EBITDA(1) of $59 million on net revenues
of $115 million;Cash position of $120
million and working capital of $180
million;Net profit of $28.6-million or $0.03 per
share
Trevali Mining Corporation (“Trevali” or the
“Company”) (TSX:TV) (BVL:TV) (OTCQX:TREVF) (Frankfurt:4TI) has
released financial results for the three months ending March
31, 2018 (“
Q1”), reporting net income of $28.6
million ($0.03 per share) and EBITDA(1) of $59 million on net
revenues of $115 million.
Q1 Highlights:
- Consolidated zinc production of 98.7 million payable pounds,
lead production of 12.3 million payable pounds and 336,927 payable
ounces of silver.
- Revenues of $115 million for the quarter, up 187% from $40
million for Q1-2017.
- Net income of $28.6-million ($0.03 per share), versus $2.7
million ($0.01 per share) for Q1-2017
- Record quarterly EBIDTA(1) of $59 million, up 321% from $14
million in Q1-2017.
- Cash and cash equivalents of $120.5 million, up 28% from $94.1
million as of year-end 2017.
- Working capital of $180 million, up 25% from $144 million as of
year-end 2017.
- Debt reduction of $8 million on the Term Facility as part of
the long-term debt repayment schedule.
(1) EBITDA (earnings before interest, taxes, depreciation and
amortization) of a business gives an indication of its current
operational profitability and is a non-IFRS measure and is
calculated on 100% basis. Please refer to non-IFRS Measures in the
Cautionary Note Regarding Forward-Looking Statements at the end of
this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis.
This news release should be read in conjunction
with Trevali’s unaudited condensed consolidated financial
statements and management's discussion and analysis for the three
months ended March 31, 2018, which is available on Trevali's
website and on SEDAR. Certain financial information is reported
herein using non-IFRS measures. Please refer to non-IFRS Measures
in the Cautionary Note Regarding Forward-Looking Statements at the
end of this news release and in Trevali’s March 31, 2018
Management’s Discussion and Analysis.
“First quarter production was in line with
annual guidance range and demonstrated the robust cash flow
generation capacity of our mines,” stated Dr. Mark Cruise,
Trevali’s President and CEO. “As previously stated, first quarter
production was planned to be lower than subsequent quarters,
reflecting scheduled maintenance at Santander operations and winter
conditions at Caribou. We are continuing to further optimize the
operations and anticipate strong performance for the balance of the
year.”
Q1-2018 Financial Results Conference
Call:The Company will host a conference call and audio
webcast at 10:30AM Eastern Time on Friday, May 11, 2018 to review
the operating and financial results. Participants are advised to
dial in 5-to-10 minutes prior to the scheduled start time of the
call.
Conference call dial-in details:Toll-free (North
America): 1-877-291-4570Toronto and international:
1-647-788-4919Audio Webcast: http://www.gowebcasting.com/9278
Consolidated Financial Results ($
millions, except per-share amounts)
|
Q1-2018 |
Q1-2017 |
Revenues |
$114.7 |
$39.9 |
Income from mining operations |
$36.6 |
$9.7 |
Net income |
$28.6 |
$2.7 |
Basic income per share |
$0.03 |
$0.01 |
Consolidated Production
Results
|
Q1-2018 |
Q1-2017(2) |
Tonnes Mined |
|
790,215 |
|
370,953 |
Tonnes Milled |
|
743,935 |
|
433,129 |
Payable Production: |
|
|
Zinc (pounds) |
|
98,738,944 |
|
31,946,229 |
Lead (pounds) |
|
12,296,555 |
|
9,983,664 |
Silver (ounces) |
|
336,927 |
|
345,661 |
Total Cash Operating Costs (per pound of payable zinc
produced) |
$0.83 |
$0.81 |
All-In Sustaining Cash Cost (per pound of payable zinc
produced) |
$0.97 |
$0.96 |
Site Cash Operating Cost (per Tonne milled)(3) |
$73.39 |
$49.10 |
Consolidated Sales Results
|
Q1-2018 |
