Trevali Mining Corporation
(“Trevali” or the
“Company”) (TSX: TV, BVL: TV; OTCQX: TREVF,
Frankfurt: 4TI) today released financial and operating
results for the three months ended March 31, 2020. The Company
reported production of 99 million pounds of zinc at an All-In
Sustaining Cost1 (“AISC”) of $1.10 per pound. A net loss of
($175.6) million was principally due to a non-cash impairment
charge of $137.4 million being recorded relating to Caribou,
Santander, and exploration properties. The adjusted net loss1 for
the quarter was ($7.3) million, or ($0.01) per share, primarily due
to the decline in the zinc price and timing of concentrate
shipments as a result of COVID-19.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
FOR THE FIRST QUARTER 2020
- Total Recordable Incident
Frequency has decreased 47% to the comparative quarter in
2019 due to the focus on monitoring controls. Proactive
measures have been taken at operations to safeguard employees and
communities amidst the COVID-19 pandemic, allowing us to continue
operating.
- Mitigation strategies
implemented at all operations ensured that production continued
with minimal interruption despite travel and
government-imposed restrictions due to COVID-19.
- Accelerated T90 business
improvement program targeting the overall reduction in
AISC1 to $0.90/lb by 2021, a year earlier than originally planned.
Of the original target of $50 million in annualized
sustainable efficiencies, the program has delivered
$30 million at the end of the first quarter.
- Undertaking immediate cost
reductions that will preserve $41 million in liquidity in
2020 across sustaining and expansionary capital,
exploration and operating expenditures.
- Zinc payable production of
99 million pounds at a C1 Cash Cost1
of $0.96/lb and AISC1 of
$1.10/lb. Excluding Caribou, which was placed on care and
maintenance in the quarter in response to the current business
environment, zinc production of 83.6 million payable pounds at a
C1 Cash Cost1 of $0.86/lb and AISC1 of $0.99/lb.
- Fixed-pricing arrangement
increased Q1 revenues by $8.0 million at Santander and
Caribou. A further gain of $2.3 million was recorded to
Other Income in respect of Caribou’s April and May fixed-pricing
quantities that will not be delivered and will be financially
settled.
- Adjusted EBITDA1 of ($6.6)
million due to low zinc price (quarterly average of
$0.97/lb) and reduced sales volumes at 91.1 million pounds of zinc
payable due to the timing of shipments at Rosh Pinah.
- A net non-cash impairment
of $137.4 million was recorded relating to Caribou and Santander
operations and exploration properties in Canada and
Namibia as a result of the adverse change to the business
environment caused by COVID-19 and placing Caribou on care and
maintenance.
- Obtained a covenant waiver
extension of existing financing covenants to May 31, 2020.
Engaged RBC Capital Markets to conduct a strategic review process
that will explore financing alternatives.
Ricus Grimbeek, President and CEO stated, “Thank
you to all those serving on the front lines of this pandemic who
are keeping us healthy and safe and providing the essential
services and products our communities need. We send you our
gratitude for all that you have done and continue to do. And to our
workforce - thank you for your resilience and commitment to health
and safety and responsibly performing your roles. Because of your
efforts we were able to produce 99 million pounds of payable zinc
in the first quarter with all our operations contributing
positively to this end.
We have taken major steps to optimize the
business this year refining our operating platform and building off
the transformation that began in 2019 under the T90 program.
Because of the foundation we’d laid we were able to swiftly respond
to the current economic downturn. We safely placed our Caribou mine
on a care and maintenance program while delivering $30 million in
sustainable efficiencies from our other three mines, supporting our
goal to reduce the cost structure of our business to a targeted
all-in-sustaining-cost of lower than $0.90 per pound. We’ve
accelerated the delivery of this target by a full year, now
expecting this achievement by the beginning of 2021. In addition,
we’ve significantly reduced our discretionary spending for 2020 to
preserve near term liquidity by decreasing our planned capital and
exploration expenditures by $41 million.
