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Santander Zn-Pb-Ag DepositNew Discoveries in

the World-class Central Peruvian Polymetallic Belt

Daniel Marinov, Edinson Rosell

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Disclaimer1
Certain statements contained in this document, including, without limitation, those concerning the economic
outlook for the mining industry, expectations regarding metal prices and production, the completion and
commencement of commercial operations of certain of Trevali Mining Corporations (TV) projects, and its
liquidity and capital resources and expenditure, contain certain forward-looking statements regarding TVs
economic performance and financial condition. Although TV believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such expectations will prove to
have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions, success of
business initiatives, changes in the regulatory environment and other government actions, fluctuations in
metal prices and exchange rates, and business and operational risk management. TV undertakes no
obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date of the annual report. All subsequent written or oral forward-looking statements
attributable to TV or any person acting on its behalf are qualified by the cautionary statements herein.

Trevali's production plans at Santander and Caribou-Halfmile-Stratmat are based only on Indicated and
Inferred Mineral Resources1 and not Mineral Reserves, and do not have demonstrated economic viability.
Inferred Mineral Resources are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no
certainty that the conclusions of the production plans and Preliminary Economic Assessment will be realized.
1Please refer to Appendix: Disclosures for important items relating to the resource estimates and production plans.
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Operating in Geopolitically Stable Countries

Sovereign Credit Ratings: New Brunswick, Canada:


Canada: Aaa / AAA / AAA
Peru: A3 / BBB+ / BBB+ Caribou Mine & Mill
*Ratings from Moodys, S&P, and Fitch Measured & Indicated Resource: 1.1 MM lbs.
Zn, 468 MM lbs. Pb and 19.6 MM oz. Ag
contained
Inferred Resource: 560 MM lbs. Zn, 227 MM
lbs. Pb and 9.2 MM oz. Ag contained
Modern 3,000 tpd mill/processing plant and
underground workings/infrastructure
Restart program underway for 2015
production

Halfmile Mine
Positive Independent PEA Study in May 2014
Peru:
Indicated Resource: 1.12 billion lbs. Zn, 356
Santander Mine MM lbs. Pb and 6.2 MM oz. Ag contained
Inferred Resource: 896 MM lbs. Zn. 245 MM
In Production Zn and Pb/Ag concentrates lbs. Pb and 4 MM oz. Ag contained
Indicated Resource: 500 MM lbs. Zn, 180 MM Trial underground mining conducted in 2012
lbs. Pb and 8.7 MM oz. Ag contained
Inferred Resource: 1.41 billion lbs. Zn, 121 MM Stratmat Deposit
lbs. Pb and 9.4 MM oz. Ag contained
Inferred Resource: 744 MM lbs. Zn, 315 MM
2014 production results: lbs. Pb and 9.6 MM oz. Ag contained
88% Zinc recovery producing 50.4 million payable lbs. Deposit remains open for expansion;
85% Lead recovery producing 23.3 million payable lbs. 30,000m drilling program completed in 2014
75% Silver recovery producing 914,600 payable oz.
Source: Company data, resources are NI 43-101 compliant
Please refer to Appendix: Disclosures for important items relating to the production plans. 4
Why Zinc?
Zinc demand remains strong while supply tightens:
Global demand driving zinc inventory drawdowns (LME Warehouse levels near 6-year lows)
incremental metal demand of approx. 500,000 tonnes of zinc metal per year projected
Imminent closure of major global zinc mines (Century, Lisheen, etc.) an overall reduction of
approx. 10% of global production is forecast; New marquee projects being deferred

