Expert Comments:

Jacques Wortman, Eight Capital (5/11/18) "Trevali Mining Corp. reported Q1/18 adjusted EBITDA of $59.5M and EPS of $0.03/share. . .we are maintaining our Buy rating and target price of $1.90/share."
	Pierre Vaillancourt, Haywood Securities (5/11/18) "Trevali Mining Corp.'s Q1/18 EPS and CFPS were mostly in line with our and consensus estimates. . .EBITDA ($58.6M) and operating cash flow ($54.4M) were up 4% and 17% quarter over quarter, respectively. . .we reiterate our Buy rating and CA$2.30 target price."
Brian MacArthur, Raymond James (5/11/18) "Trevali Mining Corp. carried out 26,500m of exploration and conversion drilling in Q1/18. At Perkoa, 5,680m of conversion drilling returned high-grade zinc results, including 16.25m at 18.52% and 15.75m at 14.07%; at Rosh Pinah, 5,500m of conversion and expansion drilling was completed targeting the extensions of the WF3."
Brian MacArthur, Raymond James (5/1/18) "Trevali Mining Corp., through its majority-owned subsidiary RPZC in Namibia, expects to partially buy back issued RPZC shares under agreements with its Namibian shareholders. The company will acquire shares for $24.26M, increasing its effective ownership in Rosh Pinah from ~80% to ~90%."
Jacques Wortman, Eight Capital (4/19/18) "Trevali Mining Corp.'s 2017 reserve and resource estimates were generally in line with expectations and overall supported our mine life and grade assumptions. . .Q1/18 production was in line with expectations on a consolidated basis. . .we maintain our Buy recommendation."
	Pierre Vaillancourt, Haywood Securities (4/18/18) "Trevali Mining Corp. is on target for a strong year. . .the company's forecasted consolidated gross margin is expected to be 67%. . .its financial outlook is strong. . .Trevali estimates it can generate over $211M in operating cash flow (net of capital expenditures but before interest and debt repayments) for a year-end cash balance of $300M. . .exploration will be a priority this year. . .we are confident of drilling success in 2018, particularly in Africa."
Annual Financial Results Released by Zinc Mining Company (3/22/18) The company released its 2017 annual audited financial results. read more >
Coverage Initiated on Miner that Is 'Nearly a Top-10 Zinc Producer Globally' (3/12/18) Shane Nagle, an analyst with the National Bank of Canada, explained the rationale behind launching coverage on this zinc-focused mining company. read more >

More Expert Comments

Brian MacArthur, Raymond James (4/17/18) "Mine life was added to Trevali Mining Corp.'s African mines. . .although current reserves are sufficient for mine lives of five years at Perkoa, 12 years at Rosh Pinah, five years at Santander and six years at Caribou, the company highlighted exploration potential across its assets and increased its exploration budget in 2018 to $13M. . .Trevali expects strong cash flows to further improve its balance sheet in 2018."
	Pierre Vaillancourt, Haywood Securities (4/16/18) "Relative to 2016, Trevali Mining Corp.'s total 2P reserves at 2017E increased by 186% to 3.17 Blb contained zinc, contained lead increased 59% to 542 Mlb and contained silver increased by 49% to 18.7 Moz. The increases largely reflect the contribution from the Caribou mine's maiden reserve statement of 729 Mlb zinc, 272 Mlb lead and 11.9 Moz silver; in addition, the Rosh Pinah mine reserves quadrupled to 1.38 Mlb zinc while lead tripled to 237 Mlb and silver tripled to 4.9 Moz."
Brian MacArthur, Raymond James (4/12/18) "Trevali Mining Corp. produced 99 Mlb payable zinc, 12 Mlb payable lead and ~337 Koz silver for Q1/18. Q1/18 has typically been the weakest quarter of the year given the winter effects at Caribou operations. . .as expected, Q1/18 results were a lower production quarter but generally in line with our estimates."
	Pierre Vaillancourt, Haywood Securities (4/12/18) "Trevali Mining Corp.'s Q1/18 production results generally came in in line with expectations. . .operations are on track to meet 2018 guidance. . .payable zinc production was 98.7 Mlb (versus our estimate of 97.9 Mlb), payable lead production was 12.3 Mlb (versus our 11.2 Mlb) and payable silver production was 337 Koz (versus our 372 Koz)."
Jacques Wortman, Eight Capital (4/12/18) "Trevali Mining Corp.'s Q1/18 production was mixed overall but in-line with expectations on a consolidated basis. . .Perkoa exceeded our estimates by a wide margin and made up zinc production shortfalls for the other 3 operations, relative to our estimates. Rosh Pinah produced less zinc but much more lead than expected, Caribou produced less zinc and more lead than expected, and Santander production was more negatively impacted than expected due to maintenance at one of the ball mills. Prior company guidance had indicated that Q1/18 production was going to be light relative to the rest of the year."
Oscar Cabrera, CIBC World Markets (4/5/18) "As of April 5, we initiate coverage of Trevali Mining Corp., which has the highest leverage to zinc prices of the North American base metal companies under coverage, with an Outperformer rating and a 12- to 18-month price target of CA$1.90/share. . .we expect the company's EBITDA to increase 235% to $398M in 2019 from $119M in 2017 as our zinc price estimates peak. . .we view Trevali's accelerated exploration strategy to increase mineral reserves as its main near-term catalyst."
Dalton Baretto, Canaccord Genuity (3/29/18) "We initiate coverage of Trevali Mining Corp. with a Buy rating and a CA$2/share target price. . .the company is poised to generate substantial free cash flow. . .it is significantly levered to zinc prices. . .exploration success at Perkoa could be a game changer for Trevali."
Scotiabank (3/15/18) "Trevali Mining Corp. has a solid balance sheet and remains focused on improving it, paying down $40M in Q4/17. . .the company has significant free cash flow generation."
Jeff Woolley, Paradigm Capital (3/15/18) "Trevali Mining Corp., in the first full quarter of consolidation since acquiring Glencore's African zinc mines, generated $47M in free cash flow and repaid $40M of debt obligations, an impressive result. With both zinc and lead fundamentals currently strong, we forecast the company to generate substantial free cash in 2018 of $185M or $0.22/share (+300% year over year)."
	Pierre Vaillancourt, Haywood Securities (3/14/18) "Trevali Mining Corp.'s Q4/17 revenues ($188M) and EBITDA ($56.3M) were up 131% and 181%, respectively, quarter on quarter on the inclusion of the recently acquired African assets. . .the company finished Q4/17 with $97.3M in cash ($105.7M in Q3/17)."
Brian MacArthur, Raymond James (3/14/18) "Trevali Mining Corp.'s 2017 and Q4/17 production results were prereleased and in line with our estimates. Q4/17 production came in at ~105 Mlb payable zinc, 13.5 Mlb payable lead and ~397 Koz silver. . .the company repaid ~$40M in debt during Q4/17."
Jacques Wortman, Eight Capital (3/14/18) "We are maintaining our Buy rating and target price of $2.20/share on Trevali Mining Corp. . .the company reported Q4/17 earnings of $0.03/share. . .it ended 2017 with $94.2M in cash and equivalents and working capital of $144.4M."
Eight Capital (3/5/18) "Trevali Mining Corp. will be the operator of the Murray Brook properties, but Puma will act as project manager for the exploration and development of the properties, allowing Trevali to focus on its four key operating mines while leveraging Puma's exploration expertise. The purchase price for 100% of Murray Book is CA$7.5M."
Jacques Wortman, Eight Capital (3/2/18) "Trevali Mining Corp. has entered into a letter of intent with Puma Exploration for the acquisition of an option to acquire the advanced-stage Murray Brook deposit. . .the purchase price for 100% of Murray Brook is CA$7.5M, and the project will be owned 75% Trevali, 25% Puma. . .the acquisition aligns with Trevali's stated Bathurst mining camp strategy to leverage existing infrastructure and regional operational expertise."
	Shane Nagle, National Bank of Canada (3/1/18) "Trevali Mining Corp. is nearly a Top 10 zinc producer globally and with US$190M in annual free cash flow at current prices has the ability to build upon its existing portfolio. . .with at least US$10M budgeted for exploration spending in 2018, further reserve/resource extension is anticipated. . .we are initiating coverage with a CA$1.90 target price and Sector Perform rating."
	Pierre Vaillancourt, Haywood Securities (1/17/18) "The Rosh Pinah mine has the most compelling organic upside for Trevali Mining Corp.; the company will undertake an independent study looking into a 50% increase in capacity from 2 Ktpd to 3 Ktpd. Based on the resource potential, the mine should support double the current capacity; the existing structure has capacity for ~3–5 Ktpd."
Jeff Woolley, Paradigm Capital (1/16/18) "Trevali Mining Corp. is now the largest pure play zinc player globally and a top pick for investors seeking zinc exposure; at spot zinc prices, we estimate the company could become net cash positive as early as Q2/18, positioning it well to evaluate additional growth options."
Jacques Wortman, Eight Capital (1/15/18) "Trevali Mining Corp.'s Q4/17 grades and metal production were generally in line with our estimates. . .consolidated payable production of 104.8 Mlb Zn, 13.5 Mlb Pb and 400 Koz silver were generally in line with our estimates of 105.4 Mlb, 15.5 Mlb and 475 Koz, respectively."
Craig Hutchison, TD Securities (1/15/18) "We are maintaining our CA$2.25 target price and Buy recommendation on Trevali Mining Corp. . .Perkoa produced 47.7 Mlb Zn in Q4/17, which was well above our estimate of 41.9 Mlb Zn, and achieved a quarterly production record for the operation."
Ian Parkinson, GMP Securities (1/15/18) "Trevali Mining Corp.'s 2018 production guidance is 400–427 Mlb zinc and 43.8–46 Mlb lead. . .the combination of in line costs and strong metals prices should lead to solid cash flow in 2018. . .our target price of CA$1.90/share remains unchanged."
	Pierre Vaillancourt, Haywood Securities (1/15/18) "Trevali Mining Corp.'s Santander completed the upgrade of its pumping infrastructure to facilitate mining transition to the deeper magistral zones. . .at Caribou, the transition to owner mining has enabled productivity improvements, including the reduction of stope dilution below 10%. . .at Perkoa, the introduction of the zinc regrind mill to the circuit has realized improvements in zinc concentrate grades compared to prior months."