While we are focused on the costs we can
control, the zinc market continues to be disrupted. After hitting
15-year lows, the zinc price decline has reversed and has been
steadily rising while off-site costs including treatment charges
and shipping costs have been decreasing as the impact of global
mine curtailments has begun working its way through the supply
chain.
Moving forward we will continue to operate with
the health and wellbeing of our workers and communities at the
front of mind while delivering on our T90 program and
capturing the value of an improving zinc market.”
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 31st, 2020, which is 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 Q1 2020 Management’s Discussion
and Analysis.
Q1 2020 SUMMARY RESULTS
|
|
|
Q1’20 |
Q4’19 |
Q1’19 |
|
Q1'20 vs Q4'19 |
|
Q1'20 vs Q1'19 |
|
Zinc payable production |
Mlbs |
|
99.0 |
|
104.8 |
|
100.6 |
|
–6% |
|
–2% |
|
Lead payable
production |
Mlbs |
|
10.7 |
|
13.8 |
|
11.5 |
|
–22% |
|
–7% |
|
Silver payable production |
Moz |
|
0.3 |
|
0.4 |
|
0.4 |
|
–25% |
|
–25% |
|
Revenue |
$ |
|
51,952 |
|
91,466 |
|
125,213 |
|
–43% |
|
–59% |
|
Adjusted EBITDA1 |
$ |
|
(6,646 |
) |
20,364 |
|
52,025 |
|
–133% |
|
–113% |
|
Net (loss) income |
$ |
|
(175,605 |
) |
(3,833 |
) |
16,116 |
|
4481% |
|
–1190% |
|
Net (loss) income per share |
$ |
|
(0.22 |
) |
0.00 |
|
0.02 |
|
–100% |
|
–1200% |
|
C1 Cash Cost1 |
$/lb |
|
0.96 |
|
0.86 |
|
0.95 |
|
12% |
|
1% |
|
AISC1 |
$/lb |
|
1.10 |
|
1.02 |
|
1.07 |
|
8% |
|
3% |
|
Sustaining capital
expenditure |
$ |
|
12,628 |
|
15,752 |
|
10,238 |
|
–20% |
|
23% |
|
Exploration expenditure |
$ |
|
3,164 |
|
2,755 |
|
2,484 |
|
15% |
|
27% |
|
Conversion of
tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.Q1’19 revenue
has been restated to reflect the Company’s change in accounting
policy as disclosed in the December 31, 2019 Consolidated Financial
Statements. |
CORPORATE UPDATE
T90 PROGRAM
In November 2019, Trevali launched the T90
business improvement program which originally targeted a reduction
in AISC1 to $0.90 per payable pound of zinc by the beginning of
2022 through achieving annual sustainable efficiencies of $50
million. In response to current market conditions as a result of
the COVID-19 pandemic, in the first quarter of 2020 the scope of
cost benefits under the T90 business improvement program have been
accelerated and expanded.
The result of the actions undertaken in response
to the decline in the zinc price is an acceleration of the T90
business improvement program to reach an AISC1 of $0.90 per pound
by the beginning of 2021, a full year earlier than originally
planned. As of the date of this MD&A, the program has delivered
$30 million of annualized efficiencies.
____________ 1 See “Use of Non-IFRS Financial
Performance Measures”.
2020 COST
REDUCTIONS
In addition to the initiatives being pursued
through the T90 business improvement program, Trevali is
undertaking immediate cost reductions in 2020 that will preserve
$41 million in liquidity. While the T90 business improvement
program is focused on recurring annual efficiencies, these cost
reductions are one-time events, including:
- Sustaining and Expansionary Capital ($33
million): Sustaining and expansionary capital
expenditures in 2020 will be reduced to approximately $36 million.
Trevali’s operations have been well capitalized in recent years,
creating an opportunity to defer $17 million in sustaining capital
costs while ensuring operations are maintained to a high standard.
