An anonymous director reports

TREVALI COMPLETES SALE OF ROSH PINAH MINE

Trevali Mining Corp., further to the news release on Dec. 16, 2022, has completed the sale of its 90-per-cent interest in the Rosh Pinah mine, located in Namibia, to funds advised by Appian Capital Advisory LLP (jointly Appian). In accordance with the share and asset purchase agreement between the parties, Appian purchased the issued and outstanding shares held by Trevali in GLCR Ltd. and assumed certain capital loans owed to Trevali by subsidiaries of GLCR.

The transaction was approved pursuant to an approval and vesting order dated Dec. 21, 2022, at a hearing before the Supreme Court of British Columbia during the Companies' Creditors Arrangement Act (CCAA) proceedings of Trevali and Trevali Mining (New Brunswick) Ltd.

In connection with the transaction and an order of the court dated April 24, 2023, in the CCAA proceedings, Trevali used a portion of the sale proceeds from the transaction to: (i) repay Trevali's debt obligations owed to its senior secured lenders under the second amended and restated credit agreement dated Aug. 6, 2020, between the company, as borrower, Bank of Nova Scotia, as administrative agent, and lenders party thereto (as amended from time to time); and (ii) repay a portion of its secured debt obligations owed to Glencore Canada Corp. pursuant to the facility agreement dated Aug. 6, 2020, between Trevali, as the borrower, and Glencore, as the lender.

FTI Consulting Canada Inc. acted as court-appointed monitor in respect of the transaction. Blake, Cassels & Graydon LLP acted as counsel to Trevali and Stikeman Elliott LLP acted as counsel to Appian. National Bank Financial acted as financial adviser to Trevali and Black Swan Advisors Inc. acted as restructuring adviser to Trevali.

All inquiries regarding the transactions and Trevali's CCAA proceedings should be directed to the monitor (e-mail at Trevali@fticonsulting.com or telephone at 1-877-294-8998). Information about the company's CCAA proceedings, including all court orders, is available on the monitor's website.

About Trevali Mining Corp.

Trevali is a base metals mining company headquartered in Vancouver, Canada.