VANCOUVER, BC, May 13, 2021 /CNW/ - Trevali Mining
Corporation ("Trevali" or the "Company") (TSX: TV) (BVL:
TV) (OTCQX: TREVF) (Frankfurt:
4TI) today released financial and operating results for the
three months ended March 31,
2021. The Company reported quarterly production of 74.8
million pounds of zinc at an all-in sustaining
cost1 ("AISC") of $0.99 per pound. Adjusted
EBITDA1 for the quarter was $24.5 million primarily due to business
improvement initiatives, the increase in the zinc price, and
reduction in benchmark treatment charges for 2021. All financial
figures are in U.S. dollars.
FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE FIRST
QUARTER 2021
- Total Recordable Injury Frequency ("TRIF") in Q1 2021
increased to 13.3 compared to a full year 2020 TRIF of 4.5. The
increase in recordable injuries during Q1 2021 was addressed by
improved safety risk management, evidenced by a reduction in cases
during March and April.
- Zinc payable production of 74.8 million pounds for Q1
2021. Strong performances from Perkoa and Santander offset with
one-time operational challenges at Rosh Pinah.
- C1 Cash Cost1 and AISC1 of
$0.89/lb and $0.99/lb per pound respectively, negatively
impacted due to the strengthening of the Namibian dollar and
one-time operational challenges at Rosh Pinah partially offset by
reduced treatment charges.
- Successful restart of the Caribou operations on March 25, 2021, on time and budget, reconfirm
guidance at lower end of 2021 production range due to slower than
expected ramp up.
- Reconfirm consolidated 2021 production and cost guidance
as production expected to increase with Caribou at full production
and costs expected to decrease across the portfolio as per
plan.
- 2021 annual treatment charge benchmark rates for zinc
finalized at $159/ per tonne,
which are referenced in sales terms, representing a 47% decrease
from the prior year benchmark.
- Q1 2021 revenues increased 6% over the prior quarter to
$72.0 million despite a decrease in
sales volumes, due to the average LME zinc price of
$1.25 per pound.
- Adjusted EBITDA1 of $24.5
million an operating cash flows before working
capital of $15.5 million for Q1
2021, both supported by improved commodity prices.
- Improved liquidity with Net Debt1 of
$92.6 million as at March 31, 2021 reduced by $12.4 million from December 31, 2020, with further reductions
expected over the remainder of 2021.
Ricus Grimbeek, President and CEO stated, "The team delivered a
good quarter producing 74.8 millions pounds of payable zinc and
achieved operating cash flows before changes in working capital of
$15.5 million. Strong production and
cost performances at Perkoa and Santander were offset by one-time
operational challenges at Rosh Pinah. Caribou was restarted on time
and budget with a slower than expected ramp up. With improvements
at Rosh Pinah in place and Caribou reaching full production we are
well positioned to deliver on our annual guidance.
We reduced our Net Debt1 position by $12.4 million supported by tailwinds in the form
of a high zinc price and reduced annual treatment charges for 2021.
Given the strength in the zinc market and forecast performance from
the business, significant cash generation is expected to continue
and is weighted to the second half of the year due to timing of
sales.
With our strengthening financial position and the upcoming
delivery of the RP2.0 Feasibility
Study later this year, we have begun discussions with our lending
syndicate and other global financial institutions on securing
project debt financing to support the Company's growth
plans."
This news release should be read in conjunction with Trevali's
quarterly consolidated financial statements and management's
discussion and analysis for the three months ended March 31, 2021, which are available on Trevali's
website and on SEDAR. Certain financial information is reported
herein using non-IFRS measures; see Non-IFRS Financial Performance
Measures below and in Trevali's accompanying management's
discussion and analysis for the three months ended March 31, 2021.
