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Trevali Mining Corp.

TICKER: TV:TSX; TREVF:OTCQX; TV:BVL

Trevali Mining Corp. is a zinc-focused base metals development company. In Canada, it owns the Halfmile zinc-lead-silver mine, the Caribou mine and mill, and the Stratmat polymetallic deposit, all located in the Bathurst Mining Camp of northern New Brunswick. The company also has the Santander mine in Peru and the past-producing Ruttan copper-zinc mine in northern Manitoba. Initial trial production from the Halfmile mine was successfully undertaken in 2012 and underground development is ramping up to achieve a planned production rate of approximately 3 Kmtpd to feed planned operations at the company's Caribou Mill Complex in 2013.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Jeff Woolley, Paradigm Capital (7/24/14) "Trevali Mining Corp. is best positioned to benefit from the projected rise in zinc prices among current producers. . .the sale of the Tingo power plant to Volcan Compañía Minera SAA for $13.5M effectively doubles the company's projected cash cushion. . .we are raising our price target to CA$1.75/share and maintaining our Buy rating. . .combined production for the Santander mine in Peru and the Caribou mine in New Brunswick, Canada, is estimated at more than 175 Mlb Zn eq, expanding to 400 Mlb Zn eq by 2020."

Barry Allan, Mackie Research Capital (7/16/14) "Trevali Mining Corp. remains on track to meet or exceed 2014 guided production of 42–45 Mlb zinc; 15–17 Mlb lead and 700–720 Koz silver. . .the company is on track to facilitate Caribou mine and mill commissioning in H1/15. . .we maintain our Buy recommendation and target price of $1.40/share."

Derek Macpherson, M Partners (7/15/14) "Trevali Mining Corp. announced Q2/14 operating results that were a modest beat versus our estimates. . .recoveries showed better than expected improvements, suggesting that mill operations are approaching a steady state. . .the company is positioning itself as the next mid-tier base metal producer with significant leverage to a favorable macro environment for zinc."

Chris Chang, Laurentian Bank Securities (7/15/14) "Trevali Mining Corp. released its Q2/14 production results. . .total payable zinc production of 12 Mlb was 11% above our estimate. . .our Buy rating is supported by the company's exposure to an improving zinc price, near-term production growth and takeover potential. We believe Trevali represents the go-to name for zinc leverage."

Adam Low, Raymond James (7/15/14) "Trevali Mining Corp. announced Q2/14 production results from its Santander mine of 12 Mlb zinc, 4.4 Mlb lead and 187 Koz silver. While zinc and silver production came in below our estimates by 17% and 5% (14.6 Mlb and 195,800 oz respectively), lead production well exceeded our expectations of 3.2 Mlb by 39%. . .operational performance remains steady. . .and we believe production remains on track to meet management guidance estimates for 2014."

more comments

Joseph Gallucci, Dundee Capital Markets (7/15/14) "Trevali Mining Corp.'s Q2/14 production at Santander did not disappoint as the results came in above our expectations (like they did in Q1/14). If the company continues its current pace, it could beat its previously released production guidance handily in 2014."

Ian Parkinson, GMP Securities (7/9/14) "Trevali Mining Corp.'s Santander mine in Peru has made great strides since commencing production in the fall of 2013 and we expect Caribou in the Bathurst camp to ramp up rapidly over the next 18 months. . .we are initiating coverage of the company with a Buy rating and a $1.70 price target."

Derek Macpherson, M Partners (7/3/14) "Trevali Mining Corp. announced the closing of an agreement with Volcan Compania Minera S.A. to sell its non-core Tingo run-of-river hydroelectric powerstation asset. . .the sale can be characterized as a positive, as Trevali received US$13.5M for an asset that we previously ascribed little value. We believe the sale further strengthens the company’s balance sheet, as we now expect a Q3/14 cash balance of $40.1M (previously $25.5M), which should provide the company additional balance sheet flexibility during the construction of Caribou in New Brunswick."

Adam Low, Raymond James (7/2/14) "We reiterate our Outperform rating on Trevali Mining Corp. The company announced that it is selling its Tingo hydroelectric station in Peru to Volcan Compañía Minera S.A. for $13.5M. . .Trevali also announced a transmission services agreement to use the existing transmission line from the Peruvian national grid to the Santander mine."

Joseph Gallucci, Dundee Capital Markets (7/2/14) "Trevali Mining Corp. has sold its (noncore) Tingo hydroelectric plant in Peru to Volcan Compañía Minera S.A. for $13.5M. . .adjusting for the cash inflow to the company has raised our NAV to $1.93/share (from $1.89/share). We view the asset sale positively as it monetizes a noncore asset while maintaining Trevali's focus on core operations in Peru and New Brunswick."

Barry Allan, Mackie Research Capital (6/27/14) "We maintain our Buy recommendation on Trevali Mining Corp. and are increasing our target price to $1.40/share from $1.30/share previously. We continue to anticipate the company will successfully bring the Caribou mine and mill complex online by Q2/15, after which we would expect to see additional increases in the cash flow multiple and stock price."

Derek Macpherson, M Partners (6/27/14) "Surface and underground construction and rehabilitation operations have begun at Trevali Mining Corp.'s Caribou and appear to be on track, which further supports our assumed production start date in Q2/15. . .the underground mine being in good condition reduces the restart risk. . .we are maintaining our Buy rating."

Joseph Gallucci, Dundee Capital Markets (6/26/14) With production now underway in Peru and mill construction progressing in New Brunswick, TV should have two producing operations on line and fully ramped-up by the time we expect improving zinc fundamentals to buoy prices in ~2015. We expect an imminent re-rating for TV as commercial production is now reached at Santander and as construction progresses in New Brunswick. Trevali remains a BUY and our TOP PICK with a $1.80/share target price based on a 0.9x multiple to NAV of $1.93/share.