Caribou production commencing


Potential Halfmile-Stratmat development
Santander production commences

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Source: Glencore Presentation, includes Metallgesellschaft, WoodMackenzie and Glencore estimates
Santander Mine
Location Peru
Resource Tonnes Zn (%) Pb (%) Ag (oz/ton) Ownership 100% controlled
Indicated 6,264,000 3.62 1.30 1.25 Type of deposit Carbonate Replacement Deposit
Primary metals Zn, Pb, Ag
Inferred 13,845,000 4.62 0.40 0.6 Processing Standard milling with flotation recovery
End product Zn and Pb-Ag concentrates
Infrastructure Underground mining operation, 2,000 tonne-per-day
2,000 tonne-per-day Zinc-Lead-Silver mine and mill complex processing mill, tailings facility and camp
in Central Peruvian Polymetallic Belt
2014 production statistics:
88% Zinc recovery producing 50.4 million payable lbs.
85% Lead recovery producing 23.3 million payable lbs
75% Silver recovery producing 915,000 payable ozs
2014 site cash costs of US$0.37/lb ZnEq2 (payable
produced); Site costs of US$47.33/tonne (includes mining,
milling and site G&A)
2015 metal production guidance:
Zinc 48-50 million pounds payable production at
average head grade of 4.2-4.4% Zn
Lead 23-25 million pounds payable production at
average head grade of 1.8-2.1% Pb
Silver 850,000-950,000 ounces payable production at
average head grade of 1.5-1.8 oz/t Ag
Significant exploration potential to expand current resource
with all the deposits remaining open

Source: Company data, resource is NI 43-101 compliant


1Please refer to Appendix: Disclosures for important items relating to the production plans.
2ZnEq Payable Pounds Produced = ((Zn Payable lbs Produced x Zn Price)+(Pb Payable lbs

Produced x Pb Price)+(Cu Payable lbs Produced x Cu Price)+(Au oz Payable Produced x Au


Price)+(Ag oz Payable Produced x Ag Price))/Zn Price. Santander mine, mill, and infrastructure, Peru
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Overview
Carbonate Replacement Model

Central Peruvian Polymetallic Belt

Santander Deposit

Successful Exploration - Multi-disciplinary targeting:

New Discoveries

Exploration potential
Santander Mine Development

Resource Cutoff
Tonnes Ag (g/t) Pb (%) Zn (%) Ag (oz) Pb (lbs) Zn (lbs)
Category (ZnEQ%)
Indicate
3.00 6,264,000 43 1.30 3.62 8,740,000 179,734,000 500,218,000
d
Inferred 3.00 13,845,000 21 0.40 4.62 9,373,000 121,089,000 1,410,485,000
Santander Ore Deposit Model

Santander

After Sillitoe, 2012


Carbonate Replacement Model
Intrusion related Carbonate Replacement - High Temperature Carbonate

Lateral Distance <1 to > 5km

Volcanics (Tertiary) Mn - Si anomalous Ag, Pb, Zn


Folded Carbonate Sequence
Vertical Distance < 500m to > 2km

(Cretaceous)

Cryptic Alteration Casapalca - Yauliyaku


Ag-Pb
(Recyx Veining) Uchucchacua
Skarn Front Antamina
Chungar Pb+/-Ag >Zn
Santander
Zn>Pb +/- Ag Iskaycruz
Zn - Cu
Cu-Au
Dike

Intrusive
Why Peru? - #2 Cu, #3 Zn, #3 Ag, #4 Pb, #5 Au
Lancones Basin Northern Peru
VMS Cu-Zn-Au Cu-Au Porphyry Belt
Northern Peru
MVT Belt

Yanacocha Epithermal Pataz Batholith


Gold Belt Mesothermal Gold Belt

Pierina Epithermal Central Peru MVT


Gold Belt Belt

Central Peru Eocene-Oligocene Apurimac


Polymetallic Belt Cu-Porphyry-Skarn Belt

IOCG Coastal
Belt Ananea
Mesothermal
Gold Belt
Coastal Batholith
Mesothermal Gold Southern Peru
Paleocene
Belt Epithermal Au-Ag Belt
Cu-Mo Porphyry Belt After Miguel Cardozo
Central Peru Polymetallic Belt

Central Peru
Polymetallic
Belt

Santander +28 Mt global, remains open

After Miguel Cardozo


Central Peru Polymetallic Belt

WORLD-CLASS PRODUCITON
Peru global production (2012):
No. 3 Zinc - 1,281kt
No. 3 Silver - 123Moz
No. 4 Lead - 249kt

Regional Cross Section

Santander Mine Complex, looking SSW


Regional Cross Section
Vertical Extent of Mineral Systems
N
6000m
S
Uchucchacua
5000m
4900m