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|
Q1'21
|
Q4'20
|
Q1'20
|
Q1'21
vs
Q4'20
|
Q1'21
vs
Q1'20
|
Zinc payable
production
|
Mlbs
|
74.8
|
74.2
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99.0
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1%
|
–24%
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Lead payable
production
|
Mlbs
|
5.9
|
8.4
|
10.7
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–30%
|
–45%
|
Silver payable
production
|
Moz
|
0.2
|
0.3
|
0.3
|
–33%
|
–33%
|
Revenue
|
$
|
71,956
|
68,086
|
51,952
|
6%
|
39%
|
Adjusted
EBITDA1
|
$
|
24,491
|
20,101
|
(6,646)
|
22%
|
469%
|
Operating cash
flows before working capital
|
$
|
15,452
|
20,945
|
(25,462)
|
–26%
|
161%
|
Net
loss
|
$
|
(2,510)
|
(51,742)
|
(175,605)
|
95%
|
99%
|
Net income
(loss) per share
|
$
|
0.00
|
(0.06)
|
(0.22)
|
100%
|
100%
|
C1 Cash
Cost1
|
$/lb
|
0.89
|
0.87
|
0.96
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2%
|
–7%
|
AISC1
|
$/lb
|
0.99
|
0.97
|
1.10
|
2%
|
–10%
|
Sustaining
capital expenditure
|
$
|
6,650
|
6,561
|
12,628
|
1%
|
–47%
|
Exploration
expenditure
|
$
|
1,684
|
550
|
3,164
|
206%
|
–47%
|
BUSINESS OVERVIEW
Trevali is a global base-metals mining company, headquartered in
Vancouver, Canada. The bulk of the
Company's revenue is generated from base-metals mining at its three
operational assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned Rosh Pinah mine in
Namibia, and the wholly-owned
Santander mine in Peru. In
addition, Trevali owns the Caribou mine, Halfmile and Stratmat
properties and the Restigouche
deposit in New Brunswick, Canada,
and the past producing Ruttan mine in northern Manitoba, Canada. The Caribou mine was placed
on care and maintenance on March 26,
2020; on January 15, 2021, the Company announced that
the operations were being restarted and full zinc payable
production resumed on March 25, 2021. Trevali also owns an
effective 44% interest in the Gergarub project in Namibia, as well as an option to acquire a
100% interest in the Heath Steele deposit located in New Brunswick, Canada. The shares of the
Company are listed on the TSX (symbol TV), the OTCQX (symbol
TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt
Exchange (symbol 4TI). For further details on Trevali, readers
are referred to the Company's website (www.trevali.com) and to
Canadian regulatory filings on SEDAR at www.sedar.com.
T-90 Overview
In November 2019, Trevali launched
the T90 business improvement program which originally targeted a
reduction in AISC1 to $0.90 per payable pound of zinc produced by the
beginning of 2022 through achieving annual sustainable efficiencies
of $50 million.
In response to market conditions as a result of the COVID-19
pandemic, the scope of cost benefits under the T90 business
improvement program has been accelerated and expanded. As of the
end of 2020, we have implemented $51
million of annualized efficiencies.
Given improvements to the zinc market, the decision to restart
the Caribou mine was made in January
2021 with the expectation that the operation will generate
significant cash flow over its initially planned two-year mine
life. Additionally, the decision was made to restart underground
development at Santander after having suspended activities during
the second half of 2020, which will contribute additional positive
cash flows. While both the restart of Caribou and the capital
investment at Santander are expected to impact the T90 target in
2021, the forecasted AISC1 is well below the current
zinc price and the average hedged price for the Company's zinc
concentrates, and as such is expected to contribute positively to
cash flow during the year.
For 2021, our AISC1 guidance range is $0.90 to $0.97 per
pound of zinc produced. As per our annual guidance published in
January 2021, production costs are
expected to be higher in the first half of the year relative to the
second due to one-time costs attributed to the restart of the
Caribou mine, underground capital development at Santander as well
as no by-product sale at Rosh Pinah in the first quarter. As per
plan, there are three by-product sales expected at Rosh Pinah for
the remainder of the year, one in each quarter.
For 2021 we are focusing our efforts on several key priority
initiatives to ensure the implemented efficiencies are sustained,
whilst continuing to further build a culture of continuous
improvement. Our key initiatives for 2021 across our operations
include:
- Metal recovery optimization;
- Increased mill throughput;
- Reducing mining dilution;
- Reducing mining operating cost; and
- Energy savings.
