Positive PFS For Rosh Pinah Mine Expansion; Increases Production Capacity by 86%

VANCOUVER - Trevali Mining Corporation reported positive results from the NI 43-101 Pre-Feasibility Study (“PFS”) at its 90%-owned Rosh Pinah mine in Namibia (the “property”). The PFS is based on a scenario to expand the current throughput from 0.7 Mtpa to 1.3 Mtpa through the modification of the processing plant, construction of a paste fill plant, and development of a dedicated portal and ramp to the WF3 deposit. Prior to making an investment decision the Company intends to commence a Feasibility Study of the RP2.0 Expansion in the first quarter of 2021.

Highlights of the Expansion Pre-Feasibility Study include: Post-Expansion Production and Costs (2023 onwards); Average annual zinc payable production of 132 Mlbs: Average annual AISC1 of $0.64/lb; and Average annual lead and silver payable production of 21.8 Mlbs and 286 koz, respectively. Proven and Probable Mineral Reserves: 11.23 Mt of ore containing: 550 Mlbs of zinc; 329 Mlbs of lead; and 6,892 koz’s of silver. Project Capital Cost: $93 million, including: Modifications to the existing process plant to include a single stage SAG mill, crushing and ore blending system with a nominal throughput of 1.3 Mtpa; Paste fill plant and reticulation system; Dedicated portal and surface material handling and ventilation systems for the WF3 deposit; and Mine underground infrastructure. Construction Schedule: Expected to commence in Q1 2022; and “Commercial Production” expected in H1 2023. Project Economics (after-tax): Assumed metal prices: $1.11/lb zinc, $0.93/lb lead and $19.81/oz silver; Net Present Value (“NPV”) at 8%: $142 million; Free cash flow: $238 million; IRR: 65%; and Payback: <4 years.

Ricus Grimbeek, President and CEO, said, “Over Rosh Pinah’s 50-year operating life the mine has processed close to 30 million tonnes and today we have 16 million tonnes in resource, inclusive of reserves, with several advanced exploration targets ready to drill. To match this exceptional ore body, the RP2.0 PFS recommends an 86% expansion to the existing production capacity by sizing the infrastructure to a nominal throughput of 1.3 Mtpa. This yields an 11 year mine life and post expansion, reduces the AISC to an average of $0.64 per pound of zinc. This positions the asset well into the bottom half of the industry’s cost curve and will ensure the operation’s resilience and robustness through the commodity price cycle. The addition of a new portal, SAG mill, crushing and ore blending system, and a paste fill plant will allow us to modernize the mine and produce more metal faster and at a significantly lower operating cost, all while working more safely and reducing our environmental footprint. This positive study provides a strong financial return on an 11 year mine life, giving us the justification we need to proceed and I am confident, given the geological potential of the asset, that we will be operating well beyond this. We look forward to further enhancements to the study through the feasibility study stage and ultimately recognizing and sharing the social and economic benefits created by the expansion with all stakeholders.”