 2022 versus $159 per tonne established in 2021. The higher-than-expected settlement also includes an escalator of +5% for an LME zinc price above $1.72 per pound. Other cost pressures include, higher raw material costs, freight rates and the increase in commodity prices, that in many cases result in higher profit-based compensation and royalties at our operations.

CONSOLIDATED FINANCIAL RESULTS

The following table summarizes the change in net income from Q1 2021 to Q1 2022:



Q1'22

vs

Q1'21

Net income (loss) for Q1 2021

$

(2,510)

Increase in revenues


21,155

Expense components:



Increase in Mine operating expenses


(16,524)

Decrease in General and administrative


1,141

Decrease in Other items


22,409

Increase in Income tax expense


(5,616)

Net increase in net income

$

22,565

Net income for Q1 2022

$

20,055

The net income increased in Q1 2022 compared to Q1 2021 primarily due to increased revenue related to a 36% increase in the average zinc LME price and a higher volume of lead payable sold due to the timing of shipments, partially offset by 12% lower zinc payable sold.

Mine operating expenses increased in Q1 2022 compared to Q1 2021 due to higher depreciation mainly at the Perkoa mine based on the updated Mineral Reserves and Mineral Resources statement as of December 31, 2021 and an increase in production costs due to inflation.

Other items in Q1 2022 include an increase in the settlement mark-to-market gain due to higher commodity prices and a devaluation of the warrant liability. Q1 2022 income taxes increased due to increased profitability at Rosh Pinah and Perkoa due to the higher zinc prices.

Revenues



Q1'22

Q4'21

Q1'21

Q1'22
vs
Q4'21

Q1'22
vs
Q1'21

Revenues







Zinc revenue

$

106,531

110,126

90,801

–      3%

17%

Lead and silver revenue


17,272

10,439

4,094

65%

322%

Smelting and refining costs


(30,692)

(29,784)

(22,939)

3%

34%

Net revenue

$

93,111

90,781

71,956

3%

29%

Average zinc LME price

$/lb

1.70

1.53

1.25

11%

36%

Average lead LME price

$/lb

1.06

1.06

0.92

0%

15%

Average silver LBMA price

$/oz

23.94

23.32

26.29

3%

–9%

Sales quantities







Payable zinc

Mlbs

64.1

78.6

72.5

–18%

–12%

Payable lead

Mlbs

11.5

5.3

1.4

117%

721%

Payable silver

Mozs

0.2

0.2

0.1

0%

100%

The average zinc price in Q1 2022 as quoted on the LME of $1.70 per pound increased by 11% when compared to the previous quarter and 36% compared to Q1 2021. The price of lead was consistent with the prior quarter while 15% higher when compared to the comparative quarter in 2021. The silver price increased by 3% over the prior quarter while still 9% below the comparative quarter in 2021.

Payable zinc sales volumes decreased by 18% when compared with the prior quarter to 64.1 million pounds primarily due to the impact of no sales volumes from the Santander mine that was sold in Q4 2021 and lower sales volumes at the Caribou mine due to lower production. Smelting and refining costs increased by 3% primarily due to the increase in the annual benchmark treatment charge rate in 2022 to $230 per tonne with a 5% escalator above a zinc price of $1.72 per pound (2021 benchmark rate: $159 per tonne), partially offset by lower volumes sold. The 2022 benchmark rate applies payable zinc produced during 2022; similarly, the 2021 benchmark rate applies to 2021 production, including amounts in inventory at December 31, 2021 and sold in early 2022.

Payable zinc sales declined compared to the corresponding quarter in the prior year due to no sales from Santander mine in Q1 2022 as it was sold on December 3, 2021 . This was partially offset by increased sales from the Caribou mine when compared to the corresponding quarter of 2021 when the operation was being restarted from care and maintenance.

Lead and silver revenues of $17 .3 million increased by 65% from the prior quarter as a result of increased lead sales quantities and increased silver prices. The increased lead sales quantities in Q1 2022 were a result of the timing of lead shipments from the Rosh Pinah mine, which typically has two lead shipments annually, one which occurred in Q1 2022 relating to lead produced in Q4 2021. By-product revenues increased compared to the corresponding quarter in the prior year due to no lead sales at the Rosh Pinah mine in Q1 2021 and the Caribou mine on care and maintenance during Q1 2021.

