#1TSX: TV | BVL: TV | OTCQX:TREVF | FRANKFURT: 4T TREVALI.COM TREVALI Zinc Miner Positioned For Cashflow Generation CORPORATE PRESENTATION | JANUARY 2021#2Cautionary notes Cautionary Note Regarding Forward Looking Information TREVALI 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 statement 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 also include statements with respect to the Company's operations, including the resumption of operations at Caribou, the anticipated costs associated therewith, the dates upon which the Company expects to resume mining and production at Caribou and the operational and commercial enhancements expected to be implemented at Caribou, the Company's expectations with respect to the economics of Caribou after the re-start, including the Company's ability to generate positive cash flow from the operation of Caribou, financial and operational guidance for the fiscal year 2021, including the Company's forecast AISC, C1 Cash Cost, capital cost and production, expectations with respect to the Company's financial results for fiscal year 2021, including its expectations with respect to cash flows generated from its operations, the Company's ability to finance the RP2.0 Expansion Project at Rosh Pinah from cash flows, the timing and delivery of the feasibility study for the RP2.0 Expansion Project at Rosh Pinah, expectations with respect to the use of proceeds from the Company's equity financing, expectations and timing regarding the T90 business improvement program, hedging activities, the Company's growth strategies and planned development activities, including the Company's planned development and exploration activities at Santander, the timing and nature of these activities and the expected benefits to the Company resulting therefrom, expected annual savings from capital projects, anticipated effects of commodity prices on revenues, estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production and capital expenditures, 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 and 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, risks related to the resumption of operations at Caribou, including that the Company may not be able to restart Caribou on the expected timeline and at the expected costs, or at all; that the Company's cost and production guidance may not accurately estimate the Company's actual costs or the actual production at the Company's projects; the Company's operations may not generate cash flow in the amount anticipated, or at all; that the Company may not complete the RP2.0 Expansion Project at Rosh Pinah on the anticipated timeline, or at all; that the Company may not use the proceeds generated from the Company's equity financing in the manner currently contemplated; that the Company may fail to meet its T90 business improvement program objectives or may abandon these objectives prior to the completion of the T90 business improvement program; that the Company may not undertake its planned development and exploration activities on the timelines currently contemplated, or at all; 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, Mineral Resource Management, a Qualified Person under NI 43-101. Non-IFRS Financial Performance Measures This presentation refers to "EBITDA" (earnings before interest, taxes, depreciation and amortization), "Adjusted EBITDA", "Adjusted EPS", "Net Debt", "C1 Cash Cost" and "All-In Sustaining Cost". These financial performance measures have no standardized meaning under International Financial Reporting Standards ("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. For further detail, refer to Trevali's Management's Discussion and Analysis for the three and nine months ended September 30th, 2020. Currency All amounts are in US$ unless otherwise indicated. 