INVESTOR PRESENTATION | APRIL 3rd, 2020

RICUS GRIMBEEK

PRESIDENT AND CEO

MATTHEW QUINLAN

INTERIM CHIEF

FINANCIAL OFFICER

BRENDAN CREANEY

VICE PRESIDENT,

INVESTOR RELATIONS

DEREK DU PREEZ

CHIEF TECHNOLOGY

OFFICER

AMBER JOHNSTON-

BILLINGS

CHIEF SUSTAINABILITY

OFFICER

2

AGENDA

COVID-19 Response

Operations Updates

Zinc price decline precipitated by COVID-19

Achieving T90 targets sooner

Examples of T90 in action

2020 cost reductions totaling $44 million

Amendment to revolving credit facility

Preserving value, positioning for the future

Q&A

JOANNE THOMOPOULOS

CHIEF PEOPLE OFFICER

STEVE MOLNAR

CHIEF LEGAL

OFFICER

Cautionary Note Regarding Forward Looking Information

This presentation contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private

Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Forward-looking statements are based on the beliefs, expectations and opinions of management of the

Company as of the date the statement are published, and the Company assumes no obligation to update any forward-looking statement, except as required by law. Forward-looking statements

relate to future events or future performance and reflect management’s expectations or beliefs regarding future events including, but not limited to, statements with respect to the Company’s

operations, including the impact of the COVID-19 pandemic, the acceleration of the T90 Program and planned cost reductions, the Company’s growth strategies and planned development

activities. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of

the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks

related to changes in project parameters as plans continue to be refined; future prices of zinc, lead, silver and other minerals and the anticipated sensitivity of our financial performance to such

prices; possible variations in ore reserves, grade or recoveries; dependence on key personnel; potential conflicts of interest involving our directors and officers; labour pool constraints; labour

disputes; availability of infrastructure required for the development of mining projects; delays or inability to obtain governmental and regulatory approvals for mining operations or financing or in the

completion of development or construction activities; counterparty risks; increased operating and capital costs; foreign currency exchange rate fluctuations; operating in foreign jurisdictions with

risk of changes to governmental regulation; risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers

and other essential resources and what effect those impacts, if they occur, would have on our business; compliance with environmental laws and regulations; land reclamation and mine closure

obligations; challenges to title or ownership interest of our mineral properties; maintaining ongoing social license to operate; impact of climatic conditions on the Company’s mining operations;

corruption and bribery; limitations inherent in our insurance coverage; compliance with debt covenants; competition in the mining industry; our ability to integrate new acquisitions into our

operations; cybersecurity threats; litigation and other risks and uncertainties that are more fully described in the Company’s annual information form, interim and annual audited consolidated

financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review under the Company’s profile on SEDAR at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there

may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Trevali provides no assurance that forward-looking statements will prove to be accurate,

as actual results and future events may differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Non-IFRS Financial Performance Measures

This presentation refers to “All-In Sustaining Cost” and “Free Cash Flow”. These financial performance measures have no standardized meaning under International Financial Reporting Standards

(“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally to evaluate the underlying operating

performance of Trevali for the relevant reporting periods. The use of these measures enables management to assess performance trends and to evaluate the results of the underlying business of

Trevali. Management understands that certain investors, and others who follow Trevali’s performance, also assess performance in this way. Management believes that these measures reflect

Trevali’s performance and are better indications of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as

a substitute for measures of performance prepared in accordance with IFRS. For further detail, refer to Trevali’s Management’s Discussion and Analysis for the three months and year ended

December 31st, 2019.

Currency

All amounts are in US$ unless otherwise indicated.

3

Enhanced Safety Measures

• COVID-19 testing.

• Social distancing.

• Increased cleansing and disinfection.

• Limited all non-essential travel.

• Remote working arrangements.

Community Support

• Donating or Providing:

• Cleaning supplies and non-perishable food.

• Safe isolation spaces if required.

• Contributing and Funding:

• Additional medical treatment facilities.

• Rapid testing kits.

• Education programs in communities to help

flatten the curve.