The following results have been achieved for Q1 2021:
- Santander achieved an average zinc recovery of 93.4% compared
to 90.6% for the previous quarter;
- Perkoa achieved an average mill throughput rate of 100 tonnes
per hour against an average of 89 tonnes per hour for the previous
quarter. This higher mill throughput rate is expected to be
maintained for the remainder of 2021; and
- A solution to improve operational efficiencies by optimizing
plant feed blend ratios at Rosh Pinah was developed in Q1. Two
machine learning models using silo composition and blend ratios are
utilized to predict plant feed and resulting concentrate quality.
The goal for Q2 2021 is to embed the use of the machine learning
models into the short term-planning cycle and to automate data
sources and model updates.
FINANCIAL AND OPERATIONAL SUMMARY
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|
Q1'21
|
Q4'20
|
Q1'20
|
Q1'21
vs
Q4'20
|
Q1'21
vs
Q1'20
|
Production
|
|
|
|
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|
|
Ore mined
|
t
|
549,555
|
567,071
|
761,354
|
–3%
|
–28%
|
Ore milled
|
t
|
579,022
|
560,898
|
779,754
|
3%
|
–26%
|
Zinc head
grade
|
|
8.0%
|
8.1%
|
7.9%
|
–1%
|
1%
|
Lead head
grade
|
|
1.1%
|
1.4%
|
1.3%
|
–21%
|
–15%
|
Silver head
grade
|
(ozs/t)
|
0.9
|
0.8
|
1.2
|
13%
|
–25%
|
Zinc
recovery
|
|
87.9%
|
88.9%
|
87.4%
|
–1%
|
1%
|
Lead
recovery
|
|
70.9%
|
75.7%
|
68.8%
|
–6%
|
3%
|
Silver
recovery
|
|
52.1%
|
61.9%
|
46.4%
|
–16%
|
12%
|
Zinc
payable
|
Mlbs
|
74.8
|
74.2
|
99.0
|
1%
|
–24%
|
Lead
payable
|
Mlbs
|
5.9
|
8.4
|
10.7
|
–30%
|
–45%
|
Silver
payable
|
Moz
|
0.2
|
0.3
|
0.3
|
–33%
|
–33%
|
Sales
|
|
|
|
|
|
|
Zinc
payable
|
Mlbs
|
72.5
|
74.8
|
91.1
|
–3%
|
–20%
|
Lead
payable
|
Mlbs
|
1.4
|
8.8
|
5.8
|
–84%
|
–76%
|
Silver
payable
|
Moz
|
0.1
|
0.2
|
0.2
|
–50%
|
–50%
|
Cost per
unit
|
|
|
|
|
|
|
C1 Cash
Cost1
|
$/lb
|
0.89
|
0.87
|
0.96
|
2%
|
–7%
|
AISC1
|
$/lb
|
0.99
|
0.97
|
1.10
|
2%
|
–10%
|
Consolidated quarterly production remained consistent with the
prior quarter at 74.8 million pounds of payable zinc but decreased
by 24% as compared to Q1 2020 as Caribou's operations were on care
and maintenance during the bulk of Q1 2021 with full
operations resuming on March 25, 2021.
C1 Cash Cost1 and AISC1 for Q1 2021
both increased by 2% as compared to the prior quarter primarily due
to a decrease in by-product credits as Q4 2020 benefited from
one of two annual lead concentrate sales at Rosh Pinah, which was
partially offset by the lower benchmark zinc concentrate smelting
and refining charges (impact applies to 2021 production only).
AISC1 for Q1 2021 reduced compared to the
corresponding quarter of 2020 due to the decrease in C1 Cash
Cost1 and sustaining capital deferrals.