2#3Trevali's Management Team Experienced team to implement business improvement initiatives TREVALI RICUS GRIMBEEK PRESIDENT, CEO & DIRECTOR BRENDAN CREANEY CHIEF FINANCIAL OFFICER STEVEN MOLNAR CHIEF LEGAL OFFICER DEREK DU PREEZ CHIEF TECHNICAL OFFICER JOANNE THOMOPOULOS CHIEF PEOPLE OFFICER RICHARD WEISHAUPT VP HEALTH, SAFETY, ENVIRONMENT & SECURITY MANAGEMENT TEAM Joined Trevali in April 2019 30+ years of experience in the resource sector Former COO of Vale Base Metals North Atlantic and President & COO of South32 Australia, Asset President of 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 Joined Trevali in August 2019 as VP Investor Relations and appointed CFO in December 2020 15 years of experience in mining and construction industries Former Director of Corporate Development and Value Assurance at Goldcorp Masters of Business Administration with a specialization in Finance from the University of Manchester Joined Trevali in July 2018 Practiced corporate and securities law at McCarthy Tétrault and Heenan Blaikie for eight years, advising on corporate governance, M&A and dispositions, 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 Joined Trevali in July 2019 ■ 25+ years of experience working in the mining industry leading digital transformation and innovation programs Former Principal Consultant at AMC Consultants, Director of Digital Transformation, North Atlantic at Vale Canada, and Head of the Digital Delivery Centre at South32 Bachelor of Engineering Technology and Mechanical Engineer's Certificate of Competency from South Africa Joined Trevali in October 2018 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 Chartered Professional in Human Resources, Graduate Certification in Strategic Human Resources Management, Advanced Certification in Management and Diploma in Criminal Justice Joined Trevali in November 2019 as Group Lead Health Safety & Security and appointed VP in Sept 2020 30+ years' experience in the resource sector, with a strong operational background in business improvement Held progressive managerial positions in HES at Vale, Nutrien, Stantec, BHP and Rio Tinto Diploma in Technology (Mining), Six Sigma Black Belt Accreditation and certified ISO 14001-1996 Internal Auditor 3#4About Trevali The Future of Mining Global base-metals mining company focused on delivering sustainable shareholder value through technology transformation. Revenue generated from base-metals mining, predominantly from zinc, at its four operational assets: Perkoa Mine in Burkina Faso (90% owned), Rosh Pinah Mine in Namibia (90% owned), Caribou Mine in Canada (100% owned) and Santander Mine in Peru (100% owned). Also owns the Halfmile and Stratmat Properties and the Restigouche Deposit in New Brunswick, Canada, and the past-producing Ruttan Mine in northern Manitoba, Canada. 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. TREVALI Caribou, Canada Perkoa, Burkina Faso Rosh Pinah, Namibia Santander, Peru Our values: Purpose and Values To be the world's best sustainable underground mining company TEAMWORK RESPECT PERFORMANCE CARE 4#5Operations overview and 2021 guidance TREVALI Zn Pb Ag Caribou, Canada • Announced restart from temporary suspension Jan'21 ⚫2021 zinc production guidance of 60-651 million payable lbs at AISC2 of $0.91-0.97 lb Opportunities • Studies: Satellite deposits, and metallurgical opportunities - copper, gold Zn Pb Ag Santander, Peru . Restarted & producing since 2013 • 2021 zinc production guidance of 50-551 million payable lbs at AISC2 of $1.06-1.12 lb Opportunities Drilling geophysical anomaly - potential for porphyry/skarn • Regional exploration targets Zn Pb Ag Rosh Pinah, Namibia • Producing since 1969 2021 zinc production guidance of 70-751 million payable lbs at AISC2 of $0.85-0.90 lb Opportunities • RP2.0 Feasibility Study - H2 2021 • Gergarub JV Zn Perkoa, Burkina Faso • Producing since 2013 ⚫2021 zinc production guidance of 150-1651 million payable lbs at AISC² of $0.89-0.94 lb Opportunities ⚫T3 discovery, drilling restarted Q4 2020 • Regional exploration targets 2021 Consolidated Zinc Production Guidance1 330-360 million 45-50 million 0.9 - 1.0 million $0.80-0.84 $0.90-0.97 Payable lbs Zinc Payable lbs Lead Payable ozs Silver C1 Cash Cost² per pound of Zinc AISC2 per pound of Zinc (1) Production guidance constitutes forward-looking information. See "Cautionary Note Regarding Forward-Looking Statements". (2) This is a Non-IFRS Financial Performance Measure; See cautionary note regarding Non-IFRS Financial Performance Measures. 