Hmmm... 2022Some thoughts on 2022… Perkoa’s mid-point 2022 zinc production guidance is projected to be
18.2% lower than 2021 actual
Rosh Pinah’s mid-point 2022 zinc production guidance is projected to be
15.2% lower than 2021 actual
Caribou’s mid-point 2022 zinc production guidance is
projected to be 58.4% higher than 2021 actual (along with a 65% lead and 67% silver production increases from 2021 actual).
Be forewarned… “At each of the three operations, [2022]
Q1 is anticipated to have the lowest level of production for the year.” Here we go again… another production target delayed until the next quarter (and adding salt to the wound the 2022 Q1 production is not quantified / disclosed)! Note that Caribou produced only 10M pounds of zinc in 2021 Q4 (Caribou’s 2022 averaged quarterly guidance in 16M pounds). If Caribou falters again (it did in 2021) then Trevali shareholders are going to feel the pain!
Also consider that “2022 C1 Cash Costs and AISC guidance reflect an estimated
annual zinc treatment charge of $215 per tonne, an increase from $159 per tonne realized for 2021. For every $20 /tonne change in zinc treatment charges there is an impact to C1 Cash Cost 4 and AISC 4 of approximately $0.02 per pound of zinc.”
No expansionary capital for Perkoa and only $0.5M for Caribou?
$24M and $12M for Rosh Pinah and Caribou for sustaining capital? That’s a lot of $$$ to sustain!
| Production - Zinc | | | | | | ACTUAL | |
| | 2022 | Q4 | Q3 | Q2 | Q1 | | 2021 | Q4 |
| Perkoa | 136.4 | 34.1 | 34.1 | 34.1 | 34.1 | (18.2 %) | 160.9 | 37.0 |
| Rosh Pinah | 62.0 | 15.5 | 15.5 | 15.5 | 15.5 | (15.2 %) | 75.8 | 21.0 |
| Caribou | 64.0 | 16.0 | 16.0 | 16.0 | 16.0 | 58.4 % | 40.4 | 10.0 |
| Santander | - | - | - | - | - | | 44.4 | 9.0 |
| | 262.4 | 65.6 | 65.6 | 65.6 | 65.6 | | 321.5 | 77.0 |
Some thoughts on the January 2022 News Release… Quality is not job#1… double-double quotes, formatting issues, tables that do not sum, and typos all in a ‘news release’ with odd statements and missing information. I feel like Popeye the shareholder dealing with Wimpy the management team promising better results next Tuesday for another ‘quarter’ deferral again.
So… what was not said? Did Trevali realize a gain or loss on the Santander sale? Trevali must know by now!
With David Schummer departure, what is the plan for Trevali’s COO? Trevali has not provided any update on this issue – is Trevali searching for a replacement? No clear statement has been provided!
Is T90 still in existence? Always thought this was a
sleight-of-hand distraction – management is proud to initiate a plan to reduce the very expenditures it had approved previously!
Life-of-mine updates?
“Company will hold a conference call on Friday, February 25,2022 for management to discuss the Q4 2021 financial and operating results.”
Disclosing annual results on a Friday… not a good sign.