Production at Caribou and Santander Propels Trevali Toward 'Marquee' Status

Haywood Securities, July 7, 2016:
1. The analyst does not have a financial interest in Trevali Mining Corp.
2. Haywood Securities has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.
3. Haywood Securities or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

Paradigm Capital, July 8, 2016:
1. The analyst does not have an ownership position in the subject company.
2. Paradigm Capital Inc. has assumed an underwriting liability for, and/or provided financial advice for consideration to the subject companies during the past 12 months.
3. Paradigm Capital Inc. expects to receive or intends to seek compensation for investment banking services from the subject companies in the next 3 months.
4. Paradigm Capital Inc. does not have greater than a 1% ownership position in the subject company.
5. The analyst has a family relationship with an Officer/Director of subject company: None.

Dundee Capital Markets, July 7, 2016:
Dundee Capital Markets may have had, and may in the future have, long or short positions in the securities discussed in this research report and, from time to time, may have executed or may execute transactions on behalf of the issuer of such securities or its clients.

GMP Securities, July 11, 2016:
1 GMP has, within the previous 12 months, provided paid investment banking services or acted as underwriter to the issuer.
2 RESERVED
3 GMP owns 1% or more of this issuer’s securities.
4 GMP Securities, LLC (“GMP LLC”), an affiliate of GMP, discloses the following in relation to this issuer as required by the Financial Industry Regulatory Authority (“FINRA”) Rule 2711: as applicable.
5 The analyst is related to an officer, director or advisory board member of this issuer, but that related individual has no influence in the preparation of the report.
6 The analyst has viewed the operations of this issuer and the issuer paid all or a portion of the travel expenses associated with the analyst’s site visit to its operations.
7 The analyst has viewed the operations of this issuer.
8 The analyst has a position in this issuer's securities.
9 A member of the Board of Directors of this issuer is also a member of the Board of Directors of GMP Capital Inc., but that individual had no influence in the preparation of this report.
10 The analyst owns this issuer's securities in a managed account but has no involvement in the investment decisions for that managed account.