5#6T90 Business Improvement Program Significant cash flow generator at current zinc price $50 MILLION in annual sustainable efficiencies 90 T90 PROGRAM CENTS AISC by 2021 The T90 program is a business improvement program to sustainably lower the cost base of the business to an AISC¹ of $0.90lb through delivery of $50 million in annual sustainable efficiencies. Focused on implementing initiatives that provide recurring cost savings and revenue generation. US$M T90 LEVERAGE TO ZINC At a zinc price of $1.25/lb Trevali would have a 2021 annual margin above $0.90/lb AISC¹ of $117 million or $0.12 per Trevali share when considering midpoint of 2021 production guidance of 345Mlbs. ~130mlbs of 2021 zinc production hedged through fixed pricing / forward swaps at an average price of $1.22lb. US$/Sh 2021 Annual Margin² Above AISC¹ of $0.90/lb $160 $120 $80 $138 $117 $95 $40 $- $1.15 $1.25 Zinc Price $/lb $1.35 2021 Annual Margin² Per Share Above AISC1 of $0.90/lb $0.16 $0.12 $0.08 $0.14 $0.12 $0.10 $0.04 $1.15 $1.25 Zinc Price $/lb $1.35 (1) This is a Non-IFRS Financial Performance Measure; refer to the Company's Management Discussion and Analysis for the three and nine months ended September 30th, 2020. Margin excludes expenditures such as expansionary capital, exploration costs, corporate, tax, and financing costs. (2 (3) Margin per Share calculated based on shares outstanding of 989.1 million. 6#7Caribou Restart of Operations Improved cost performance and mining efficiency TREVALI Caribou Production and Cost Guidance² • Expected return to mining: early Feb 2021. Expected first payable zinc production: end March 2021. Production plan anchored on operational and commercial enhancements: • • All-in Sustaining Cost (AISC¹) forecast between $0.84-$0.90 per pound of zinc in 2022. Partnership with Redpath Mining Inc - people and equipment mobilization. Enhanced revenue certainty from hedged production. Secured purchase of 115M pounds of payable zinc - 80% of forecast zinc production over two years. Future value potential: Ongoing studies to unlock step change value - satellite deposits, and metallurgical opportunities - copper, gold. Units FY 2021 FY 2022 Payable Production Zinc Mlbs 60-65 72-77 Mlbs Koz's 21-23 585-650 23-25 575-635 Lead Silver Cost C1 Cash Cost¹ AISC1 $/lb 0.79 -0.84 0.83-0.89 $/lb 0.91 -0.97 0.84 -0.90 Restart costs $m 7 - Sustaining Capital $m 9 2 Caribou, New Brunswick, Canada (1) This is a Non-IFRS Financial Performance Measure; See cautionary note regarding Non-IFRS Financial Performance Measures. (2) Production guidance constitutes forward-looking information. See "Cautionary Note Regarding Forward-Looking Statements". 7#8Rosh Pinah "RP2.0" Expansion Pre-Feasibility study highlights (August 2020) 1.3Mtpa Mill Modified plant to include SAG mill, crushing and ore blending system Paste Fill Plant Will reduce surface tailings as redirected underground as paste fill Paste Fill Will increase ore recovery and reduce dilution WF3 Portal Dedicated portal for WF3 deposit SOF New Trucking Decline & Mobile Equipment Fleet Upgade from 30t to 60t trucks Reduction in hauling distance and traffic Improved ventilation ROSH PINAH 2.0 Looking North East EOF TREVALI Single stage SAG mill crushing and ore blending system with a nominal throughput increase from 0.7 to 1.3 Mtpa. Paste fill plant and reticulation system will reduce surface tailings and mining dilution while increasing ore recovery. Dedicated portal and decline with associated infrastructure for the WF3 deposit. Project Capital Cost of $93M and Construction of the expansion project assumed to commence in Q1 2022 and commercial production to be achieved by start of Q1 2023. Underground mobile equipment moving from 30 to 60 tonne haul trucks. Note: refer to the Company's August 25, 2020 news release for full details. 8#9Rosh Pinah "RP2.0" Pre-Feasibility study Key outcomes of PFS; Feasibility study expected in H2 2021 TREVALI Rosh Pinah Annual Ore Production Schedule with Metal Grades Increases throughput by 86% from 0.7Mtpa to 1.3Mtpa for a project capital cost of $93 million. Reduces AISC1 to an average of $0.64/lb of zinc. 400 200 田 1600 1400 1200 1000 800 600 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0 0.0% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Ore kt - Target throughput Zn % Pb % Construction of the expansion project assumed to commence in Q1 2022 and commercial production to be achieved by start of Q1 2023. 180 160 Project Economics (post-tax) (at an average $1.25lb Zn price, $0.93/lb Pb price and $19.81/oz Ag price): Net Present Value ("NPV") at 8% of $207 million. . 