MARKET OUTLOOK

Management of the Company believes that the outlook for the zinc market is robust. Excluding the out-performance of nickel, the base metals sector rose on average 13% in Q1 2022. The pace of expected U.S. interest rate increases has recently weighed on positive market sentiment; however, this has been overshadowed by uncertainty related to economic sanctions connected to the conflict in Ukraine . Risks of higher energy prices, supply chain disruptions and associated manufacturing and production shortages remain a challenge from a global growth perspective. Growth could be further hindered by potential demand destruction because of higher commodity prices. Notwithstanding these concerns, the positive zinc market outlook from Management remains unchanged from prior quarters. The ongoing structural changes related to "green energy" initiatives, combined with underinvestment in the mining sector and a positive global capex cycle, provide the Company with many opportunities to further develop the business.

The zinc price began the quarter at $1.63 per pound and ended the quarter at $1.93 per pound and traded in a very wide $0.33 per pound range. After Q1 2022 closed, in the early days of April, the LME cash zinc price rallied and then closed at $2.03 per pound on the back of dwindling available supply and soaring electricity prices. LME zinc stocks closed March 2022 at 139,950 tonnes, having peaked in April 2021 at 298,025 tonnes and down from the January 2022 open of 199,575 tonnes.

Global manufacturing, though expanding, has witnessed a marked slowdown in China in March 2022 and weakness in the Eurozone. Euro area manufacturing sector conditions continued to disappoint at the end of the first quarter. The final reading of the S&P Global Eurozone Manufacturing PMI for March 2022 of 56.5, fell from 58.2 in February 2022 and signaled the slowest improvement in operating conditions by goods producers since the beginning of 2021. Cost pressures intensified as supply issues were compounded by rising commodity, fuel, and energy prices. The manufacturing PMI for Japan came in at 54.1 in March 2022 , an increase from 52.7 in February 2022 and marking the 14 th consecutive improvement in the health of the manufacturing sector. The Chinese manufacturing sector registered the quickest fall in output and new business since the initial onset of the pandemic in February 2020 . Thus, at 48.1 in March 2022 , the headline seasonally adjusted general manufacturing PMI was down from 50.4 posted in the prior month. Covid-19 flared up in several regions across China , disrupting manufacturing supply chains and impacting production. The growth in prices of energy and metals was steep, with the high cost partly passed to downstream producers. Finally, in the U.S., the seasonally adjusted U.S. Manufacturing PMI posted 58.8 in March 2022 , up from 57.3 in February 2022 . Notably, output expectations regarding the year ahead strengthened in March. Confidence was the most upbeat since November 2020 and stemmed from hopes of further improvements in supply chains.

The annual benchmark contract treatment charge for zinc concentrate was agreed to at $230 per tonne in 2022 versus $159 per tonne established in 2021. Unlike last year however, the 2022 settlement includes an escalator of +5% for an LME zinc price above $1.72 per pound. Trevali's concentrate off-take agreements reference the annual benchmark treatment charges. According to Wood Mackenzie, the indicative spot treatment charge for March is $175 per tonne CIF into China , sharply higher than $85 per tonne as recently as December 2021 , but below the Chinese spot averages of $285 and $209 per tonne in 2019 and 2020, respectively.

During Q1 2022, the LME zinc price averaged $1.70 per pound, maintaining its improvement from its pandemic low of $0.82 per pound reached back in March 2020 . We see fundamental support for zinc prices in the medium term as Management believes demand will outweigh supply as global economic activity expands and infrastructure spending and green energy initiatives make an impact.

LME exchange inventories decreased to 139,955 tonnes by the end of Q1 2022 versus 199,575 tonnes on December 31, 2021 . Shanghai Futures Exchange zinc stocks increased to 176,177 tonnes versus 57,917 tonnes at the end of Q4 2021. This seasonal influx of refined zinc appears to be coming to an end with stocks hitting the highest level since February 2017 . Total exchange stocks rose into quarter end, and now stand at the equivalent of just 8 days of global consumption, very low by historical standards, and do not provide much of a buffer against any further supply disruptions to smelter production.

Relatively low stocks and robust demand continue to put upward pressure on spot zinc premiums which are moving higher. In the U.S., high freight costs and shortages of trucking capacity have pushed spot premiums as high as $570 per tonne ( $0.26 per pound) in some cases, meanwhile in Europe they are in the region of $450 per tonne.

