VANCOUVER, BC, Aug. 4, 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
and six months ended June 30, 2021.
The Company reported quarterly production of 87.3 million pounds of
zinc at an all-in sustaining cost1 ("AISC") of
$0.97 per pound. Revenue was
$101.1 million and was supported by
the first full quarter of production from Caribou since restarting,
an increase in the average LME zinc price to $1.32 per pound, and by-product revenue from lead
and silver sales. All financial figures are in U.S. dollars.
FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE SECOND
QUARTER 2021
- Total Recordable Injury Frequency ("TRIF") in Q2 2021 saw a
significant decrease to 5.2 from 13.3 in Q1 2021 TRIF. Improved
site engagement drove the quarterly incidents down.
- Zinc payable production for Q2 2021 of 87.3 million pounds
increased 17% from the prior quarter. Strong performances at
Rosh Pinah and Perkoa and benefited from the first full quarter of
production from Caribou since restarting despite a slower than
planned ramp up.
- C1 Cash Cost1 and AISC1 of
$0.84 and $0.97 per pound, respectively, 6% and 2%
decreases from the prior quarter, as operational cost inflation and
weakening of the US dollar was more than offset by the increase in
by-product credits.
- Revised 2021 production and cost guidance issued. Zinc
production is being revised to between 330 – 355 million pounds of
zinc and AISC1 of $0.94 –
$0.98 per pound.
- Q2 2021 revenues increased 41% over the prior quarter to
$101.1 million, due
to the supplementary contribution from Caribou and an increase in
the average quarterly LME zinc price to $1.32 per pound.
- Adjusted EBITDA1 for Q2 of $32.0 million was impacted by strong
commodity prices which was partially offset ty the timing of sales
related to Caribou.
- Operating cash flows before working capital of $33.5 million with net settlement receivables
increasing by $37.3 million relative
to Q1 2021 due to the timing of three Perkoa shipments and the
collection for a late June sale at Rosh Pinah in July.
- Net Debt1 for Q2 increased from $92.6 million at March 31,
2021 to $109.0 million due
to the increase in receivables with $50.7
million collected during July. The Net Debt1
position as of July 31, 2021 has
reduced $16.6 million to $92.4 million.
- RP2.0 Expansion Project
Feasibility Study is nearing completion, results to be released
in Q3 2021, project financing discussions are ongoing.
- Issued 3rd Annual Sustainability Report in
June covering new performance targets and disclosures.
Ricus Grimbeek, President and CEO stated, "The team delivered
another good quarter, producing 87.3 million pounds of payable
zinc. Rosh Pinah and Perkoa delivered strong production
performances while we benefited from the first full quarter of
operations from Caribou since restarting, despite a slower than
planned ramp up. At Santander, we made the decision to put in
additional development which will extend the mine life into the
first half of 2022.
A higher average zinc price coupled with a decreasing
AISC1 relative to the first quarter added to our margin
per pound of zinc. As of July 31st,
we reduced our Net Debt1 position by $16.6 million and we expect to generate
meaningful cash flows for the remainder of the year, especially in
the fourth quarter.
With our strengthening financial position, the imminent delivery
of the RP2.0 Feasibility Study,
furthering our test program on rapid oxidative leach technology for
Caribou, and ongoing financing discussions, we look forward to the
next stage of growth for the Company."
