INVESTOR PRESENTATION | APRIL 3 rd , 2020 RICUS GRIMBEEK AGENDA - PowerPoint PPT Presentation

INVESTOR PRESENTATION | APRIL 3 rd , 2020

RICUS GRIMBEEK AGENDA PRESIDENT AND CEO COVID-19 Response Operations Updates MATTHEW QUINLAN AMBER JOHNSTON- Zinc price decline precipitated by COVID-19 BILLINGS INTERIM CHIEF CHIEF SUSTAINABILITY FINANCIAL OFFICER Achieving T90 targets sooner OFFICER Examples of T90 in action DEREK DU PREEZ JOANNE THOMOPOULOS 2020 cost reductions totaling $44 million CHIEF TECHNOLOGY CHIEF PEOPLE OFFICER OFFICER Amendment to revolving credit facility Preserving value, positioning for the future STEVE MOLNAR BRENDAN CREANEY Q&A CHIEF LEGAL VICE PRESIDENT, OFFICER INVESTOR RELATIONS 2

Cautionary Note Regarding Forward Looking Information This presentation contains “forward - looking information” within the meaning of Canadian securities legislation and “forward -look ing 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 includ ing , 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 pla nned 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 r evi ew 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 standard ized meaning under International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these me asures 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 Hampered supply chain of goods and Enhanced health and safety measures led to the movement of Perkoa’s labour Perkoa Fully operational special authorizations by Burkinabe force. government to move people and goods. Mining operations continue producing Enhanced health and safety measures led to albeit on a risk-assessed basis, special authorizations by Namibian Rosh Pinah Fully operational including adherence to strict hygiene government to continue to operate under risk standards. assessed basis. Self managed quarantine and enhanced Mining operations National State of Emergency is limiting health and safety measures led to special Santander ongoing, processing delivery of key supplies. authorizations by Peruvian government to curtailed continue to operate. 5 *Caribou is on Care and Maintenance as per news release issued March 26 th , 2020 titled “Trevali Announces Temporary Suspension of Caribou Mine Operations.”

Zinc price has declined by approximately 25% over an 8-week period. $1.20 $2,563 $1.15 $2,463 $1.10 $2,363 $1.05 $2,263 ($/tonne) ($/lb) $1.00 $2,163 $0.95 $2,063 $0.90 $1,963 $0.85 $1,863 $0.80 $1,763 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 6

Positioned to achieve our AISC objective a full year sooner than planned. T90 Business Improvement Program Status March 31st, 2020 • Since launching in November US$M 2019, T90 is focused on lowering 50 50 costs and increasing efficiency. 14 40 • $24M achieved of $50M target as of March 31 st , 2020. 30 24 21 50 • Focused on implementing 20 11 initiatives that provide near term 10 9 recurring cost savings. 16 4 - • AISC of $0.90 per pound of zinc T90 Target Opportunities Opportunities by the beginning of 2021. Identified Implemented Cost - Price Cost - Usage Revenue Generation 7 *T90 Program assumes no further reduction of activities is required in response to the COVID-19 pandemic.

Recurring Annual Status Initiative Opportunity Benefits US$M Decrease iron head grade to Perkoa iron pre increase zinc and decrease iron Fully Implemented $4.8M flotation in concentrate. Perkoa Optimize transport rates and concentrate Fully Implemented $2.2M maximize backhaul synergies. transport cost Santander Improve efficiency and increase $0.7M optimise drilling In Process tonnes per meter drilled. and blasting Reduction in variability to Rosh Pinah increase overall recovery of Zn $0.4M recovery In Process by 1%. optimization 8

Trevali is implementing costs reductions in 2020 that will preserve $44 million in liquidity. Category Withdrawn 2020 Guidance 1 New Target 2020 Reduction Sustaining & Expansionary $69M $37M $32M Capital Exploration Program $12M $4M $8M Operating Cost N/A N/A $4M Total $44M Long lead order based off of Deferment of RP2.0 Development Project Capital $0 RP2.0 PFS Investment 9 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.