Companies

Request More Information

Last:
Change: Change(%):
Volume: Open:
High: Low:
52Wk High: 52Wk Low:

Experts Commenting on This Company

 

Visit Company Website

View Company News


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:

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."

more comments

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."

Joseph Gallucci, Dundee Capital Markets (11/4/13) "Trevali Mining Corp.'s Santander mine is performing at full levels with an impressive 100% effective availability at the nameplate throughput rate of 2 Ktpd in October. . .with great initial production in Peru progress in New Brunswick, the company should have two producing operations on line and fully ramped-up by the time we expect improving zinc fundamentals to buoy prices in 2014E–15E. We expect an imminent rerating for Trevali as commercial production has been reached at Santander; the company remains a Buy and our top pick."

Matthew O'Keefe, Mackie Research Capital (10/30/13) "Trevali Mining Corp. announced that all four drifts at the Rosa zone in the Magistral North deposit of the Santander mine have encountered massive sulphide base metal replacement mineralization. . .the results suggest that there is a trend of increasing grades and thickness of mineralization with depth. It remains open for expansion and underground drilling targeting the deeper portion of the Rosa zone is in progress. This is a positive surprise during the start-up of the Santander mine and demonstrates the ongoing potential to grow this mine even further. .we maintain our Buy rating."

Stefan Ioannou, Haywood Securities (10/29/13) "Trevali Mining Corp. has expedited development of the recently discovered high-grade Rosa zone at the Magistral North deposit—part of the company's 100%-owned Santander mine in Peru. Given highly encouraging drill results and the Rosa zone's proximity to established underground mining infrastructure, Trevali has proceeded to develop the discovery on four sublevels in lieu of formal resource definition. . .expedited Rosa zone development offers higher-grade mill feed potential that could provide greater near-term operational flexibility at Santander."

Derek Macpherson, M Partners (10/29/13) "Trevali Mining Corp.'s Rosa Zone is developed on four sub-levels and is ready for mining. . .the addition of this higher grade zone to the mine plan could lead to our 2014 estimate for 50.2 Mlb of zinc production at costs of US$0.37/lb (net of by-products) being conservative. . .Trevali's ability to convert exploration drilling success at Rosa Zone into minable working faces underscore Santander's potential to expand beyond its current 2,000 tpd. . .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 (10/22/13) "Yesterday, Trevali Mining Corp. reported that recent underground drilling at its Magistral North deposit at the Santander mine in Peru had intersected significant high-grade silver-lead-zinc mineralization at depth. Additionally several new replacement bodies, or mantos, were discovered in the footwall parallel to the Magistral North zone. . .we maintain our Buy rating."

The Gold Report Interview with Derek Macpherson (10/22/13) "Trevali Mining Corp. has now been operating for less than two months. The discount is related to the risk of being at such an early stage. When it comes to zinc, Trevali is one of the few pure-play zinc producers in the midtier base metal space. The macro environment for zinc is looking very positive. With so few vehicles to play in that positive macro environment, Trevali could trade at a premium to its peers. . .

"My visit to the Santander mine in Peru was a good trip, and the operation appears to be ramping up smoothly now that the mill has started. The silver lining to the delays in getting the mill commissioned was that Trevali was able to ramp up the underground operations and get approximately 140,000 tonnes ahead of the mill. That is about two months of mill feed and gives the company lots of flexibility as it brings underground operations to a steady state. In our view, the mill is very close to its operating capacity already, after just over a month of operation. . .while we were on-site, we saw concentrate shipments leaving the mill. Because Trevali gets paid within a couple weeks of the shipments being delivered to the port, it should be generating cash very soon. . .this [high-grade mineralization at the Magistral Norte] zone further increases Santander's tonnes per vertical meter and supports our view that an expansion to 4,000 tpd is likely." More >

Derek Macpherson, M Partners (10/21/13) "Today's drill results underscore Trevali Mining Corp.'s Santander's potential to expand beyond its current 2 Ktpd. We currently model throughput expansion beginning in H2/16, with mill capacity increasing to 4 Ktpd in Q1/17. We anticipate the $20MM capex will be funded through cash flow. . . rerating to producer multiples could provide near-term upside; Trevali is positioning itself as the next mid-tier base metal producer with significant leverage to a favorable macro-environment for zinc."

