Target Price Increased as Zinc Producer Closes Acquisition

Disclosures from Raymond James, Trevali Mining Corp., Company Comment, Sept. 11, 2017

Analyst Compensation: Equity research analysts and associates at Ra ymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including i) research quality and overall productivity, including success in rating stocks on an absolute basis and relative to the local exchange composite Index and/or a sector index, ii) recognition from institutional investors, iii) support effectiveness to the institutional and retail sales forces and traders, iv) commissionsgenerated in stocks under coverage that are attributable to the analyst’s efforts, v) net revenues of the overall Equity Capital Markets Group, and vi) compensation levels for analysts at competing investment dealers.

The views expressed in this report accurately reflect the personal views of the analyst(s) covering the subject securities. No part of said person's compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. In addition, said analyst has not received compensation from any subject company in the last 12 months.

RAYMOND JAMES RELATIONSHIP DISCLOSURES:

Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months.

Trevali Mining Corporation:
--Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months with respect to TV.
--Raymond James Ltd. has received compensation for investment banking services within the last 12 months with respect to TV.
--Raymond James Ltd. has provided investment banking services to TV within the past 12 months.
--Raymond James Ltd -the analyst and/or associate has viewed the material operations of TV.
--Raymond James Ltd-within the last 12 months, TV has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate.