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48% 47% 48% 46% 47% 4.0 oz/t 5.0 oz/t 4.5 oz/t 4.0 oz/t 4.2 oz/t Lead 39% 41% 39% 40% 39% Silver in lead conc. 20.3 oz/t 20.3 oz/t 21.5 oz/t 20.8 oz/t 21.1 oz/t Payable Production: Zinc (pounds) 15,560,655 15,535,817 15,776,638 20,931,015 36,707,653 Lead (pounds) 6,070,048 5,891,615 5,577,344 8,214,428 13,791,772 Silver (ounces) 167,337 169,971 170,345 231,722 402,067 **Both Q1-2016 and Q2-2016 were pre-commercial production quarters. Caribou Mine commercial production was declared as of July 1, 2016. ***2016 reported annual production only includes commercial production commencing as of July 1, 2016 (Q3 and Q4). In the first half of 2017 the Caribou Site, in conjunction with partners Glencore, will continue to focus on optimizing recoveries, specifically zinc. 2017 Caribou Mine Production Guidance The preliminary 2017 production guidance estimate for the Caribou mine is: 90-93 million pounds of payable zinc in concentrate 30-32 million pounds of payable lead in concentrate 800,000-900,000 ounces of payable silver Cash costs for 2017 are estimated at approximately US$55-60 per tonne milled (please see Cautionary Note on Forward Looking Statements at the end of this document). Qualified Person and Quality Control/Quality Assurance EurGeol Dr. Mark D. Cruise, Trevali’s President and CEO, Paul Keller, P.Eng, Trevali’s Chief Operating Officer are qualified persons as defined by NI 43-101, have supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Cruise is not independent of the Company as he is an officer, director and shareholder.
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