Brian MacArthur, Raymond James (1/15/18) "Trevali Mining Corp.'s Q4/17 production came in at ~105 Mlb payable zinc, 13.5 Mlb payable lead and ~397 Koz silver, generally in line with our estimates. For the year ending Dec. 31, 2017, consolidated production set a new record, totaling ~177 Mlb payable zinc, ~46 Mlb payable lead and ~1.56 Moz silver, reflecting the addition of Rosh Pinah and Perkoa."
Jacques Wortman, Eight Capital (12/11/17) "Trevali Mining Corp. announced this morning the discovery of a significant zone of massive sulphides (North Limb) in close proximity to the operating Caribou zinc mine. . .we view the impact of today's press release as positive overall for Caribou and the company's northern New Brunswick asset portfolio. . .we maintain our Buy recommendation and 12-month target price of CA$2.40/share."
Jacques Wortman, Eight Capital (12/4/17) "Trevali Mining Corp. announced multiple broad-interval, high-grade zinc intersects at its Santander Pipe target, in close proximity to (south of) current mine workings. . .drilling will continue to further delineate the zone and test targets in and around Santander Pipe. . .ultimately, Santander Pipe is expected to extend the overall mine life at Santander."
Jeff Woolley, Paradigm Capital (11/16/17) "Adjusting for one-time charges related to the Glencore mines acquisition, Trevali Mining Corp.'s Q3/17 financial results were improved across the board quarter over quarter. . .Q3/17 sales increased 75% to $81M driving adjusted EBITDA (excluding non-recurring acquisition expenses and forex movements) to $30M (+185%)."
Brian MacArthur, Raymond James (11/15/17) "Trevali Mining Corp. achieved record overall production in Q3/17, with 58.4 Mlb payable zinc, 12.5 Mlb payable lead and ~433 Koz silver, partially due to contributions from the recently acquired Rosh Pinah and Perkoa mines in the month of September. . .the company reiterated its 2017 production guidance."
Jacques Wortman, Eight Capital (11/15/17) "Trevali Mining Corp.'s Q3/17 adjusted EBITDA would have been $34.9M; this compares with our EBITDA estimate of $34.4M and the consensus estimate of $39.6M. At quarter end, the company had $103M in cash and cash equivalents, $120M in inventories and working capital of $135.5M. . .we maintain our Buy recommendation."
Craig Hutchison, TD Securities (11/15/17) "Trevali Mining Corp.'s overall pro forma production guidance remains unchanged at 398–416 Mlb Zn. . .moving forward into Q4/17 and 2018, we expect the company's production and cash flows to benefit from better grades at Rosh Pinah and Santander, along with throughput improvements at Caribou. Furthermore, we expect 2018 cash flows to benefit from further strengthening of zinc prices, as we believe that the market will continue to remain in deficit."
	Pierre Vaillancourt, Haywood Securities (11/15/17) "Trevali Mining Corp.'s Q3/17 revenues ($81.6M) and EBITDA ($20M) were up 74% and 85%, respectively, quarter over quarter, on the inclusion of the recently acquired African assets, although there were no sales from the Perkoa mine for September due to timing of shipments. . .the company finished Q3/17 with $105.7M in cash ($21.4M in Q2/17). . .we reiterate our Buy rating and one-year price target of CA$2.30/share."
Pierre Vaillancourt, Haywood Securities (11/7/17) "Yesterday, Trevali Mining Corp. reported PEA results on the Halfmile-Stratmat zinc-lead-silver deposit. . .the alternate case is the most logical option given there are six to eight years remaining at Caribou and the Halfmile-Stratmat deposit will require five years to plan, permit and build. . .we reiterate our Buy rating and CA$3.20 target price on the company."
Brian MacArthur, Raymond James (11/6/17) "Trevali Mining Corp. announced positive PEA results for its Halfmile-Stratmat project. . .the base case assumes a new concentrator at the Stratmat site to treat product from both mining operations, and the alternative case assumes dense media separation feed is transported and processed in the Caribou concentrator. . .we believe the study indicates the potential for future production in the Bathurst camp."
Jeff Woolley, Paradigm Capital (11/6/17) "Trevali Mining Corp.'s Q3/17 consolidated payable production was 58 Mlb zinc, 12 Mlb lead and 433 Koz silver, or ~71 Mlb zinc equivalent (+62% quarter over quarter). . .the Santander mine met our expectations for the quarter, improving substantially over the weak Q2/17 results. . .at current zinc prices, Q4/17 could be shaping up to deliver additional free cash flow."
Jacques Wortman, Eight Capital (11/6/17) "Trevali Mining Corp. released its Halfmile-Stratmat PEA study, which lays out two potential scenarios:1) The Base Case looks at building a new mill complex and considers mining at both Halfmile and Stratmat in 5-6 years, allocating enough time to complete permitting, construction and commissioning. 2) The Alternate Case assumes that ore from these two mines is processed through the nearby Caribou mill at the end of the Caribou mine life. . .under the assumptions stated in the PEA, the higher NPV and IRR are for the alternate case. . .after discussions with management, the alternate case is currently considered to be the more likely outcome."
Jacques Wortman, Eight Capital (10/17/17) "Trevali Mining Corp.'s Santander had the best operating performance in Q3/17 relative to our estimates. . .the two recently acquired African assets continue to demonstrate their significance to the company, as Perkoa and Rosh Pinah totaled ~65% of the zinc payable production. . .we maintain our Buy recommendation."