Adam Low, Raymond James (6/20/14) "We reiterate our Outperform rating and CA$1.35 target price on Trevali Mining Corp. The company provided an update on the ongoing drilling activities at Stratmat, releasing new assay results for eight drill holes; these drill holes successfully intercepted high-grade massive sulphide lenses in the S1 zone, all of which remain open for further extension."

Derek Macpherson, M Partners (6/20/14) "Positive drill results identify new targets at Stratmat: Trevali Mining Corp. released drill results from its Stratmat zinc-lead-silver deposit near Bathurst, New Brunswick. The results were highlighted by: 4.2m of 10.13% Zn, 5.5% Pb, 0.91% Cu, 116.4 g/t Ag and 1.1 g/t Au; and 6.2m of 7.45% Zn, 2.65% Pb, 0.15% Cu, 63.3 g/t Ag and 0.9 g/t Au. . .Trevali continues to progress towards becoming the only midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Derek Macpherson, M Partners (6/20/14) "Trevali Mining Corp. released drill results from its Stratmat zinc-lead-silver deposit. . .the results released this morning were from eight holes representing 3,455m of drilling and yielded weighted average grades of 4.54% Zn, 1.96% Pb, 0.53% Cu, 36.62 g/t Ag and 0.48 g/t Au, at an average width of 5.6m. We note that the results were generally positive."

The Northern Miner (6/16/14) "Shares in Trevali Mining Corp. got a little boost after the Vancouver-based firm reported two new zones of high-grade polymetallic mineralization at its Santander zinc-lead-silver underground mine. . .the best two assays from the three channel samples on the Fatima zones are 6.7m grading 12.95% zinc, 0.74% lead and 2.47 oz/t silver (70 g/t), and 4.5m of 7.45% zinc, 2.85% lead and 6.3 oz/t silver (178.6 g/t)."

The Gold Report Interview with Philip Richards (6/16/14) "Our biggest holding is Trevali Mining Corp. The company has a project in New Brunswick, Canada, and is just bringing a project in Peru into production. Both deposits are commercially viable. I think the gearing to the zinc price is pretty high. For this investment to work, we need to be correct about the zinc price. Zinc is currently a little over $0.90/pound. Assuming the price heads north of $1, as we expect, Trevali will do very well." More >

Derek Macpherson, M Partners (6/4/14) "Trevali Mining Corp. announced the discovery of the North Fatima and South Fatima zones, in close proximity to the Magistral Central deposit at Santander. . .channel sample results were highlighted by 6.7m of 12.95% Zn, 0.74% Pb and 84.7 g/t (2.47 oz/ton) Ag from Fatima North, and 4.47m of 7.45% Zn, 2.85% Pb and 216.0 g/t (6.30 oz/ton) Ag from Fatima South. . .we are maintaining our Buy rating and our CA$1.75/share target price. . .the company is becoming the only midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Adam Low, Raymond James (6/4/14) "Trevali Mining Corp. discovered two new high-grade polymetallic zones at Santander. We reiterate our Outperform rating and our CA$1.35/share price target. . .assays from the three channel samples in the Fatima zones returned grades that are well in excess of the existing Indicated resource estimate for the three Magistral deposits. . .these new mineralized areas have the potential to increase metal production over the next couple of years with minimal incremental cost. . .the company will be a key beneficiary of the improving fundamentals in the zinc market."

Joseph Gallucci, Dundee Capital Markets (6/4/14) "Trevali Mining Corp. is one of the most inexpensive stocks we follow and we continue to be impressed with the upside presented at Santander. Further, with the debt restricting deal announced last week, Trevali is now fully-funded for New Brunswick and should have two producing zinc mines online by the second half of 2015, at the right time to take advantage of improving zinc fundamentals. The company remains, in our view, the best 'pure play' on zinc. . .we are reiterating our Top Pick Buy rating."

The Mining Report Interview with Ricardo Carrión (6/3/14) "The focus of Trevali Mining Corp.'s management is currently on developing its Canadian properties, specifically the Caribou project in New Brunswick. Trevali just released the PEA for the Caribou mine, and the market has responded nicely. Trevali is one of the few companies with real exposure to zinc. Most of the analysts in the market are very bullish on zinc today because low supply is projected for the next five years, which will boost the price, of course. We feel that Trevali's stock remains undervalued, however, because of the strength of the Santander mine in Peru. It is expected to produce around 10 million tons of material—7% zinc. It is positioned to go from 2,000 tons per day to 4,000 tons per day during the next two years. And Trevali is exploring additional properties in Peru." More >

Joseph Gallucci, Dundee Capital Markets (6/2/14) "We believe that Trevali Mining Corp. is in a position to follow through on its objectives of: optimizing Santander, developing Caribou and progressing Halfmile/Stratmat. . .the company has the advantage of having Glencore Xstrata as an offtake partner at its operations. These partnerships give Trevali access to vast resources of technical ability and potential access to capital."

Jeff Woolley, Paradigm Capital (5/30/14) "Trevali Mining Corp. has successfully transitioned to producer status and is generating positive operating cash flow. Production levels are forecast to grow substantially over the next 18 months with the planned start-up of operations at the Caribou mine. . .we maintain our Buy rating."