Adam Low, Raymond James (10/21/13) "Trevali Mining Corp. released results from underground drilling at its Santander zinc-lead-silver mine in Peru. . .the four assayed holes included in the release encountered high-grades over mineable widths. We note that most of the reported intercepts features grades in excess of the current mineral resource at Santander; in our view, these exploration results continue to confirm the upside potential at the Santander mine through a possible extension to the mine life, or even higher head grades in the early years of mining."

Erik Bermel, M Partners (10/17/13) "Trevali Mining Corp. is the next midtier base metal producer with significant leverage to a favorable macro environment for zinc; the transition from developer to producer is partially derisked by the company's strong working relationship with Glencore Xstrata Plc. Near-term growth is expected from the restart of Caribou while longer term growth is likely at Santander; we are initiating coverage of Trevali with a Buy rating and 1-year target price of $2, implying a rate of return of 141%."

Stefan Ioannou, Haywood Securities (10/9/13) "Trevali Mining Corp. announced the results from a 3,968m underground drill program (39 holes) at its 100%-owned Santander mine in Peru. The positive results have demonstrated the presence of new mineralized zones located in close proximity to current resources and underground infrastructure at the Magistral North deposit. . .the newly discovered zones offer higher grade resource potential that could provide greater operational flexibility. . .with zinc production from two mines expected to ramp up to ~210 Mlb per anum by ~2017, we believe the company is poised to become a (the) marquee midtier zinc producer in a market facing a significant medium-term supply issue."

Matthew O'Keefe, Mackie Research Capital (10/9/13) "Trevali Mining Corp.'s ramp-up at Santander has moved quicker than expected with the mill increasing throughput from 1,500–1,600 tpd at startup and hitting nameplate 2,000 tpd capacity during the month of September with recoveries close to target. . .the company should see its first cash flow before the end of the month. . .yesterday, Trevali reported it has intersected three new zones of high-grade polymetallic mineralization at Santander occurring in the footwall of the Magistral North deposit."

Adam Low, Raymond James (10/9/13) "We maintain our Outperform rating and CA$1.60 target price on Trevali Mining Corp. In our view, following the commissioning of the company's Santander mine in Peru, Trevali is poised to slowly turn into a stronger corporate entity. . .the inflection point for it gaining this heightened degree of liberation is the transition of the Santander mine from a project requiring cash outflow for construction to a pending source of cash inflow from concentrate sales."

Joseph Gallucci, Dundee Capital Markets (10/8/13) "Trevali Mining Corp. has discovered three new veins of high-grade mineralization in the footwall of the Magistral Norte deposit at Santander. . .the Rosa zone has the potential to add significantly to the existing resource (potentially ~100 Kmt) and could have the upside of being the size of Magistral South, but at higher grade. . .we rate the company as a Buy and it remains our top pick."

Matthew O'Keefe, Mackie Research Capital (10/3/13) "Our initial impressions of Trevali Mining Corp.'s Santander mine were very positive, as the new mill is running very smoothly and mine development is well advanced. Ramp-up has moved quicker than expected, with the mill increasing throughput from 1,500–1,600 tpd at start-up and hitting nameplate 2 Ktpd capacity during the month of September. . .recoveries are improving nicely, closing in on the target rates of 85% zinc and 80% lead. . .the company should see its first cash flow before the end of the month, which will be a major milestone."

Stefan Ioannou, Haywood Securities (9/30/13) "Trevali Mining Corp. provided a commissioning update for its 100%-owned Santander mine in Peru. During the month of September, mill throughput and head grades have steadily increased and the processing plant is now running at its nameplate 2,000 tpd design capacity. Metallurgical performance has also improved significantly as the operating team continues to familiarize itself with the plant and mine-feed characteristics. . .Trevali is more than a one-trick pony. The company's 100%-owned Bathurst project in New Brunswick is world class and established infrastructure has positioned it for an expedited restart currently targeted in mid-H2/14, and is expected to ramp up to ~130 Mlb/year."

Aleem Ladak, PI Financial (9/30/13) "Trevali Mining Corp. released an update from its 100%-owned Santander mine in Peru. Santander started production in mid-August and its ramp-up has been going very well. . .the mill reaching design capacity of 2 Kmtpd within two months of starting production is a definite positive. At current zinc, lead and silver prices, the mine is already cash flow positive now that it has reached its design capacity."