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|
|
|
|
|
|
|
|
Q1'21
|
Q4'20
|
Q1'20
|
Q1'21
vs
Q4'20
|
Q1'21
vs
Q1'20
|
Revenues
|
$
|
71,956
|
68,086
|
51,952
|
6%
|
39%
|
Zinc payable
sales
|
Mlbs
|
72.5
|
74.8
|
91.1
|
–3%
|
–20%
|
Average zinc LME
price
|
$/lb
|
1.25
|
1.19
|
0.97
|
5%
|
29%
|
EBITDA1
|
$
|
15,944
|
(34,832)
|
(174,888)
|
146%
|
109%
|
Adjusted
EBITDA1
|
|
24,491
|
20,101
|
(6,646)
|
22%
|
469%
|
Net loss
|
|
(2,510)
|
(51,742)
|
(175,605)
|
95%
|
99%
|
Income (loss) per
share, basic and
diluted
|
|
0.00
|
(0.06)
|
(0.22)
|
100%
|
100%
|
Adjusted earnings
(loss) per share1
|
$
|
0.00
|
0.00
|
(0.01)
|
100%
|
100%
|
The increase in revenues in Q1 2021 to $72.0 million is attributable to the 6% increase
in zinc price and the reduction in benchmark zinc concentrate
smelting and refining charges as compared to Q4 2020; payable
sales volumes are consistent. The 39% increase in revenues compared
to the corresponding quarter in 2020 is due primarily to the 29%
increase in zinc price as well as increased lead and silver
revenues which are partially offset by a 20% decrease in payable
sales volumes.
Q1 2021 Adjusted EBITDA1 of $24.5 million increased from $20.1 million in Q4 2020 primarily due to the 5%
increase in the average zinc price and decrease in treatment
charges, partially offset by the 2% increase in operating costs
(AISC1). The difference between
EBITDA1 and Adjusted EBITDA1 during
Q1 2021 is primarily the Caribou mine restart expenses with
the remaining adjusting items limited to minor offsetting gains and
expenses. In contrast, comparative quarters included significant
items such as impairments, restructuring costs, hedging losses and
larger settlement mark-to-market amounts.
MARKET OUTLOOK
Management of the Company believes that the outlook for the zinc
market continues to improve. The commodity market is in the early
stages of responding to COVID-19 impacts from 2020 and adapting to
constraints posed by virus variants and the need for adjusting of
mine operating practices to manage health risks. Meanwhile, there
are signs of strength in global manufacturing. The April flash
manufacturing Purchasing Managers' Index ("PMI"), an index of the
prevailing direction of economic trends, increased for the eurozone
to a new record high of 63.3, up from a reading of 62.5 in March.
The flash manufacturing PMI for Japan came in at 53.3 in April, up from 52.7
in March. This marks the third consecutive month of expansion in
manufacturing activity, as measured by the PMI, since the onset of
the pandemic and the highest since April
2018. Chinese manufacturing companies also witnessed
improvement in operating conditions in March. Production and new
orders continued to expand, albeit at mild rates. Thus, at 50.6 in
March, the headline seasonally adjusted general manufacturing PMI
was down slightly from 50.9 posted in February. China's new export business meanwhile returned
to growth, as global economic conditions continued to recover from
the COVID-19 outbreak.
The annual benchmark treatment charge rate for zinc concentrate
has been agreed to in Asia and
Europe at $159 per tonne. This is 47% lower than the
$300 per tonne benchmark rate for
2020 and is notable given that it is the second lowest rate in more
than ten years. Trevali's concentrate off-take agreements reference
the annual benchmark treatment charge rates. Although market
expectations are for zinc concentrate supply to expand in the
coming months, we believe that the low annual benchmark reflects
on-going tightness in the concentrate market resulting from
industry disruptions that are anticipated as COVID-19 protocols are
strengthened to counter virus variants, even as pending vaccination
programs advance.
During Q1 2021, the London Metals Exchange ("LME") zinc price
averaged $1.25 per pound, continuing
its improvement from its pandemic low of $0.82 per pound reached back in March 2020. This compares to an average LME zinc
price of $0.96 per pound in Q1 2020
and $1.19 per pound in Q4 2020. We
anticipate that the continued disruption to mine production may
provide fundamental support for zinc prices in the medium term as
management believes demand will outweigh supply as global economic
activity accelerates.
LME exchange inventories increased to 270,500 tonnes at
March 31, 2021 versus 202,075 tonnes
on December 31, 2020. Similarly,
Shanghai Futures Exchange zinc stocks rose to 113,125 tonnes
versus 28,581 tonnes at December 31,
2020. These levels are marginally higher than February, but
at 10 days, unchanged in terms of days of global consumption. This
inventory level is well below historical averages of 18 days of
global consumption and is also supportive of an increase in zinc
prices.
