Investor Presentaiton

Capital 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

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