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 and six months ended
June 30, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD
Q2'21
|
YTD
Q2'20
|
YoY
|
|
Q2'21
|
Q1'21
|
Q2'20
|
Q2'21 vs
Q1'21
|
Q2'21 vs
Q2'20
|
Zinc payable
production
|
Mlbs
|
162.2
|
164.7
|
–2%
|
|
87.3
|
74.8
|
65.8
|
17%
|
33%
|
Lead payable
production
|
Mlbs
|
15.6
|
15.4
|
1%
|
|
9.7
|
5.9
|
4.7
|
64%
|
106%
|
Silver payable
production
|
Moz
|
0.4
|
0.4
|
0%
|
|
0.3
|
0.2
|
0.1
|
50%
|
200%
|
Revenue
|
$
|
173,061
|
94,641
|
83%
|
|
101,105
|
71,956
|
42,689
|
41%
|
137%
|
Adjusted
EBITDA1
|
$
|
56,533
|
(12,355)
|
558%
|
|
32,042
|
24,491
|
(5,709)
|
31%
|
661%
|
Operating cash flows
before
working capital
|
$
|
48,982
|
(27,595)
|
278%
|
|
33,530
|
15,452
|
(2,133)
|
117%
|
1672%
|
Net income
(loss)
|
$
|
1,367
|
(194,986)
|
101%
|
|
3,877
|
(2,510)
|
(19,381)
|
254%
|
120%
|
Net income (loss) per
share
|
$
|
0.00
|
(0.24)
|
100%
|
|
0.00
|
0.00
|
(0.02)
|
0%
|
100%
|
C1 Cash
Cost1
|
$/lb
|
0.86
|
0.95
|
–9%
|
|
0.84
|
0.89
|
0.93
|
–6%
|
–10%
|
AISC1
|
$/lb
|
0.98
|
1.08
|
–9%
|
|
0.97
|
0.99
|
1.05
|
–2%
|
–8%
|
Sustaining capital
expenditure1
|
$
|
15,861
|
19,661
|
–19%
|
|
9,211
|
6,650
|
7,033
|
39%
|
31%
|
Exploration
expenditure
|
$
|
3,752
|
3,585
|
5%
|
|
2,068
|
1,684
|
421
|
23%
|
391%
|
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 four
operational assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned Rosh Pinah mine in
Namibia, the wholly-owned
Santander mine in Peru and the
wholly-owned Caribou mine in New
Brunswick. 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. The Caribou mine was placed on care and maintenance
on March 26, 2020; on
January 15, 2021, the Company restarted operations with full
zinc payable production resuming 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.
REVISED 2021 GUIDANCE AND OUTLOOK
Consolidated production guidance for 2021 was initially set at
330 – 360 million pounds of payable zinc, with 45 – 50 million
pounds of payable lead and 925 – 1,025 thousand ounces of payable
silver at a C1 Cash Cost1 of $0.80 – $0.84 and
AISC1 of $0.90 –
$0.97 per payable pound of zinc
produced.
Production guidance is now revised to 330 – 355 million pounds
of payable zinc, 40 – 44 million pounds of payable lead, and 888 -
972 thousand ounces of payable silver at a C1 Cash
Cost1 of $0.80 –
$0.84 and AISC1 of
$0.94 – $0.98 per payable pound of zinc produced.
Revised Consolidated 2021 Production
Guidance2
|
|
|
|
|
Previous
Guidance2
|
|
Revised
Guidance2
|
Payable Production
by Asset
|
FY
2021
|
|
FY
2021
|
Zinc Production
(Million lbs)
|
|
|
|
Perkoa
(100%)3
|
150 – 165
|
|
160 – 170
|
Rosh Pinah
(100%)3
|
70 – 75
|
|
72 – 77
|
Caribou
|
60 – 65
|
|
48 – 53
|
Santander
|
50 – 55
|
|
50 – 55
|
Total Zinc
Production
|
330 –
360
|
|
330 –
355
|
Lead Production
(Million lbs)
|
|
|
|
Rosh Pinah
(100%)3
|
20 – 23
|
|
20 – 23
|
Caribou
|
21 – 23
|
|
16 – 17
|
Santander
|
4 – 4
|
|
4 – 4
|
Total Lead
Production
|
45 –
50
|
|
40 –
44
|
Silver Productions
(Thousand ozs)
|
|
|
|
Rosh Pinah
(100%)3
|
180 – 200
|
|
180 – 200
|
Caribou
|
585 – 650
|
|
428 – 477
|
Santander
|
160 – 175
|
|
282 – 297
|
Total Silver
Production
|
925 –
1025
|
|
888 –
972
|
|
1 See "Use of
Non-IFRS Performance Measures.
|
2 Constitutes
forward-looking information; see "Cautionary Note Regarding Forward
Looking Statements".
|
3 Trevali's ownership
interest in 90% or Perkoa and 90% of Rosh Pinah.