$10 million relates to sustaining capital at Caribou that under
care and maintenance will not be spent and expansionary capital
will be reduced by $6 million.
- Exploration Program ($8 million): The
2020 exploration budget will be reduced to $4 million. The T3
drill program at Perkoa and the Santander Pipe infill drilling
program, including the internal preliminary economic assessment,
will be paused.
- Development Project
Capital: Trevali expects to publish
the Rosh Pinah 2.0 Expansion Project pre-feasibility study in
Q2 2020. The investment decision initially planned for 2020 is
being deferred and will be evaluated in the future.
FINANCIAL POSITION AND STRATEGIC REVIEW
PROCESS
The Company continues to engage with its
syndicate of lenders on a solution to short-term financing and
liquidity requirements and has been granted a waiver of compliance
with the existing financial covenants until May 31, 2020.
The Company has also engaged RBC Capital Markets
as its financial advisor to conduct a strategic review process that
will extensively explore financing alternatives to enhance
shareholder value. The strategic review process is comprehensive
and could include, but not be limited to, a recapitalization of the
Company, a strategic investment in the Company by a third-party, a
business combination with another entity, a reduction of the
principal outstanding under the Revolving Credit Facility due to
mature in September 2022, or some combination of the preceding.
SUSTAINABILITY REPORT
The second annual sustainability report will be
published in the second quarter. The report details Trevali’s
approach and progress to integrating sustainability into all
aspects of the business. The Company has set its first targets in
both green house gas emissions and water and it is anticipated that
both targets will help the Company to reduce costs and mitigate
environmental risks. In addition, a target has been set for 30% of
our Board and senior leadership team to be women, with the view
that this increased diversity will bring fresh perspectives to
solving problems and growing our business.
EXPLORATION AND
DEVELOPMENT
With the implementation of cost reductions and
reduced scope of activities implemented in Q1 2020 due to
decreased metal prices related to the COVID-19 pandemic, drilling
programs were halted across all jurisdictions in March 2020.
The updated Mineral Resource statements were
disclosed on March 30, 2020 in the news release titled
“Trevali Reports 2019 Mineral Reserves and Resources; Increases
Reserves at Rosh Pinah Mine and Grows Global Resource Base”.
Exploration successfully replaced 2019 mining depletion and
increased Measured and Indicated Mineral Resources by 9% as
compared to December 31, 2018, with significant increases at Rosh
Pinah and the Santander Pipe.
BOARD OF DIRECTORS
Dr. Mark Cruise has stepped down from Trevali’s
Board of Directors, effective immediately, due to his expanded role
at New Pacific Metals as Chief Executive Officer. Trevali thanks
Mark Cruise for his many years of service to the Company. Mark
Cruise co-founded Trevali in 2007 and served as its President and
CEO from February 2008 to April 2019 and oversaw the Company’s
growth from a single exploration project in Peru to a
multi-jurisdictional operating company. Trevali wishes him well in
his new role. A search to fill the vacant Board position will
commence in due course.