Derek Macpherson, M Partners (5/28/14) "Trevali Mining Corp. announced a new CA$51.45M debt offering yesterday. . .proceeds from the new debt offering are planned to repay the RMB bridge facility, finance construction at the Caribou mine and repay the company's CA$2M convertible notes. . .the company should have the financing required to bring Caribou back into production. . .we are maintaining our Buy rating and our one-year target price of CA$1.75/share. . .Trevali Mining continues to progress towards becoming the only midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Adam Low, Raymond James (5/28/14) "We reiterate our Outperform rating and our CA$1.35 target price for Trevali Mining Corp. The company is offering CA$52.5M in senior secured notes on a private placement basis. . .the notes will fund the construction of the Caribou mine, and refinance the RMB bridge loan. . .we view the company as offering the best equity exposure to zinc. . .we anticipate that Trevali Mining will be a key beneficiary of the improving fundamentals in the zinc market."

Stefan Ioannou, Haywood Securities (5/28/14) "Yesterday, Trevali Mining Corp. announced a CA$52.5M debt facility. . .each unit includes a CA$1K principal senior secured note bearing 12.5% annual interest due on May 30, 2019, and 123.2 common share purchase warrants exercisable at CA$1.26/share. . .the company's operating cost profile stands to fully benefit from silver byproduct credits. . .the 2019 maturity on the notes should give the company sufficient flexibility to generate cash flow from Santander and Caribou for principal repayment. . .we believe the company is poised to become a marquee midtier zinc producer in a market facing a significant medium-term supply issue."

Joseph Gallucci, Dundee Capital Markets (5/28/14) "Trevali Mining Corp. is fully funded for Caribou; the market can put equity fears to rest. . .we believe that Trevali has secured an excellent cost of funds to finance Caribou's construction and to repay the RMB bridge. The bottom line is that the company has raised an extra $20M without significant dilution and reduced its cost of capital."

The Northern Miner (5/26/14) "Trevali Mining Corp. is firing on all cylinders, with commercial production underway since February at its Santander zinc-lead-silver mine in Peru, and a PEA newly wrapped up at its flagship zinc-rich Caribou mine and mill project in New Brunswick. The PEA released after markets closed on May 13 outlines a mine life of just over six years, with an average 93 Mlb zinc annual payable production, 32.5 Mlb lead, 3.1 Mlb copper, 730 Koz silver and 1.5 Koz gold."

Stefan Ioannou, Haywood Securities (5/20/14) "Trevali Mining Corp.'s Q1/14 CFPS (better than expected in our estimates) reflects lower-than-anticipated operating costs at the company's 100%-owned Santander zinc-lead-silver mine. . .the mine appears to be off to a great start, and stands to benefit from additional optimization initiatives going forward."

Derek Macpherson, M Partners (5/20/14) "Trevali Mining Corp. reported better-than-expected Q1/14 revenue. . .we are maintaining our Buy rating. . .the company is positioning itself as the next midtier base metal producer with significant leverage to a favorable macroenvironment for zinc."

Barry Allan, Mackie Research Capital (5/20/14) "Trevali Mining Corp. reported Q1/14 revenue of $24.1M on sales of 12.7 Mlb Zn, 5.2 Mlb Pb, and 250 Koz Ag. . .we are forecasting start-up at Caribou to occur in Q2/15 with a six-month ramp-up period. . .drilling remains ongoing at Stratmat and results will be released upon receipt, leading to an updated resource anticipated in Q3/14; the company also has a 5,000m program at Santander set to begin this week. We maintain our Buy recommendation and target price of $1.30/share."

Joseph Gallucci, Dundee Capital Markets (5/16/14) "Trevali Mining Corp. reported a promising first quarter of earnings, with no surprises, after starting commercial production at Santander in February. Q1/14 was in line with adjusted EPS of $0.017/share, in line with our estimate of $0.012/share and consensus expectations of $0.03/share. . .we are reiterating our Top Pick Buy rating."

Adam Low, Raymond James (5/16/14) "Trevali Mining Corp. generated a small profit in its first quarter with an operating mine, Q1/14. The company reported net income of $0.6M, above our estimate for a break even quarter. . .Santander's operating costs were better than we expected."

Derek Macpherson, M Partners (5/16/14) "We are encouraged by the operational execution and continue to believe Trevali Mining Corp. has meaningful growth ahead and remains one of the best ways to invest in a favorable macroeconomic environment for zinc. . .the company reported better-than-expected revenue in Q1/14. . .we are maintaining our Buy rating."

Chris Chang, Laurentian Bank Securities (5/16/14) "Given the strong Q1/14 payable zinc production of 14.6 Mlb, representing 35% of the guidance, Trevali Mining Corp. is currently on track to potentially exceed its guidance range. . .based on a forecast zinc price of $0.93/lb in 2014 and $0.95/lb in 2015, we do not anticipate any additional external financing required to complete the restart of the Caribou mine and milling complex."

Stefan Ioannou, Haywood Securities (5/14/14) "The PEA metrics for Trevali Mining Corp.'s Caribou are generally in line with our expectations. . .established infrastructure associated with the world-class Bathurst mining camp (and past-producing Caribou mine) has positioned the project for an expedited restart now targeted in Q2/15. . .construction initiatives are expected to begin in June."

Chris Chang, Laurentian Bank Securities (5/14/14) "Trevali Mining Corp. announced the results of its long awaited PEA for its 100%-owned Caribou mine and mill complex. . .based on a 3,000 tpd milling rate, forecast average annual payable production is expected to be 93 Mlb zinc, 32.5 Mlb lead, 3.1 Mlb copper, 730 Koz silver and 1,500 oz gold over a 6-year mine life. . .we continue to recommend shares of the company."

