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RESEARCH REPORTS TREVALI

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Expert Comments:

Derek Macpherson, M Partners (12/19/14) "Trevali Mining corp. released a construction update for its Caribou mine and mill complex. . .surface and underground construction and rehabilitation operations are progressing and remain on schedule for H1/15 commissioning; we model commissioning taking place in Q2/15 with 45 days of operations. . .we believe that as Trevali ramps up production it should trade at a premium to peers because of its unique leverage to a favorable macro environment for zinc."

Joseph Gallucci, Dundee Capital Markets (12/18/14) "Trevali Mining Corp. reiterated that the Caribou mill is on schedule for commissioning in H1/15. . .a planned 3,000 tpd standalone operation, located in the Bathurst Mining Camp in New Brunswick, with an expected average annual payable production of 93 Mlb zinc, 32.5 Mlb lead, 3.1 Mlb copper, 730 Koz silver and 1,500 oz gold. We believe Trevali is the best vehicle for zinc leverage on the Toronto Stock Exchange. With production going well at Santander and mill construction progressing in New Brunswick at Caribou, the company should have two producing operations online and fully ramped-up by the time we expect improving zinc supply and demand fundamentals to buoy prices in 2015."

Stefan Ioannou, Haywood Securities (12/18/14) "Production restart initiatives at Trevali Mining Corp.'s 100%-owned Caribou zinc-lead-copper-silver-gold project in New Brunswick remain on schedule for completion targeted in H1/15. Key schedule targets going forward include 1) underground mine production startup in Q1/15, 2) mill commissioning startup in (early) Q2/15 and 3) ramp-up to full-scale production (3 Ktpd) by 2015E."

Joseph Gallucci, Dundee Capital Markets (12/1/14) "Trevali Mining Corp. reported solid Q3/14 earnings on Friday, achieving a net income of $1.6M and EPS of $0.01/share, in line with consensus at $0.01/share (and our estimate of $0.01/share). Q3/14 represents the third quarter of relevant earnings for the company since Santander reached commercial production in Q1/14, and we remain impressed with the lack of hiccups and Trevali's production performance year to date."

Ben Kramer-Miller, Seeking Alpha (11/26/14) "Trevali Mining Corp. found at its Stratmat project a 21m intersection of high-grade sulfide mineralization containing 6.2m 7.72% Zn, 3.29% Pb and 0.5% Cu; 5m 3.58% Cu and 0.68 g/t Au; and 3.6m 16.74% Zn, 5.86% Pb, 115.6 g/t Ag and 1.31 g/t Au. . .the potential to expand the Stratmat resource is substantial, and finding mineralization such as this indicates that there could be more and that the 30,000m drill program could prove to be successful."