Trevali Mining : Corporate Presentation June 2022

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TREVALI.COM

Zinc Miner Positioned For Cash Flow Generation

CORPORATE PRESENTATION | June 2022

Cautionary notes

Cautionary Note Regarding Forward Looking Information

This presentation contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward- looking statements"). Forward-looking statements are based on the beliefs, expectations and opinions of management of the Company as of the date the statements are published, and the Company assumes no obligation to update any forward-looking statement, except as required by law. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.

Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's operations including, but not limited to, statements with respect to the suspension of mining and milling operations at Perkoa, the recovery efforts at Perkoa, the Company's ability to effectively dewater the mine and restore access to the lower levels of Perkoa, the results of any investigation of the flooding incident, the Company's assessment of the effect of the flooding on the safety and structural integrity of Perkoa's underground areas, the effect of the flooding on the cost of production at Perkoa, the length of time before underground mining operations can be recommenced safely at Perkoa, if at all, and the effect of the suspension on the Company's results of operations and metal production; financial and operational guidance for the fiscal year 2022, including the Company's forecasted AISC1, C1 Cash Cost1, capital expenditures and production; expectations with respect to the Company's financial results for fiscal year 2022, including its expectations with respect to cash flows generated from its operations; expectations with respect to refinancing the Company's existing credit facilities and the securing of financing for the RP2.0 expansion; estimates of ore grades and the Company's ability to minimize the effects of anticipated declining ore grades in 2022; supply, demand and market outlook for commodities, including, but not limited to, future zinc prices; estimates of zinc treatment charges; the RP2.0 Project preparatory activities and early works, the Company's ability to finance these activities from internal cash flows, and the timing of proposed capital expenditures in respect of the project; the feasibility study for the RP2.0 Project, including the expectations and forecasts contained therein; the financing of the RP 2.0 Project; operations at Caribou; the Rapid Oxidative Leaching pilot testing program at Caribou; and the Company's growth strategies and planned exploration and development activities, including the timing and nature of these activities and expected benefits to the Company resulting therefrom. Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements or information contained in this presentation include, but are not limited to, that the assumptions underlying the Company's forecasts with respect to AISC1, C1 Cash Cost1, expected margins, capital expenditures and production, are reasonable and that such forecasts are achievable by the Company; the Company will be able to rehabilitate and potentially restart the Perkoa mine; future commodity prices; the Company will be able to secure adequate financing for the RP2.0 expansion project and that the board of directors of the Company will make a positive investment decision regarding the expansion project; that the Company will proceed with the development and construction of the expansion project as set forth in the RP2.0 feasibility study; that the expansion project will proceed on the timeline currently anticipated, including with respect to the preparatory activities and early works program; that the expansion project will yield the benefits expected by the Company; that the Rapid Oxidative Leaching pilot testing program at Caribou will be successful and the results of which will support a preliminary economic assessment; that the Company will publish the expected preliminary economic assessment on Caribou on the timeline currently anticipated; that the Company will be able to successfully extend the mine life at Caribou; the Company will complete the planned development activities at Caribou on the timelines currently expected and that these activities will have the benefits anticipated by the Company; that the assumptions and estimates underlying mineral resource and reserve estimates, including commodity price and exchange rate assumptions, cut-off grade assumptions and recovery and dilution estimates, are reasonable and are representative of these actual inputs; mineral resource and reserve estimates are indicative of actual mineralization; the Company will carry out its planned development and exploration activities on the timeline currently anticipated; and the Company's measures with respect to the COVID-19 pandemic will enable it to maintain operations and ensure the health and safety of its workforce and surrounding communities.