	Stefan Ioannou, Cormark Securities (10/17/17) "Trevali Mining Corp.'s headline Q3/17A corporate zinc (payable) production totaling 58.4 Mlb reflects strong (record) performance at the company's two African mines and Santander (Peru). . .our near- to medium-term Trevali outlook, in the context of strong zinc market fundamentals, remains unchanged, hence, our reiterated Top Pick rating and $2 target, which remains underpinned by 2018E metrics."
Ian Parkinson, GMP Securities (10/17/17) "Trevali Mining Corp.'s Q3/17 consolidated zinc production from the Caribou and Santander mines was 35.3 Mlb. . .consolidated lead production from the two mines was 11.2 Mlb. . .considering the low global zinc inventories, we remain bullish on the zinc price and see Trevali as one of the few companies that have a strong torque to the zinc price (based on our model, over 80% of its revenue comes from zinc)."
Brian MacArthur, Raymond James (10/17/17) "Trevali Mining Corp. provided an update on its ongoing upgrade projects. . .the mill re-grind project at Rosh Pinah remains on track and budget for commissioning by 2017E. Furthermore, the company is finalizing the upgrade of the pumping infrastructure at Santander to facilitate long-range planning as mining transitions deeper in the Magistral zones; this upgrade is also on track for commissioning prior to 2017E."
Craig Hutchison, TD Securities (10/17/17) "Trevali Mining Corp.'s overall consolidated Q3/17 payable production totaled 100.4 Mlb zinc (45,564 t), 15.1 Mlb lead and 466.5 Koz silver. . .Perkoa zinc production of 44.9 Mlb was slightly higher than our estimate of 43.7 Mlb, due to slightly higher head grades and record throughput."
	Pierre Vaillancourt, Haywood Securities (10/17/17) "Trevali Mining Corp.'s zinc production was up by 95% quarter over quarter while lead and silver output were up by 26% and 12%, respectively. . .with strong fundamentals for zinc, improving mine performance, attractive organic growth leading to 400 Mlb zinc production in 2018 (from 90 Mlb in 2016), the upside for the stock remains compelling."
Orest Wowkodaw, Scotiabank (10/16/17) "Trevali Mining Corp. reported Q3/17 operating results that were largely in line with our expectations. We rate the shares Sector Outperform based on the company's very high exposure to zinc, compelling relative valuation and solid balance sheet."
Alex Terentiew, BMO Capital Markets (10/16/17) "With record throughput at Trevali Mining Corp.'s Santander approximately 20% above its 2 Ktpd design capacity, Q3/17 payable zinc produced of 14.6 Mlb exceeded our estimate of 13.2 Mlb by 10%. . .the Perkoa mine beat our production forecast in Q3/17 by 4% on higher throughput, as the contractor changeover earlier in the year appears to be working well."
Jacques Wortman, Eight Capital (10/12/17) "On Trevali Mining Corp., we are maintaining our Buy recommendation and increasing our target price to CA$2.40/share from CA$2/share previously. . .as part of our quarterly review process and ahead of the Q3/17 reporting season, we have reviewed our zinc supply/demand model and zinc and lead price forecasts for 2017–2022. . .we believe the tight zinc market fundamentals will continue into 2018 and the zinc price will continue to trend higher."
Jeff Woolley, Paradigm Capital (9/15/17) "We toured Trevali Mining Corp.'s recently acquired Rosh Pinah mine in Namibia and also received an operations update for the Perkoa mine in Burkina Faso. The integration of the assets into the company's portfolio appears to be extremely rapid, and management at both operations is already commencing with exploration programs targeting near-term resource expansion."
	Pierre Vaillancourt, Haywood Securities (9/14/17) "Trevali Mining Corp.'s integration of the Rosh Pinah and Perkoa mines has been smooth. The company, in our view, is better positioned as a smaller producer to add value to the mines. . .Rosh Pinah is implementing plant upgrades which should be complete by year-end and are expected to increase throughput and lower costs."
Jacques Wortman, Eight Capital (9/14/17) "The two assets Trevali Mining Corp. acquired from Glencore, the Rosh Pinah Zn-Pb-Ag mine in Namibia and the Perkoa zinc mine in Burkina Faso, will represent approximately 58% of the total Zn eq payable pounds produced starting in 2018 and together represent 68% of our operating net asset value. . .an important aspect of the acquisition of Rosh Pinah and Perkoa was the retention of key Glencore personnel, which provides both a smooth transition to TV ownership but also significant operating experience."
Brian MacArthur, Raymond James (9/11/17) "Future drilling at Trevali Mining Corp.'s Rosh Pinah mine is targeting higher grade zinc, and regionally we expect over 5 Mt could be added. This could increase the mine life and/or support higher production. . .we have increased our target price to reflect modestly higher production and a longer mine life at Rosh Pinah, and note further optionality given the land package and regional geology."
	Pierre Vaillancourt, Haywood Securities (9/1/17) "Trevali Mining Corp. announced it has closed the acquisition of the Rosh Pinah and Perkoa zinc mines. . .the acquisition of the Rosh Pinah and Perkoa mines more than doubles annual zinc production for the company from approximately 160 Mlb to over 400 Mlb. The transaction is accretive to our NAV and improves cash flow by 317%, from $59M in 2016 to $245M in 2018."