CORPORATE DEVELOPMENTS

  • On December 3, 2021 , the Company finalized the sale of the Santander mine to Cerro de Pasco Resources Inc. ("CDPR"). Under the terms of the share purchase agreement, Trevali received 10 million common shares of CDPR, $0.8 million in cash (subject to a working capital adjustment), and a 1% net smelter return royalty on certain areas of the Santander mine site. The sale was originally announced on November 8, 2021.
  • On December 3, 2021 , the Company completed a share consolidation on the basis of one post-consolidation common share for every 10 pre-consolidation common shares. The consolidation reduced the number of common shares issued and outstanding from 989,464,731 common shares to 98,946,187 common shares. The approval for share consolidation plan was originally announced on November 8, 2021 .
  • On December 16, 2021 , the Company announced that David Schummer , the Company's Chief Operating Officer, resigned and Derek du Preez, the Chief Technology Officer was appointed as Interim Chief Operating Officer.
  • On January 20, 2022 , the Company announced that Trevali is currently working toward securing project financing for the RP2.0 expansion project and refinancing both the existing corporate revolving credit facility (the "Facility") and the secured facility agreement with Glencore (the "Glencore Facility"), maturing in September 2022 . In parallel, an early works program has commenced for RP2.0 .
  • On January 24, 2022 , the Company announced preliminary 2021 full year and Q4 production results and 2022 operating, capital and exploration expenditure guidance.
  • On January 24, 2022 and February 4, 2022 , the Company announced that the Perkoa mine in Burkina Faso was unaffected by, and was continuing to closely monitor, the ongoing political situation.
  • On March 31, 2022 , the Company reported its Mineral Reserves and Mineral Resources statements as of December 31, 2021 . Proven and Probable Mineral Reserves have increased 50% at the Rosh Pinah mine and a 4.9 million tonne increase in our consolidated Proven and Probable Mineral Reserves, which is a 28% increase over the year ended 2020. For further information, refer to the March 31, 2022 press release.
  • On April 7, 2022 , the Company announced the appointment of Derek du Preez as Chief Operating Officer effective immediately.
  • On April 16, 2022 , the Company reported a flooding event at the Perkoa mine in Burkina Faso following heavy rainfall. The mine was evacuated and mine rescue efforts were immediately initiated and are ongoing.
  • On April 21, 2022 , the Company provided an update on search and rescue efforts at the Perkoa mine and announced the suspension of production and cost guidance at the Perkoa mine.
  • On April 25, 2022 , the Company provided an update on mine rehabilitation and dewatering progress at the Perkoa mine in response to the flooding event and provided an update on logistics regarding search efforts.
  • On May 9, 2022 , the Company provided an update on dewatering progress and search efforts which are ongoing.
  • On May 12, 2022 , the Company provided an update on dewatering progress and search efforts at the Perkoa mine.

Q1-2022 Financial and Operational Results Conference Call and Webcast

The Company will host a conference call and webcast presentation at 1:00PM Eastern Time ( 10:00AM PT ) on Monday, May 16, 2022 to review the operating and financial results. Participants are advised to dial-in five minutes prior to the scheduled start time of the call. A presentation will be made available on the Company's website prior to the conference call.

Conference call dial-in details:

Date: Monday, May 16, 2022 at 1:00 PM Eastern Time
Dial-in: Toll-free ( North America ): +1 (877) 291-4570
International: +1 (647) 788-4919
Conference ID 3747868
Webcast: https://www.gowebcasting.com/11789

About Trevali Mining Corporation

Trevali is a global base-metals mining Company headquartered in Vancouver, Canada . The bulk of Trevali's revenue is generated from zinc and lead concentrate production at its three operational assets: the 90%-owned Perkoa Mine in Burkina Faso , the 90%-owned Rosh Pinah Mine in Namibia , and the wholly owned Caribou Mine in northern New Brunswick, Canada . In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada . Trevali also owns an effective 44% interest in the Gergarub Project in Namibia . The Company's growth strategy is focused on the exploration, development, operation, and optimization of properties within its portfolio, as well as other mineral assets it may acquire that fit its strategic criteria. Trevali's vision is to be a responsible, top-tier operator of long-life, low-cost mines in stable pro-mining jurisdictions. Trevali is committed to socially responsible mining, working safely, ethically, and with integrity. Integrating responsible practices into its management systems, standards, and decision-making processes is essential to ensuring everyone and every community's long-term sustainability.

The shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

Cautionary Note Regarding Forward–Looking Information and Statements

This news release contains "forward–looking information" within the meaning of Canadian securities legislation and "forward–looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward–looking statements"). Forward–looking statements are based on the beliefs, expectations and opinions of management of the Company as of the date the statements are published, and the Company assumes no obligation to update any forward–looking statement, except as required by law. In certain cases, forward–looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.

Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's operations including, but not limited to, statements with respect to the suspension of mining and milling operations at Perkoa, the rescue and recovery efforts at Perkoa, including the Company's plans with respect thereto, the efficacy of the Company's pumping, decline ramp rehabilitation and de-watering activities and  its efforts to restore electrical power and communications at the lower levels of Perkoa, the Company's ability to effectively dewater the mine and restore access to the lower levels of Perkoa, the results of any investigation of the flooding incident, the Company's assessment of the effect of the flooding on the safety and structural integrity of Perkoa's underground areas, the effect of the flooding on the cost of production at Perkoa, the length of time before underground mining operations can be recommenced safely at Perkoa and the effect of the suspension on the Company's results of operations and metal production; financial and operational guidance for the fiscal year 2022, including the Company's forecasted AISC1, C1 Cash Cost1, capital expenditures and production; expectations with respect to the Company's financial results for fiscal year 2022, including its expectations with respect to cash flows generated from its operations; expectations with respect to refinancing the Company's existing credit facilities and the securing of financing for the RP2.0 expansion; estimates of ore grades and the Company's ability to minimize the effects of anticipated declining ore grades in 2022; supply, demand and market outlook for commodities, including, but not limited to, future zinc prices; estimates of zinc treatment charges; the RP2.0 Project preparatory activities and early works, the Company's ability to finance these activities from internal cash flows, and the timing of proposed capital expenditures in respect of the project; the feasibility study for the RP2.0 Project, including the expectations and forecasts contained therein; the financing of the RP 2.0 Project; operations at Caribou; the Rapid Oxidative Leaching pilot testing program at Caribou; the Company's growth strategies and planned exploration and development activities, including the Company's planned development and exploration activities at Rosh Pinah, the timing and nature of these activities and expected benefits to the Company resulting therefrom; the timing and amount of estimated future production, costs of production and capital expenditures; success of mining operations; future anticipated property acquisitions; and the content, cost, timing and results of future exploration programs.

Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements or information contained in this press release include, but are not limited to, that the assumptions underlying the Company's forecasts with respect to AISC 1 , C1 Cash Cost 1 , capital expenditures and production, are reasonable and that such forecasts are achievable by the Company; the Company will be successful in minimizing the effects of anticipated declining ore grades in 2022; future commodity prices; the Company will be able to secure adequate financing for the RP2.0 expansion project and that the board of directors of the Company will make a positive investment decision regarding the expansion project; that the Company will proceed with the development and construction of the expansion project as set forth in the RP2.0 feasibility study; that the expansion project will proceed on the timeline currently anticipated, including with respect to the preparatory activities and early works program; that the expansion project will yield the benefits expected by the Company; that the mine schedule for 2022 at Caribou will enhance ore availability by improving development productivity, equipment availability and ground control management; that the Rapid Oxidative Leaching pilot testing program at Caribou will be successful and the results of which will support a preliminary economic assessment; that the Company will publish the expected preliminary economic assessment on Caribou on the timeline currently anticipated; that the Company will be able to successfully extend the mine life at Caribou; the Company will complete the planned development activities at Caribou on the timelines currently expected and that these activities will have the benefits anticipated by the Company; that the assumptions and estimates underlying mineral resource and reserve estimates, including commodity price and exchange rate assumptions, cut-off grade assumptions and recovery and dilution estimates, are reasonable and are representative of these actual inputs; mineral resource and reserve estimates are indicative of actual mineralization; the Company will carry out its planned development and exploration activities on the timeline currently anticipated; and the Company's measures with respect to the COVID-19 pandemic will enable it to maintain operations and ensure the health and safety of its workforce and surrounding communities.

By their very nature, forward–looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the assumptions underlying the Company's forecasts with respect to AISC 1 , C1 Cash Cost 1 , capital expenditures and production will prove to be inaccurate or not achievable and, as a result, the Company's actual results will differ materially from such forecasts; the risk that the Company will be unable to secure financing for the RP2.0 project on acceptable terms or at all, and whether as part of a comprehensive financing package whereby the Company repays its outstanding debt or not; the risk that the board of directors may not ultimately approve the RP2.0 expansion project; risks with respect to the development of the RP2.0 expansion project, including that, if developed, the RP2.0 expansion project will not be developed as currently anticipated or as set forth in a feasibility study with respect thereto, or yield the anticipated benefits to the Company; the risk that the Rapid Oxidative Leaching pilot testing program at Caribou is not successful or not having yielded the results necessary to enable the Company to prepare a preliminary economic assessment on Caribou; risks related to the actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of zinc, lead, silver and other minerals and the anticipated sensitivity of our financial performance to such prices; increases to interest rates that may adversely affect the Company's growth, profitability and ability to secure financing; the Company's ability to raise capital by obtaining equity or debt financing in the future on terms favourable to the Company or at all; possible variations in ore reserves, grade or recoveries; dependence on key personnel; potential conflicts of interest involving our directors and officers; labour pool constraints; labour disputes; availability of infrastructure required for the development of mining projects; delays or inability to obtain governmental and regulatory approvals for mining operations or financing or in the completion of development or construction activities; counterparty risks; increased operating and capital costs; foreign currency exchange rate fluctuations; operating in foreign jurisdictions with risk of changes to governmental decrees and regulations, including any new or ongoing decrees and regulations issued by a governmental authority in response to the COVID-19 pandemic; compliance with governmental regulations; compliance with environmental laws and regulations; land reclamation and mine closure obligations; challenges to title or ownership interest of our mineral properties; maintaining ongoing social license to operate; impact of climatic conditions on the Company's mining operations; corruption and bribery; limitations inherent in our insurance coverage; compliance with debt covenants; competition in the mining industry; our ability to integrate new acquisitions into our operations; cybersecurity threats; litigation; and other risks of the mining industry including, without limitation, other risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward–looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward–looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Non-IFRS Financial Performance Measures

