Investor Presentaiton

Cautionary 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