Charlotte McLeod, Zinc Investing News (8/31/17) "Zinc-focused base metals miner Trevali Mining Corp. has established itself as one of the world's 10 top zinc producers with the acquisition of a portfolio of zinc assets from Glencore. The deal was first announced by Trevali in March and closed on Thursday (Aug. 31)."
Jacques Wortman, Eight Capital (8/31/17) "Trevali Mining Corp. announced the closing of the acquisition of the Rosh Pinah and Perkoa zinc mines and a $190M debt facility; the company now has an 80% interest in the Rosh Pinah mine in Namibia, a 90% interest in the Perkoa mine in Burkina Faso, an effective 39% interest in the Gergarub project in Namibia and an option to acquire 100% interest in Heath Steel in Canada and certain other related exploration assets. Overall, the deal closed as expected and marks a positive step forward for Trevali."
Brian MacArthur, Raymond James (8/15/17) "We are resuming coverage of Trevali Mining Corp. with an Outperform rating and a CA$1.80/share target price, implying a 36% return. Following the closure of the pending acquisition of Glencore's Rosh Pinah and Perkoa zinc operations, expected in Q3/17, Trevali will offer investors even greater exposure to zinc."
Jeff Woolley, Paradigm Capital (8/14/17) "Trevali Mining Corp.'s Q2/17 financial results were in line with expectations. . .the acquisition of the Rosh Pinah and Perkoa mines from Glencore is expected to close this quarter, which will more than double the size of the company to become a +400 Mlb zinc producer. . .the consolidated production results clearly catapult Trevali to be the largest pure play zinc producer globally."
	Stefan Ioannou, Cormark Securities (8/14/17) "We would urge investors to look beyond the optics of a CFPS miss ($0.03 actual versus consensus expectations at $0.05), in part given the accounting treatment pertaining to the company's recently acquired African mines from Glencore. . .Trevali's Q2/17 financials do not reflect production from the African mines. . .our medium-term Trevali outlook, in the context of strong zinc market fundamentals, remains unchanged. Hence, we reiterate our Top Pick rating."
Jacques Wortman, Eight Capital (8/11/17) "Trevali Mining Corp.'s payable zinc sales at Santander were generally in line with production in Q2/17. . .payable lead and silver sales were slightly above production levels at Caribou. . .we maintain our Buy recommendation and 12-month target price of CA$1.85/share."
	Pierre Vaillancourt, Haywood Securities (8/11/17) "Trevali Mining Corp. finished Q2/17 with $21M in cash. . .after the Glencore transaction for African assets closes, expected by the end of the month, we project the company exits Q3/17 with $161M in cash. . .Trevali and its lenders are on track to finalize the transaction for the acquisition of the Perkoa and Rosh Pina mines by Aug. 31."
	Stefan Ioannou, Cormark Securities (7/31/17) "Trevali Mining Corp. recently received a mining lease from the province of New Brunswick for the former Restigouche mine, which is located 27 km by road west of the company's Caribou operation. The 'zero cost' transaction stands to augment Caribou's production profile for three to four years, extending throughput life at Caribou by ~1 year (into 2022)."
	Pierre Vaillancourt, Haywood Securities (7/28/17) "Trevali Mining Corp. has received the mining lease for the former Restigouche zinc-lead-silver mine, located 20 km southwest of the company's Caribou mine. . .Restigouche could provide incremental upside to the Caribou operations and help to keep throughput and production consistent. We maintain our Buy rating."
Pierre Vaillancourt, Haywood Securities (7/25/17) "Trevali Mining Corp. announced results from its drill program at the Heath Steele project. . .these results from additional diamond drilling of six holes continue to validate the historic data intersecting broad intervals of polymetallic massive sulphide mineralization within which higher-grade intervals occur. . .we believe that Heath Steele could eventually be incorporated into a mine plan with the Stratmat and Halfmile projects."
Jacques Wortman, Eight Capital (7/24/17) "Trevali Mining Corp. reported Q2/17 production results of 118.88 payable Mlb zinc equivalent, approximately 2% higher than our estimate of 116.88 payable Mlb. Two of the four mines (Perkoa, Santander) exceeded expectations by a good margin. . .Q2/17 represented Perkoa's best operating quarter to date."
	Pierre Vaillancourt, Haywood Securities (7/21/17) "This morning, Trevali Mining Corp. reported Q2/17 production results. . .lead and silver output were comparable to Q1/17. . .the company has scaled back on zinc production guidance for Santander but otherwise is on target to reach its objective for the year. We maintain our Buy rating."
Pierre Vaillancourt, Haywood Securities (6/20/17) "We are resuming coverage of Trevali Mining Corp. with a Buy. . .the company is our Top Pick as a result of its attractive valuation, with the lowest enterprise value:cash flow and price:cash flow valuations among peers. Trevali's exposure to zinc and the additional cash flow growth to come from recent acquisitions position it well for outperformance."
	Stefan Ioannou, Cormark Securities (6/19/17) "Infill drilling on Trevali Mining Corp.'s Halfmile property in New Brunswick has successfully intersected sulfide mineralization within the historically delineated Lower zone. . .zinc grades returned in several of the new holes exceeded Halfmile's current Indicated and Inferred resource grades, which stand to be bolstered by the results in an upcoming resource update."