Puajanca
Huaron
Negrita Rio
4800m
Pallanga
Animon Alpamarca
Iscaycruz
4700m

Magistrales
4600m

4500m
Carhuacayan
Mine Level
4400m

Santander Pipe
4300m

4200m

4100m
Mine Level
4000m

3900m

3800m
3700m
Geological Setting
QUATERNARY
PLIOCENE
0
Phases
Volcanics
MIOCENE Quechua

TERTIARY OLIGOCENE
Limestones
Incaic Phases
EOCENE
50
PALEOCENE

Coarse clastics
Peruvian Phose
UPPER

CRETACEDUS
100
Mochica Phose
Fine clastics
LOWER

MALM 150

JURASSIC DOGGER Thick late Pz Up.K,


LIAS

UPPER
200
marine sed.- volc.
TRIASSIC LOWER
sequence.
PERMIAN 250
Late Hercynian
PENNSYL- Phoss
CARBONI- VANIAN 300

FEROUS MISSISSIP-
PIAN
Early Hercynian
Followed by a
350
DEVONIAN
Phase
terrestrial clastic sequence
400
SILURIAN and intense sub-aereal
ORDOVICIAN
450
volcanic activity
500

CAMBRIAN 550

600

PRE - CAMBRIAN 2000

0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
After Miguel Cardozo
Geological Setting
QUATERNARY 0
Cord. Blanca Volcanics
~13.5 2.7Ma
PLIOCENE
Phases
MIOCENE Quechua

TERTIARY OLIGOCENE Limestones


Incaic Phases
EOCENE
50
PALEOCENE Apurimac Coarse clastics
Central Belt
UPPER
~ 70 30Ma Peruvian Phose

CRETACEDUS
100
Fine clastics
Mochica Phose
LOWER

JURASSIC
MALM

DOGGER
150
Intense, episodic
LIAS magmatism occurred in the
200
TRIASSIC
UPPER
LOWER
Cordilleria region.
PERMIAN 250
Late Hercynian
Phoss
Intrusives range from deep
PENNSYL-
CARBONI- VANIAN 300

FEROUS MISSISSIP-
PIAN

DEVONIAN
350
Early Hercynian
Phase batholithic to subvolcanic
SILURIAN
400
settings
450

ORDOVICIAN Coastal Batholith


500
~ 180 37Ma
CAMBRIAN 550

600
Pataz
PRE - CAMBRIAN 2000
~330Ma
0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
After Miguel Cardozo
Santander Location
West Central portion of Belt
44-sq. km property
215km from Lima
Santander Geology
History 1958 - 2007
Schematic Santander Pipe
~8Mt production 1958 1992:
Zn, Pb-Ag and Cu concentrates
Mining ceases at 480m depth in
mineralization.

Mid-2007: Trevali recognizes


significant exploration potential -
acquires property.

Dec 2007: Geophysical (magnetics)


targets
Initial Exploration drill program

Historic drilling suggests


Mineralization extends min. 200m
Exploration 2008 - Present

2008 Mid 2009


Early high-grade intercepts initiate 20,000m Magistral drill
program:
SAN-0002 - 28.4m @ 5.16% Zn, 3.66% Pb, 90g/t Ag &
0.12% Cu
Parallel drill program delineates zinc resource in historic
tailings
May 2009 - Golder 43-101 Resource Est.
May 2009 Partnership with Glencore
Late 2009 Present
Resource expansion +12,000m surface and UG drilling
Additional exploration deeper and property wide grass-
roots (structural geology mapping, geochemical sampling
and geophysics)

Resource Tonnes Zn (%) Pb (%) Ag (oz/ton)


Indicated 6,264,000 3.62 1.30 1.25

Inferred 13,845,000 4.62 0.40 0.6


Mineralization & Deposits

Puajanca
Puajanca
Discovery

MN

Magistral
Deposits MC

MS

Santander
Pipe

Santander Pipe

Santander Project
Structural Settings
Santander pre-mineralisation deformation D1

Incaic event ~ 40 45 Ma D1 the main stage of ENE-directed compression that


resulted in fold-trust dominated contractional deformation

Sketch model for changes in stratigraphic contacts due to


limb attenuation and thrusting during fold-trust deformation
After Tony Starling, 2011
Model for the syn-mineral Magistral-age D2 deformation

Quechua II event ~ 10 8.5 Ma

D2 an intermediate phase of N-S to NNE-


oriented compression that reactivated the steeply-
Origin of Rosa-Fatima structure? dipping limbs of the major D1 folds and thrusts as
dextral transpressional shears

1st order sub-vertical faults source deep fluids


and act as conduits.

