Teal Valley T.TV

Expert comments following commercial production

[ontheDL]

Expert Comments: courtesy of Streetwise

Matthew O'Keefe, Mackie Research Capital (2/21/14) "Trevali Mining Corp. announced that it has achieved commercial production at its Santander zinc-lead-silver mine. . .performance has been consistently good, operating close to 2 Ktpd since October with solid recoveries and metal production. . .we maintain our Buy recommendation and target price of $1.30/share."

Erik Bermel, M Partners (2/20/14) "As expected, Trevali Mining Corp. declared commercial production at Santander effective Feb. 1, 2014. While this does not change our view on the asset, it should be a derisking step for investors. . .the company is positioning itself as the next midtier base metal producer with significant leverage to a favorable macroeconomic environment for zinc."

Aleem Ladak, PI Financial (2/20/14) "Trevali Mining Corp. released an update on its 100%-owned Santander mine in Peru by declaring commercial production and issued production guidance for 2014. . .during January, Santander produced 4.9 Mlb zinc as the mill approached design capacity. For 2014, management has guided towards zinc output of 42–45 Mlb, lead output of 15–17 Mlb and silver output of 700–720 Koz."

Adam Low, Raymond James (2/20/14) "We reiterate our Outperform rating and our CA$1.40 target price on Trevali Mining Corp. The commissioning of the Santander mine has gone well, and the company is transitioning from a mine developer to a metals producer; this is a transition that is typically accompanied by an increase in the trading multiple."

Joseph Gallucci, Dundee Capital Markets (2/20/14) "Trevali Mining Corp. has done well to bring the Santander mine from commissioning to commercial production in about six months. . .we are raising our target based on the company announcing commercial production in Peru and given that it is fully financed for production in New Brunswick (after the recent equity raise). . .Trevali remains a Buy and our Top Pick with a $1.60/share target price (up from $1.50/share)."