The items marked with a "1" are non-IFRS measures. This press release may refer to the following non-IFRS financial performance measures: Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Earnings before interest and taxes ("EBIT"), Adjusted EBITDA, Adjusted Earnings per Share, Net Debt, C1 Cash Cost and All-In Sustaining Cost ("AISC").

These measures are not recognized under IFRS as they do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Trevali uses these measures internally to evaluate the underlying operating performance of the Company for the reporting periods presented. The use of these measures enables the Company to assess performance trends and to evaluate the results of the underlying business. Trevali understands that certain investors, and others who follow the Company's performance, also assess performance in this way.

The Company believes that these measures reflect our performance and are useful indicators of our 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.

[1] See "Non-IFRS Financial Performance Measures".

[2] On March 31, 2022, the Company reported its Mineral Reserves and Mineral Resources statements as of December 31, 2021. For further information, refer to the March 31, 2022 press release.

SOURCE Trevali Mining Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c0862.html

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Trevali Provides Update on Search and Dewatering Efforts at Perkoa Mine

Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV) (BVL: TV) (OTCQX: TREVF) ( Frankfurt : 4TI) provides an update on circumstances at the Perkoa Mine in Burkina Faso following the serious flooding incident on April 16 where the Company and government authorities have been working on the search efforts 24 hours per day.

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

The Company's overarching priority has been, and continues to be, finding the eight miners still missing at the mine. We are working 24 hours a day to dewater the mine and reach our missing colleagues and continue to work hand in hand with the Burkina Faso government, authorities and emergency services at all levels.

Despite the comprehensive efforts of the search teams, including the continued addition of extra pumping equipment during the search and de-watering process, we have yet to find the missing miners. There is a refuge chamber at a depth of approximately 570 metres which is primarily designed to provide protection from industrial hazards that workers might encounter underground, such as smoke from fire, gas emissions, fall-of-ground, and ventilation failure. We cannot be certain whether all or some of the miners managed to reach the refuge as we have had no communication with the missing since April 16 .

The miners were last located at various locations below Level 520 and based on planned work patterns that day and our last contact with them, it is unlikely that they would have been together when the flooding occurred, or that all of them would have been able to make it to the refuge.

In order to safely regain access to the mine, we have to rebuild the five-kilometre-long underground access ramp and to date we have restored more than 3,800 metres using more than 25,000 tonnes of waste rock. During this work, the massive scale of the flood has become clearer. We currently estimate that more than 165 million litres of floodwater swept through the underground portion of the mine. These floodwaters caused extensive damage to ramps and access roads, as well as underground infrastructure. Approximately 38 million litres of water has been pumped out of the mine as of May 11 .

All of us at Trevali are hugely grateful for the continued assistance provided by Burkinabe authorities, including enabling the imports of equipment for the search effort, and expediting air carriers able to transport heavy machinery into the country, which has greatly accelerated the dewatering and search efforts. The Company has also benefitted from the relocation of the crisis management committee to the Sanguié region near the Perkoa mine site and from the support provided by government officials in daily planning meetings. Trevali will continue to welcome support from those able to assist in the search effort. Trevali and Byrnecut, the mining contractor at Perkoa, also remain in daily communication with the families of the missing workers and we continue to offer our heartfelt support.

"The environment underground in any mine is dynamic, and our teams are working round the clock, adjusting methods and adapting to the circumstances we confront as we gain deeper access in the mine," said Ricus Grimbeek, President and CEO. "We will continue to make every effort, using all available equipment and personnel, and will continue to look for any and all opportunities to safely speed up the search operation. We acknowledge the frustration of the families and the community, and we are listening to their concerns. We are committed to locating our missing colleagues as soon as possible."

