Trevali Mining Corp.

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

Expert Comments:

Trevali Mining's drill program at Santander in Peru continues to add resources to the project, leading to a potential doubling of the mine's zinc output and further benefiting from a rising zinc price.
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Alex Terentiew, Raymond James (9/21/16)
"Trevali released results from 12 new drill holes from the ongoing underground exploration program at Santander. TV is currently exploring down-depth at Magistral Central and Fatima. . .results are showing increasingly higher grades at depth, above those in the current mine plan. . .holes MC-160, 163, 168 and 171 returned grades of above 6% Zn, well above the current mining rate of ~4% Zn. . .drill results continue to show the potential for Santander mineralization to be open at depth. . .we rate Trevali as Outperform."

Stefan Ioannou, Haywood Securities (9/21/16)
"Trevali Mining Corp.'s Santander exploration drilling discovers Oyon mineralization at Magistral Central. . .acknowledging that Trevali's base metals-producing peers currently trade at +4.0x CFPS, we would argue the Company's relatively unique 'pure play' zinc production profile stands to garner a premium valuation in the context of improving medium-term (+H2/16) zinc pricing/sentiment."

Joseph Gallucci, Dundee Capital Markets (9/21/16)
"Trevali Mining Corp. reported assay results from 12 new drill holes from Santander; exploration work at Santander continues to return excellent results, with over 90% of the holes returning zinc grades materially higher than what TV is currently mining. Drilling has confirmed the extension of the Magistral Central and Fatima zones, and led to the discovery of a new massive sulphide replacement mineralization. . .we continue to expect more positive news from Santander, and we expect Q3/16 to be a cash flow positive quarter from Caribou; we have a BUY, Top Pick rating with a $1.50 target."

Stefan Ioannou, Haywood Securities (9/9/16)
"Trevali Mining Corp.'s Caribou commercial production ramp-up is setting the stage for a strong +2017. . .Trevali stands to be the marquee (only) 'pure play' zinc producer in a market with limited zinc-focused options. Hence, we continue to recommend investors take advantage of the Company's current share price. . .we toured Trevali's 100% owned Caribou zinc mine. . .overall, the operation showed well. . .Caribou is well on its way to establishing itself as a profitable mine through Q4/16."

Pierre Vaillancourt, Laurentian Bank Securities (9/8/16)
"Trevali Mining Corp. hosted a visit for analysts to its Caribou mine. . .steady progress should position the mine to deliver in 2017, the first year at full capacity. . .mining is on track, currently at a rate of 2,500 tpd, heading to design capacity of 3,000 tpd in Q4/16. . .management is confident about extending the mine life from 2023 to 2030. There is deep, higher-grade potential, which could extend the mine life further. . .we believe TV will be successful in its efforts to improve on production, cost parameters and profitability, particularly in the current zinc price environment."

Alex Terentiew, Raymond James (9/8/16)
"Trevali Mining Corp. has completed a 10,000m drill program with initial results showing positive resource conversion factors and the potential to expand. . .Trevali management has targeted 4Q16 to reach the full 3,000 tpd mine production rate. . .We rate Trevali as Outperform with a C$1.30 target price. . .Our C$1.30 target price is based on a 50/50 weighting of i) 1.0x multiple to our NAVPS of C$0.88 (Exhibit 7) and ii)6.0x multiple to our next-12 month EBITDA forecast, in line with its mid-tier base metal peers at 1.0x and 6.0x, respectively."

Paradigm Capital's top picks for Q3/16 include gold and zinc mining companies with upcoming catalysts worthy of investors' attention.
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Announcements of increased production at Trevali Mining Corp.'s Santander mine and the start of commercial production at Caribou mine, coupled with zinc inventories that remain at multiyear lows, have helped solidify the company's growth story.
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More Expert Comments

Experts Following This Company

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

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

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