140 120 100 • After-tax free cash flow of $328 million. • Payback: ~3.5 years. Note: refer to the Company's August 25, 2020 news release for full details. Rosh Pinah Annual Payable Metal Production Schedule and AISC1 80 60 40 20 0 LLL 1.20 1.00 0.80 LL 0.60 0.40 0.20 0.00 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Zn Payable Production (Mlbs) AISC ($/lb) Pb Payable Production (Mlbs) 9#10Digital Transformation Transforming the Future of Mining Key Initiatives Technology Program ㄨ 4 TREVALI BLENDING ANALYTICS 8 DIGITAL FORMS 9. TREVALI ERP SYSTEM UPDATE (MICROSOFT DS65) Rosh Pinah operation as the flagship of Trevali digital transformation strategies. DATA CITIZEN PROGRAM 5 INTEGRATED PLANNING, SCHEDULING & EXECUTION 6 SHORT TERM GRADE CONTROL MODELLING UNDERGROUND CONNECTIVITY 2 • Key strategic developments: Digitization of assets, and automation of physical • processes. Data-driven planning, control, and decision making. Functional platforms and automated support processes. ते AUTONOMOUS DRONE SURVEYING 3 DRILLING MACHINE TELEMETRY Projects' portfolio is balanced to include both investments in the long term as strategic enablers as well as a rapid return on investment use cases. 10#11Sustainability De-risks Trevali for future growth ACHIEVEMENTS 30% reduction in Total Recordable Injury Frequency in 2020 Compared to 2019 1st Task Force on Climate-Related Financial Disclosures Reporting Completed in 2019 Independent Tailings Assurance Reviews Completed in 2019 at all four Trevali mines across eight TSF's, confirming stability Trigger, Action, Response Plans at Perkoa, Burkina Faso. Security personnel trained in the UN Voluntary Principles TARGETS 25% Absolute Reduction in Greenhouse Gas Emissions by 2025 2018 Baseline - 131,809t CO2e • 30% of Senior Leadership Roles to be Occupied by Women 2019 Baseline: 20% executive and 15% other senior leadership 11.4% Reduction in Clean Water Made Dirty by 2025 2% year-on-year reduction from a 2019 baseline TREVALI Note: More information can be found in the Trevali Annual Sustainability Report - 2019 published on May 28, 2020. 11#12Trevali Positioned to Generate Cashflow Internal business improvement initiatives complimented by a strengthening zinc market TREVALI SUSTAINABLY REDUCE COST BASE 90 Reduction to $0.90lb AISC1 by beginning of 2021 through delivery of $50 million in annual sustainable efficiencies. MINING AS A SERVICE Standardization and technology continue to be implemented across a functional organization structure with opportunities shared across the portfolio. $ CASH FLOW GENERATION 2021 zinc production expected to generate meaningful cash flow at current zinc prices; strengthening the balance sheet and providing flexibility. GROWING OFF AN OPTMIZED ASSET BASE Enhancing portfolio and advancing organic growth projects: RP2.0 at Rosh Pinah and T3 exploration discovery at Perkoa. 1 This is a Non-IFRS Financial Performance Measure; refer to the Company's Management Discussion and Analysis for the three and nine months ended September 30th 2020. 12#13TREVALI Zinc Market 13#14US$/lb Zinc Price Appreciation Continues Spot zinc has reached its highest price since June 2019 $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 Zinc Price 2008-2009: Zinc price at 65% of the current C1 cost curve. T90 Program Target AISC ($0.90/lb) 2015-2016: Major producers curtail production by ~1 Mt (7%). Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Source: Bloomberg as at January 21, 2020 Weakening zinc price caused by COVID-19. TREVALI 2020: Due to COVID-19, production is curtailed by ~3.7 Mt (25%). 50% increase in zinc prices since March 2020. Jan-18 Jan-19 Jan-20 Jan-21 14#15Zinc inventories and TCs demonstrate a tight market Low inventories and declining treatment charges provide fundamental support for higher zinc prices TREVALI ZINC INVENTORY AT HISTORICAL LOWS ILME Zinc Inventory Shanghai Zinc Inventory Zinc Price (US$/lb) $2.00 1,600 • • • Refined zinc inventories ended 2019 at record lows. Seasonal inventory build-up related to Chinese new year in February has had a modest impact on stocks. LME zinc inventories have seen an average daily increase of ~525 kt since December 2019. Further zinc mine curtailments precipitated by COVID- 19 may lead to additional concentrate supply shocks beyond the 1.4 Mt impact forecast for the year and a further reduction to metal inventories, supporting a higher zinc price. Zinc Price (US$/lb) $1.50 $1.00 $0.50 1,200 800 400 Zinc Inventory (kt) '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 ZINC TREATMENT CHARGES ARE DECREASING • Mine curtailments have outpaced smelter demand. Benchmark TC Imported Spot TC (China) Domestic TC (China) $350 • • • • Concentrate market surplus has receded rapidly. Spot zinc treatment charges have decreased from $310 per tonne in January 2020 to $85 per tonne at the end of December 2020. Benchmark negotiations for 2021 have begun and are forecast to be set lower giving Trevali exposure to savings. Trevali estimates a $100 per tonne decrease in treatment charges equates to a ~$0.10/lb increase in margin or ~$35 million when considering 2021 full year production guidance midpoint of ~345Mlbs. Source: Zinc inventories per Bloomberg and treatment charges per Wood Mackenzie as at January 21, 2020. $300 TC (US$/t) $250 $200 $150 $100 $50 $215/tonne difference between Benchmark TC and Imported Spot TC (China) 2017 2018 2019 Jan Feb Mar Apr May Jun Jul Aug Sep Oct-Nov-Dec- 20 20 20 20 20 20 20 20 20 20 20 20 15#16TREVALI Appendix#17Perkoa Mine - Burkina Faso 1.2 billion lbs contained zinc (in measured & indicated resources - as at December 31, 2019) 2020 Production (100% basis) Zn 150 million payable lbs Zinc . . Highlights Currently drilling T3 exploration discovery Numerous near mine exploration targets Pursuing JV exploration opportunities TREVALI PERKOA BURKINA FASO Reserves and Resources (as at December 31, 2019) Category Tonnes Zn (%) Proven Reserves 0.67 14.54 Probable Reserves 1.40 11.96 Proven and Probable Reserves 2.06 12.80 Measured Resources 1.68 14.60 Indicated Resources 2.72 11.42 Measured and Indicated Resources 4.40 12.64 Inferred Resources 0.81 8.71 See "Compliance with NI 43-101" for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 17#18Rosh Pinah Mine - Namibia 2.5 billion lbs contained zinc (in measured & indicated resources - as at June 30, 2020) 2020 Production (100% basis) Zn 86 million payable lbs Zinc Pb 18 million payable lbs Lead Ag 225,000 payable ozs Silver Highlights RP2.0 Expansion Project PFS delivered in August 2020; FS expected in H2 2021 Gergarub Joint Venture • Near mine exploration targets TREVALI ROSH PINAH NAMIBIA Reserves and Resources (as at June 30, 2020) Category Tonnes Zn (%) Pb (%) Ag (g/t) Proven Reserves 4.24 7.32 1.99 23.7 Probable Reserves 6.99 5.62 0.93 16.2 Proven and Probable Reserves 11.23 6.26 1.33 19.0 Measured Resources 8.13 7.38 2.11 25.7 Indicated Resources 7.97 7.08 1.22 19.8 Measured and Indicated Resources Inferred Resources 16.10 7.23 1.67 22.8 3.43 6.71 1.34 23.2 See "Compliance with NI 43-101" for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 18#19Santander Mine - Peru 941 million lbs contained zinc (in measured & indicated resources - as at December 31, 2019) 2020 Production (100% basis) Zn 62 million payable lbs Zinc Pb 7 million payable lbs Lead Ag 411,000 payable ozs Silver Highlights • Multiple exploration targets on property . Current drilling geophysical anomaly at depth from recent surveys showing potential for porphyry/skarn style mineralization See "Compliance with NI 43-101" for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Reserves and Resources (as at December 31, 2019) Magistral North, Central, South Orebodies TREVALI SANTANDER PERU Category Tonnes Zn (%) Pb (%) Ag (g/t) Proven Reserves 1.34 4.91 0.46 26.95 Probable Reserves 0.51 4.74 0.22 19.62 Proven and Probable Reserves 1.86 4.86 0.39 24.92 Measured Resources 2.34 4.98 0.68 34.63 Indicated Resources 1.24 4.72 0.32 20.53 Measured and Indicated Resources 3.58 4.89 0.55 29.76 Inferred Resources 1.07 3.93 0.24 24.97 Santander Pipe Deposit Category Tonnes Zn (%) Pb (%) Ag (g/t) Measured Resources 0.54 8.09 0.03 16.31 Indicated Resources 3.23 6.43 0.01 11.37 Measured and Indicated Resources 3.77 6.67 0.01 12.08 Inferred Resources 1.31 5.37 0.02 7.42 19#20Caribou Mine - Canada 1.5 billion lbs contained zinc (in measured & indicated resources - as at December 31, 2019) 2019 Production² (100% basis) Zn 75 million payable lbs Zinc Pb 27 million payable lbs Lead Ag 705,000 payable ozs Silver CARIBOU CANADA TREVALI Highlights Mill proven to operate above nameplate of 3 ktpd Studies of the Bathurst camp including the potential inclusion of satellite deposits, modification to the existing mining method and metallurgical opportunities to increase throughput and reduce the cost structure of Caribou Northern limb open to mineralized extensions (1) Includes the Restigouche, Halfmile and Stratmat projects. Reserves and Resources (as at December 31, 2019) Category Tonnes Zn (%) Pb (%) Ag (g/t) Proven Reserves 1.54 6.83 2.47 74.00 