Joseph Gallucci, Dundee Capital Markets (5/14/14) "We view Trevali Mining Corp.'s Caribou PEA very positively. After making the necessary adjustments to account for the release, our NAV has increased to $2.02/share from $1.86/share; the increase stems from Caribou's potential to operate on a standalone basis, which effectively gives the company two operations in New Brunswick instead of one (Halfmile/Stratmat and Caribou). We are increasing our target price to $1.80/share (from $1.60/share)."

Adam Low, Raymond James (5/14/14) "We maintain our Outperform rating on Trevali Mining Corp. . .the PEA for the Caribou polymetallic mine in New Brunswick outlined a project with a very robust post-tax internal rate of return of 57%. . .we continue to view the company as offering the best equity exposure to zinc."

Barry Allan, Mackie Research Capital (5/14/14) "Trevali Mining Corp. announced the results of the independently prepared PEA for its wholly owned Caribou zinc-lead-silver mine and mill complex. . .the company has outlined Q2/15 as startup for Caribou with ~100 Mlb payable zinc produced. . .we maintain our Buy recommendation."

Derek Macpherson, M Partners (5/14/14) "Trevali Mining Corp. announced the Caribou PEA, which we would characterize as generally in line with our expectations with respect to most technical parameters. Key items that were better than expected include lower mining dilution and lower per ton costs. . .we are maintaining our Buy rating and one-year target price of $2.15."

Barry Allan, Mackie Research Capital (5/7/14) "With the delivery of the Caribou PEA around the corner, Trevali Mining Corp. is well on its way to becoming a multi-mine zinc producer. The near-term focus remains firmly on producing a PEA at Caribou that will lead to the restart of operations by early 2015 . . .as the company continues to optimize Santander and brings the New Brunswick and Santander mines to full production, we would expect to see additional increases in the cash flow multiple and stock price."

Stefan Ioannou, Haywood Securities (5/6/14) "Deep exploration drilling has intersected disseminated to massive sulphides at Trevali Mining Corp.'s 100%-owned Caribou volcanogenic massive sulphide project. . .the aggregate 6.2m intersection in drill hole BR-1005 supports historical drilling, which indicates the presence of zinc-lead-copper-gold-silver mineralization well below (~450m) Caribou's resource envelope."

Derek Macpherson, M Partners (5/6/14) "A deep drill hole from Trevali Mining Corp.'s Caribou shows promise. . .the company announced that deep drill BR-1005 at its Caribou project intersected mineralized host rock 450m below the current resource. . . results suggest the current resource could be expanded at depth. . .Trevali is positioning itself as the next midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Joseph Gallucci, Dundee Capital Markets (5/5/14) "Trevali Mining Corp. is our top pick in the junior mining space based on its unique zinc leverage and relationship with Glencore Xstrata Plc. Given that there are few remaining major zinc producers and that the company's future revenue is heavily weighted towards zinc (>50%), Trevali provides a unique and inexpensive opportunity for near-term zinc production leverage."

Barry Allan, Mackie Research Capital (4/15/14) "Trevali Mining Corp. reported preliminary production results for Q1/14 at its Santander zinc-lead-silver mine in Peru. . .the company reported approximately 14.6M payable pounds of zinc, 5.4M payable pounds of lead and 268,600 payable oz silver in Q1. Recoveries for the inaugural commercial production quarter were 87% for zinc, 86% for lead and 74% for silver. . .as Trevali continues to optimize Santander and brings the New Brunswick and Santander mines to full production, we would expect to see additional increases in the cash flow multiple and stock price."

Joseph Gallucci, Dundee Capital Markets (4/14/14) "Trevali Mining Corp. has released its Q1/14 operating results from Santander in Peru; the company's first quarter of full production did not disappoint as the results came in well above our expectations. If Trevali continues its current pace, it could beat its previously released production guidance handily in 2014."

Adam Low, Raymond James (4/14/14) "Trevali Mining Corp. announced impressive Q1/14 production results at Santander. The Q1/14 production results significantly exceeded our estimates for all metals. The mine produced 14.6 Mlb zinc, 5.4 Mlb lead, and 268,600 oz silver (all as payable metal). . .relative to our estimates the actual production for the quarter on zinc, lead, and silver was higher by 36%, 20% and 51% respectively."

Derek Macpherson, M Partners (4/14/14) "Trevali Mining Corp. announced Santander operating results for the first quarter that were well ahead of our estimates. The beat is attributable to both grades and recoveries coming in ahead of our expectations. . .Trevali is positioning itself as the next midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Stefan Ioannou, Haywood Securities (4/14/14) "Ramp-up continues to progress well at Trevali Mining Corp.'s 100%-owned Santander zinc-lead-silver mine. . .during Q1/14, Santander produced 14.6 Mlb zinc, 5.4 Mlb lead and 268,600 oz silver (payable), well on track to meet the company's 2014E production guidance."

Erik Bermel, M Partners (4/14/14) "Trevali Mining Corp. announced Santander operating results for Q1/14, which were well ahead of our estimates. The beat is attributable to both grades and recoveries coming in ahead of our expectations. . .we are maintaining our Buy rating."

Adam Low, Raymond James (4/14/14) "We reiterate our Outperform rating and our CA$1.40 target price on Trevali Mining Corp. . .the Q1/14 production results significantly exceeded our estimates for all metals. The mine produced 14.6 Mlb zinc, 5.4 Mlb lead and 268,600 oz silver (all as payable metal)."

Joseph Gallucci, Dundee Capital Markets (4/7/14) "Trevali Mining Corp. is our Top Pick in the junior mining space based on its unique zinc leverage and relationship with Glencore Xstrata. Given that there are few remaining major zinc producers and that the company's future revenue is heavily weighted towards zinc (>50%), Trevali provides a unique and inexpensive opportunity for near-term zinc production leverage."

