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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:

GMP Securities (9/27/14) "Yesterday, we visited Trevali Mining Corp.'s Caribou mine and mill complex located near Bathurst, New Brunswick. The project remains on schedule and on budget for commissioning in H1/15. . .overall, we were very impressed by the tour and are hopeful the early productivity gains in the mine can be maintained as the mine is dewatered deeper."

Adam Low, Raymond James (9/26/14) "On Sept. 24, 2014, we attended a tour of Trevali Mining Corp.'s Caribou project. . .the development of the mine is progressing as planned and is on track for commissioning in mid-2015 (we conservatively model Q3/15, slightly behind guidance of Q2/15). . .we reiterate our Outperform rating."

Jeff Woolley, Paradigm Capital (9/25/14) "We came away from Trevali Mining. Corp.'s Caribou site with a positive impression on the refurbishment progress to date. Both the mine and mill presented well and we are maintaining our commissioning timeline and budget forecast. . .the company has successfully transitioned from development-stage to a cash-flowing producer with production set to more than double in 2015. Trevali remains the best means for investors to gain equity exposure to zinc."

Derek Macpherson, M Partners (9/25/14) "We recently visited Trevali Mining Corp.'s Caribou operations and were impressed with the progress made to date and the condition of underground and existing equipment. Overall, it appears that at this early stage the company remains on track to complete the project both on time and budget."

Joseph Gallucci, Dundee Capital Markets (9/23/14) "We had a very strong site visit of Trevali Mining Corp.'s Caribou mine yesterday. . .with production going well at Santander and mill construction progressing in New Brunswick at Caribou, the company should have two producing operations online and fully ramped up by the time we expect improving zinc supply and demand fundamentals to buoy prices in 2015."

more comments

The Mining Report Interview with Jason Mayer (9/23/14) "The base metal I like right now is zinc, which is really just fundamentally driven. Over the next two years, we are going to see about 10–15% of primary mine supply in zinc come offstream, simply because of depletion. The problem is it is difficult to get pure exposure to zinc. The one pure play is Trevali Mining Corp., which I own. The company has a couple of properties, one in Peru, where it is partnered with Glencore International Plc, and one in Canada that it is in the process of developing. Outside of Trevali, pure play choices get thin very quickly. That's why there's going to be a mine supply issue in the next two to three years." More >

Derek Macpherson, M Partners (9/18/14) "Trevali Mining Corp. provided a construction update on its Caribou mine and mill complex. . .both surface and underground development occurred throughout the summer, and according to management, construction remains on pace for H1/15 commissioning (our commissioning estimate is Q2/15). . .we are maintaining our Buy rating."

Barry Allan, Mackie Research Capital (9/15/14) "We visited Trevali Mining Corp.'s Santander zinc-lead mine in Peru. . .higher-grade zones improve the H2/14 outlook. . .in advance of the updated resource estimate expected in Q4/14, we have revised our longer-term production profile to account for expected higher grades being processed. Additionally, we have increased our throughput rate for 2015 and 2016 to 2,200 tpd, from 1,900 tpd and 2,000 tpd previously. As a result, our target increases to $1.60/share from $1.40/share, previously."

Adam Low, Raymond James (9/11/14) "Trevali Mining Corp. is poised to benefit from the strengthening fundamentals of zinc. . .we expect the company to be a key beneficiary of the improving fundamentals in the zinc market and anticipate further appreciation in zinc prices over the next few years as approximately 10% of the world mine supply ceases production due to ore reserve depletion. . .exploration success continues in both Peru and New Brunswick. . .and there is a high probability of exceeding production guidance in 2014."

Joseph Gallucci, Dundee Capital Markets (9/10/14) "We had a good site visit of Trevali Mining Corp's Santander today. . .the Rosa zone appears to be at least 500 Kt of high-grade lead and silver. . .and the Fatima zone. . .are strong at depth, open to expansion and show no signs of stopping. . .a new zone. . . Pariatembo is clearly part of a major, unconstrained mineralized region. . .the company is the best vehicle for zinc leverage on the TSX. With Santander performing very well and Caribou progressing through development in New Brunswick, Trevali should have two operating zinc mines on-line by the time positive supply and demand fundamentals take hold."

Adam Low, Raymond James (9/3/14) "Over the last three months, Trevali Mining Corp. has identified the Fatima zone, with significant lead-silver-zinc mineralization, at its Santander mine in Peru. . .and on September 3, 2014, the company announced the discovery of a new copper-gold rich zone at its Stratmat project in New Brunswick, Canada. . .we expect substantial appreciation in zinc price over the next few years as approximately 10% of world mine supply ceases production due to ore reserve depletion. . .Trevali is as close as it gets to a pure-play zinc mining company, and we believe it is poised to benefit from its leverage to the zinc price."