Probable Reserves 1.12 6.31 2.59 76.40 Proven and Probable Reserves 2.66 6.61 2.52 75.04 Measured Resources 6.65 6.67 2.47 71.93 Indicated Resources 3.81 6.21 2.48 75.16 Measured and Indicated Resources Inferred Resources 10.46 6.50 2.47 73.11 5.31 6.11 2.48 74.64 See "Compliance with NI 43-101" for additional information on the mineral reserves and mineral resources in above table. Proven & Probable Reserves included in Measured & Indicated Resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. (2) The Caribou operation was put on a temporary care and maintenance program on March 26th, 2020. Planned restart of operations was announced on January 15th, 2021 "Trevali to Restart Caribou Mine with Improved Economics; Continues Studies on Longer Term Value Potential". 20 20#21Board of Directors TREVALI JILL GARDINER Chair DAN ISSEROW Director " Appointed as Board Chair in March 2020 20+ years of investment banking experience, most recently as Managing Director and Regional Head of B.C. at RBC Capital Markets Director of Capital Power; former Director of Capstone Mining, Turquoise Hill and Timber Investments Holds a BSc and MBA from Queen's University Appointed to Board in October 2017 Chartered Accountant with significant leadership experience in both financial and operating capacities Current Co-Founder, President and CFO at Silica Ventures Former President and CEO of Nando's Appointed to Board in October 2017 RUSSELL BALL Director RICHARD WILLIAMS Director RICUS GRIMBEEK President, CEO & Director ALINE COTE Director NICK POPOVIC Director " " CEO and Director of Calibre Mining Former CFO, EVP, Corporate Development, and EVP, Strategy & Capital Projects at Goldcorp Holds the Chartered Accountant designation Appointed to Board in June 2019 Former COO at Barrick, CEO of Afghan Gold and Minerals, and Commanding Officer of the British Army's Special Forces Regiment, the SAS Holds a MBA from Cranfield University and a Masters Degree from Kings College London Appointed to Board in September 2020 Joined Trevali in April 2019 30+ years of experience in the resource sector, including as COO of Vale Base Metals North Atlantic, President & COO of South32 Australia and Head of Group HSEC of BHP Billiton Holds a BEng from the University of Pretoria Appointed to Board in September 2020 First female Industrial Lead of Glencore International AG, co-head of Zinc industrial assets. Holds a bachelor's degree in Science (Geology) from the University of Quebec (1998), post graduate training in Geology at Laurentian University (2000) and an MBA from the University of Quebec (2008) Joined Trevali in September 2020 20+ years of experience in the resource sector as a Zinc and Lead Concentrates and Metals trader and, most recently, as Head of Marketing and co-Industrial Lead (Zinc Smelters) for Glencore. Chairman of Kazzinc and board member of Compañia Minera Volcan SAA and Volcan S.A.A. Holds a Master of Arts degree from University of Cambridge 21 24#22Capital Structure and Financial Position TREVALI CAPITALIZATION SUMMARY SHAREHOLDER SUMMARY (3) Shares (M) % of Basic Share Price (Jan. 22, 2021) C$0.220 Glencore 259.8 26.3% 52-Week High (Jan. 15, 2021) C$0.270 CQS Investment Management 42.1 4.3% 52-Week Low (May 15, 2020) C$0.065 Tribeca Global Management 21.6 2.2% Market Cap. (Jan. 22, 2021) (2) $167M Polar Asset Management Partners Canada 13.0 1.3% Total Debt (Oct. 31, 2020) $145M Aegis Financial Corporation 10.6 1.1% Cash (Oct. 31, 2020) $26M Primevest Capital Corp 10.0 1.0% Net Debt (Oct. 31, 2020) $119M Apac Resources Capital 8.7 0.9% Enterprise Value (Jan. 22, 2021) $286M Delbrook Capital 8.7 0.9% Net Debt/Enterprise Value 42% Liontrust Investment Management, LTD 6.2 0.6% Net proceeds from equity raise (Closed Dec 2nd, 2020) $25m ETF Managers Group, LLC 5.5 0.6% Source: S&P Capital IQ as at January 25, 2021. (1) Market capitalization calculated using basic shares outstanding of 989.1 million and assumes a 0.7923 CAD/USD exchange rate. (2) Source: S&P Capital IQ. (3) Source: S&P Capital IQ and co-book runners on overnight marketed public offering that closed on December 2nd, 2021. 22 22#23TREVALI Trevali Mining Corporation Suite 1900-999 West Hastings Street Vancouver, BC, V6C 2W2, CANADA Tel: +1 778-655-5885 Fax: +1 604-608-9863 [email protected] www.trevali.com Contact Information Brendan Creaney Chief Financial Officer Email: [email protected] Direct: +1 778-655-6070