Erik Bermel, M Partners (3/31/14) "With Trevali Mining Corp.'s Santander now at a steady state, we expect an increased focus on the company's New Brunswick assets. We expect the PEA to be released in early April. . .we are maintaining our Buy rating and one-year target price of $2.15."

Chris Chang, Laurentian Bank Securities (3/14/14) "We have updated our estimates in anticipation of Trevali Mining Corp.'s upcoming Caribou deposit mine plan, which is expected to be released in the very near term. We continue to anticipate the Caribou mill to start up in Q2/15, processing ore from both Halfmile and the Caribou deposit at a life-of-mine average 50/50 ore mix. . .we are maintaining our Buy recommendation."

The Gold Report Interview with Derek Macpherson (3/12/14) "Trevali Mining Corp. has material growth on the horizon. . .Trevali's assets give it a pretty reasonable all-in cost base on a zinc net of byproducts basis. In 2015 we model Trevali being at US$0.47/pound of zinc net of byproducts, which gives it a reasonable margin to operate at current zinc prices. The investment opportunity with Trevali is unique because it's one of the only zinc producers listed on the Toronto Stock Exchange, so any kind of run in zinc price and it's going to catch a natural bid. . .the next step for Trevali is the New Brunswick PEA. It will give investors a glimpse into what the economics look like for the restart of Caribou and what the company can look like in 2015 and beyond. I think that is the next key derisking step for investors." More >

Barry Allan, Mackie Research Capital (2/27/14) "Trevali Mining Corp. provided an update on drilling activities at its Stratmat zinc-lead-silver-copper-gold deposit. . .results from the Stratmat program have been largely positive, with the company intersecting grades at or above the current resource. . .Trevali is attempting to collect sufficient geotechnical, environmental and metallurgical data to facilitate detailed permitting and mine planning studies regarding the potential of the Halfmile and Stratmat deposits to support a possible 4 to 5 Ktpd stand-alone mill. . .as the company continues to optimize Santander and brings the New Brunswick and Santander mines to full production, we would expect to see additional increases in the cash flow multiple and stock price."

Barry Allan, Mackie Research Capital (2/27/14) "Trevali Mining Corp. provided an update on drilling activities at its Stratmat zinc-lead-silver-copper-gold deposit. . .results from the Stratmat program have been largely positive, with the company intersecting grades at or above the current resource. . .Trevali is attempting to collect sufficient geotechnical, environmental and metallurgical data to facilitate detailed permitting and mine planning studies regarding the potential of the Halfmile and Stratmat deposits to support a possible 4 to 5 Ktpd stand-alone mill. . .as the company continues to optimize Santander and brings the New Brunswick and Santander mines to full production, we would expect to see additional increases in the cash flow multiple and stock price."

Adam Low, Raymond James (2/26/14) "Trevali Mining Corp. announced the drill results from an exploration program at its Stratmat project. . .the company provided assay results for five drill holes that successfully intercepted high-grade massive sulphide lenses. . .the assays for a number of the drill holes were impressive, as they not only intercepted mineralization of mineable widths, but the grades were, at times, well in excess of the current Inferred resource estimate for Stratmat."

Adam Low, Raymond James (2/26/14) "We reiterate our Outperform rating and our CA$1.40 target price for Trevali Mining Corp.; the commissioning of Trevali's Santander mine in Peru has gone well, and Trevali is transitioning from a mine developer to a metals producer. This is a transition that is typically accompanied by an increase in the trading multiple; we also expect Trevali to benefit from improving fundamentals in the zinc market. . .the assays for a number of the drill holes were impressive, as they not only intercepted mineralization of mineable widths, but the grades were at times well in excess of the current Inferred resource estimate for Stratmat."

Canadian Mining Journal (2/26/14) "Trevali Mining Corp. of Vancouver is intersecting multiple, high-grade, massive sulphide lenses over what it says are significant intervals at its Stratmat zinc-lead-copper deposit in the Bathurst Mining Camp. . .resource definition drilling continues as the company looks at the potential of the Stratmat and Halfmile deposits to support a 4–5 Ktpd mine and concentrator."

Derek Macpherson, M Partners (2/26/14) "Trevali Mining Corp. announced infill drill results at its Stratmat deposit in New Brunswick, which were highlighted by 27m at 7.4% Zn, 1.4% Pb, 1.26% Cu, 94 g/t Ag and 2.45 g/t Au. . .we believe Stratmat provides the company with long-term growth potential in the Bathurst mining camp. . .Trevali is positioning itself as the next midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Matthew O'Keefe, Mackie Research Capital (2/21/14) "Trevali Mining Corp. announced that it has achieved commercial production at its Santander zinc-lead-silver mine. . .performance has been consistently good, operating close to 2 Ktpd since October with solid recoveries and metal production. . .we maintain our Buy recommendation and target price of $1.30/share."

Charlotte McLeod, Resource Investing News (2/20/14) "Reaching a key milestone today was zinc-focused base metals miner Trevali Mining Corp., whose Santander zinc-lead-silver mine in Peru has achieved commercial production. . .its 2014 guidance in payable metals is: 42–45 Mlb zinc, 15–17 Mlb lead and 700–720 Koz silver. . .those watching the company can also expect to see it give New Brunswick more attention moving forward."

Chris Chang, Laurentian Bank Securities (2/20/14) "Trevali Mining Corp. has declared commercial production at its wholly owned Santander mine. . .as a result, the company will now report revenues beginning in Q1/14, officially transitioning it from an advanced-stage developer to a cash flow-generating entity. We believe shares of Trevali should expect a rerating over time as the balance sheet continues to strengthen."

