Dr. Mark Cruise reports

TREVALI REPORTS 2014 ANNUAL FINANCIAL RESULTS

Trevali Mining Corp. has released its financial results for the year ended Dec. 31, 2014, posting a net loss of $7-million (three cents per share), partially due to a non-recurring loss on disposal of a subsidiary incurred during the year. Santander mine operations income for the year was $12.7-million on concentrate sales revenue of $94.2-million.

2014 annual results highlights:

• Annual concentrate sales revenue of $94.2-million;
• Earnings before interest, taxes, depreciation and amortization (1) of $14.2-million;
• Income from Santander mine operations of $12.7-million;
• Working capital position of $32.5-million;
• Net loss of $7-million or three cents per share (partially due to a non-reoccurring loss on disposal of a subsidiary incurred during the year);
• 2014 site cash costs of 37 U.S. cents per pound of payable zinc equivalent produced;
• Annual production of 50.4 million payable pounds of zinc, 23.3 million payable pounds of lead and 914,600 payable ounces of silver, exceeding production guidance for the year;
• Realized selling prices for zinc, lead and silver of 96 U.S. cents per pound, 95 U.S. cents per pound and $18.99 (U.S.) per ounce, respectively, at international benchmark terms under the company's offtake agreement with Glencore.

Fourth quarter 2014 highlights:

• Tonnes mined increased throughout the year, up 16 per cent in fourth quarter 2014 to 190,583 tonnes versus 164,911 tonnes in third quarter 2014;
• Tonnes milled increased 7 per cent to 185,863 tonnes versus 174,075 tonnes in third quarter 2014;
• Mill recoveries continue to increase, materially above design at 88 per cent for both Zn and Pb, and 80 per cent for Ag, respectively;
• EBITDA (1) of $3.3-million;
• Income from Santander mine operations of $2.0-million on concentrate sales revenues of $22.2-million.

(1) EBITDA is calculated by considering the company's earnings before interest payments, tax, depreciation and amortization, subtracted for any final accounting of its income and expenses. The EBITDA of a business gives an indication of its current operational profitability and is a non-IFRS (international financial reporting standards) measure.

Trevali will hold a conference call on April 1, 2015, at 10:30 a.m. Eastern Time (7:30 a.m. Pacific Time), to discuss these results. Call-in details are provided at the end of this release. This release should be read in conjunction with Trevali's audited condensed consolidated financial statements, and management's discussion and analysis for the year ended Dec. 31, 2014, which is available on Trevali's website and on SEDAR. All financial figures are in Canadian dollars unless otherwise stated.

"With our first full commercial production year at Santander now under our belts, we have realized significant operations improvements and look forward to further advancing Trevali to benefit from forecast higher zinc prices," stated Dr. Mark Cruise, Trevali's president and chief executive officer. "Despite weakened commodity prices, operational income from concentrate sales remained robust over the fourth quarter and for the year, providing a solid platform for growth. The company is now focused on bringing its Caribou mine in New Brunswick into operation in second quarter 2015 and strengthen its evolution as one of only a handful of primary zinc producers globally."

                                                                                Full year
                          Q1 2014       Q2 2014       Q3 2014       Q4 2014          2014

Santander production
statistics
Tonnes mined              156,030       152,733       164,911       190,583       664,257
Tonnes milled             173,820       175,384       174,075       185,862       709,140
Average head grades
Zinc                         4.76%         4.20%         4.40%         3.65%         4.24%
Lead                         1.90%         1.42%         2.11%         2.12%         1.89%
Silver
(ounces/ton)                 1.97          1.44          1.61          1.56          1.64
Average recoveries
Zinc                           87%           88%           88%           88%           88%
Lead                           86%           84%           83%           88%           85%
Silver                         74%           70%           74%           80%           75%
Concentrate produced
(dry metric
tonnes)
Zinc                       15,640        13,048        13,466        12,050        54,204
Lead                        4,510         3,680         5,370         5,815        19,375
Concentrate grades
Zinc                           50%           49%           50%           50%           50%
Lead                           58%           57%           56%           59%           57%
Ag -- ounce/ton             55.28         48.84          39.0         43.71         46.65
Payable production
Zinc (pounds)          14,597,890    12,044,583    12,589,624    11,217,048    50,449,145
Lead (pounds)           5,466,350     4,420,428     6,307,263     7,132,555    23,326,597
Silver ounces             268,600       186,824       217,648       241,566       914,637
Santander sales
summary
Zinc concentrate
(DMT)                      13,790        13,019        14,834        12,066        53,709
Lead concentrate
(DMT)                       4,330         3,556         5,414         5,607        18,907
Payable zinc
pounds                 12,696,380    11,760,521    13,593,266    10,969,902    49,020,070
Payable lead
pounds                  5,196,480     4,179,783     6,381,882     6,826,434    22,584,578
Payable silver
ounces                    249,425       180,795       228,219       234,309       892,749
Revenues
(U.S. dollars)
(4)                   $21,849,515   $18,242,806   $25,651,095   $19,527,136   $85,270,552
Average realized
metal price
Zinc                  $      0.92   $      0.92   $      1.02   $      0.97   $      0.96
Lead                  $      0.97   $      0.95   $      1.00   $      0.88   $      0.95
Silver                $     20.44   $     19.55   $     19.79   $     16.72   $     18.99
Zinc equivalent
pounds sold (3)        23,657,000    19,866,662    24,188,778    21,170,409    88,882,849
Zinc equivalent
pounds payable
produced (2)           26,244,980    20,528,315    22,898,043    21,803,313    91,474,651
Site cash
cost (1) per
equivalent
payable zinc
pound
produced
(USD)(2)              $      0.33   $      0.39   $      0.40   $      0.37   $      0.37
Cash cost (1) per
tonne milled
(USD)                 $     50.17   $     45.12   $     52.05   $     43.12   $     47.33

