Trevali Mining Corp.

Trevali is a zinc-focused, base metals mining company with two commercially producing operations. The Company is actively producing zinc and lead-silver concentrates from its 2,000-tonne-per-day Santander mine in Peru and its 3,000-tonne-per-day Caribou mine in the Bathurst Mining Camp of northern New Brunswick. Trevali also owns the Halfmile and Stratmat base metal deposits, located in New Brunswick, that are currently undergoing a Preliminary Economic Assessment reviewing their potential development.

Expert Comments:

Joseph Gallucci, Dundee Capital Markets (10/17/16)
"Trevali Mining Corp. is the best pure-play vehicle, while LUN, NSU and TCK.B also offer significant leverage to rising zinc prices. . .we are maintaining our BUY, Top Pick rating on TV and raising our target to $2.00/share (from $1.50/share). . .with our bullish zinc thesis beginning to take hold and Caribou already cash flow positive we believe TV deserves a higher valuation multiple. . .we believe to take advantage of the current zinc bull market producers who are currently generating positive free cash flow zinc leverage are the best vehicle."

Jeff Woolley, Paradigm Capital (10/14/16)
"With Trevali Mining Corporation's Santander mine generating positive cash flow and its second mine, Caribou, now commercial, the growth story is coming together for Trevali; Caribou more than doubles Trevali's production profile and the successful start-up materially de-risks the company. We see a continuation of the current tightening supply/demand fundamentals within the zinc market delivering additional financial upside. . .we reiterate our $1.25 price target and Buy recommendation; Trevali provides the most cash flow leverage to rising zinc prices in our coverage universe and is the only primary zinc producer currently listed on the TSX."

Stefan Ioannou, Haywood Securities (10/14/16)
"Trevali Mining Corp.'s Santander has recently delivered a one-two punch underpinned by record zinc production in Q3/16 and additional high-grade exploration results; ongoing success in Peru follows the declaration of commercial production start-up at Caribou in early July. The company's timing appears to be coinciding well with improving zinc market sentiment, as the metal's price, up ~3% over the last three month, is now convincingly testing the US$1.00 per pound level despite LME inventory volatility over the same period (up ~4%)."

Alex Terentiew, Raymond James (10/13/16)
"Trevali Mining Corp. released Q3/16 production results. . .the company reported another strong quarter of operations at Santander with mill throughput achieving a near record quarter. . .Caribou ramp-up [is] moving along nicely. Trevali reported q/q improvements in both zinc and silver recoveries while maintaining lead recoveries and noted improving recoveries through October. . .given actual Q3 results, guidance for H2/16 at Caribou implies a very strong Q4."

Ian Parkinson, GMP Securities (10/13/16)
"Trevli Mining Corp. released 3Q production results. . .zinc output at Santander was slightly better than our forecast. . .zinc output from the new Caribou operation, which reported its first quarter of commercial production, was lower than our forecast. . .the miss at Caribou is entirely attributable to milling fewer than expected tonnes-grades and recovery were inline with our forecasts. . .Santander continues to operate well. . .Caribou just completed its first quarter of commercial production. Although production was a bit lighter than our expectation, we are pleased to see there were no operational glitches; production should improve as the throughput rate ramps up."

Orest Wowkodaw, Scotia Capital (10/13/16)
"We rate Trevali Mining Corp. Sector Outperform based on an attractive relative valuation, growing exposure to zinc (our preferred NT commodity), and diminishing operating/development risk profile with the Caribou ramp-up. . .our 12-month target of C$1.30 per share is based on a 50/50 mix of 6.0x our average 2017E/18E EBITDA and 1.0x our NAVPS(8%). . .TV continues to target nameplate throughput levels (3,000tpd) by year-end. Zn grades of 5.91% and recoveries of 78% were both largely in-line with our estimates of 5.82% and 79%."

Paradigm Capital's top picks for Q3/16 include gold and zinc mining companies with upcoming catalysts worthy of investors' attention.
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Announcements of increased production at Trevali Mining Corp.'s Santander mine and the start of commercial production at Caribou mine, coupled with zinc inventories that remain at multiyear lows, have helped solidify the company's growth story.
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Trevali Mining's drill program at Santander in Peru continues to add resources to the project, leading to a potential doubling of the mine's zinc output and further benefiting from a rising zinc price.
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More Expert Comments

Experts Following This Company

David Davidson – Paradigm Capital
Joseph Gallucci, Senior Mining Research Analyst – Dundee Capital Markets
Stefan Ioannou, Mining Analyst – Haywood Securities
Ian Parkinson, Director of Equity Research, Mining – GMP Securities
Gwen Preston, Founder Resource Maven
Philip Richards, Fund Manager – RAB Capital Limited
Trish Saywell The Northern Miner
Alex Terentiew, Mining Analyst – Raymond James
Pierre Vaillancourt, Analyst – Laurentian Bank Securities
Jeff Woolley – Paradigm Capital
Orest Wowkodaw, Research Analyst, Metals and Mining – Canaccord Genuity

The information provided above is from analysts, newsletters, the company and other contributors.

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Investing Highlights
One producing zinc-lead-silver mine in Peru and a second mine in Canada coming online in 2015.
All of the mine resources remain open with significant new discoveries.
The only primary zinc producer on the TSX, poised to benefit from forecast zinc shortages.