Erik Bermel, M Partners (2/20/14) "As expected, Trevali Mining Corp. declared commercial production at Santander effective Feb. 1, 2014. While this does not change our view on the asset, it should be a derisking step for investors. . .the company is positioning itself as the next midtier base metal producer with significant leverage to a favorable macroeconomic environment for zinc."

Aleem Ladak, PI Financial (2/20/14) "Trevali Mining Corp. released an update on its 100%-owned Santander mine in Peru by declaring commercial production and issued production guidance for 2014. . .during January, Santander produced 4.9 Mlb zinc as the mill approached design capacity. For 2014, management has guided towards zinc output of 42–45 Mlb, lead output of 15–17 Mlb and silver output of 700–720 Koz."

Adam Low, Raymond James (2/20/14) "We reiterate our Outperform rating and our CA$1.40 target price on Trevali Mining Corp. The commissioning of the Santander mine has gone well, and the company is transitioning from a mine developer to a metals producer; this is a transition that is typically accompanied by an increase in the trading multiple."

Joseph Gallucci, Dundee Capital Markets (2/20/14) "Trevali Mining Corp. has done well to bring the Santander mine from commissioning to commercial production in about six months. . .we are raising our target based on the company announcing commercial production in Peru and given that it is fully financed for production in New Brunswick (after the recent equity raise). . .Trevali remains a Buy and our Top Pick with a $1.60/share target price (up from $1.50/share)."

The Gold Report Interview with Adam Low (2/19/14) "Trevali Mining Corp. is the only pure-play producer listed on the Toronto Stock Exchange and one of a few in the world. By pure-play, I mean it will be generating the majority of its revenue from zinc. This is an enviable position. Because of the coming zinc scarcity I mentioned above, investors will be funneled into zinc equities to gain leverage to the zinc market. I've followed Trevali for about four years, and it is in a stronger position now than I've ever seen it. The Santander commissioning process has gone well, and its balance sheet is robust. . .Trevali has quite a bit of organic growth potential through its other operations, particularly the Halfmile and Stratmat brownfield sites in New Brunswick, which it intends to restart in the next year or so. The bulk of our NAV for Trevali comes from New Brunswick. That's where we're going to see a lot of the value in this story start to accrue. We have an Outperform rating and a $1.40 target price on Trevali." More >

Joseph Gallucci, Dundee Capital Markets (2/5/14) "Trevali Mining Corp. is our Top Pick in the junior mining space based on its unique zinc leverage and relationship with Glencore Xstrata. . .the company is the only producing pure-play zinc story on the Toronto Stock Exchange and, moreover, it is undervalued compared to its base metals-producing peers."

Matthew O'Keefe, Mackie Research Capital (2/5/14) "Trevali Mining Corp.'s mill at its Santander zinc-lead-silver mine continued to operate consistently at the 2 Ktpd nameplate capacity (effective monthly plant availability of 100%) with monthly throughput of approximately 58 Kt and recoveries of 84.9% for zinc, 84.8% for lead and 70.7% for silver. . .we maintain our Buy recommendation."

Erik Bermel, M Partners (2/4/14) "Trevali Mining Corp. announced it once again achieved nameplate capacity of 2 Ktpd in January. . .as well, zinc recoveries continued to improve, approaching our steady state estimates of 85%. . .we are maintaining our Buy rating."

Adam Low, Raymond James (2/4/14) "We reiterate our Outperform rating for Trevali Mining Corp. . .the commissioning of the Santander mine is proceeding well, and the company is transitioning from a mine developer to a metals producer. . .we also expect Trevali to benefit from improving fundamentals in the zinc market as a number of the world's largest zinc mines begin to close through 2016 due to ore reserve depletion. The company's profile amongst investors should be heightened as this change in the zinc market occurs, and due to the scarcity of equities that offer exposure to zinc."

Stefan Ioannou, Haywood Securities (2/4/14) "Ramp-up continues to progress well at Trevali Mining Corp.'s 100%-owned Santander zinc-lead-silver mine in Peru. We anticipate the operation will be in a position to declare commercial production early this quarter. . .we believe the company is poised to become a (the) marquee midtier zinc producer in a market facing a significant medium-term supply issue."

Joseph Gallucci, Dundee Capital Markets (2/3/14) "Trevali Mining Corp. is our Top Pick in the junior mining space based on its unique zinc leverage and relationship with Glenstrata. Given that there are few remaining major zinc producers and that the company's future revenue is heavily weighted towards zinc (~50%), Trevali provides a unique and inexpensive opportunity for near-term zinc production leverage. . .Trevali has the advantage of having Xstrata and Glencore as offtake partners. . .we like these partnerships as they give Trevali access to a cheap milling alternative, technical ability in a foreign jurisdiction and potential access to capital."

Chris Chang, Laurentian Bank Securities (1/30/14) "In December 2013, zinc recoveries at Trevali Mining Corp.'s Santander mine continued to improve, averaging 81% since start-up, which compares to its design of approximately 85%. . .we are maintaining our Buy recommendation. . .our rating is supported by the company's exposure to an improving zinc price, near-term production growth and takeover potential."

The Gold Report Interview with David Morgan (1/27/14) "Trevali Mining Corp. is a zinc play. It's one of the few positive stories out there right now. It's up from where we recommended it and has the capital to keep moving the Caribou and Santander mines into production. Some of the major bank analysts are now talking zinc; we were pretty early." More >

Aleem Ladak, PI Financial (1/16/14) "We are rolling forward our valuation on the shares of Trevali Mining Corp. to our new 2015 estimates following the release of solid production results from Santandar early last week. . .Santandar will be a stable source of cash flow in 2014 as management turns its focus towards refurbishing the Caribou Mill. . .we are maintaining our Buy (Speculative Risk) rating and increasing our target price to $1.50/share (previously $1.05/share)."