Q1-2017(2) |
Zinc Concentrate (dry metric tonnes) |
|
98,171 |
|
38,928 |
Lead Concentrate (dry metric tonnes) |
|
10,169 |
|
13,034 |
Payable Sales: |
|
|
|
|
Zinc (pounds) |
|
89,490,812 |
|
33,578,241 |
Lead (pounds) |
|
7,956,056 |
|
9,708,389 |
Silver (ozs.) |
|
274,748 |
|
328,636 |
Revenues(4) |
$114,718,000 |
$39,923,000 |
Average Realized Metal Price(5): |
|
|
Zinc (per pound) |
$1.49 |
$1.26 |
Lead (per pound) |
$1.09 |
$1.05 |
Silver (per ounce) |
$16.53 |
$17.98 |
(2) Q1-2017 consolidated production and sales
are from the Santander and Caribou mines only. Trevali acquired the
Perkoa and Rosh Pinah mines on August 31, 2017.(3) Please refer to
non-IFRS Measures in the Cautionary Note Regarding Forward-Looking
Statements at the end of this news release and in Trevali’s March
31, 2018 Management’s Discussion and Analysis.(4) Revenues include
effects of settlement adjustments on sales from prior quarters and
is calculated on a 100% basis.(5) Provisional realized metal
prices.
Santander Mine, Peru:
Santander produced 11.0 million payable pounds
of zinc, 1.2 million payable pounds of lead and 70,046 payable
ounces of silver in Q1. Metal sales for the quarter were 11.0
million pounds of zinc, 1.1 million pounds of lead and 67,626
ounces silver, respectively, for revenue of $16.6 million.
During the quarter, the Santander mill averaged
1,674 tonnes per day, which is materially below the 2,000
tonne-per-day design rate. This was due to planned maintenance work
on a ball mill, resulting in approximately 25% lower processing
capacity. Mining during Q1 was maintained at normal capacity, which
resulted in an ore stock pile of approximately 65,000-tonnes at the
end of the quarter. The mill maintenance was completed in late
March and the mill is currently operating at higher than design
capacity (April 2018 mill throughput averaged 2,350 tonnes per
day).
Underground production was 187,073 tonnes of ore
and average head grades were 4.46% zinc, 0.48% lead and 0.77 oz/ton
silver, with production of 12,549 tonnes of zinc concentrate and
1,109 tonnes of lead-silver concentrate. Recoveries averaged 89%
for zinc, 79% for lead and 58% for silver. Site cash operating
costs were $64.50 per tonne milled, which is materially above the
annual cost guidance range of $38-$42 per tonne and reflects lower
production due to planned mill maintenance.
Santander Production Results
|
Q1-2018 |
Q1-2017 |
Tonnes Mined |
|
187,073 |
|
148,689 |
Tonnes Milled |
|
150,627 |
|
200,249 |
Average Head Grade:Zinc (%)Lead (%)Silver (oz/t) |
|
4.460.480.77 |
|
3.800.580.96 |
Average Recoveries (%):ZincLeadSilver |
|
897958 |
|
887963 |
Payable Production: |
|
|
Zinc (pounds) |
|
10,953,272 |
|
12,326,834 |
Lead (pounds) |
|
1,170,588 |
|
1,875,891 |
Silver (ounces) |
|
70,046 |
|
128,576 |
Total Cash Operating Costs (per pound of payable zinc
produced) |
$1.08 |
$0.76 |
All-In Sustaining Cash Cost (per pound of payable zinc
produced) |
$1.44 |
$0.96 |
Site Cash Operating Cost (per Tonne milled)(3) |
$64.50 |
$35.06 |
Santander Sales Results
|
Q1-2018 |
Q1-2017 |
Zinc Concentrate (dry metric tonnes) |
|
12,715 |
|
13,579 |
Lead Concentrate (dry metric tonnes) |
|
1,111 |
|
2,077 |
Payable Sales: |
|
|
|
|
Zinc (pounds) |
|
10,993,766 |
|
11,804,614 |
Lead (pounds) |
|
1,134,093 |
|
1,834,682 |
Silver (ounces) |
|
67,626 |
|
125,557 |
Revenues(4) |
$16,602,000 |
$13,500,000 |
Average Realized Metal Price(5): |
|
|
Zinc (per pound) |
$1.49 |
$1.27 |
Lead (per pound) |
$1.11 |
$1.03 |
Silver (per ounce) |
$16.52 |
$17.69 |
(3) Please refer to non-IFRS Measures in the
Cautionary Note Regarding Forward-Looking Statements at the end of
this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis.(4) Revenues include effects of settlement
adjustments on sales from prior quarters.(5) Provisional realized
metal prices.