Mineralization focused:
Structural intersections
Structural & lithological traps
Higher order structures

After Tony Starling, 2013


Model for Rosa-Fatima syn-mineral age D3 deformation
Quechua III event ~ 7 4.5 Ma

A return to the D1 style of ENE WSW oriented compression


As both Magistral and Rosa-Fatima mineralization are
associated with strike-slip shearing then there is significant
potential for continuity of ore to depth

Where there are sinistral offsets of the Magistral Fault


(along E-W to WNW D1 structures) it may be more favorable
to find younger Rosa-Fatima or Pariatambo-type manto
deposits

Sub-parallel drilling to the Magistral fault recommended in


order to evaluate other potential Rosa-type zones

after Tony Starling, 2013


Mineralization and Alteration
Distal

Puajanca Mineralization
992 g/t Ag Structurally controlled - sharp contacts
76.8% Pb
Hosted in clean limestone.
Deposit Metal Zonation Increasing

Po >> Py > Zn > Pb-Ag > Cu.


Magistral North
Massive galena Puajanca Norte
(L 210m x W13m) Variable textures: disseminated to massive Po-
Py mineralization
Magistral Central
Temperature

(L120m x W20m) 91.8 g/t Ag Alteration


4.91% Pb
Magistral South 5.23 % Zn Variable along temperature gradient -
(L230m x W14m) 0.14% Cu (lateral vertical):
Distal: productive calcite veining (white w/
MnOx black)
Diss. sulphide Magistral Norte
Proximal Low temp: (hydrothermal)
dolomitization silicification
31.42% Zn
0.85% Cu Proximal High temp: re-cyx lst, chlorite-
epidote-garnet

Proximal

High grade Zn-Cu skan Santander Pipe *NO INTRUSIVES INTERSECTED TO DATE*
Alteration

Black Calcite veining Puajanca South Bleaching / Marbilization Magistral South

Productive UV gangue El Toro prospect


Rosa Discovery
35m at 4.99%Zn, 5.56%Pb, 2.3 oz/t Ag; 10m at 8.29% Zn, 7.89% Pb, 4.8 oz/t Ag

~50m
Rosa Discovery
Fatima Discovery
13.7 metres of 5.7% Zn, 2.7% Pb and 2.9 oz/t Ag, and remains open
Geophysics
Petrophysical characteristics of ore and waste
Strong correlation of magnetic and electrical anomalies with sulphide-mineralization
Numerous priority targets identified for follow-up exploration and drill testing.
Geophysics Drill Targets
IP Chargeability at 150m depth
L1

L2
Los Toros
L3

L4

LH

LB
LA

LC
LD
Geophysics Drill Targets
IP Chargeability at 100m depth

Proposed Drillholes
Blato Drill Target
Strong IP Anomaly
1,500m drilling at 3DHs

Metal Factor

Resistivity

Chargeability
Geophysics
DHEM results display strong correlation with mineralization
DHEM response suggests the presence of a large conductor at depth and extending from and to the
south-east for approximately 500 meters
The core of geophysical anomaly as presently defined is centred to the south of Magistral North and
below the Magistral Central and South deposits suggesting that mineralization may merge at depth

Magistral
Deposits

Magistral
Deposits
Santander Property Exploration Potential

Multiple targets
(structural - geological concepts, geophysical)
remain untested

Puajanca
Discovery

Magistral
Deposits

All zones open to depth

Santander
Pipe
Gracias!
Contributors
Exploration and mine geos team
Executive Management
Anglo Americana Les Oldham
Ttelluris Consulting Dr. Tony Starling
1

VAL DOR Geofisica and Quantec


Geotec, Redrilsa and Spektra Drilling
Appendix: Disclosures
Trevali's production plans at Caribou, Halfmile-Stratmat and Santander are based only on Indicated and Inferred Mineral Resources and not Mineral Reserves and do
not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as Mineral Reserves, and there is therefore no certainty that the conclusions of the production plans and Preliminary
Economic Assessment (PEA) will be realized. Additionally where Trevali discusses exploration/expansion potential, any potential quantity and grade is conceptual in
nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a
mineral resource. Reported interim production figures are preliminary in nature and subject to regular and ongoing reconciliation studies.