Adam Low, Raymond James (9/30/13) "Trevali Mining Corp. provided an update on the commissioning of the mill at its Santander mine in Peru. . .thus far we are impressed with the rapid commissioning of Santander. Trevali announced the start of production on August 15, 2013, and after only a month-and-a-half the Santander operation is already starting to attain its design throughput rate of 2,000 tonnes/day. . .the ramp-up of Santander appears to be progressing very well and ahead of our expectations."

Joseph Gallucci, Dundee Capital Markets (9/30/13) "Trevali Mining Corp. announced that Santander's mill is now ramped up at 100% of nameplate capacity; hitting 2,000 tpd. We believe this is an excellent achievement as the mill has been operating for less than two months. . .metallurgical recovery continues to increase as Trevali continues to familiarize itself with the plant and feed. . .given that the plant is at capacity and the con grades are at or above our assumptions, we view this as a very positive start-up. . .we view Trevali as the best vehicle for zinc leverage currently on the market."

The Gold Report Interview with Ricardo Carrión (9/16/13) "Trevali Mining Corp. has the Santander mine (a zinc asset in Peru). Last month the company announced the commencement of operations, which was a good catalyst for the market. . .analysts are predicting a deficit on the zinc supply side. Having a project up and running in this down cycle is a good thing for the company because the expectations are that it will get all the upside in the upcoming years. It's a very important project for Trevali, one that it has just started. The other project is located in Canada and is supposed to be in operation by the end of next year. If you want to get exposure to zinc, Trevali is one of the best choices. . .Trevali has a very strong board. Also, GlencoreXstrata has a good stake in the project. It has an offtake agreement on Santander. One of the positives of Trevali is that it has the support of a major." More >

Adam Low, Raymond James (9/10/13) "Based on the first month of production, Trevali Mining Corp.'s ramp-up of the mill at the Santander mine appears to be progressing well. . .throughput is currently 75% of capacity, concentrate quality appears good thus far and metal recoveries have been generally as expected."

The Gold Report Interview with Andrew Chanin (8/28/13) Andrew Chanin: Trevali Mining Corp. has some heavy zinc deposits in production and in reserve. They could buoy the stock in times when zinc does well.

TGR: Trevali recently started producing zinc and lead-silver concentrate at its Santander mine in Peru. Do you expect that to translate to the share price?

AC: I certainly do. It would be impossible for the production of those metals not to have an effect on the share price because they are such impressive quantities, zinc particularly. More >

Henry Lazenby, Mining Weekly (8/16/13) "This week, Trevali Mining Corp. started zinc and lead-silver concentrate production at the Santander mine metallurgical plant in Peru. The crushing, transfer, grinding, flotation and tailings circuits are all operational and undergoing commissioning and optimization. . .the company is now aiming to ramp up operations to the planned capacity of 2 Ktpd."

Matthew O'Keefe, Mackie Research Capital (8/16/13) "Trevali Mining Corp. announced it has commenced zinc and lead-silver concentrate production from the metallurgical plant at the Santander mine. . .the company remains on track to be the next pure play zinc producer. . .as Trevali brings both the New Brunswick and Santander mines to full production, we would expect to see additional increases in the cash flow multiple and stock price."

Aleem Ladak, PI Financial (8/16/13) "Trevali Mining Corp. announced that zinc concentrate production has finally begun at the Santander mine in Peru. . .now that the construction is over, a ramp up to full production can begin and positive cash flows are expected by the end of the year. . .the silver lining to the delayed start of production is that the zinc price has been strengthening since the spring when prices for gold and copper sold off. . .the increase in earnings in 2014 will be driven by output starting at the Caribou Mill."

Stefan Ioannou, Haywood Securities (8/15/13) "Trevali Mining Corp.'s. initial concentrate production marks a key development milestone. . .with zinc production from two mines expected to ramp up to ~210 Mlb/year by ~2017, we believe the company is poised to become a (the) marquee mid-tier zinc producer in a market facing a significant medium-term supply issue."

Adam Low, Raymond James (8/15/13) "Before market open on August 15, 2013, Trevali Mining Corp. announced that it commenced zinc, and lead-silver concentrate production from its Santander mine in Peru. . .in our view, this is a very significant achievement. Although the start-up of Santander took longer and cost more than originally planned, this marks the turning point for the company from a mine developer to a metal producer."