By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the assumptions underlying the Company's forecasts with respect to AISC1, C1 Cash Cost1, expected margins, capital expenditures and production will prove to be inaccurate or not achievable and, as a result, the Company's actual results will differ materially from such forecasts; the risk that the flooding of the Perkoa mine may have a material adverse effect on the mine and Trevali, such risk including, but not limited to, the Company being unable to rehabilitate or restart the Perkoa mine; the risk that the Company will be unable to secure financing for the RP2.0 project on acceptable terms or at all; the risk that the board of directors may not ultimately approve the RP2.0 expansion project; risks with respect to the development of the RP2.0 expansion project, including that, if developed, the RP2.0 expansion project will not be developed as currently anticipated or as set for the in the feasibility study with respect thereto, or yield the anticipated benefits to the Company; the risk that the actions taken by the Company at Caribou to improve flexibility in the mine plan and increase production in 2022 will not be successful; the risk that the Company may not prepare a preliminary economic assessment on Caribou on the timeline currently anticipated or at all, including as a result of the Rapid Oxidative Leaching pilot testing program at Caribou having not been successful or having not yielded the results necessary to enable the Company to prepare a preliminary economic assessment on Caribou; the risk that the Company may not be able to extend the mine life at Caribou; the risk that the Company may not complete the planned development activities at Caribou on the timelines currently expected, or at all, and that such activities may not yield the expected benefits to the Company; risks related to changes in project parameters as plans continue to be refined; future prices of zinc, lead, silver and other minerals and the anticipated sensitivity of our financial performance to such prices; possible variations in ore reserves, grade or recoveries; dependence on key personnel; potential conflicts of interest involving our directors and officers; labour pool constraints; labour disputes; availability of infrastructure required for the development of mining projects; delays or inability to obtain governmental and regulatory approvals for mining operations or financing or in the completion of development or construction activities; counterparty risks; increased operating and capital costs; foreign currency exchange rate fluctuations; operating in foreign jurisdictions with risk of changes to governmental regulation; compliance with governmental decrees and regulations, including any new or ongoing decrees and regulations issued by a governmental authority in response to the COVID-19 pandemic; compliance with environmental laws and regulations; land reclamation and mine closure obligations; challenges to title or ownership interest of our mineral properties; maintaining ongoing social license to operate; impact of climatic conditions on the Company's mining operations; corruption and bribery; limitations inherent in our insurance coverage; compliance with debt covenants; competition in the mining industry; our ability to integrate new acquisitions into our operations; cybersecurity threats; litigation and other risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Compliance with NI 43-101

Unless otherwise indicated, Trevali has prepared the technical information in this presentation ("Technical Information") based on information contained in the technical reports, news releases and MD&A's (collectively the "Disclosure Documents") available under the Company's company profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by, or under the supervision of, a qualified person (a "Qualified Person") as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. Readers are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents. The disclosure of Technical Information in this presentation was reviewed and approved by Yan Bourassa, P. Geol., Vice President, Technical Services, a Qualified Person under NI 43-101.

Non-IFRS Financial Performance Measures

The items marked with a "1" are non-IFRS measures. These measures include: (A) C1 Cash Costs1, which adds mine operating costs, smelting and refining costs, distribution costs and royalty costs, excluding by-product revenues, and divides these costs by the pounds of payable zinc produced; (B) All-In Sustaining Cost1, which adds to C1 Cash Costs1 sustaining capital expenditures and lease payments, on a per pound of payable zinc produced basis; (C) EBITDA1, which is net income to shareholders after deducting current income tax, deferred income tax, interest expense and depreciation, depletion and amortization; (D) Adjusted EBITDA1, which is EBITDA1 less the impact of impairments or reversals of impairment and other non-cash and non-recurring expenses and recoveries; and (E) Net Debt1, which is total current and non-current portions of debt and lease liabilities, less cash and cash equivalents. These non-IFRS measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Readers should refer to "Use of Non-IFRS Financial Performance Measures" section in the Company's Management's Discussion and Analysis for the three months ended March 31, 2022, which section is incorporated herein by reference, for an explanation of these measures and reconciliations to the Company's reported financial results in accordance with IFRS. The Company's Management's Discussion and Analysis for the quarter ended March 31, 2022 is available on SEDAR at www.sedar.com.

Currency	2
All amounts are in US$ unless otherwise indicated.

