Mr. Ricus Grimbeek reports

TREVALI EXCEEDS 2019 PRODUCTION GUIDANCE, ACHIEVES RECORD ANNUAL ZINC PRODUCTION AND PROVIDES 2020 GUIDANCE

Trevali Mining Corp. has released preliminary fourth quarter (Q4) and full-year production results for 2019 and has provided 2020 operating, capital and exploration expenditure guidance. All financial figures are in U.S. dollars.

Ricus Grimbeek, Trevali's president and chief executive officer, stated: "In 2019 we started the transformation of Trevali. The company meaningfully beat annual production guidance, the board was refreshed, a new senior management team was assembled, and we launched the T90 program to modernize our operations and bring them down the cost curve. The company is well positioned to be a 400-million-pound annual zinc producer with a reducing cost profile until 2022 when we intend to make a step change in production and cost as the RP2.0 expansion project at Rosh Pinah in Namibia is commissioned."

Key 2019 highlights include:

• Marked improvement to safety performance having reduced the total recordable injury frequency rate by 46 per cent in 2019 compared with 2018;
• Exceeded 2019 zinc production guidance by producing a record annual 417 million payable pounds of zinc in 2019;
• Total lead and silver production also exceeded 2019 guidance with 50 million payable pounds of lead and 1,489,000 payable ounces of silver produced in 2019;
• Refreshed the board of directors and introduced a new senior management team;
• Launched the T90 program inclusive of the digital transformation program aimed at realizing $50-million in annual sustainable efficiencies and reducing all-in sustaining cost (1) (AISC) to 90 cents per pound of zinc by the beginning of 2022;
• Published Trevali's inaugural annual sustainability report;
• Advanced the RP2.0 expansion project with an investment decision poised for Q1 2020;
• Completed the Rosh Pinah filtration and grinding upgrade project on time and on budget;
• Discovered a third VMS (volcanogenic massive sulphide) lens at Perkoa below the existing mining horizons named T3;
• Paid down debt of $70-million in 2019;
• Repurchased 28.6 million shares as part of the normal course issuer bid since November, 2018.

2020 catalysts and key drivers

• T90 program: Results of the T90 program will be highlighted and reflected in the company's production and financials throughout 2020.
• RP2.0 expansion project: Trevali plans on publishing a prefeasibility study by the end of Q1 2020 to support the initial long lead procurement investment decision which will be followed by the full feasibility study in Q4 2020. The feasibility study will be used to support the full execution financing decision.
• 2019 mineral resources and reserves statement: The annual statement will be published by the end of Q1 2020.
• 2020 sustainability report: The report will be published in Q2 2020 and will provide an update on the progress of the company's sustainability programs and initiatives as part of Trevali's commitment to be a leader in sustainability and to providing transparency in the areas of environment, social and governance.
• Perkoa T3 drilling program: Drilling of the 2019 discovery of T3 -- the third VMS lens at Perkoa -- will advance along with regional targets.
• Santander pipe: Infill drilling of the Santander pipe in Peru will continue in 2020. An internal preliminary economic assessment is expected to be completed by the end of Q4 2020 which will evaluate the economic viability of incorporating the Santander pipe ore into the existing operation.

Q4 2019 and full-year 2019 preliminary production results and 2020 production guidance

Total zinc production from operations totalled 105 million pounds for Q4 2019 and an annual record of 417 million pounds for the full year, exceeding the company's annual guidance of between 361 million to 401 million pounds of zinc production. Lead and silver production for 2019 also exceeded guidance at 50 million pounds and 1,489,000 ounces of production respectively.

Consolidated production guidance for 2020 is estimated between 380 million and 410 million pounds of payable zinc, 51 million and 57 million pounds of payable lead, and 1.44 million and 1.58 million ounces of payable silver.

         PRELIMINARY CONSOLIDATED 2019 PRODUCTION RESULTS AND 2020 PRODUCTION GUIDANCE (2)
  
Production by asset               Q1-Q3 2019   Q4 2019   Full year 2019   2019 guidance   2020 guidance
Zinc production (million lb)                                                       
Perkoa (100%)                          133.5      46.4            179.9         151-168         150-160  
Rosh Pinah (100%)                       71.1      20.9             92.0           80-89           80-90   
Caribou                                 56.1      18.9             75.0           71-79           80-85   
Santander                               51.9      18.7             70.6           59-65           70-75   
Total zinc production                  312.6     104.8            417.4         361-401         380-410  
Lead production (million lb)                                                       
Rosh Pinah (100%)                        6.7       5.4             12.1           10-11           16-18   
Caribou                                 20.8       5.9             26.7           24-27           27-30   
Santander                                8.9       2.6             11.5           10-11             8-9    
Total lead production                   36.5      13.8             50.3           44-49           51-57   
Silver production (thousand oz)                                                    
Rosh Pinah (100%)                         82        98              180         145-161         240-260  
Caribou                                  573       133              705         641-713         740-810  
Santander                                457       145              603         536-595         460-510  
Total silver production                1,111       378            1,489     1,322-1,469     1,440-1,580 

(2) Trevali's ownership interest is 90 per cent of Perkoa and 90 per cent of Rosh Pinah.
 