Jeff Woolley, Paradigm Capital (6/15/17) "Trevali Mining Corp. continues to advance work on a PEA evaluating the development of its Halfmile mine and Stratmat deposits in New Brunswick as the company's next potential mine build(s); we expect the PEA could be completed within weeks. Resource definition drilling results announced yesterday for the Halfmile mine intercepted significant zinc-lead mineralization in the Lower zone of the deposit."
Craig Hutchinson, TD Securities (6/2/17) "We are initiating coverage of Trevali Mining Corp. with a Buy recommendation and CA$1.90 target price. . .transformative acquisition of Glencore assets will more than double the company's zinc production to over 400 Mlb. . .we expect Trevali to generate free cash flow of $168M and $229M in 2017 and 2018."
Jacques Wortman, Eight Capital (5/25/17) "We are initiating research coverage on Trevali Mining Corp. with a Buy recommendation. . .the company represents a better way for investors to gain zinc exposure due to its pure play status. . .the recent announcement of its intention to acquire the Rosh Pinah and Perkoa zinc mines in Africa from Glencore represents a transformational acquisition for Trevali and bolsters an already strong partnership between the two companies."
	Stefan Ioannou, Cormark Securities (5/19/17) "Trevali Mining Corp.'s Q1/17A CFPS of $0.04 beat an analyst consensus estimate of $0.02 (and was directly in line with our expectations at $0.04). . .production is expected to improve through the remainder of 2017, underpinning reiterated 2017E guidance headlined by 153–158 Mlb zinc from Caribou and Santander combined."
Jeff Woolley, Paradigm Capital (5/17/17) "Trevali Mining Corp. reported Q1/17 financial results with few surprises, resulting in no change to our investment thesis. . .the most important development in Q1/17 continues to be the announced acquisition of the Rosh Pinah and Perkoa mines from Glencore. Shareholders will vote on the transaction on May 17, and it could close prior to July 31."
	Stefan Ioannou, Cormark Securities (5/12/17) "Trevali Mining Corp. has received partial delivery of a new underground mining fleet for the company's 100%-owned Caribou zinc mine in New Brunswick. The $20M initiative, designed to transition Caribou to owner-operated status in an effort to lower operating costs at the mine, is currently about one quarter ahead of schedule (now expected to be complete by Q2/17E). . .the company has also initiated a 2017 underground drilling program at Caribou."
Stefan Ioannou, Cormark Securities (5/9/17) "Initial results from Trevali Mining Corp.'s seven-hole confirmatory (infill) drill program on the recently acquired Heath Steele property in New Brunswick have successfully intersected the historically delineated E zone, with hole HS17-001 returning 56.2m grading 3.8% zinc, 1.5% lead, 2.2% copper, 64.3 g/t silver and 1 g/t gold, including 12.2m grading 8.48% zinc, 3.72% lead, 1.47% copper, 111.53 g/t silver and 1.68 g/t gold. . .exploration success on the property stands to bolster a standalone decision."
Canaccord Genuity Morning Coffee (5/8/17) "Trevali Mining Corp. released initial results from its drill program on the Heath Steele project. . .the first drill hole, HS17-001 successfully intersected 56.2m of sulphide mineralization grading at 3.84% Zn, 1.51% Pb, 2.15% Cu, 64.3 g/t Ag and 1.01 g/t Au, within which significantly higher-grade intervals occurred. Interestingly, elevated cobalt values were also encountered within the mineralization."
Orest Wowkodaw, Scotia Capital Inc. (5/1/17) "Trevali Mining Corp. is anticipated to release a PEA on the Halfmile/Stratmat project by the end of June. . .we now believe that Halfmile/Stratmat is more likely to be developed as a satellite deposit. . .we continue to forecast very strong 2018-2019 free cash flow of $252M ($0.30/share) and $202M ($0.24/share), respectively."
Jeff Woolley, Paradigm Capital (4/19/17) "Our Buy thesis for Trevali Mining Corp. stock remains intact. . .while Q1/17 production results have started off the year slower than our original forecast, there is no material impact to our full-year financial estimates. . .the company remains the best means for investors to gain exposure to the zinc market, in our opinion, and is well positioned for a share price rerating."
Orest Wowkodaw, Scotia Capital Inc. (4/17/17) "Trevali Mining Corp. shares are rated Sector Outperform based on the company's very high exposure to zinc, compelling relative valuation and solid balance sheet. . .Zn and Pb grades are both expected to improve in H2/17. . .Trevali reaffirmed its previously issued 2017 guidance at both Santander and Caribou."
	Stefan Ioannou, Cormark Securities (4/10/17) "Exploration drilling at Trevali Mining Corp.'s Santander (Peru) and Caribou (New Brunswick) continues to return high-grade intersections in proximity to existing underground infrastructure, setting the stage for extended mine life. Furthermore, following a contemplated mill expansion (2020 in our model), Santander stands to produce +100 Mlb/year zinc."
Ian Parkinson, GMP Securities (3/31/17) "Earlier this week, Trevali Mining Corp. announced that it had closed a CA$265M financing deal to acquire two operating mines from Glencore. . .net proceeds from the equity financing will be used to partially fund the purchase of an 80% interest in the Rosh Pinah mine in Namibia, a 90% interest in the Perkoa mine in Burkina Faso and other assets. The company will pay a total price of $400M to Glencore."
