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At Trevali, we are asking ourselves some big questions about what it means to be a global mining company in today’s world.

We know that modern society needs mineral resources and the products that mining helps create.

As times change, society’s expectations of us change too.

Expectations about environmental responsibility.

Around what it means to be a good corporate citizen.

About being a company that is sustainable for the long-term.

And one that benefits its employees, its communities and its shareholders.

At Trevali, we are excited by these evolving expectations. They inspire innovative ideas and create new opportunities for us to enhance how our business operates.

Motivated by the potential that these questions present, we are focused on constant, incremental improvements in our business. Bringing creativity, agility and innovation into the very heart of the company. Operating efficiently and with the highest of safety standards. We are working to make ongoing improvements that contribute to achieving larger long-term goals.

By asking, and answering, these questions, we will create a different kind of mining company, and a new Trevali.

We embark on this journey with the key ingredients for success: strong assets, potential for resource expansion, a great balance sheet, and an engaged team of professionals.

As a reflection of our new vision, we are also launching a new corporate identity.

We are just getting started. Watch this space.

Trevali – the Future of Mining


Ricus Grimbeek
President & Chief Executive Officer

Guidance and Outlook


2019 Consolidated Production Guidance

Consolidated production guidance for 2019 is estimated between 361 – 401 million pounds of payable zinc, 44 – 49 million pounds of payable lead and 1.3 – 1.5 million ounces of payable silver.

2019 Consolidated Production Guidance (1&2)
Mine 2019 Zinc Production 2019 Lead Production 2019 Silver Production
Perkoa (100%) 151 – 168 million lbs
68 – 76 ktonnes
Rosh Pinah (100%) 80 – 89 million lbs
36 – 40 ktonnes
10 – 11 million lbs
4 – 5 ktonnes
145 - 161 k ozs
Caribou 71 – 79 million lbs
32 – 36 ktonnes
24 – 27 million lbs
11 – 12 ktonnes
641 - 713 k ozs
Santander 59 – 65 million lbs
27 – 29 ktonnes
10 – 11 million lbs
4 – 5 ktonnes
536 - 595 k ozs
Total 361 - 401 million lbs
163 - 181 ktonnes
44 - 49 million lbs
19 - 22 ktonnes
1,322 - 1,469 k ozs

(1) Constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”.
(2) Trevali’s ownership interest is 90% of Perkoa and 90% of Rosh Pinah.

Consolidated operating costs are forecast to range from $69 – $76 per tonne, with cash costs (net of by-product credits) of between $0.81 – $0.88 per pound of zinc. Including capital expenditures forecast of $74 million, consolidated AISC are expected to range from $0.99 – $1.09 per pound of zinc (for the purpose of AISC guidance, all capital is considered to be sustaining).

2019 Consolidated Operating Cost and Capital Expenditure Guidance (1&2)
Mine Operating Costs
(per tonne)
Cash Costs net of
By-product Credits ($/lb Zn)
All-in Sustaining
Costs ($/lb Zn)
Capital Expenditures ($M)
Perkoa (100%) 106 - 117 0.84 - 0.92 0.91 - 1.09 11
Rosh Pinah (100%) 56 - 63 0.70 - 0.77 0.99 - 1.09 26
Caribou 72 - 79 0.95 - 1.02 1.15 - 1.28 16
Santander 45 - 49 0.71 - 0.78 1.02 - 1.13 21
Exploration - - - 8
Total 69 - 76 0.81 - 0.88 0.99 - 1.09 82

(1) Constitutes forward-looking information; see “Cautionary Note Regarding Forward-Looking Statements”.
(2) Trevali’s ownership interest is 90% of Perkoa and 90% of Rosh Pinah.

Quarterly Variability

Zinc: While production guidance has been provided on an annual basis, we expect moderate production fluctuations on a quarter-to-quarter basis due to mine scheduling. Zinc production overall is forecast to be slightly stronger in the second half of 2019, with Caribou in particular expected to deliver a weaker quarter in Q1 as the Company completes the advanced rates of development and production catches up in Q2 – Q4. Conversely, Rosh Pinah is forecast to have a stronger start to 2019, with production strongest in Q1 and declining thereafter as zinc grades decline from approximately 10% to 8%. Due to the mining sequence, lower grades are planned at Perkoa in Q2 and Q3.

Lead: Production is expected to show more quarterly variability than zinc, with consolidated lead production increasing in each successive quarter throughout 2019. Lead grades at Santander and Rosh Pinah are forecast to increase throughout the year, with Rosh Pinah expected to mine significantly higher lead grades in the second half of 2019.

Operating costs: The Company expects costs to generally be at their highest level for each mine in Q1 with consolidated costs per tonne to range from $73 - $81 per tonne during the quarter. Operating costs will be higher in Q1 compared to the yearly target due to the following:

  • Increased mining scope to build inventories and further de-risk annual production;
  • Seasonal impact of winter at Caribou Mine and reduced mined ore until planned development is in place;
  • Benefit of the HFO generating plant at Perkoa is forecast to improve costs starting in Q2;
  • Seasonal pumping requirements at Santander Mine;
  • Lower planned throughput due to planned maintenance.