VANCOUVER - Trevali Mining Corporation (TSX: TV) (BVL: TV) (OTCQX: TREVF) (Frankfurt: 4TI) today released financial and operating results for the three months ended March 31, 2021.

The Company reported quarterly production of 74.8 million pounds of zinc at an all-in sustaining cost1 ('AISC') of $0.99 per pound. Adjusted EBITDA1 for the quarter was $24.5 million primarily due to business improvement initiatives, the increase in the zinc price, and reduction in benchmark treatment charges for 2021.

FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE FIRST QUARTER 2021

Total Recordable Injury Frequency ('TRIF') in Q1 2021 increased to 13.3 compared to a full year 2020 TRIF of 4.5. The increase in recordable injuries during Q1 2021 was addressed by improved safety risk management, evidenced by a reduction in cases during March and April.

Zinc payable production of 74.8 million pounds for Q1 2021. Strong performances from Perkoa and Santander offset with one-time operational challenges at Rosh Pinah.

C1 Cash Cost1 and AISC1 of $0.89/lb and $0.99/lb per pound respectively, negatively impacted due to the strengthening of the Namibian dollar and one-time operational challenges at Rosh Pinah partially offset by reduced treatment charges.

Successful restart of the Caribou operations on March 25, 2021, on time and budget, reconfirm guidance at lower end of 2021 production range due to slower than expected ramp up.

Reconfirm consolidated 2021 production and cost guidance as production expected to increase with Caribou at full production and costs expected to decrease across the portfolio as per plan.

2021 annual treatment charge benchmark rates for zinc finalized at $159/ per tonne, which are referenced in sales terms, representing a 47% decrease from the prior year benchmark.

Q1 2021 revenues increased 6% over the prior quarter to $72.0 million despite a decrease in sales volumes, due to the average LME zinc price of $1.25 per pound.

Adjusted EBITDA1 of $24.5 million an operating cash flows before working capital of $15.5 million for Q1 2021, both supported by improved commodity prices.

Improved liquidity with Net Debt1 of $92.6 million as at March 31, 2021 reduced by $12.4 million from December 31, 2020, with further reductions expected over the remainder of 2021.

Ricus Grimbeek, President and CEO stated, 'The team delivered a good quarter producing 74.8 millions pounds of payable zinc and achieved operating cash flows before changes in working capital of $15.5 million. Strong production and cost performances at Perkoa and Santander were offset by one-time operational challenges at Rosh Pinah. Caribou was restarted on time and budget with a slower than expected ramp up. With improvements at Rosh Pinah in place and Caribou reaching full production we are well positioned to deliver on our annual guidance.

We reduced our Net Debt1 position by $12.4 million supported by tailwinds in the form of a high zinc price and reduced annual treatment charges for 2021. Given the strength in the zinc market and forecast performance from the business, significant cash generation is expected to continue and is weighted to the second half of the year due to timing of sales.

With our strengthening financial position and the upcoming delivery of the RP2.0 Feasibility Study later this year, we have begun discussions with our lending syndicate and other global financial institutions on securing project debt financing to support the Company's growth plans.'

This news release should be read in conjunction with Trevali's quarterly consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2021, which are available on Trevali's website and on SEDAR.

ABOUT TREVALI

Trevali is a global base-metals mining Company headquartered in Vancouver, Canada. The bulk of Trevali's revenue is generated from base-metals mining at its four operational assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned Rosh Pinah Mine in Namibia, the wholly-owned Caribou Mine in northern New Brunswick, Canada and the wholly-owned Santander Mine in Peru. In addition, Trevali owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada, and the past-producing Ruttan Mine in northern Manitoba, Canada. Trevali also owns an effective 44%- interest in the Gergarub Project in Namibia, as well as an option to acquire a 100% interest in the Heath Steele deposit located in New Brunswick, Canada.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release 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 including, but not limited to, statements with respect to the Company's growth strategies and planned development activities, expected annual savings from capital projects, anticipated supply, demand and market outlook for commodities, future commodity prices, estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amounts of estimated future production, costs of production and capital expenditures, hedging activities, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, future anticipated property acquisitions, the content, cost, timing and results of future exploration programs, life of mine expectancies, and the impact on the Company's operations of current and future actions taken by governmental authorities, counterparties and others to the COVID-19 pandemic. 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, that the Company's fixed price offtake contracts may not be economic; 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; results of current and planned exploration activities; 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; our ability to raise capital; competition in the mining industry; our ability to integrate new acquisitions into our operations; cybersecurity threats; litigation and other risks 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.

Non-IFRS Financial Performance Measures

The items marked with a '1' are non-IFRS measures. These non-IFRS measures do not have any standardized meaning. 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' in the Company's Management's Discussion and Analysis for the three months ended March 31, 2021 for an explanation of these measures and reconciliations to the Company's reported financial results in accordance with IFRS.

Contact:

Ute Koessler

Tel: +1 (604) 336-2444

Email: ukoessler@trevali.com

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