Joseph Gallucci, Dundee Capital Markets (7/2/13) "Trevali Mining Corp. is our top pick in the junior mining space based on its unique zinc leverage and relationship with Glenstrata. We rate the company a Buy. . .given that there are few remaining major zinc producers and that Trevali's future revenue is heavily weighted towards zinc (~50%), the company provides a unique and inexpensive opportunity for near-term zinc production leverage."

The Gold Report Interview with Stefan Ioannou (7/1/13) "The go-to zinc name will arguably be Trevali Mining Corp. The company's Santander mine in Peru is on the verge of commissioning. Its second project, Caribou, is in the Brunswick camp of New Brunswick. It should be in production by early 2014. Trevali will be one of the first junior to midtier zinc-focused companies to hit the ground running as an actual producer. That status alone ensures attention when the zinc price runs. [the Santander mine] has underground ramp access to operations and a new mill, in which Glencore International Plc is a significant partner. This gives it a very different cost structure. The mine should make money at any price north of $0.50/lb. . .looking at Trevali's two mines together [Santander and Caribou], the company will be producing upward of 200 Mlb/year zinc in three or four years. By then, with a significantly higher zinc price, the company stands to generate significant cash flow and to have a significant treasury. At 200 Mlb/year, Trevali becomes a target. Nyrstar NV took out Breakwater Resources Ltd. at roughly a 40% premium to market. It also took out Farallon Mining Ltd. at roughly a 30% premium to market in early 2011. The junior's G9 mine in Mexico was ramping up to about 120 Mlb of zinc production per annum at the time. In the zinc space, we would not be surprised to see the majors come down the food chain, given there isn't much any bigger than what you see in a company like Trevali." More >

Matthew O'Keefe, Mackie Research Capital (6/20/13) "With the main crusher starting up earlier this month, Trevali Mining Corp. commenced initial processing of stockpiled mill feed at Santander. The company expects initial zinc and lead-silver concentrate production to commence later this month with the first shipments guided for July. . .Trevali is still on track to be the next pure play zinc producer. . .we maintain our Buy recommendation."

Joseph Gallucci, Dundee Capital Markets (6/19/13) "Trevali Mining Corp. has announced significant progress with underground development at the Santander Mine, which is nearing concentrate production in Peru. . .significant concentrate production is expected from July onward and initial shipments are expected around late July when sufficient inventory is built. We expect 29 Mlbs of zinc production for ~$11M in EBITDA for 2013. . .the company remains our Top Pick in the junior mining space based on its zinc leverage, strong production profile and unique relationship with Glencore Xstrata."

Resource Investing News Interview with Joseph Gallucci (6/17/13) "I would describe Trevali Mining Corp. as one of the few pure zinc vehicles on the Canadian market. . .and there's nobody that can benefit from rising zinc prices in the short term as much as the company can. . .Trevali was one that checked all the boxes for me as top pick, mainly because the supply and demand for zinc and the quality of the management team and assets. . .this management team knows what they're doing."

Adam Low, Raymond James (6/13/13) "We maintain our Outperform rating on Trevali Mining Corp., but are reducing our target price to CA$1.70 (from CA$1.85) after incorporating the dilution from the equity raise. . .the CA$10.9M equity financing. . .while dilutive, does provide the company with much required cash to support its working capital needs as it transitions through the start-up of the Santander mine in Peru, and waits for the closing of the full RMB Resources US$60M debt and precious metals facility. . .recent management additions reflect the transition to a producer."

Joseph Gallucci, Dundee Capital Markets (6/12/13) "With Trevali Mining Corp. nearing production at Santander, the company has secured an important working capital buffer for the Peruvian operation by raising net proceeds of $10.5M through a private placement. . .with production at hand (this month) in Peru and mill construction progressing in New Brunswick, the company should have two producing operations online and fully ramped-up by the time we expect improving zinc fundamentals to buoy prices in 2014E. We rate Trevali a Buy."

Erik Bermel, M Partners (5/22/13) "Trevali Mining Corp. entered into a bought deal, agreeing to issue 16.7M shares for proceeds of $10M, expected to close June 12, 2013. Proceeds will be used to advance the Santander and New Brunswick projects. . .we are maintaining our Buy recommendation. . .the company has an attractive production profile with long-term production growth as it develops mine operations in Canada and Peru, and it is establishing itself as the next intermediate zinc producer."