Production for the balance of the year is
expected to make-up the first quarter shortfall. The 2018 cost
guidance remains unchanged at $38-$42 per tonne milled. Unitary
costs will fall significantly from the first quarter levels due to
increased mill throughput and production (Please refer to non-IFRS
Measures in the Cautionary Note Regarding Forward-Looking
Statements at the end of this news release and in Trevali’s March
31, 2018 Management’s Discussion and Analysis).
Caribou Mine, Canada:
Production from the Caribou mine was 19.1
million payable pounds of zinc, 7.2 million payable pounds of lead
and 216,087 payable ounces of silver. The mine sold 17.8 million
pounds of zinc, 6.8 million pounds of lead, and 207,122 ounces of
silver for total revenue of $28.1 million.
Mine production was 238,650 tonnes with mill
throughput at 235,531 tonnes; recoveries averaged 75% for zinc, 62%
for lead, and 41% for silver. Average head grades were 5.9% zinc,
2.4% lead and 2.1 oz/ton of silver, with production of 22,769
tonnes of zinc concentrate and 9,556 tonnes of lead-silver
concentrate.
Site operating costs for the Q1 were $64.12 per
tonne, reflecting higher costs due to seasonal effects, as
experienced in prior years.
Caribou Production Results
|
Q1-2018 |
Q1-2017 |
Tonnes Mined |
|
238,650 |
|
222,264 |
Tonnes Milled |
|
235,531 |
|
232,880 |
Average Head Grades: |
|
|
Zinc (%) |
|
5.94 |
|
6.15 |
Lead (%) |
|
2.43 |
|
2.68 |
Silver (oz/t) |
|
2.14 |
|
2.29 |
Average Recoveries (%): |
|
|
Zinc |
|
75 |
|
75 |
Lead |
|
62 |
|
64 |
Silver |
|
41 |
|
38 |
Payable Production: |
|
|
Zinc (pounds) |
|
19,079,123 |
|
19,619,395 |
Lead (pounds) |
|
7,200,955 |
|
8,107,773 |
Silver (ounces) |
|
216,087 |
|
217,085 |
Total Cash Operating Costs (per pound of payable zinc
produced) |
$0.73 |
$0.85 |
All-In Sustaining Cash Cost (per pound of payable zinc
produced) |
$0.90 |
$0.95 |
Site Cash Operating Cost (per Tonne milled)(3) |
$64.12 |
$61.17 |
Caribou Sales Results
|
Q1-2018 |
Q1-2017 |
Zinc Concentrate (dry metric tonnes) |
|
21,409 |
|
25,349 |
Lead Concentrate (dry metric tonnes) |
|
9,058 |
|
10,956 |
Payable Sales:Zinc (pounds) |
|
17,821,252 |
|
21,773,627 |
Lead (pounds) |
|
6,821,963 |
|
7,873,706 |
Silver (ounces) |
|
207,122 |
|
203,078 |
Revenues(4) |
$28,072,000 |
$26,423,000 |
Average Realized Metal Price(5): |
|
|
Zinc (per pound) |
$1.49 |
$1.25 |
Lead (per pound) |
$1.09 |
$1.05 |
Silver (per ounce) |
$16.53 |
$18.03 |
(3) Please refer to non-IFRS Measures in the
Cautionary Note Regarding Forward-Looking Statements at the end of
this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis.(4) Revenues include effects of settlement
adjustments on sales from prior quarters.(5) Provisional realized
metal prices.