CORPORATE DEVELOPMENTS
Between March and August 2020, the
Company obtained waivers of the financial covenants under the terms
of its revolving credit facility (the "Facility") to
August 31, 2020. On August 6, 2020, further amendments to
the Facility and a new credit facility with Glencore Canada
Corporation (the "Glencore Facility"), an affiliate of the
Company's largest shareholder, Glencore plc (collectively
"Glencore") were announced.
On August 25, 2020, the Company
announced a positive Pre-Feasibility Study ("PFS") for Rosh Pinah
Mine Expansion ("RP2.0") which
presented a mine plan to increase production capacity at Rosh Pinah
by 86% and significantly reduce operating costs.
On September 4, 2020, the Company
announced the appointments of Nick
Popovic and Aline Cote to its
Board of Directors, replacing Chris
Eskdale and Dan Myerson as
Glencore nominees.
In October 2020, the Company
entered into zinc price forward swaps for approximately 25% of
forecast zinc production for six months from October 1, 2020
to March 31, 2021 at an average price of $1.11 per pound. In addition, in order to provide
downside zinc price protection, zinc price put options for
approximately 25% of forecast zinc production across the group were
entered into for the same six-month period at $1.04 per pound.
On November 24, 2020, the Company
entered into a fixed pricing arrangement pursuant to its existing
offt-ake agreement with Glencore for 59.5 million pounds of zinc
allocable to production at Perkoa and Rosh Pinah. The tenure of the
arrangement is for a nine-month period covering April 2021 to December
2021 at a price of $1.23 per
pound and extends the existing hedging program which covers the
period October 2020 to March 2021.
On December 2, 2020, the Company
closed its marketed offering of 186,530,000 units at a price of
C$0.185 per unit for aggregate gross
proceeds of $26.6 million
(C$34.5 million), which included the
exercise of the full amount of the over-allotment option of
24,330,000 units. Each unit is comprised of one common share and
one-half of one common share purchase warrant entitling the holder
thereof to acquire one common share at a price of C$0.23 until June 2,
2022. Glencore plc exercised its pre-emptive participation
rights in the offering to purchase 49,000,000 units.
On December 10, 2020, the Company
announced the appointment of Brendan
Creaney as Chief Financial Officer.
On January 15, 2021, the Company
announced the planned restart of its Caribou mine which has been on
a care and maintenance program since March
2020. The Company has reduced its exposure to commodity
price fluctuations during the initial two-year plan by entering
into a 21-month fixed-pricing arrangement for 115 million pounds of
payable zinc production from Caribou, at an average price of
$1.25 per pound.
On January 18, 2021, the Company
announced the appointment of Jeane
Hull to its Board of Directors effective February 1, 2021.
On January 18, 2021, the Company
announced preliminary 2020 full year and Q4 production results and
2021 operating, capital and exploration expenditure guidance.
On February 26, 2021, the Company
announced that it had entered into a binding term sheet that sets
out the terms for an exploration joint venture with Arrow Minerals
(ASX: AMD), wherein both parties agreed to grant the other
reciprocal exploration rights to their exploration permits in the
highly prospective Boromo gold belt in Burkina Faso which the Company believes is
underexplored for base metals.
On March 30, 2021, the Company
announced that it has trucked its first ore concentrate from the
Caribou mine since announcing the planned restart of operations on
January 15, 2021.
On March 31, 2021, the Company
reported its Mineral Reserves and Mineral Resources statements as
of December 31, 2020. Proven and
Probable Mineral Reserves have increased globally, and grades have
reduced marginally due to an increase in Net Smelter Return value
resulting from reduced offsite costs and increased metal price
forecasting.
In April 2021, the 2021 annual
treatment charge benchmark rates were agreed for both zinc and
lead. Zinc treatment charges were set at $159 per tonne and lead treatment charges were
set at $136 per tonne, decreases of
47% and 26%, respectively compared to the 2020 benchmark. Trevali's
concentrate off-take agreements reference the annual benchmark
treatment charge rates. These rates are retroactive and apply to
concentrate produced during 2021, regardless of when the sale
occurs.
