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US$/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

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