4

Mine Status Current Impacts of COVID-19 Trevali Response to Date

Perkoa Fully operational

Hampered supply chain of goods and

the movement of Perkoa’s labour

force.

Enhanced health and safety measures led to

special authorizations by Burkinabe

government to move people and goods.

Rosh Pinah Fully operational

Mining operations continue producing

albeit on a risk-assessed basis,

including adherence to strict hygiene

standards.

Enhanced health and safety measures led to

special authorizations by Namibian

government to continue to operate under risk

assessed basis.

Santander

Mining operations

ongoing, processing

curtailed

National State of Emergency is limiting

delivery of key supplies.

Self managed quarantine and enhanced

health and safety measures led to special

authorizations by Peruvian government to

continue to operate.

5*Caribou is on Care and Maintenance as per news release issued March 26th, 2020 titled “Trevali Announces Temporary Suspension of Caribou Mine Operations.”

6

Zinc price has declined by approximately 25% over an 8-week period.

$1,763

$1,863

$1,963

$2,063

$2,163

$2,263

$2,363

$2,463

$2,563

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

($/t

on

ne

)

($/lb

)

Apr-20

7

Positioned to achieve our AISC objective a full year sooner than planned.

16

4

21

9

14

11

50

-

10

20

30

40

50

T90 Target OpportunitiesIdentified

OpportunitiesImplemented

US$M

T90 Business Improvement Program Status March 31st, 2020

Cost - Price Cost - Usage Revenue Generation

24

50

• Since launching in November

2019, T90 is focused on lowering

costs and increasing efficiency.

• $24M achieved of $50M target as

of March 31st, 2020.

• Focused on implementing

initiatives that provide near term

recurring cost savings.

• AISC of $0.90 per pound of zinc

by the beginning of 2021.

*T90 Program assumes no further reduction of activities is required in response to the COVID-19 pandemic.

Initiative Opportunity StatusRecurring Annual

Benefits US$M

Perkoa iron pre

flotation

Decrease iron head grade to

increase zinc and decrease iron

in concentrate.

Fully Implemented $4.8M

Perkoa

concentrate

transport cost

Optimize transport rates and

maximize backhaul synergies.Fully Implemented $2.2M

Santander

optimise drilling

and blasting

Improve efficiency and increase

tonnes per meter drilled. In Process$0.7M

Rosh Pinah

recovery

optimization

Reduction in variability to

increase overall recovery of Zn

by 1%.In Process $0.4M

8

Category Withdrawn 2020 Guidance1 New Target 2020 Reduction

Sustaining & Expansionary

Capital$69M $37M $32M

Exploration Program $12M $4M $8M

Operating Cost N/A N/A $4M

Total $44M

Development Project CapitalLong lead order based off of

RP2.0 PFS$0

Deferment of RP2.0

Investment

9

Trevali is implementing costs reductions in 2020 that will preserve $44 million in

liquidity.

1) Trevali withdrew its 2020 Guidance on March 26th, as per the press release titled “Trevali Announces Temporary Suspension of Caribou Mine Operations.“ Revised

2020 guidance will be issued when the effects on the Company’s operations can be evaluated with greater accuracy.

Amendment to revolving credit facility

• Total facility temporarily reduced from $275M to $125M.

• Financial covenants waived for the period until April 30, 2020.

• Terms and restrictions include: a restriction on dividends and

distributions, acquisitions, and the disposition of assets as well as a

requirement that the Company maintain a minimum level of liquidity.

Negotiate longer term financing

• Trevali is currently negotiating the terms and conditions of the revolving

credit facility that will apply after April 30, 2020.

• Pursuing other possible financing opportunities to provide additional

sources of capital.

10

Key terms of amendment to RCF and ongoing activities.

11

Status

. 1. Ensure we operate safely and efficiently

2. Cancel share buyback

3. Suspend operation at Caribou

4. Negotiate temporary amendment to credit facility

5. Negotiate the terms of credit facility post April 30th

6. Execute 2020 cost reductions – $44 Million.

7. Deliver on T90 Program – 50% already realized

8. Reduce debt levels

Ongoing

Completed

In Progress

In Progress

In Progress

Completed

Completed

Planned

.

Q&A