Summary of Dewatering and Mine Access Rehabilitation Efforts To-Date

The response to the flood event began on the morning of April 16 with the initiation of evacuation orders and mine rescue efforts, followed by immediate action to focus search efforts on dewatering and mine access rehabilitation to quickly gain access to lower levels of the mine.

A three-phase plan was initiated to dewater the mine. Phase One involved repurposing existing service water piping systems to support initial dewatering, sump pumping in the open pit, and establishing surface pump stations to receive water from the underground. This was quickly followed by Phase Two, which involved the rehabilitation of mine access and reconstructing the road surface to re-establish the mine's existing underground dewatering system that had been damaged by the flooding. Phase Three involved the installation of significant additional pumping and dewatering infrastructure, strainer boxes, and more than 5,000 metres of new poly pipe while simultaneously gaining access to the lower levels of the mine. In total, the multiple dewatering systems are comprised of more than 24 electric submersible and diesel pumps. A series of pumps is required in order to provide the pressure required to move the water from the lower level some 550 meters vertical to the surface.

As part of its efforts Trevali continues to source and transport additional machinery and equipment to the Perkoa Mine site, including installing pumps that arrived from Ghana by truck and from South Africa by air, expedited with the assistance of the Burkina Faso government and Air France. Other mining companies in Burkina Faso have provided support in the form of pumps and operational assistance. The National Fire Brigade has also been continually on site and has provided additional emergency response support and expertise.

Both the Company and the government are undertaking ongoing investigations into the circumstances that resulted in this flood event, and Trevali has welcomed visits from all government authorities who have requested site access. The Company fully supports an open and independent investigation and will provide any assistance that may be required.

The Company will provide further details on the progress of search activities as circumstances warrant.

About Trevali Mining Corporation

Trevali is a global base-metals mining Company headquartered in Vancouver, Canada . The bulk of Trevali's revenue is generated from zinc and lead concentrate production at its three operational assets: the 90%-owned Perkoa Mine in Burkina Faso , the 90%-owned Rosh Pinah Mine in Namibia , and the wholly owned Caribou Mine in northern New Brunswick, Canada . In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada . Trevali also owns an effective 44% interest in the Gergarub Project in Namibia . The Company's growth strategy is focused on the exploration, development, operation, and optimization of properties within its portfolio, as well as other mineral assets it may acquire that fit its strategic criteria. Trevali's vision is to be a responsible, top-tier operator of long-life, low-cost mines in stable pro-mining jurisdictions. Trevali is committed to socially responsible mining, working safely, ethically, and with integrity. Integrating responsible practices into its management systems, standards, and decision-making processes is essential to ensuring everyone and every community's long-term sustainability.

The shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements are based on the beliefs, expectations and opinions of management of the Company as of the date the statement are published, and the Company assumes no obligation to update any forward-looking statement, except as required by law. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events including, but not limited to, statements with respect to the search efforts at Perkoa, including the Company's plans with respect thereto, the efficacy of the Company's pumping, decline ramp rehabilitation and de-watering activities and its efforts to restore electrical power and communications at the lower levels of Perkoa, the Company's ability to effectively dewater the mine and restore access to the lower levels of Perkoa, the results of any investigation of the flooding incident, and the Company's assessment of the effect of the flooding on the safety and structural integrity of Perkoa's underground areas. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to the Company's search efforts and plans to remedy the impact of the flooding at the Perkoa Mine, including that such efforts and plans will not be effective or achieve their desired outcomes; dependence on key personnel; labour pool constraints; labour disputes; increased operating and capital costs; foreign currency exchange rate fluctuations; operating in foreign jurisdictions with risk of changes to governmental regulation; compliance with governmental regulations; compliance with environmental laws and regulations; maintaining ongoing social license to operate; impact of climatic conditions on the Company's mining operations; limitations inherent in our insurance coverage; litigation; and other risks of the mining industry including, without limitation, other risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Trevali Mining Corporation

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Trevali Provides an Update on Search Efforts at Perkoa Mine

Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV) (BVL: TV) (OTCQX: TREVF) ( Frankfurt : 4TI) provides an update on search efforts at the Perkoa Mine in Burkina Faso following an April 16 flooding event.

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

To date, approximately 32 million litres of water have been removed from the Mine and access has been restored to Level 550. There has been no communication with the eight missing workers since April 16 and none have been located yet. The Company continues to strengthen search capabilities with additional equipment and resources, and search crews will continue to work at maximum capacity, 24-hours-per-day to locate the missing individuals.