Second quarter production from the Caribou
operation will range from 23-25% of the full year guidance target
for zinc and lead due to the seasonal transition from winter
production at the mine. The annual 2018 guidance remains unchanged
at $55-$61 per tonne milled with costs expected to trend lower in
the second quarter (Please refer to non-IFRS Measures in the
Cautionary Note Regarding Forward-Looking Statements at the end of
this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis).
The 2018 business improvement program
anticipates increased production gains and efficiencies as
improvements are made to the site power infrastructure, mill
control systems, ground control management and ventilation.
Rosh Pinah Mine, Namibia
(acquired by Trevali on August 31, 2017):
Q1 production from Rosh Pinah was 22.8 million
payable pounds of zinc, 3.9 million payable pounds of lead and
50,794 payable ounces of silver. Sales were 28.1 million pounds of
zinc, for total revenue of $33.2 million. Due to limited lead
concentrate production at Rosh Pinah, shipments are only scheduled
approximately twice per year; there were none during Q1.
Mine production was 172,334 tonnes and mill
throughput was 177,837 tonnes, with recoveries averaging 88% for
zinc, 77% for lead, and 51% for silver. Average head grades milled
were 7.9% zinc, 1.4% lead and 0.6 oz/ton silver, with production of
25,175 tonnes of zinc concentrate and 4,268 tonnes of lead-silver
concentrate.
Site cash operating costs per tonne milled were
$54.41 and total cash operating costs were $0.90 per payable pound
of zinc produced. Costs were marginally higher than the 2018
guidance range of $49 to $54 per tonne due to one-time costs
associated with negotiating a three year labour agreement and no
by-product lead or silver sales. The next lead-silver shipments are
scheduled for Q2 and Q4-2018 respectively.
Rosh Pinah Production Results
(100% basis)
|
Q1-2018 |
Tonnes Mined |
|
172,334 |
Tonnes Milled |
|
177,837 |
Average Head Grade:Zinc (%)Lead (%)Silver (oz/t) |
|
7.921.400.58 |
Average Recoveries (%):ZincLeadSilver |
|
887751 |
Payable Production: |
|
Zinc (pounds) |
|
22,831,575 |
Lead (pounds) |
|
3,925,012 |
Silver (ounces) |
|
50,794 |
Total Cash Operating Costs (per pound of payable zinc
produced) |
$0.90 |
All-In Sustaining Cash Cost (per pound of payable zinc
produced) |
$1.06 |
Site Cash Operating Cost (per Tonne milled)(3) |
$54.41 |
Rosh Pinah Sales Results
(100% basis)
|
Q1-2018 |
Zinc Concentrate (dry metric tonnes) |
|
30,386 |
Lead Concentrate (dry metric tonnes) |
|
- |
Payable Sales: |
|
|
Zinc (pounds) |
|
28,077,201 |
Lead (pounds) |
|
- |
Silver (ounces) |
|
- |
Revenues(4) |
$33,192,000 |
Average Realized Metal Price(5): |
|
Zinc (per pound) |
$1.49 |
Lead (per pound) |
|
- |
Silver (per ounce) |
|
- |
(3) Please refer to non-IFRS Measures in the
Cautionary Note Regarding Forward-Looking Statements at the end of
this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis.(4) Revenues include effects of settlement
adjustments on sales from prior quarters and is calculated on a
100% basis.(5) Provisional realized metal prices.
Business improvement programs have been
implemented to target key operational areas including production
drilling support, introduction of raise-boring to improve the stope
production cycle and mobile fleet optimization. Commissioning of
the recently completed mill re-grind project continued through Q1
and is anticipated to result in improved zinc and lead recoveries
going forward, in addition to higher-grade concentrate production
when processing harder ore zones.
Planned 2018 metal production will increase in
the second half of the year with lower grade stopes planned in the
first half, followed by scheduled higher grade stopes in the second
half of the year. The 2018 guidance remains unchanged for both
metal production and costs (Please refer to non-IFRS Measures in
the Cautionary Note Regarding Forward-Looking Statements at the end
of this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis).