Derek Macpherson, M Partners (9/3/14) "Trevali Mining Corp. released drill results from its Stratmat deposit near Bathurst, New Brunswick. The results were highlighted by 79.2m of 0.04% Zn, 0.01% Pb, 0.88% Cu, 4.26 g/t Ag and 0.21 g/t Au. . .we note that the results were generally positive, identifying a new copper-gold zone. The current indicated resource grades at Stratmat of 6.1% Zn, 2.6% Pb, 0.4% Cu, 54 g/t Ag and 0.6 g/t Au. . .we believe additional drill results from Santander combined with continued execution and improving grades are likely to be the main driver of the stock in the near term."

Joseph Gallucci, Dundee Capital Markets (9/2/14) "Trevali Mining Corp.'s stock has been performing well, up 31% year to date, and we still believe that at current levels it represents an excellent buying opportunity given our positive estimate for Q3/14. . .we continue to forecast production of 51 Mlb payable Zn and estimate that the company is still on track to beat guidance of ~45 Mlb. We are reiterating our Top Pick Buy rating."

Derek Macpherson, M Partners (8/21/14) "Trevali Mining Corp. announced infill drill results from five holes designed to test the newly discovered Fatima zone at depth at its Santander mine. . .these solid results support our view that the resource is likely to grow following the next resource update. Once these two higher-grade zones have been incorporated into the Santander mine plan, we expect throughput to expand from 2 Ktpd to 4 Ktpd."

The Mining Report Interview with Björn Paffrath (8/19/14) "As we don't have too many pure zinc producers that we want to invest in, therefore we look at companies that do copper-zinc, like. . .Trevali Mining Corp., which had a nice run since mid-2013. Trevali is maybe the most leveraged junior to a rising zinc price, as around 58% of its revenues come from zinc." More >

Jeff Woolley, Paradigm Capital (8/18/14) "Trevali Mining Corp. reported Q2/14 financial results in-line with our expectations. . .ramp-up at the Santander mine is progressing well. . .optimization efforts have continued to deliver results, with on-site costs declining to $45.12/t. . .ongoing optimization programs and mine sequencing, including production from larger-width stopes and from the high-grade Rosa zone, are expected to result in increased lead-silver production in H2/14 and an approximately 10% reduction in on-site costs per tonne. . .Trevali has successfully transitioned to producer status, is generating positive operating cash flow and continues to offer the best equity exposure to zinc among the producer peer group."

Barry Allan, Mackie Research Capital (8/18/14) "While Trevali Mining Corp.'s quarterly results were somewhat below expectations, we are not overly concerned by the miss in production. We expect production to increase in the second half of 2014 as the company begins exploiting the higher-grade zones that are currently being incorporated into the mine plan. . .additionally, the price of zinc has had a solid run in the past couple of months and is much higher than the company's reported realized price of $0.92/lb of zinc. As a result we expect income from mining operations to be higher in the second half of the year if the zinc price remains north of $1/lb."

Derek Macpherson, M Partners (8/15/14) "Trevali Mining Corp.'s work to bring the Rosa zone into production in the near term is largely complete. As a result, we expect grades to improve in Q3/14, which have the potential to approach or exceed the grades seen during the first quarter. . .we are maintaining our Buy rating."

Joseph Gallucci, Dundee Capital Markets (8/15/14) "Trevali Mining Corp. reported adjusted Q2/14 break even EPS in line with consensus expectations of $0.01/share (and our estimate of $0.03). . .the company's stock has been performing well, up 29% year to date, and we still believe that it represents an excellent buying opportunity given our positive estimate for Q3/14."

Adam Low, Raymond James (8/15/14) "We reiterate our Outperform rating and our CA$1.35 target price on Trevali Mining Corp. Adjusted EPS in Q2/14 was CA$0.01, in line with our estimate. . .the Santander mill is operating well, and cash costs were lower than expected."

Chris Chang, Laurentian Bank Securities (8/15/14) "We are maintaining our Buy recommendation on Trevali Mining Corp. . .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."

Itinerant, Seeking Alpha (8/5/14) "Trevali Mining Corp. now appears fully financed to bring the Caribou mine and mill back into production early in 2015 and should have ample liquidity to support operations in Peru. . .we still see a strong case for much further growth and expect shares of the company to trade with a $2 handle within a year as cash flow from the Canadian assets commences and the Santander mine proves its mettle."

Laurentian Bank Securities (7/29/14) "During Q2/14, Trevali Mining Corp. had payable production of 12 Mlb zinc, 4.4 Mlb lead and 187,600 oz silver. . .based on this production and cost profile, we expect earnings of $0.01/share. . .we are maintaining our Buy recommendation and increasing our target price to $1.60 (from $1.35)/share."

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."

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)."

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