|
2021 Consolidated Operating Cost
Guidance2
|
|
|
|
|
Previous
Guidance2
|
|
Revised
Guidance2
|
|
FY
2021
|
|
FY
2021
|
Asset
|
C1 Cash
Cost1
|
|
AISC1
|
|
C1 Cash
Cost1
|
|
AISC1
|
|
($/lb Zn)
|
|
($/lb Zn)
|
|
($/lb Zn)
|
|
($/lb Zn)
|
Perkoa
(100%)3
|
0.81 –
0.86
|
|
0.89 –
0.94
|
|
0.83 –
0.87
|
|
0.90 –
0.94
|
Rosh Pinah
(100%)3
|
0.61 –
0.65
|
|
0.85 –
0.90
|
|
0.66 –
0.70
|
|
0.95 –
0.99
|
Caribou
|
0.79 –
0.84
|
|
0.91 –
0.97
|
|
0.66 –
0.70
|
|
0.92 –
0.96
|
Santander
|
1.01 –
1.07
|
|
1.06 –
1.12
|
|
1.03 –
1.09
|
|
1.08 –
1.14
|
Total
|
0.80 –
0.84
|
|
0.90 –
0.97
|
|
0.80 –
0.84
|
|
0.94 –
0.98
|
|
2 Constitutes forward-looking
information; see "Cautionary Note Regarding Forward-Looking
Statements".
|
3 Trevali's ownership interest is 90%
of Perkoa and 90% of Rosh Pinah.
|
2021 Consolidated Capital Expenditure
Guidance2
|
|
|
|
Asset
|
Previous
Guidance2
|
|
Revised
Guidance2
|
($millions)
|
FY
2021
|
|
FY
2021
|
Sustaining
Capital:
|
|
|
|
Perkoa
(100%)3
|
9
|
|
10
|
Rosh Pinah
(100%)3
|
18
|
|
22
|
Caribou
|
9
|
|
10
|
Santander
|
3
|
|
3
|
Exploration
Expenditures
|
6
|
|
7
|
Expansionary
Capital
|
5
|
|
11
|
Total
|
50
|
|
62
|
|
2 Constitutes forward-looking
information; see "Cautionary Note Regarding Forward-Looking
Statements".
|
3 Trevali's ownership interest is 90%
of Perkoa and 90% of Rosh Pinah.
|
FINANCIAL AND OPERATIONAL SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
YTD
Q2'21
|
YTD
Q2'20
|
YoY
|
Q2'21
|
Q1'21
|
Q2'20
|
Q2'21
vs
Q1'21
|
Q2'21
vs
Q2'20
|
Production
|
|
|
|
|
|
|
|
|
|
Ore mined
|
t
|
1,260,708
|
1,274,816
|
–1%
|
711,153
|
549,555
|
513,462
|
29%
|
39%
|
Ore milled
|
t
|
1,321,012
|
1,283,898
|
3%
|
741,990
|
579,022
|
504,144
|
28%
|
47%
|
Zinc head
grade
|
|
7.6%
|
7.9%
|
–4%
|
7.2%
|
8.0%
|
7.9%
|
–10%
|
–9%
|
Lead head
grade
|
|
1.3%
|
1.2%
|
8%
|
1.4%
|
1.1%
|
0.0%
|
27%
|
56%
|
Silver head
grade
|
(ozs/t)
|
1.1
|
1.1
|
0%
|
1.2
|
0.9
|
0.8
|
33%
|
50%
|
Zinc
recovery
|
|
87.9%
|
87.9%
|
0%
|
87.9%
|
87.9%
|
88.5%
|
0%
|
–1%
|
Lead
recovery
|
|
65.1%
|
70.8%
|
–8%
|
62.1%
|
70.9%
|
75.9%
|
–12%
|
–18%
|
Silver
recovery
|
|
45.2%
|
48.5%
|
–7%
|
42.0%
|
52.1%
|
54.6%
|
–19%
|
–23%
|
Zinc
payable
|
Mlbs
|
162.2
|
164.7
|
–2%
|
87.3
|
74.8
|
65.8
|
17%
|
33%
|
Lead
payable
|
Mlbs
|
15.6
|
15.4
|
1%
|
9.7
|
5.9
|
4.7
|
64%
|
106%
|
Silver
payable
|
Moz
|
0.4
|
0.4
|
0%
|
0.2
|
0.2
|
0.1
|
0%
|
200%
|
Sales
|
|
|
|
|
|
|
|
|
|
Zinc
payable
|
Mlbs
|
158.9
|
163.4
|
–3%
|
86.4
|
72.5
|
72.3
|
19%
|
20%
|
Lead
payable
|
Mlbs
|
15.2
|
13.2
|
15%
|
13.8
|
1.4
|
7.4
|
886%
|
86%
|
Silver
payable
|
Moz
|
0.4
|
0.4
|
0%
|
0.3
|
0.1
|
0.2
|
200%
|
50%
|
Cost per
unit
|
|
|
|
|
|
|
|
|
|
C1 Cash
Cost1
|
$/lb
|
0.86
|
0.95
|
–9%
|
0.84
|
0.89
|
0.93
|
–6%
|
–10%
|
AISC1
|
$/lb
|
0.98
|
1.08
|
–9%
|
0.97
|
0.99
|
0.99
|
–2%
|
–2%
|
Consolidated quarterly production increased by 17% to 87.3
million pounds of payable zinc compared to the prior quarter at
74.8 million pounds of payable zinc and by 33% as compared to Q2
2020 as Q2 2021 is the first full quarter of production from
Caribou following its restart in late March
2021.