On April 7, 2021, the Company
announced it had entered into a 15-year renewable power purchase
agreement with Emerging Markets Energy Services Company ("EMESCO")
for the supply of solar power to the Rosh Pinah mine. The Company
has previously committed to achieving an overall Green House Gas
("GHG") emission reduction target of 25% by 2025 from its 2018
baseline. This agreement with EMESCO is anticipated to deliver 30%
of Rosh Pinah's power requirements during the life of the agreement
and reduce GHG emissions at the Company level by 6%.
Q1-2021 Financial and Operational Results Conference Call and
Webcast
The Company will host a conference call and presentation webcast
at 1:00PM Eastern Time (10:AM PST) on
Friday, May 14, 2021 to review the
operating and financial results. Participants are advised to dial
in five minutes prior to the scheduled start time of the call. A
presentation will be made available on the Company's website prior
to the conference call. Conference call dial-in details:
Conference call dial-in details:
Date: Friday, May 14, 2021 at 1:00
PM Eastern Time
Dial In: Toll-free (North
America): +1 (877) 291-4570
International: +1 (647) 788-4919
Webcast: https://www.gowebcasting.com/11258
ABOUT TREVALI
Trevali is a global base-metals mining Company headquartered in
Vancouver, Canada. The bulk
of Trevali's revenue is generated from base-metals mining at
its four operational assets: the 90%-owned Perkoa Mine in
Burkina Faso, the 90%-owned Rosh
Pinah Mine in Namibia, the
wholly-owned Caribou Mine in northern New Brunswick, Canada and the wholly-owned
Santander Mine in Peru. In
addition, Trevali owns the Halfmile and Stratmat Properties
and the Restigouche Deposit in New
Brunswick, Canada, and the past-producing Ruttan Mine
in northern Manitoba, Canada.
Trevali also owns an effective 44%- interest in the Gergarub
Project in Namibia, as well as an
option to acquire a 100% interest in the Heath Steele
deposit located in New Brunswick, Canada.
The shares of Trevali are listed on the TSX (symbol TV), the
OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and
the Frankfurt Exchange (symbol 4TI). For further details on
Trevali, readers are referred to the Company's website
(www.trevali.com) and to Canadian regulatory filings on
SEDAR at www.sedar.com.
Cautionary Note Regarding
Forward–Looking Information and Statements
This news release 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 statements are published, and the
Company assumes no obligation to update any forward–looking
statement, except as required by law. In certain cases,
forward–looking statements can be identified by the use of words
such as "plans", "expects", "outlook", "guidance", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "will be taken", "occur" or "be achieved" or the negative
of these terms or comparable terminology. 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 growth strategies and planned development activities,
expected annual savings from capital projects, anticipated supply,
demand and market outlook for commodities, future commodity prices,
estimation of mineral reserves and mineral resources, the
realization of mineral reserve estimates, the timing and amounts of
estimated future production, costs of production and capital
expenditures, hedging activities, success of mining
operations, environmental risks, unanticipated reclamation
expenses, title disputes or claims, future anticipated property
acquisitions, the content, cost, timing and results of future
exploration programs, life of mine expectancies, and the impact on
the Company's operations of current and future actions taken
by governmental authorities, counterparties and others to the
COVID-19 pandemic. 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,
that the Company's fixed price offtake contracts may not be
economic; 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;
results of current and planned exploration activities; 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; compliance with
governmental decrees and regulations, including any new or ongoing
decrees and regulations issued by a governmental authority in
response to the COVID-19 pandemic; 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; our ability to raise
capital; competition in the mining industry; our ability to
integrate new acquisitions into our operations; cybersecurity
threats; litigation; and other risks 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
The items marked with a "1" are non-IFRS measures. These
non-IFRS measures do not have any standardized meaning. These
measures 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. Readers should refer
to "Use of Non-IFRS Financial Performance Measures" in the
Company's Management's Discussion and Analysis for the three months
ended March 31, 2021 for an
explanation of these measures and reconciliations to the Company's
reported financial results in accordance with IFRS.
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1 See
"Use of Non-IFRS Financial Performance Measures".
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SOURCE Trevali Mining Corporation