Throughout the search process, senior representatives of Trevali and Byrnecut, the mining contractor at Perkoa, have been in daily communication with the families of the missing workers and continue to offer support.

"We are working in solidarity with all levels of government and as fast as we possibly can using all available resources in the country, as well as importing additional machinery and equipment to assist with locating our missing colleagues," said Ricus Grimbeek, President and CEO. "Our thoughts are with our colleagues' families, and we continue to work closely with the families and the government to ensure their needs are met during this difficult time."

Added Mr. Grimbeek, "Trevali is appreciative of the support of the government and various agencies in Burkina Faso . We welcome the decision by the government to move its crisis management committee nearer to the mine site to better include family members of the missing workers and facilitate closer collaboration as we rapidly work to locate the missing individuals. We will remain closely engaged with government authorities to help the community respond to the impacts of the recent flooding."

Dewatering and Mine Access Rehabilitation Progress Update

The search effort requires the careful rebuilding of the road on more than 5,000 metres of underground decline ramp in order to facilitate the search efforts and safely install and operate pumping and piping infrastructure to remove floodwater. As of May 8 :

  • Approximately 25,000 tonnes of waste rock has been used in rehabilitation of the mine access ramp
  • 5,000 metres of new poly pipe has been welded and installed in addition to the existing pipes
  • More than 24 electric and diesel pumps have been installed and put into operation
  • Approximately 32 million litres of water have been removed from the mine

The full extent of required mine rehabilitation efforts will become known as dewatering progresses to the bottom of the mine at Level 710.

The Company is in regular communications with Burkinabe authorities and is grateful for the search and rescue assistance received from them as well as the Burkina Faso mining community. The Burkina Faso National Fire Brigade has been on site at the Mine since shortly after the flooding event, working alongside Trevali's and West African Resources's search and rescue teams. Personnel from the Burkinabe Ministry of Mines and Quarries, the Governor of Central-West Region, the High Commissioner of Réo, the President of the Chamber of Mines, the Minister of Civil Service, Labour and Social Protection; the Minister of National Education, Literacy and Promotion of National Languages; Military Civil Construction, and others have all lent their support and coordination to the urgent search and rescue activities and have made numerous visits to the mine site. Trevali welcomes all support from the authorities in assisting with the search and rescue efforts. In addition, family members of the missing workers have received regular briefings on the search status and have been to the site and reviewed progress underground. The Company is committed to full transparency in its actions and communication of updates to the families and the authorities.

The Company will provide further details on progress of search activities and site investigation as more information becomes available.

About Trevali Mining Corporation

Trevali is a global base-metals mining Company headquartered in Vancouver, Canada . The bulk of Trevali's revenue is generated from zinc and lead concentrate production at its three operational assets: the 90%-owned Perkoa Mine in Burkina Faso , the 90%-owned Rosh Pinah Mine in Namibia , and the wholly owned Caribou Mine in northern New Brunswick, Canada . In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada . Trevali also owns an effective 44% interest in the Gergarub Project in Namibia . The Company's growth strategy is focused on the exploration, development, operation, and optimization of properties within its portfolio, as well as other mineral assets it may acquire that fit its strategic criteria. Trevali's vision is to be a responsible, top-tier operator of long-life, low-cost mines in stable pro-mining jurisdictions. Trevali is committed to socially responsible mining, working safely, ethically, and with integrity. Integrating responsible practices into its management systems, standards, and decision-making processes is essential to ensuring everyone and every community's long-term sustainability.

The shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements are based on the beliefs, expectations and opinions of management of the Company as of the date the statement are published, and the Company assumes no obligation to update any forward-looking statement, except as required by law. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events including, but not limited to, statements with respect to the suspension of mining and milling operations at Perkoa, the search efforts at Perkoa, including the Company's plans with respect thereto, the efficacy of the Company's pumping, decline ramp rehabilitation and de-watering activities and  its efforts to restore electrical power and communications at the lower levels of Perkoa, the Company's ability to effectively dewater the mine and restore access to the lower levels of Perkoa, the results of any investigation of the flooding incident, the Company's assessment of the effect of the flooding on the safety and structural integrity of Perkoa's underground areas, the effect of the flooding on the cost of production at Perkoa, the length of time before underground mining operations can be recommenced safely at Perkoa and the effect of the suspension on the Company's results of operations and metal production. As well, forward looking statements relate to the Company's growth strategies, the continued success of mineral exploration, the content, cost, timing and results of future exploration programs and life of mine expectancies, Trevali's ability to fund future exploration activities, estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production and capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses and title disputes or claims. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to to the Company's search efforts and plans to remedy the impact of the flooding at the Perkoa Mine, including that such efforts and plans will not be effective or achieve their desired outcomes; actual results of current exploration activities, including the inherent uncertainty of mineral exploration and estimations of exploration targets; changes in project parameters as plans continue to be refined; future prices of zinc, lead, silver and other minerals and the anticipated sensitivity of our financial performance to such prices; possible variations in ore reserves, grade or recoveries; dependence on key personnel; potential conflicts of interest involving our directors and officers; labour pool constraints; labour disputes; availability of infrastructure required for the development of mining projects; delays or inability to obtain governmental and regulatory approvals for mining operations or financing or in the completion of development or construction activities; counterparty risks; increased operating and capital costs; foreign currency exchange rate fluctuations; operating in foreign jurisdictions with risk of changes to governmental regulation, including any new or ongoing decrees and regulations issued by any governmental authority in response to the COVID-19 pandemic; compliance with governmental regulations; compliance with environmental laws and regulations; land reclamation and mine closure obligations; challenges to title or ownership interest of our mineral properties; maintaining ongoing social license to operate; impact of climatic conditions on the Company's mining operations; corruption and bribery; limitations inherent in our insurance coverage; compliance with debt covenants; competition in the mining industry; our ability to integrate new acquisitions into our operations; cybersecurity threats; litigation; and other risks of the mining industry including, without limitation, other risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Trevali Mining Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/09/c2789.html

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Trevali Reschedules First Quarter 2022 Financial Results and Conference Call

Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV) (BVL: TV) (OTCQX: TREVF) ( Frankfurt : 4TI) today announced that due to the ongoing situation following the Perkoa Mine flooding event of April 16, 2022 and the primary focus on the search for the eight miners who remain missing following the event the filing of its first quarter 2022 operating and financial results for the period ended March 31, 2022 and the accompanying conference call and webcast have been delayed.

Trevali Mining Corporation Logo (CNW Group/Trevali Mining Corporation)

The operating and financial results for the first quarter are now expected to be released on Monday, May 16, 2022 before the Toronto Stock Exchange market open.

Q1-2022 Financial and Operational Results Conference Call and Webcast

The Company will host a conference call and webcast presentation at 1:00PM Eastern Time ( 10:00AM PT ) on Monday, May 16, 2022 to review the operating and financial results. Participants are advised to dial-in five minutes prior to the scheduled start time of the call. A presentation will be made available on the Company's website prior to the conference call.

Conference call dial-in details:

Date: Monday, May 16, 2022 at 1:00 PM Eastern Time
Dial-in: Toll-free ( North America ): +1 (877) 291-4570
International: +1 (647) 788-4919
Conference ID 3747868
Webcast: https://www.gowebcasting.com/11789

About Trevali Mining Corporation

Trevali is a global base-metals mining Company headquartered in Vancouver, Canada . The bulk of Trevali's revenue is generated from zinc and lead concentrate production at its three operational assets: the 90%-owned Perkoa Mine in Burkina Faso , the 90%-owned Rosh Pinah Mine in Namibia , and the wholly owned Caribou Mine in northern New Brunswick, Canada . In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada . Trevali also owns an effective 44% interest in the Gergarub Project in Namibia . The Company's growth strategy is focused on the exploration, development, operation, and optimization of properties within its portfolio, as well as other mineral assets it may acquire that fit its strategic criteria. Trevali's vision is to be a responsible, top-tier operator of long-life, low-cost mines in stable pro-mining jurisdictions. Trevali is committed to socially responsible mining, working safely, ethically, and with integrity. Integrating responsible practices into its management systems, standards, and decision-making processes is essential to ensuring everyone and every community's long-term sustainability.

The shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website ( www.trevali.com ) and to Canadian regulatory filings on SEDAR at www.sedar.com .

SOURCE Trevali Mining Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/03/c7316.html

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Tinka Announces Results of Annual and Special Meeting of Shareholders

Tinka Resources Limited ("Tinka" or the "Company") (TSX.V:TK)(BVL:TK)(OTCQB:TKRFF) announces the results of the Company's Annual and Special Meeting of Shareholders held on April 28, 2022 (the "Meeting

A total of 161,983,607 common shares were represented in person or by proxy at the Meeting, representing 47.54% of the votes attached to all outstanding common shares of the Company as at the record date. All the matters submitted to the shareholders, as set out in the Notice of Meeting and Information Circular dated March 23, 2022, were voted in favour, including: (a) fixing the size of the Board of Tinka to six; (b) the adoption of a new stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant; and (c) the appointment of D&H Group LLP, Chartered Professional Accountants, as the auditors of the Company for the ensuing year.

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