Disclaimer

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Cautionary Note Regarding Forward-Looking Information

This Website contains “forward-looking information” (also referred to herein as “forward-looking statements”) under the provisions of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved” or the negative connotation thereof.

Forward-looking statements include, but are not limited to, those in respect of: the economic outlook for the mining industry; expectations regarding metal prices; the timing and amount of estimated future production; the current and planned commercial operations, initiatives and objectives in respect of certain projects of Trevali, including the Perkoa, Caribou, Rosh Pinah and Santander mines (the “Mines”); the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves; Trevali’s current and planned exploration initiatives; strategies and objectives in respect of the Mines; liquidity, capital resources and expenditures; sustainability and environmental initiatives and objectives; business development strategies and outlook; leverage metrics; debt repayment schedules; planned work programs and drilling programs in respect of the Mines; achieving projected recovery rates; anticipated mine life, recovery rates and operating efficiencies; costs and expenditures, including capital and operating costs; costs and timing of the development of new deposits; off-take obligations; targeted cost reductions; exploration and expansion potential; success of exploration activities; permitting and certification timelines; currency fluctuations; requirements for additional capital; government regulation of mining operations; environmental matters; closure obligations and unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; the timing and possible outcome of pending litigation; and other information that is based upon forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such statements. Assumptions have been made regarding, among other things: present and future business strategies and the environment in which Trevali will operate in the future, including commodity prices, anticipated costs and ability to achieve goals; Trevali’s ability to carry on its exploration and development activities; Trevali’s ability to meet its obligations under property agreements; the timing and results of drilling programs; the discovery of mineral resources and mineral reserves on Trevali’s mineral properties; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of Trevali’s mineral projects; the costs of operating and exploration expenditures; Trevali’s ability to operate in a safe, efficient and effective manner; Trevali’s ability to obtain financing as and when required and on reasonable terms; Trevali’s ability to continue operating; dilution and mining recovery assumptions; assumptions regarding stockpiles; the success of mining, processing, exploration and development activities; the accuracy of geological, mining and metallurgical estimates; no significant unanticipated operational or technical difficulties; maintaining good relations with the communities; no significant events or changes relating to regulatory, environmental, health and safety matters; certain tax matters; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices, foreign exchange rates and inflation rates). Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Trevali and/or the Mines to be materially different from those expressed or implied by such forward-looking statements, including but not limited to, those in respect of: risks related to the integration of acquisitions; volatility of the price of zinc, lead, silver and other metals; international operations including economic and political instability in foreign jurisdictions in which Trevali operates; current global financial conditions; joint venture operations; actual results of current and planned exploration activities; actual results of drilling programs; discrepancies between actual and estimated production, mineral reserves and mineral resources, grade and metallurgical recoveries; failure to replace mineral reserves; mining operational and development risks; actual results of current reclamation activities; environmental policies and risks; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in the market, demand, supply and/or uses of zinc and copper; accidents; labour disputes; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other risks of the mining industry; inaccuracies or changes in the consolidated zinc production, exploration and operational guidance for the Mines; inaccuracies or changes in the analysis of the exploration potential of the Mines; failure to complete the work programs or drilling programs at the Mines; delays, suspensions or technical challenges associated with capital projects; risks relating to reliance on historical data; failure of plant, equipment or processes to operate as anticipated; inaccuracies or changes in the growth pipelines of the Mines; taxation risks; title risks; opposition from community or indigenous groups; compliance with laws, including environmental laws; exchange controls; higher prices for fuel, steel, power, labour and other consumables; political or economic instability and unexpected regulatory changes; as well as those factors discussed in the section entitled “Risk Factors” in Trevali’s most recent management’s discussion and analysis and annual information form available under Trevali’s profile on SEDAR at www.sedar.com.

Although Trevali has attempted to identify important factors, assumptions and risks that could cause actual results to differ materially from those contained in forward-looking statements, there may be others that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, accordingly, are subject to change. Trevali assumes no obligation to update any forward-looking statements that are included on this Website, whether as a result of new information, future events or otherwise, except as required by law.

Non-IFRS Measures

This Website refers to “EBITDA” (earnings before interest, taxes, depreciation and amortization), “free cash flow”, “site cash operating cost per tonne milled”, and “site cash operating cost per pound of payable zinc equivalent produced”, which are financial performance measures with no standard meaning under International Financial Reporting Standards (“IFRS”). Such non‐IFRS financial measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally to evaluate the underlying operating performance of Trevali for the relevant reporting periods. The use of these measures enables management to assess performance trends and to evaluate the results of the underlying business of Trevali. Management understands that certain investors, and others who follow Trevali’s performance, also assess performance in this way. Management believes that these measures reflect Trevali’s performance and are better indications of its expected performance in future periods. This data is 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.

Cautionary Note to U.S. Investors

Unless otherwise indicated, all mineral resource and mineral reserve estimates disclosed on this Website have been prepared in accordance with NI 43-101 of the Canadian Securities Administrators. The definitions used in NI 43-101 are incorporated by reference from the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. Disclosure standards under NI 43-101 differ in material respects from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource information included on this Website may not be comparable to similar information concerning U.S. companies.

Under SEC Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that is “part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination”. In addition, the term “resource” does not equate to the term “reserve”. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required to be disclosed by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves.

Accordingly, information concerning descriptions of any mineral deposits, mineralization and resources on this Website may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.