Matthew O'Keefe, Mackie Research Capital (1/8/14) "Trevali Mining Corp. provided a December update on the ramp-up at its Santander zinc-lead-silver mine in Peru. The mill continued to operate consistently at the 2 Ktpd nameplate capacity, giving an effective monthly plant availability of 100%."

Adam Low, Raymond James (1/7/14) "With the commissioning of Santander well underway, Trevali Mining Corp. is transitioning from a mine developer to a metals producer. . .we [expect] the company to benefit from improving fundamentals in the zinc market as a number of the world's largest zinc mines begin to close through 2016 due to ore reserve depletion. . .we continue to be very impressed by the progress being made with the ramp-up of the Santander mine. . .recoveries for all metals (zinc, lead, and silver) are attaining the targeted levels, and the concentrate grades are in-line (zinc) or better-than-expected (lead)."

Derek Macpherson, M Partners (1/7/14) "Trevali Mining Corp. announced that it once again achieved nameplate capacity of 2 Ktpd in December, with average head grades for the month of 3.6% zinc, 1.5% lead and 1.4 oz/ton silver. . .we maintain our Buy rating. The company is positioning itself as the next midtier base metal producer with significant leverage to a favorable macro-environment for zinc."

Stefan Ioannou, Haywood Securities (1/7/14) "Ramp-up continues to progress well at Trevali Mining Corp.'s 100%-owned Santander zinc-lead-silver mine in Peru. We anticipate the operation will be in a position to declare commercial production (early) this quarter. . .during December, Santander continued to maintain mill throughput at the plant's full 2 Ktpd nameplate capacity (~60 Kt for the month), giving an effective plant availability of 100% for the third straight month."

The Mining Report Interview with Joseph Gallucci (1/7/14) "My favorite zinc miner is Trevali Mining Corp. (TOP PICK, BUY rated at Dundee). It is in production and it has access to a great partner in Glencore International. It is quite rare for a junior mining firm to have a strategic partnership with such a giant as Glencore. And because up to 40% of zinc production comes from the juniors, Glencore is interested in obtaining the zinc feed even though it does not have the time to directly manage small operations. In the Trevali-Glencore symbiosis, Trevali mines the ore and sells the zinc concentrate to Glencore at market terms. Trevali is well positioned on the Toronto Stock Exchange to benefit from increases in zinc prices, or even by stability in the price. . .

"Trevali has a zinc mine in Peru called Santander, which is operating at capacity of 2 Ktpd. Its New Brunswick complex is composed of one mill and two mines, which are scheduled to go on-line by the end of 2014 at about 3 Ktpd. Trevali can rely on Glencore's expertise to get these mines and mills into production. And the New Brunswick jurisdiction is very safe. . .with the equity deal complete and the debt facility potentially resized to $35M, the financing overhang is gone. It is a good buy now that it has one asset in operation and the other asset is financed and can be put into production by the end of next year." More >

Joseph Gallucci, Dundee Capital Markets (1/6/14) "Trevali Mining Corp. is our Top Pick in the junior mining space based on its unique zinc leverage and relationship with Glenstrata. Given that there are few remaining major zinc producers and that the company's future revenue is heavily weighted toward zinc (~50%), Trevali provides a unique and inexpensive opportunity for near-term zinc production leverage. . .we believe that the company is in a position to follow through on its objectives of ramping up Santander, developing Halfmile, upgrading the Caribou and Santander mills, and proceeding with further resource expansion."

Chris Chang, Laurentian Bank Securities (12/17/13) "Our Buy rating is supported by the Trevali Mining Corp.'s exposure to an improving zinc price, near-term production growth, and takeover potential. . .we believe the company has emerged as the "go to" name in the Canadian landscape for zinc production exposure. . .we forecast zinc production to more than double to 137.7 Mlb in 2015 with the startup of the New Brunswick mining camp. . .with the commissioning of Santander, we anticipate production of 54.4 Mlb zinc at an operating cash cost of US$0.58/lb."

Stefan Ioannou, Haywood Securities (12/12/13) "Trevali Mining Corp. recently closed a $46M bought-deal equity financing earmarked to advance development at the company's 100%-owned Bathurst project. . .Trevali's equity financing initiative has deleveraged the company's balance sheet."

Matthew O'Keefe, Mackie Research Capital (12/11/13) "Yesterday, Trevali Mining Corp. announced the results of three additional holes drilled on the deeper levels of the newly discovered Rosa zone at its Santander mine in Peru. All three diamond drill holes have intersected high-grade lead-silver-zinc mineralization at depth, further expanding the size of the Rosa zone. . .the Rosa zone continues to be a positive surprise during the startup of the Santander mine and demonstrates the ongoing potential to grow this mine even further."

Irwin Michael, Financial Post Interview with Irwin Michael (12/10/13) "Trevali Mining Corp. is a zinc-focused base metals producer that has assets in politically safe jurisdictions such as Peru, where production began in August, and New Brunswick, where production is due to begin in 2014."

Joseph Gallucci, Dundee Capital Markets (12/10/13) "Trevali Mining Corp. has announced that the recently discovered Rosa zone at the company's Santander mine in Peru has been expanded. This zone is higher grade than the current resource and is not part of the existing mine plan; as such, it represents upside to our valuation."

