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Investor Presentaiton

Caribou 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
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