(1) Refer to non-IFRS measures in the Dec. 31, 2014, management discussion and analysis.
(2) ZnEq payable pounds produced equals ((Zn payable pounds produced times Zn price) plus
    (Pb payable pounds produced times Pb price) plus (Cu payable pounds produced times Cu
    price) plus (gold ounces payable produced times Au price) plus (Ag ounces payable 
    produced times Ag price)) divided by Zn price.
(3) ZnEq payable pounds sold equals ((Zn payable pounds sold times Zn price) plus (Pb 
    payable pounds sold times Pb price) plus (Cu payable pounds sold times Cu price) plus
    (Au ounces payable sold times Au price) plus (Ag ounces payable sold times Ag price))
    divided by Zn price. (All metal prices are the average realized metal price for the
    period.)
(4) Revenues for the quarters include the prior quarter's adjustment.

Production guidance and outlook

Production guidance for 2015 from the company's Santander mine is estimated at approximately 48 million to 50 million pounds of payable zinc (in concentrate grading approximately 50 per cent Zn) at an average head grade of 4.2 to 4.4 per cent Zn, 23 million to 25 million pounds of payable lead (in concentrate grading approximately 55 to 57 per cent Pb) at an average head grade of 1.8 to 2.1 per cent Pb and 850,000 to 950,000 ounces of payable silver at an average head grade of 1.5 to 1.8 ounces per ton Ag. Cash costs for 2015 are estimated at $48 (U.S.) to $51 (U.S.) per tonne milled.

At Santander, the company will continue to optimize underground operations during the forthcoming quarters in order to maximize operational efficiencies. An approximate 6,000-metre, predominantly underground drill program is in progress in order to convert inferred tonnes to a higher-confidence category, and to continue to define and potentially expand the newly discovered Magistral North-Rosa and Magistral Central-Fatima lead-silver-zinc zones to depth.

In New Brunswick, the company has significantly advanced its Caribou mine restart program that remains on schedule for start-up commissioning during the second quarter of 2015.

At the Stratmat exploration site, an approximate 26,165-metre, 49-hole resource expansion and definition drilling program was completed in 2014. The drill program continued to return positive results during the year with the discovery of potentially significant new zones of mineralization that remain open for expansion at depth. SRK Consulting has been retained to provide an updated independent resource estimate, which is anticipated to be completed during 2015.

Q4 2014 and 2014 annual financial results

During the three months ended Dec. 31, 2014, the company recorded a net loss of $4,703,000 (two cents per share) compared with a loss of $10,222,000 (four cents per share) in the same period of the prior year.

Revenues of $22,249,000 (2013 -- nil) in Q4 2014 were due to the sale of 12,066 tonnes of zinc concentrate containing 11 million pounds of payable zinc, and 5,607 tonnes of lead-silver concentrate containing 6.8 million pounds of payable lead and 234,300 ounces of payable silver. Provisional realized commodity prices for the fourth quarter in U.S. currency were 97 U.S. cents per pound of zinc, 88 U.S. cents per pound of lead and $16.72 (U.S.) per ounce of silver.

Total mine operating expenses of $20,234,000 in Q4 (2013 -- nil) related to the sale of concentrate to Glencore at market prices. Costs consisted of direct site production costs of $8,853,000 related to mining, milling and camp, and lab and surface maintenance facilities. International benchmark smelting, refining and freight costs were $7,533,000, and royalty expense was $496,000. The company also recorded $3,352,000 of depreciation and amortization. There was also a one-time reclassification of $500,000 in Q4 from operating costs to depreciation and amortization.

During the year ended Dec. 31, 2014, the company recorded a loss of $7,006,000 compared with a loss of $15.47-million in the same period of the prior year, or a loss of three cents per share (2013 -- seven cents).

Annual revenues for 2014 were $94,181,000 from the sale of 53,709 tonnes of zinc concentrate containing 49.0 million pounds of payable zinc, and 18,907 tonnes of lead-silver concentrate containing 22.6 million pounds of payable lead and 892,748 ounces of payable silver. Provisional realized commodity prices for 2014 in U.S. currency were 96 U.S. cents per pound of zinc, 95 U.S. cents per pound of lead and $18.99 (U.S.) per ounce of silver.

Total mine operating expenses of $81,467,000 (2013 -- nil) in 2014 are related to the sale of concentrate to Glencore. Costs consisted of direct site production costs of $37.07-million related to mining, milling and camp, and lab and surface maintenance facilities. Smelting, refining and freight costs were $30,998,000, and royalty expense was $2,407,000. The company also recorded $10,992,000 of depreciation and amortization.

2014 financial results conference call

The company will host a conference call and audio webcast at 10:30 a.m. Eastern Time on Wednesday, April 1, 2015, to review the financial results. Participants are advised to dial in five to 10 minutes prior to the scheduled start time of the call.

Conference call dial-in details:

Toll-free (North America):  1-800-355-4959

Toronto and international:  1-416-340-2216

Qualified person and quality control/quality assurance

Dr. Mark D. Cruise, EurGeol, Trevali's president and CEO, and Paul Keller, PEng, Trevali's chief operating officer, are qualified persons as defined by National Instrument 43-101 who 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.

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