Jeff Woolley, Paradigm Capital (3/30/17) "Trevali Mining Corp. has entered into an agreement with Glencore to purchase the Rosh Pinah zinc mine in Namibia and the Perkoa zinc mine in Burkina Faso, for an aggregate price of $400M. This game-changing transaction will catapult Trevali to be the largest pure-play zinc producer globally and the eighth largest zinc miner overall."
Orest Wowkodaw, Scotia Capital Inc. (3/29/17) "Trevali Mining Corp. announced a $400M transaction to acquire Glencore's controlling stakes in the operating Rosh Pinah Zn-Pb mine in Namibia (80%) and the Perkoa Zn mine in Burkina Faso (90%). We believe Trevali paid fair value for the assets (0.82x our 8% NAV) and we view the transaction as positive for the shares."
	Stefan Ioannou, Cormark Securities (3/29/17) "Trevali Mining Corp. has entered into an agreement with Glencore to acquire a portfolio of zinc assets, including an 80% interest in the Rosh Pinah mine (Namibia) and a 90% interest in the Perkoa mine (Burkina Faso). On closing, the ~$400M acquisition will boost Trevali's attributable annualized zinc production profile by ~150% with quality assets to +385 Mlb."
Peter Arendas, Seeking Alpha (3/16/17) "Trevali Mining Corp. shocked the market when it announced an acquisition of two zinc mines from Glencore. The transaction is worth more than $400M, which is more than Trevali's market capitalization. . .the company will not only double its annual production, it should also more than double its expected cash flow."
	Stefan Ioannou, Cormark Securities (3/13/17) "With zinc production from two established mines expected to ramp up to 200 MMlb per annum by 2020, we believe Trevali Mining Corp. is poised to become a (the) marquee ‘pure-play’ zinc producer in a market facing a significant near-to medium-term supply issue. . .Hence, we would not be surprised to see the Company garner a premium market valuation on the back of higher zinc pricing/improving sentiment(also noting a relative lack of other zinc-focused equity investment options). . .we believe Trevali should be considered as a core position underpinning any investment strategy looking for zinc exposure. . .recommendation BUY with a target price of $1.85."
Jeff Woolley, Paradigm Capital (3/13/17) "With Trevali Mining Corp.'s Santander mine generating positive cash flow and its second mine, Caribou, now commercial, the growth story is coming together for Trevali. . .Caribou more than doubles Trevali's production profile and the successful start-up materially derisks the company. . .Cash on hand has increased to $15M, and net debt declined 15% to $97M. . .Trevali remains our most leveraged name to benefit from the improving zinc and lead pricing environment and a Top Pick for those seeking financial exposure to these commodities. We maintain our $1.70 target price (based on a 1.25x NAV multiple)and Buy recommendation."
Ian Parkinson, GMP Securities (3/10/17) "Trevali Mining Corp.'s Caribou is ramping up well. The operation declared commercial production only two quarters ago and has seen material improvements in throughput, which is now close to nameplate capacity and lead recoveries. . .we are particularly impressed by the strong start at Caribou and see 2017 as a year of growth for the company."
Jeff Woolley, Paradigm Capital (3/7/17) "Trevali Mining Corp. announced an updated resource calculation for the Santander mine in Peru; the update is in line with our expectations. . .the new consolidated resource at the Magistral deposits (the current location of all mining activity) is 3.6 Mt Measured and Indicated resources, grading 4.9% zinc, 0.8% lead and 38 g/t gold, or ~5.6% zinc equivalent."
	Stefan Ioannou, Cormark Securities (3/1/17) "We believe Trevali Mining Corp., with zinc production from two established mines expected to ramp up to ~200 Mlb/year by ~2020, is poised to become a (the) marquee 'pure play' zinc producer in a market facing a significant near- to medium-term supply issue. . .the company's project portfolio offers medium-term organic growth potential in Peru and New Brunswick. A well-(re)positioned balance sheet and strong near-term free cash flow profile stand to support this growth."
	The Gold Report Interview with Paul Beattie (2/14/17) "Our favorite zinc producer is Trevali Mining Corp. It's the only pure-play zinc opportunity listed in Canada. If you like zinc, play this. It's not expensive at these levels, but if zinc does have a global shortage, then zinc prices are going to spike. When it spikes, Trevali has to do the same. We own a lot of Trevali; the stock is not expensive. Trevali offers good management and good people, and has two operating mines, one in Canada, one in Peru." read more >
Alex Terentiew, BMO Capital Markets (2/1/17) "We believe Trevali Mining Corp. is just starting its operating and financial turnaround and investors will be rewarded by accumulating shares in the company. . .with zinc accounting for ~70% of the company’s sales, it is the leader in zinc exposure among its covered peers. . .with Caribou nearly ramped up, we expect increasing grades at Santander should deliver incremental growth in 2018 . .we expect significant and rapid improvement in Trevali’s balance sheet over the remainder of 2017, with Trevali turning net cash positive in Q3/17. . .we rate TV shares Outperform based on the company's improving operating base, growing cash flow, and exposure to rising zinc prices."
	Joseph Gallucci, Dundee Capital Partners (2/1/17) "Trevali Mining Corp. will transition Caribou to an owner-operated model by purchasing a new fleet of underground mining equipment. . .with Caribou online and cash flow positive, we believe TV is in an excellent position to capture strong zinc fundamentals. . .our view is that a majority of zinc development plays will not be in production to catch the cycle, either due to permitting or funding obstacles. . .our Top Pick view on TV's zinc leverage is based on current production as well as short term organic growth. . .we are maintaining our BUY, Top Pick rating with a $2.00 target based on a 6.0x 2017E EV/EBITDA multiple."
