Appian Natural Resources Fund III LP and Appian Natural Resources (UST) Fund III LP, are managed by Appian Capital Advisory LLP agreed to acquire 89.96% stake in Rosh Pinah Mine in Namibia from Trevali Mining Corporation (OTCPK:TREV.Q) on December 15, 2022. The closing of the Transaction is subject to the satisfaction or waiver of certain conditions precedent, including: receipt of an order approving the Agreement and Transaction from the Court; the approval of the Namibia Competition Commission under the Competition Act (2003) of Namibia; approval of the Ministry of Land Reform; exchange control approval from the Bank of Namibia; and other customary closing conditions. The Transaction is expected to close in first quarter of 2023. National Bank Financial acted as financial advisor to the Trevali Mining in respect of the Transaction. As on December 21, 2022. Trevali obtained an approval and vesting order from the Court approving the Transaction at a hearing before the Court in the CCAA Proceedings of Trevali and Trevali Mining (New Brunswick) Ltd.

Appian Natural Resources Fund III LP and Appian Natural Resources (UST) Fund III LP, are managed by Appian Capital Advisory LLP completed the acquisition of 89.96% stake in Rosh Pinah Mine in Namibia from Trevali Mining Corporation (OTCPK:TREV.Q) on June 27, 2023. In connection with the Transaction and an order of the Court dated April 24, 2023 in the CCAA Proceedings, Trevali used a portion of the sale proceeds from the transaction to repay Trevali's debt obligations owed to its senior secured lenders under the Second Amended and Restated Credit Agreement dated August 6, 2020 between the Trevali, as borrower, the Bank of Nova Scotia, as administrative agent, and lenders party thereto (as amended from time to time) and (ii) repay a portion of its secured debt obligations owed to Glencore Canada Corporation pursuant to the FacilityAgreement dated August 6, 2020 between Trevali, as the borrower, and Glencore, as the lender. FTI Consulting Canada Inc. acted as court-appointed monitor in respect of the transaction. Blake, Cassels & Graydon LLP acted as legal advisor and Black Swan Advisors LLC acted as financial advisor to Trevali Mining. Stikeman Elliott LLP acted as legal advisor to Appian Capital Advisory LLP.