Perkoa Mine, Burkina Faso
(acquired by Trevali on August 31, 2017):
Q1 production from Perkoa was 47.4 million
payable pounds of zinc. Mill throughput was 179,940 tonnes with
recovery averaging 94% for zinc and an average head grade of 14.5%
zinc to produce of 47,413 tonnes of zinc concentrate. Mine
production was 192,158 tonnes. Sales were 32.6 million pounds of
zinc for total revenues of $40.7 million. Site cash operating costs
per tonne milled were $111.72 and total cash operating costs per
pound of payable zinc produced were $0.78.
Perkoa Production Results (100%
basis)
|
Q1-2018 |
Tonnes Mined |
|
192,158 |
Tonnes Milled |
|
179,940 |
Average Head Grade: |
|
Zinc (%) |
|
14.49 |
Average Recovery (%): |
|
Zinc |
|
94 |
Concentrate Produced (dry metric tonnes): |
|
Zinc |
|
47,413 |
Concentrate Grades: |
|
Zinc (%) |
|
52 |
Payable Production: |
|
Zinc (pounds) |
|
45,874,974 |
Total Cash Operating Costs (per pound of payable zinc
produced) |
$0.78 |
All-In Sustaining Cash Cost (per pound of payable zinc
produced) |
$0.84 |
Site Cash Operating Cost (per Tonne milled)(3) |
$111.72 |
Perkoa Sales Statistics
(100% basis)
|
Q1-2018 |
Zinc Concentrate (DMT) |
|
33,660 |
Payable Sales: |
|
|
Zinc (pounds) |
|
32,598,594 |
Revenues(4) |
$36,852,000 |
Average Realized Metal Price(5): |
|
Zinc (per pound) |
$1.49 |
(3) Please refer to non-IFRS Measures in the
Cautionary Note Regarding Forward-Looking Statements at the end of
this news release and in Trevali’s March 31, 2018 Management’s
Discussion and Analysis.(4) Revenues include effects of settlement
adjustments on sales from prior quarters and is calculated on a
100% basis.(5) Provisional realized metal prices.
The Company approved the procurement of a more
efficient site power generating system in Q1. The project entails
the installation of two 2.5MW Heavy Fuel Oil generators for an
estimated capital cost of $9.2 million. The project is expected to
reduce operating costs by between $6 and $7 per tonne milled when
installed.
Perkoa production and costs remain in line with
2018 guidance and are expected to be broadly consistent through the
year (Please refer to non-IFRS Measures in the Cautionary Note
Regarding Forward-Looking Statements at the end of this news
release and in Trevali’s March 31, 2018 Management’s Discussion and
Analysis).
2018 CONSOLIDATED PRODUCTION AND COST
GUIDANCE(6,7,8)
Consolidated production guidance for 2018
remains unchanged (see Table below)
Mine |
2018 Zinc Production(million pounds
payable) |
2018 Lead Production(million pounds
payable) |
2018 Silver Production(000 ounces
payable) |
Operating Costs(per tonne
milled) |
Caribou |
86-90 |
27.1-28.4 |
627-658 |
$55-$61 |
Perkoa (100%)(8) |
155-165 |
n/a |
n/a |
$103-$113 |
Rosh Pinah (100%)(8) |
105-115 |
5.7-6.0 |
123-129 |
$49-$54 |
Santander |
54-57 |
11.0-11.6 |
654-687 |
$38-$42 |
Total |
400-427 |
43.8-46.0 |
1,400-1,474 |
$60-$66 |
(6) Constitutes forward-looking information; see
“Cautionary Note Regarding Forward-Looking Statements”.(7)
Operating costs are based on various assumptions and estimates,
including, but not limited to: production volumes, commodity prices
(Zn: $1.25/lb Pb: $1.00/lb Ag: $19/lb) and foreign currency
exchange rates (N$/USD: 13.00; XOF/USD: 609; PEN/USD 3.25; C$/USD
$1.25) and is a non-IFRS measure. Please refer to non-IFRS Measures
in the Cautionary Note Regarding Forward-Looking Statements at the
end of this news release and in Trevali’s March 31, 2018
Management’s Discussion and Analysis.(8) Trevali’s ownership
interest is currently 90% at Perkoa and 80% at Rosh Pinah.