C1 Cash Cost1 and AISC1 for Q2 2021
decreased by 6% and 2%, respectively, as compared to the prior
quarter primarily due to an increase in by-product credits as
Q2 2021 benefited from one of three annual lead concentrate
sales at Rosh Pinah, which was partially offset by operational cost
inflation at Perkoa and Rosh Pinah, weakening of the US dollar and
timing of sustaining capital expenditures delayed from the prior
quarter. AISC1 for Q2 2021 reduced compared to the
corresponding quarter of 2020 due to the reduction of the treatment
charge benchmark rate and an increase in by-product pricing,
partially offset by a decrease in production
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD
Q2'21
|
YTD
Q2'20
|
YoY
|
|
Q2'21
|
Q1'21
|
Q2'20
|
Q2'21
vs
Q1'21
|
Q2'21
vs
Q2'20
|
Revenues
|
$
|
173,061
|
94,641
|
83%
|
|
101,105
|
71,956
|
42,689
|
41%
|
137%
|
Zinc payable
sales
|
Mlbs
|
158.9
|
163.4
|
–3%
|
|
86.4
|
72.5
|
72.3
|
19%
|
20%
|
Average zinc LME
price
|
$/lb
|
1.27
|
0.93
|
37%
|
|
1.32
|
1.25
|
0.89
|
6%
|
48%
|
EBITDA1
|
$
|
46,057
|
(179,200)
|
126%
|
|
30,113
|
15,944
|
(4,312)
|
89%
|
798%
|
Adjusted
EBITDA1
|
|
56,533
|
(12,355)
|
558%
|
|
32,042
|
24,491
|
(5,709)
|
31%
|
661%
|
Net income
(loss)
|
|
1,367
|
(194,986)
|
101%
|
|
3,877
|
(2,510)
|
(19,381)
|
254%
|
120%
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
basic and
diluted
|
|
0.00
|
(0.24)
|
100%
|
|
0.00
|
0.00
|
(0.02)
|
0%
|
100%
|
Adjusted income
(loss) per
|
|
|
|
|
|
|
|
|
|
|
share1
|
$
|
0.01
|
(0.04)
|
125%
|
|
0.01
|
0.00
|
(0.03)
|
100%
|
133%
|
The increase in revenues in Q2 2021 to $101.1 million is attributable to the 19%
increase in zinc payable sales volumes and 6% increase in zinc
price. The 137% increase in revenues compared to the corresponding
quarter in 2020 is due primarily to the 48% increase in zinc price,
20% increase in zinc payable sales volumes and the 47% decrease in
2021 zinc treatment charge benchmark.
Q2 2021 Adjusted EBITDA1 of $32.0 million increased from $24.5 million in Q1 2021 primarily due to
the 19% increase in zinc payable sales volumes, 6% increase in the
zinc price and the 6% decrease in operating costs (C1 Cash
Cost1). The difference between
EBITDA1 and Adjusted EBITDA1 during
Q2 2021 is minimal with the $1.9
million variance a net impact of foreign exchange and
mark-to-market revaluations. In contrast, the prior quarter and the
corresponding quarter in 2020 included more significant
mark-to-market and foreign exchange amounts.
MARKET OUTLOOK
Management of the Company believes that the outlook for the zinc
market remains robust. The metals sector has performed well as
global economic activity increased and pent-up demand struggled to
be satisfied due to supply chain constraints. Although there has
been a pause in price increases of late, management believes the
structural shift towards a metal intensive economic environment is
still in its infancy. The Company expects multiple factors to drive
this shift including infrastructure spending initiatives,
decarbonization of energy sources, electrification of
transportation and technology-related improvements in manufacturing
efficiency.