Trevali's management team

		MANAGEMENT TEAM
RICUS GRIMBEEK	 Joined Trevali in April 2019
	30+ years of experience in the resource sector
PRESIDENT, CEO &		Former COO of Vale Base Metals North Atlantic and President & COO of South32 Australia, Asset President of
DIRECTOR		Aluminum Australia, Head of Group HSEC and President & COO of the Ekati diamond mine for BHP Billiton, and
		Executive VP Mining & Concentrating for Lonmin Platinum
BRENDAN CREANEY	 Joined Trevali in August 2019 as VP Investor Relations and appointed CFO in December 2020
	15+ years of experience in mining and construction industries
CHIEF FINANCIAL
	Former Director of Corporate Development and Value Assurance at Goldcorp
OFFICER		Masters of Business Administration with a specialization in Finance from the University of Manchester
DEREK DU PREEZ	 Joined Trevali in July 2019, originally as Chief Technical Officer
	25+ years of experience working in the mining industry in operational, project and technical roles
CHIEF OPERATING		Former Principal Consultant at AMC Consultants, Director of Digital Transformation, North Atlantic at Vale Canada,
OFFICER		and Head of the Digital Delivery Centre at South32
	 Bachelor of Engineering Technology and Mechanical Engineer's Certificate of Competency from South Africa
JOANNE		Joined Trevali in October 2018
THOMOPOULOS	 15+ years of direct leadership experience at BC Hydro and BCLC leading HR initiatives including workforce redesign
	projects, M&A integration, and developing performance management and talent development frameworks
CHIEF PEOPLE
	Chartered Professional in Human Resources, Graduate Certification in Strategic Human Resources Management,
OFFICER		Advanced Certification in Management and Diploma in Criminal Justice
RICHARD WEISHAUPT		Joined Trevali in November 2019 as Group Lead Health Safety & Security and appointed VP in Sept 2020
SVP HEALTH, SAFETY,		30+ years' experience in the resource sector, with a strong operational background in business improvement Held
ENVIRONMENT &		progressive managerial positions in HES at Vale, Nutrien, Stantec, BHP and Rio Tinto
COMMUNITY (HSEC)		Diploma in Technology (Mining), Six Sigma Black Belt Accreditation and certified ISO 14001-1996 Internal Auditor

STEVEN MOLNAR

CHIEF LEGAL

OFFICER

• Joined Trevali in July 2018
• Practiced corporate and securities law at McCarthy Tétrault and Heenan Blaikie, advising on corporate governance, M&A transactions, regulatory compliance, public company reporting, joint ventures, equity and debt financings, and various other commercial arrangements in the mining sector
• Law degree from Osgoode Hall Law School at York University and Bachelor of Arts from Simon Fraser University

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About Trevali

The Future of Mining

• Global base-metalsmining company focused on delivering sustainable shareholder value through technology transformation
• Disciplined capital allocation strategy of focusing on corporate debt reduction and investing in the RP2.0 expansion project at Rosh Pinah
• Revenue generated from base-metals mining, predominantly from zinc, at its three primary assets: Perkoa Mine* in Burkina Faso (90% owned), Rosh Pinah Mine in Namibia (90% owned), and Caribou Mine in Canada (100% owned)
• Also owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada
• Owns an effective 44% interest in the Gergarub Project in Namibia, as well as interests in deposits located in New Brunswick, Canada

*Mining and milling operations at Perkoa suspended April 16 following a flooding event.

Caribou, Canada

Perkoa, Burkina Faso

Rosh Pinah, Namibia

Purpose and

Values

Our values:

To be the world's best sustainable underground mining company

TEAMWORK RESPECT PERFORMANCE CARE

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Operations overview and 2022 guidance

Caribou, Canada

• Successful restart in Feb'21 on two-year plan
• 2022 zinc production guidance of
  60-681 million payable lbs at AISC2 of $1.10-1.20/lb

Opportunities

• Conventional mining and milling mine life extension beyond 2022 is being evaluated
• Advancing "ROL" test work with FLSmidth is expected to lead to a
  PEA
• Satellite deposits

Rosh Pinah3, Namibia

• Producing since 1969
• 2022 zinc production guidance of 58-661 million payable lbs at AISC2 of $1.07-1.17/lb

Opportunities

• Delivered positive RP2.0 Feasibility Study in August 2021 and early works program commenced in January 2022
• RP2.0 financing process underway
• Nearby Gergarub JV with Vedanta (~$0.6M budgeted spending in 2022)

Perkoa3, Burkina Faso

• 2022 Production and cost guidance have been suspended following the flooding event that occurred on April 16
• Producing since 2013

Opportunities

• Evaluating cost structure as exploration continues, but not expecting a material conversion of existing Mineral Resources to Mineral Reserves in 2022
• Exploration JV with Arrow Minerals

(1)	Production guidance represented on a 100% ownership basis. Trevali's ownership interest is 90% of Perkoa and 90% of Rosh Pinah.
(2)	This is a Non-IFRS Financial Performance Measure; See cautionary note regarding Non-IFRS Financial Performance Measures.	5
(3)	Trevali's ownership interest is 90% of Perkoa and 90% of Rosh Pinah