Peter Arendas, Seeking Alpha (1/22/17) "Trevali Mining Corp. did very well in 2016; the share price grew from $0.31 to $0.92, or by nearly 200%. The operations at the Peruvian Santander mine went smoothly and Trevali was able to bring its Canadian Caribou mine into commercial production from July. . .the zinc, lead and silver production grew rapidly, which was confirmed also by the recent Q4 production results. . .Trevali Mining experienced a great ride in 2016, but there is still a lot of growth potential left."
Ian Parkinson, GMP Securities (1/17/17) "Trevali Mining Corp. released strong 4Q and 2016 production results. . .4Q consolidated zinc production of 36.8mm lbs was slightly better than our forecast of 35.2mm lbs; the small beat came from better than expected milled tonnage and grades at Santander. . .in 2017, we see TV as a material zinc production growth story well positioned to participate in a strengthening commodity price environment. Investors looking to get exposure to zinc should look at TV."
	Joseph Gallucci, Dundee Capital Partners (1/17/17) "2017 will be Trevali Mining Corp.'s most pivotal and important year with both mines, Santander and Caribou, in full production for the first time. . .there is no guidance for copper or gold production at Caribou, which we believe represents upside. We believe this guidance is achievable and conservative. . .with Caribou online and cash flow positive, we believe Trevali is in excellent position to capture strong zinc fundamentals. . .our Top Pick view on TV's zinc leverage is based on current production as well as short-term organic growth. . .we are maintaining our BUY, Top Pick rating with a $2.00 target."
Joseph Gallucci, Dundee Capital Partners (1/9/17) "Trevali Mining Corp. remains one of our top picks. . .optimization work at Caribou is ongoing, primarily focused on continuing to bring zinc recoveries up towards PEA design levels. . .we believe ramp-up is going extremely well at Caribou: the operation is already cash flow positive, after only one quarter of commercial production. . .at Santander, the continued strong operating performance and positive drill results are supportive of a mill expansion to 4,000 tpd."
	Pierre Vaillancourt, Laurentian Bank Securities (12/15/16) "Trevali Mining Corp.'s Caribou is off to a good start. . .Santander continues to improve; higher grades and higher throughput are boosting production ahead of guidance. . .we believe that, at an estimated capital cost of approximately $30M, the Santander expansion would have strong economics relative to other brownfield or greenfield projects. . .we are encouraged by the production at Caribou, supported by ongoing performance at Santander. We look for continued improvement of operations along with further drilling success at Santander, in a rising zinc price environment; we are increasing our target price to CA$1.70."
	Joseph Gallucci, Dundee Capital Partners (12/15/16) "Once again we are very impressed with the exploration success Trevali Mining Corp. has had in Peru. . .with Caribou on-line and cash flow positive, we believe TV is in excellent position to capture strong zinc fundamentals. . .our view is that a majority of zinc development plays will not be in production to catch the cycle, either due to permitting or funding obstacles. . .we have a BUY, Top Pick rating with a $2.00 target. . .our Top Pick view on TV's zinc leverage is based on current production as well as short term organic growth."
Joseph Gallucci, Dundee Capital Partners (12/5/16) "With Caribou now online and cash flow positive, we believe Trevali Mining Corp. is in excellent position to capture strong zinc fundamentals; our view is that a majority of zinc development plays will not be in production to catch the cycle, either due to permitting or funding obstacles (or both). Our Top Pick view on TV's zinc leverage is based on current production as well as short term organic growth; this positions TV far above peers for zinc exposure in the current cycle."
	Pierre Vaillancourt, Laurentian Bank Securities (11/22/16) "Trevali Mining Corp. reported Q3/16 EPS of $0.01 and CFPS of $0.08, ahead of consensus estimates of $0.01 for EPS and $0.04 for CFPS. . .cash flow doubled with the addition of Caribou; as a result of the contribution from the first quarter of commercial production at the Caribou mine, most financial metrics nearly doubled QoQ, including revenues ($57.5m v. $28.9m in Q2/16), cash flow from operations ($32.3m v. $16.4m in Q2/16), and EBITDA ($14.8m v. $8.2m in Q2/16)"

Experts Following This Company

	Michael Ballanger, Gold Industry Consultant
Oscar Cabrera, Analyst – CIBC World Markets
Craig Hutchison, Analyst – TD Securities
	Stefan Ioannou, Mining Analyst – Cormark Securities
Brian MacArthur, Analyst – UBS Securities
	Shane Nagle, Analyst – National Bank Financial
Ian Parkinson, Director of Equity Research, Mining – GMP Securities
Bhakti Pavani – Euro Pacific Canada
	David Talbot, Vice President, Senior Analyst – Eight Capital
Alex Terentiew, Research Analyst, Base Metals – BMO Capital Markets
	Pierre Vaillancourt, Vice President and Senior Mining Analyst – Haywood Securities
Jeff Woolley – Paradigm Capital
Jacques Wortman – Eight Capital
Orest Wowkodaw, Analyst – Scotia Capital Inc.

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