Adam Low, Raymond James (12/10/13) "We are maintaining our Outperform rating on Trevali Mining Corp. . .with one mine now in the commissioning process, the Santander mine in Peru, and the balance sheet vastly improved by the recent equity financing, we believe Trevali is now well prepared to make the transition from a mine developer to a metals producer."

Erik Bermel, M Partners (12/10/13) "Trevali Mining Corp.'s drill results continue to support our view for higher silver head grades near term. . .discovery of the nearby Manto zone highlights Santander's prospectivity and supports our view that an expansion to 4 Ktpd is likely. . .we are maintaining our Buy rating."

Gwen Preston, The Northern Miner (12/9/13) "Trevali Mining Corp. is busy filling a $46M bought-deal financing, adding to a balance sheet that in the last 14 months already saw $16M come in from two equity raises and $60M made available through a debt facility and silver-stream agreement. . .both Santander and Caribou are primary zinc operations, with byproduct lead and silver, and after a decade in the doldrums zinc prices are poised to climb, spurred by major mine closures in the next few years, and a dearth of production-ready projects. . .workers below ground are mining into better-than-expected grades and encountering new zones during development."

Joseph Gallucci, Dundee Capital Markets (12/9/13) "With the closing of Trevali Mining Corp.'s $46M equity raise, the company has effectively replaced a more expensive source of funds with a less expensive one. We believe that this was a positive and opportunistic move by Trevali that will replace the final source of funds for the restart of mining in New Brunswick. . .we are reiterating our Top Pick, Buy rating."

Erik Bermel, M Partners (12/3/13) "Trevali Mining Corp.'s Santander commissioning continues to demonstrate success. The company announced it once again achieved nameplate capacity of 2 Ktpd in November with average head grades of 4.7% Zn (versus 4.4% in October), 1.6% Pb (versus 1.8% in October) and 1.9 oz/ton Ag (versus 1.6 oz/ton in October). . .Q4/13 results continue to track ahead of expectations. . .we are maintaining our Buy rating and one-year target price of $1.80/share."

Matthew O'Keefe, Mackie Research Capital (12/3/13) "Trevali Mining Corp. provided a November update on the ramping up at its Santander zinc-lead-silver mine. . .the mill operated consistently at the 2 Ktpd nameplate throughput capacity. . .the company also recently closed a $46M equity financing. . .Trevali continues to offer a compelling opportunity for investors in the resource space looking for a growing producer with leverage to zinc. . .as the company brings both the New Brunswick and Santander mines to full production we would expect to se additional increases in cash-flow multiple and stock price."

Henry Lazenby, Mining Weekly (11/29/13) "Zinc-focused Trevali Mining closed a bought-deal financing that raised $46M. . .the company said it intended to use the net proceeds of the Caribou mine and mill complex, located near Bathurst, New Brunswick, for general working capital purposes. Trevali's stock closed up 2.47% at CA$0.83/share on the TSX."

Aleem Ladak, PI Financial (11/26/13) "Trevali Mining Corp. leased an update from its 100%-owned Bathurst Mining Camp assets. . .the update provided details on the summer drill programs, which were completed at the Halfmile and Stratmat deposits, and provided color on Trevali's short-term and long-term goals in northern New Brunswick. . .management hopes to have completed the refurbishment of the Caribou Mill within 12–24 months. . .now that Santander is at, or is near, full production, Trevali's growth over the next few years will come from Bathurst. This latest update gives us confidence in our estimates for Caribou and management's focus switch from Santander to Caribou."

The Gold Report Interview with Stefen Ioannou (11/20/13) "There is pretty good market consensus that Trevali Mining Corp. is the go-to zinc name. Its mine in Peru is just starting production and a second mine in New Brunswick is scheduled to come on-line late next year." More >

Chris Chang, Laurentian Bank Securities (11/8/13) "Trevali Mining Corp. announced a $40M equity financing whereby the company plans to issue 48.2M shares at a subscription price of 0.83/share. . .Trevali can now continue its efforts on the restart of the Caribou mine and milling complex, which we anticipate to begin commissioning in late Q4/14. . .we are maintaining our Buy recommendation."

Matthew O'Keefe, Mackie Research Capital (11/5/13) "Trevali Mining Corp. provided an October update on the ramp-up at its Santander zinc-lead-silver mine. . .all indications are pointing to a better understanding of the plant and mine feed characteristics. . .the company continues to offer a compelling opportunity for investors in the resource space looking for a growing producer with leverage to zinc. We maintain our Buy recommendation."

Stefan Ioannou, Haywood Securities (11/4/13) "Ramp-up continues to progress well at Trevali Mining Corp.'s 100%-owned Santander zinc-lead-silver mine. . .we continue to anticipate the operation will be in a position to declare 'commercial production' in December."

Erik Bermel, M Partners (11/4/13) "Trevali Mining Corp. announced its Santander mill produced at its nameplate capacity of 2 Ktpd in October, with average head grades of 4.4% Zn, 1.8% Pb and 1.6 oz/t (45 g/t) Ag; recoveries improved 4.1% for zinc, 5.4% for lead and 5.8% for silver month over month. As well, the company shipped 4,400 t zinc concentrate and 210 t lead-silver concentrate to Glencore Xstrata Plc; we believe this shipment is likely to result in approximately $3.2M in near-term cash flow."

Adam Low, Raymond James (11/4/13) "Trevali Mining Corp. provided an update on the commissioning of the mill at its Santander polymetallic mine in Peru. . .with the commissioning of the Santander mine underway, the company is making the transition from a mine developer to a metals producer. . .we also expect Trevali to benefit from improving fundamentals in the zinc market as a number of the world's largest zinc mines begin to close through 2016. . .we continue to be very impressed with the progress being made with the commissioning of the Santander mine."

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