Formal production guidance is provided on an
annual basis but we expect moderate fluctuations on a
quarter-to-quarter basis due to normal-course mine scheduling, with
modestly lower first quarter zinc production versus the balance of
the year (Figure 1). 2018 production guidance remains on-track.
A photo accompanying this announcement is available at
http://resource.globenewswire.com/Resource/Download/58ac773e-4a97-4688-a0e2-a2b89870af66
Exploration Update:
The primary aim of the 2018 exploration program
is to expand and discover new mineral resources adjacent to
existing mine infrastructure, replace mined inventory, grow
sustainable production, extend expected mine life and ultimately,
contingent on success, provide production growth optionality to the
operations.
Exploration and resource conversion drilling
totaled approximately 26,500 metres during the quarter.
At Perkoa, 5,680 metres of underground resource
conversion drilling in the Hanging Wall lens was completed and
continued to return exceptionally high-grade zinc results,
including:
- 16.25 metres at 18.52% zinc, including 9.85 metres at 24.35%
zinc; and
- 15.75 metres at 14.07% zinc, including 5.00 metres at 28.46%
zinc
A 5,300-metre follow-up program of underground
exploration drilling targeting the Hanging Wall lens below the
modelled resources commenced in April 2018. Three holes have been
completed and intercepted massive to semi-massive sulphide
mineralization at least 180 metres below the current deepest
planned mining levels; assay results are pending. A Borehole
Electromagnetic (“BHEM”) survey from surface exploration drill
holes along the Perkoa ore horizon was completed during the quarter
and several electromagnetic conductors were identified. The data is
being processed and targets are expected to be drill tested during
the second and third quarters. Reconnaissance mapping and sampling
along the plus-25 kilometre strike length of the Perkoa Mine
Horizon resulted in the discovery of surface to sub-surface gossans
(weathered sulphide mineralization) associated with the geophysical
anomalies. Air core drilling of these new targets commenced in
April 2018.
At Santander, three underground and two surface
drills were active at the Magistral deposits and adjacent targets.
The approximately 18,000-metre program continues to test the
continuity of the deposit to the 4,000-metre mine level, or
approximately 300 vertical metres below current development.
Drilling also tested targets at the high-grade Pipe and
successfully intercepted new mantos below historically mined
levels. A BHEM survey commenced in April.
At Rosh Pinah, three underground drills
continued exploration and resource conversion drilling. A total of
5,500 metres of resource conversion and expansion drilling was
completed targeting the extensions of the Western Orefield (WF3) to
the north and down-plunge of the orebody. Integrated targeting
within the broader exploration license also commenced during the
period.
In the Bathurst Mining Camp, a 4,500-metre drill
campaign commenced in April at the Restigouche project in order to
provide production and mine planning optionality for future Caribou
mill feed. Thirteen drill holes totaling 2,460 metres have been
completed to date and results continue to validate the geological
model. A total of 2,480 metres of resource conversion drilling was
completed at Caribou mine during Q1.
Qualified Person and Quality
Control/Quality AssuranceEurGeol Dr. Mark D. Cruise,
Trevali's President and CEO, and Paul Keller, P.Eng, Trevali’s
Senior Vice President - Major Projects & Technical Support, 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. Mr.
Keller is not independent of the Company as he is an officer and
shareholder.
ABOUT TREVALI MINING
CORPORATIONTrevali is a zinc-focused, base metals company
with four mines: the wholly-owned Santander mine in Peru, the
wholly-owned Caribou mine in the Bathurst Mining Camp of northern
New Brunswick, its 80% owned Rosh Pinah mine in Namibia and its 90%
owned Perkoa mine in Burkina Faso.