Santander resource estimate was completed by Golder Associates in July 2012. The tabled resource estimate utilizes a 3% zinc equivalent (ZnEQ) cut-off and is
based on the Ordinary Kriging interpolation method and Silver, Lead, Zinc and Copper assay values. Minor capping was applied to the assays prior to estimation. The
bulk density was also estimated using Ordinary Kriging. The tonnages for the footwall zones are also included, but those for the tailings are not included. The average
interpolated bulk density for Magistral North was 2.88 g/cm3, Magistral Central 2.94 g/cm3, Magistral South 2.97 g/cm3, Puajanca South 2.76 g/cm3, and Santander
Pipe (fixed) 3.4 g/cm3. The density of the minor footwall zones is similar to the Magistral zones. The contained oz. and lbs. in the table are in situ and have not had
mill factors applied to them.

Santander ZnEQ = ((Ag Price(g) x Ag Recovery x Ag Grade) + (Pb Price(t) x Pb Recovery x (Pb Grade(%)/100)+(Zn Price(t) x Zn Recovery x (Zn Grade(%)/100)))/Zn
Price(t). Golder utilized the US dollar three-year rolling average price for all three metals. Price for silver is ($25.99/oz) and that for Pb ($2,205), Zn ($2,094) and Cu
($7,782) is per tonne. A recovery of 85% was applied to Ag, 90% for Pb, 85% for Zn and 60% for Cu for calculating the ZnEQ formula. The pounds of metal are in-situ
and have not had any mining factors applied to them.

Halfmile-Stratmat PEA was completed by Tetra Tech Wardrop in October 2010. The resource estimate utilized a 5% zinc equivalent (ZnEQ) cut-off. The following
metallurgical recoveries were applied to the ZnEQ for the resource estimate: 89.7% zinc (Zn), 72% lead (Pb), 60% copper (Cu), and 48.6% silver (Ag).

Caribou resource estimate was completed by SRK Consulting (Canada) Inc. in January 2013. The tabled resource estimate utilizes a 5% zinc equivalent (ZnEQ) cut-
off grade. ZnEq=((Cu Grade*Cu Price*Cu Recovery)+(Pb Grade*Pb Price*Pb Recovery)+(Zn Grade*Zn Price*Zn Recover)+(Au Grade*Au Price*Au Recovery)+(Ag
Grade*Ag Price*Ag Recovery))/Zn Price. In calculating ZnEq, SRK Consulting (Canada) Inc. utilized the long term metal prices provide by Energy & Metals
Consensus Forecast. Price for Au is $1470 per ounce, Ag is $26 per ounce, Cu is $3.39 per pound, Pb is $1.18 per pound, and Zn is $1.14 per pound. A recovery of
83% was applied to Zn, 71% was applied to Pb, 57% was applied to Cu, 45% was applied to Ag, and 40% was applied to Au. The pounds of metal are in-situ and
have not had any mining factors applied to them.

Caribou PEA study was conducted in accordance with the definitions in Canadian National Instrument 43-101. SRK Consulting (Canada) Inc. was the lead
independent consultant, with contributions from other independent consultants commissioned by Trevali Holland & Holland Consulting and Stantec Consulting. The
base case Caribou Mine Project PEA uses price assumptions of US$1.00/lb zinc, US$1.00/lb lead, US$3.00/lb copper, US$21.00/oz silver and US$1,200/oz gold.
These prices are based on a review of consensus price forecasts from financial institutions and similar studies that recently have been published. The PEA is
considered preliminary in nature and includes economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too
speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, and there is no certainty
that the results will be realized. Mineral resources are not mineral reserves because they do not have demonstrated economic viability.

Ruttan resource estimate completed by Tetra Tech Wardrop in February 2008. The resource estimate utilized a 1% copper equivalent (CuEQ) cut-off.
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