2020 consolidated cost guidance

Consolidated cost guidance for 2020 for C1 cash costs is estimated between 85 cents and 93 cents per pound of zinc and AISC is expected to range between 98 cents and $1.08 per pound of zinc (see attached table). Capital expenditures for the group are forecast at $81-million, consisting of $57-million in sustaining capital, $12-million in exploration capital and $12-million in expansionary capital, which relates to initiatives under the T90 program, including deploying technology to improve productivity and decision making.

                  2020 CONSOLIDATED OPERATING COST AND CAPITAL EXPENDITURE GUIDANCE (1)
 
                     C1 cash costs        AISC (1)   Sustaining capital         Exploration    Expansionary capital
Asset                     ($/lb Zn)      ($/lb Zn)     expenditures ($M)   expenditures ($M)       expenditures ($M)

Perkoa (100%)            0.86-0.95      0.92-1.02                    10                   4                       2
Rosh Pinah (100%)        0.76-0.84      0.93-1.03                    16                   2                       6
Caribou                  0.97-1.07      1.12-1.24                    14                   1                       3
Santander                0.79-0.87      1.00-1.10                    17                   5                       1
Total                    0.85-0.93      0.98-1.08                    57                  12                      12

(1) Trevali's ownership interest is 90 per cent of Perkoa and 90 per cent of Rosh Pinah.

Two thousand twenty C1 cash costs and AISC guidance reflect the currently high spot zinc concentrate treatment charges. Included in 2020 cost guidance is an assumption of $300 per tonne of zinc concentrate. This is up from $250 per tonne of zinc concentrate which was the annual benchmark set for the industry in 2019. For every $30/tonne change (plus or minus 10 per cent) there is an impact to C1 cash cost and AISC of approximately three cents per pound of zinc.

While it is Trevali's view that these historically high spot treatment charges will not subsist for the long term, management has taken a conservative approach and included it in the 2020 cost guidance. Despite this inclusion, the company is on track to deliver on the T90 program and reduce AISC to 90 cents per pound of zinc by the beginning of 2022.

        SENSITIVITY GUIDANCE ON 2020 ZINC CONCENTRATE 
                    TREATMENT CHARGES
  
Zinc concentrate
treatment charge
per tonne          Sensitivity        Cash cost        AISC

$250                       -17%*      0.80-0.88   0.93-1.03
$270                       -10%       0.82-0.90   0.95-1.05
$ 300            2020 guidance        0.85-0.93   0.98-1.08
$330                       +10%       0.88-0.96   1.01-1.11

* Two thousand nineteen annual benchmark.

Quarterly variability of 2020 full year guidance

Production:  While production guidance has been provided on an annual basis, the company does expect moderate fluctuations on a quarter-to-quarter basis due to mine scheduling. Zinc production overall is forecast to be slightly higher in the second half of 2020 as Caribou and Santander are scheduled to deliver higher production rates relative to the first half of 2020.

Operating costs (C1 cash cost and AISC):  The company expects costs to begin the year at the higher end of the guided range and trend lower as the year advances as initiatives from the T90 program are implemented and their benefits are realized in the business.

Sustaining and expansionary capital:  Quarterly variability of the capital program is not expected to be material. Note that 2020 expansionary capital guidance currently excludes the RP2.0 expansion project as timing and costs will be determined and guided as part of the prefeasibility study to be published by the end of Q1 2020.

Exploration expenditures:  The 2020 exploration program will continue to focus on advancing near-mine exploration targets toward the development of new mineral resources located within trucking distance of existing mines, while also maintaining a necessary level of expenditures on regional programs to make new discoveries. Timing of expenditures is contingent on positive exploration results and additional funds beyond guidance may be allocated.

T90 program

At the end of Q3 2019, Trevali launched the T90 business improvement program which targets $50-million of annual sustainable efficiencies and a reduction in AISC to 90 cents per pound of zinc by the beginning of 2022. As of the end of 2019, $42-million in sustainable efficiencies have been identified and $14-million in sustainable efficiencies have been implemented and will be realized on a continuing annual basis. Highlights of the T90 program will be discussed in detail in the q4 2019 and full year results.

Q4 2019 and full year results conference call and webcast details

Trevali will release the Q4 2019 and full-year financial and operating results before the market opens on Friday, Feb. 21, 2020. The company will hold a conference call on Friday, Feb. 21, 2020, for management to discuss the Q4 2019 financial and operating results.

Conference call dial-in details

Date:  Friday, Feb. 21, 2020, at 1 p.m. Eastern Time

Toll-free (North America):  1-877-291-4570

International:  1-647-788-4919

Webcast:  see GoWebcasting website

About Trevali Mining Corp.

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-per-cent-owned Perkoa mine in Burkina Faso, the 90-per-cent-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-per-cent-interest in the Gergarub project in Namibia, as well as an option to acquire a 100-per-cent interest in the Heath Steele deposit located in New Brunswick, Canada.

Compliance with National Instrument 43-101

Unless otherwise indicated, Trevali has prepared the technical information in this news release based on information contained in the technical reports, news releases and management's discussion and analysis available under the company's profile on SEDAR. Each disclosure document was prepared by, or under the supervision of, a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. Readers are encouraged to review the full text of the disclosure documents which qualifies the technical information. Readers are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. The disclosure documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information is subject to the assumptions and qualifications contained in the disclosure documents. The disclosure of technical information in this news release was reviewed and approved by Yan Bourassa, PGeol, vice-president, mineral resource management, a qualified person under NI 43-101.

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