The decline in the zinc price and the other metals witnessed
late in the quarter was given added pressure by the strengthening
of the dollar and confirmation that China's State Reserve Bureau will start
selling parcels of metal, zinc included, in the coming months to
dampen prices. The International Lead Zinc Study Group reported
that the Chinese State Reserves Bureau holds 250,000 tonnes of
refined zinc, which was accumulated between late 2009 and early
2013.
Meanwhile, global manufacturing is strong. Growth of the
eurozone manufacturing sector hit new heights during June, with the
headline Purchasing Managers Index ("PMI") setting a fresh survey
record for a fourth successive month. After accounting for seasonal
factors, the PMI improved to 63.4, up from 63.1 in May. The
manufacturing PMI for Japan came
in at 52.4 in June, down from 53.0 in May. This indicated a fifth
consecutive monthly improvement in the health of the sector, though
the pace of the expansion was the softest since February. The
Chinese manufacturing sector expanded at a slower pace in June.
Production and new orders continued to expand, albeit at mild
rates. Thus, at 51.3 in June, the headline seasonally adjusted
general manufacturing PMI for China was down from 52.0 posted in May. The
reading was the slowest recorded since March
2020, however it was reported that the pandemic and
difficulties obtaining inputs had weighed on growth in the
period.
As reported earlier this year, annual benchmark contract
treatment charge for zinc concentrate was agreed to in Asia and Europe at $159
per tonne versus $300 per tonne
agreed to last year. Trevali's concentrate off-take agreements
reference the annual benchmark treatment charges. Although market
expectations are for zinc concentrate supply to expand in the
coming quarters, the low annual benchmark reflected tightness in
the concentrate. In a recent market update, Wood Mackenzie's June
indicative spot treatment charge was reported at $80 per tonne CIF MCP, up from $78 per tonne in May. This is the third
consecutive monthly increase since the lows of the first
quarter.
During Q2 2021, the London Metals Exchange ("LME") zinc price
averaged $1.32 per pound, maintaining
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 $0.84 per pound in Q2 2020
and $1.25 per pound in Q1 2021. The
Company believe that fundamental support for zinc prices will
continue in the medium term as management believes demand will
outweigh supply as global economic activity recovers and previously
mentioned infrastructure spending and green energy initiatives make
an impact.
LME exchange inventories decreased to 256,000 tonnes by end of
Q2 2021 versus 270,500 tonnes on March 31,
2021. Shanghai Futures Exchange ("SHFE") zinc stocks dropped
to 35,000 tonnes versus 113,000 tonnes at the end of Q1 2021. At 8
days of global consumption, this inventory level is well below
historical averages of 18 days and is also supportive of higher
zinc prices.
Relatively low stocks and robust demand continue to put upward
pressure on spot metal premiums amd spot zinc premiums which are
moving higher. In North-Western Europe they are in the region of
$120 – 130 per tonne up from
$100-110 per tonne in May. In the US,
meanwhile, spot premiums are in the upper part of the $193 – 198 per tonne range. Those for
Southeast Asia are in the region
of $110 per tonne.
CORPORATE DEVELOPMENTS
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 January 15, 2021, the Company
announced the planned restart of its Caribou mine which had 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
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 had 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. For further information, refer to the March 31, 2021 press release entitled "Trevali
Reports 2020 Mineral Reserves and Resources: Increasing Mineral
Reserves at Rosh Pinah and Caribou Mine"
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%.
On May 12, 2021, the Company
announced the results of the Annual General Meeting with
shareholders voting in favour of all items of business: the
election of Directors, reappointment of auditors and advisory vote
on Trevali's approach to executive compensation.
On May 26, 2021, the Company
announced the appointment of David
Schummer as Chief Operating Officer effective
August 30, 2021.
On June 3, 2021, the Company
published its 2020 Sustainability Report, the third annual report
covering new performance targets and disclosures.
On August 3, 2021, the Company
announced that a pilot plant testing program using Caribou
run-of-mine and milled material at FLSmidth's Rapid Oxidative Leach
("ROL") process testing facility in Salt
Lake City, Utah, is underway. If the pilot plant testing
program indicates that the ROL technology has the potential to be
successfully implemented at Caribou, it may allow Trevali to
replace the existing flotation circuit at Caribou with atmospheric
leach vessels and potentially an SX/EW train, introducing the
possibility of producing base and precious metals on-site and
thereby save transport costs and offsite treatment costs.
Q2 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
Thursday August 5, 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: Thursday, August 5, 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/11398
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.
SOURCE Trevali Mining Corporation