For further details on Trevali, please refer to
the Company’s website (www.trevali.com) and to its Canadian
regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors ofTREVALI MINING
CORPORATION“Mark D. Cruise” (signed)Mark D. Cruise,
President
Contact Information:Steve Stakiw, Vice
President - Investor Relations and Corporate CommunicationsEmail:
sstakiw@trevali.com Phone: (604) 488-1661 / Direct: (604)
638-5623
Cautionary Note Regarding
Forward-Looking StatementsThis news release contains
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Statements containing
forward-looking information express, as at the date of this news
release, the Company’s plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and the
Company does not intend, and does not assume any obligation to,
update such statements containing the forward-looking information.
Such forward-looking statements and information include, but are
not limited to statements as to: consolidated production guidance
for 2018, expected consolidated operating costs, cash costs (net of
by-product credits), timing and costs of the proposed site power
generating system, including expected cost savings, synergies in
supply and procurement, operational and technical support
efficiencies, expectations regarding the updated resource-reserve
statement scheduled for completion by late first quarter-2018,
timing and results from mill maintenance, including expected lower
throughput with mined ore stockpiled for processing in subsequent
quarters, the expected benefits from the zinc regrind mill,
including improved zinc and lead recoveries and higher-grade
concentrates, business improvement programs and improvement of site
operational efficiencies, increased production gains and
efficiencies, the accuracy of estimated Mineral Resources,
anticipated results of future exploration, and forecast future
metal prices, expectations that environmental, permitting, legal,
title, taxation, socio-economic, political, marketing or other
issues will not materially affect estimates of Mineral Resources.
These statements reflect the Company’s current views with respect
to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and
contingencies.
Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements
contained in this news release and the Company has made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: mine scheduling, fluctuations
in spot and forward markets for silver, zinc, base metals and
certain other commodities (such as natural gas, fuel oil and
electricity); fluctuations in currency markets; risks related to
the technological and operational nature of the Company’s business;
changes in national and local government, legislation, taxation,
controls or regulations and political or economic developments in
Canada, the United States, Peru, Namibia, Burkina Faso, or other
countries where the Company may carry on business in the future;
risks and hazards associated with the business of mineral
exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or
structural formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards; employee relations; relationships
with and claims by local communities and indigenous populations;
availability and increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses
and permits and the presence of laws and regulations that may
impose restrictions on mining; diminishing quantities or grades of
mineral resources as properties are mined; global financial
conditions; business opportunities that may be presented to, or
pursued by, the Company; the Company’s ability to complete and
successfully integrate acquisitions and to mitigate other business
combination risks; challenges to, or difficulty in maintaining, the
Company’s title to properties and continued ownership thereof; the
actual results of current exploration activities, conclusions of
economic evaluations, and changes in project parameters to deal
with unanticipated economic or other factors; increased competition
in the mining industry for properties, equipment, qualified
personnel, and their costs. Investors are cautioned against
attributing undue certainty or reliance on forward-looking
statements. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended. The Company does
not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
This press release contains future-oriented
financial information and financial outlook information
(collectively, “FOFI “) about prospective results
of operations, including consolidated production guidance for 2018
and expected consolidated operating costs, and cash costs (net of
by-product credits), all of which are subject to the same
assumptions, risk factors, limitations, and qualifications as set
forth in the above paragraphs. FOFI contained in this press release
were made as of the date hereof and is provided for the purpose of
describing Trevali’s anticipated future business operations.
We advise US investors that while the terms
"Measured Mineral Resources", "Indicated Mineral Resources" and
"Inferred Mineral Resources" are recognized and required by
Canadian regulations, the US Securities and Exchange Commission
does not recognize these terms. US investors are cautioned not to
assume that any part or all of the material in these categories
will ever be converted into reserves.
Non-IFRS MeasuresThis news
release refers to certain non-IFRS measures. These measurements
have no standardized meaning under IFRS and may not be comparable
to similar measures presented by other companies. These
measurements are 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. Refer to
Trevali’s management’s discussion and analysis in the March 31,
2018 financial reporting for additional details on non-IFRS
measures.
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