The Northern Miner (5/2/13) "New Brunswick has given the green light to Trevali Mining Corp. to operate its Caribou mine and mill complex in the Atlantic province's Bathurst mining camp, and the zinc-focused development company says it expects to fire up the mill early next year. . .the Vancouver-based junior is currently juggling two projects on as many continents and hopes to start production at both within the next 12 months. . .by the middle of this year, Trevali expects to ramp up its 100%-owned brownfield Santander zinc-lead-silver mine in Peru to 2,000 tonnes per day and expand it to a daily 4,000 tonnes in 2015."

Stefan Ioannou, Haywood Securities (5/2/13) "Trevali Mining Corp. has received provincial approval to operate the company's 100%-owned Caribou mine-mill complex in New Brunswick. . .funds from the mezzanine debt facility will enable the company to order Caribou's SAG mill within the coming week. . .Trevali is targeting operational start-up in early 2014. . .the company is more than a one-trick pony. . .it is also working to restart the Santander Zn-Pb-Ag project. . .following a planned mill expansion to 4 Ktpd in 2015, the project is expected to produce +90 Mlb Zn and +35 Mlb Pb per year."

Erik Bermel, M Partners (5/2/13) "Trevali Mining Corp. received an operational permit from the New Brunswick government for the Caribou concentrate plant and mine. . .the province continues to be supportive of the project. Having received the $30M mezzanine tranche of the RMB facility, Trevali is now ready to order long lead-time items for Caribou including the SAG mill. . .the company has an attractive production profile with long-term growth. . .establishing itself as the next intermediate zinc producer."

Adam Low, Raymond James (5/1/13) "Trevali Mining Corp. announced that it had received the operating permit for its Caribou mine from the province of New Brunswick. This is a positive announcement for the company as it is essentially the final step in the permitting process. . .this is also a good demonstration of the support that Trevali has from the provincial government."

Joseph Gallucci, Dundee Capital Markets (5/1/13) "Trevali Mining Corp. is our top pick in the junior mining space. . .it has received approval to operate the Caribou mine and mill from the province of New Brunswick. This approval gives the company full operational license at the Caribou site, which hosts both the Caribou mill and Caribou Mine. With today's announcement, we believe that Trevali is on track to bring its New Brunswick operations into production in nine months."

Adam Low, Raymond James (4/30/13) "Trevali Mining Corp. announced that it has finalized all legal documentation and closed its $30M financing from RMB Resources. . .the mezzanine financing allows Trevali to repay current debt and get started on some of the development of its projects in New Brunswick."

Joseph Gallucci, Dundee Capital Markets (4/30/13) "Trevali Mining Corp. announced that it has closed the $30M mezzanine portion of the debt and precious metals stream financing with RMB Resources (total $60M). . .the deal will allow the company to advance its assets in New Brunswick and to pay off a $10M bridge loan with Sprott. . .Trevali is our Top Pick in the junior mining space based on its unique zinc leverage and relationship with Glencore. . .we rate it with a Buy."

Stefan Ioannou, Haywood Securities (4/10/13) "Trevali Mining Corp. has significantly advanced New Brunswick and Peru, enhancing resources, establishing partnerships, securing project financing and acquiring/developing key infrastructure. Hence, successful project execution in conjunction with anticipated medium-term zinc price strength should garner a higher valuation."

Joseph Gallucci, Dundee Capital Markets (4/10/13) "Trevali Mining Corp. is our Top Pick in the junior mining space based on its zinc leverage, strong production profile and unique relationship with Glencore International Plc. We rate the company with a Buy."

Raymond James (4/10/13) "Trevali Mining Corp.'s Santander mine appears to be on the cusp of commissioning. . .we expect an appreciation in the company's trading should it be successful with the startup of the mine and begin to generate cash flow later in 2013."

Aleem Ladak, PI Financial (4/8/13) "As of the end of 2012, Trevali Mining Corp. had $3.3M of cash and cash equivalents as well as $2.1M of restricted cash; recently, the company received final approval from RMB Resources for the first $30M of financing to be used for the Caribou mill. . .production from the Santandar mine, expected to start imminently, will help augment cash flows."

M Partners (4/8/13) "Trevali Mining Corp. received final approval for the previously announced $30M mezzanine tranche of the RMB Resources facility. . .proceeds will be used to repay the outstanding bridge loan and advance work toward development of the stand-alone operation at the Bathurst camp."

fewer comments
Due to permission requirements, not all quotes are shown.

Trevali Mining Corp. Content





Back to Top