FINANCIAL AND OPERATIONAL
SUMMARY
The following table sets forth selected
consolidated financial information and the payable sales of zinc
for each of the eight most recently completed quarters:
|
Q1’20 |
Q4’19 |
Q3’19 |
Q2’19 |
Q1’19 |
|
Q4’18 |
Q3’18 |
Q2’18 |
|
Revenues |
51,952 |
|
91,466 |
|
87,135 |
|
82,297 |
|
125,213 |
|
121,763 |
|
73,095 |
|
151,593 |
|
Zinc
sales (Mlbs payable) |
91 |
|
110 |
|
111 |
|
93 |
|
125 |
|
124 |
|
76 |
|
114 |
|
EBITDA1 |
(174,888 |
) |
19,611 |
|
12,945 |
|
(7,443 |
) |
46,674 |
|
(271,499 |
) |
(22,401 |
) |
58,785 |
|
Adjusted EBITDA1 |
(6,646 |
) |
20,364 |
|
22,487 |
|
17,558 |
|
46,455 |
|
39,416 |
|
21,249 |
|
83,039 |
|
Net
(loss) income |
(175,605 |
) |
(3,833 |
) |
(16,131 |
) |
(31,563 |
) |
16,116 |
|
(251,778 |
) |
(30,846 |
) |
23,454 |
|
Net
(loss) income per share – basic and diluted |
(0.22 |
) |
0.00 |
|
(0.02 |
) |
(0.04 |
) |
0.02 |
|
(0.29 |
) |
(0.04 |
) |
0.03 |
|
Adjusted (loss) income per share1 |
(0.01 |
) |
0.00 |
|
(0.01 |
) |
(0.01 |
) |
0.02 |
|
0.01 |
|
(0.04 |
) |
0.02 |
|
Revenue for amounts in
the table above have been restated for comparative periods to
reflect the Company’s change in accounting policy. |
Revenues and Adjusted EBITDA1 have declined over the last eight
quarters, primarily due to the declining prices of zinc and lead.
The significant effect of the COVID-19 pandemic on commodity prices
negatively impacted Revenue and Adjusted EBITDA1 in Q1 2020.
Adjusted EBITDA1 was ($6.6) million in Q1 2020
compared to $20.4 million in the prior quarter, primarily due to
sequencing changes in the mine plan at Caribou resulting in lower
zinc and lead sales volumes, lower sales volumes at Rosh Pinah due
to timing of shipments and declining commodity prices and increased
concentrate treatment charges. The decline in Adjusted EBITDA1 was
partially offset by lower operating costs and royalties.
____________ 1 See “Use of Non-IFRS Financial
Performance Measures”.
Net loss in Q1 2020 was $175.6 million or
($0.22) per share, compared to a net income of $16.1 million
or $0.02 per share for the same period a year ago. The increase in
loss per share during Q1 2020 is largely attributable to the net
non-cash impairment charge of $137.4 million related to the Caribou
and Santander mines and exploration assets in Canada and
Namibia.
|
|
Q1’20 |
Q4’19 |
Q1’19 |
Q1'20 vs Q4'19 |
|
Q1'20 vs Q1'19 |
|
Production |
|
|
|
|
|
|
|
|
Ore mined |
t |
761,354 |
|
790,927 |
|
772,372 |
|
–4% |
|
–1% |
|
Ore milled |
t |
779,754 |
|
822,278 |
|
769,568 |
|
–5% |
|
1% |
|
Zinc head grade |
|
7.9 |
% |
7.8 |
% |
8.2 |
% |
1% |
|
–4% |
|
Lead head grade |
|
1.3 |
% |
2.0 |
% |
1.5 |
% |
–35% |
|
–13% |
|
Silver head grade |
(ozs/t) |
1.2 |
|
1.3 |
|
1.4 |
|
–8% |
|
–14% |
|
Zinc recovery |
|
87.4 |
% |
88.2 |
% |
86.9 |
% |
–1% |
|
1% |
|
Lead recovery |
|
68.8 |
% |
69.5 |
% |
65.0 |
% |
–1% |
|
6% |
|
Silver recovery |
|
46.4 |
% |
47.4 |
% |
46.4 |
% |
–2% |
|
0% |
|
Zinc payable |
Mlbs |
99.0 |
|
104.8 |
|
100.6 |
|
–6% |
|
–2% |
|
Lead payable |
Mlbs |
10.7 |
|
13.8 |
|
11.5 |
|
–22% |
|
–7% |
|
Silver payable |
Moz |
0.3 |
|
0.4 |
|
0.4 |
|
–25% |
|
–25% |
|
Sales |
|
|
|
|
|
|
|
|
Zinc payable |
Mlbs |
91.1 |
|
110.4 |
|
125.4 |
|
–17% |
|
–27% |
|
Lead payable |
Mlbs |
5.8 |
|
14.8 |
|
10.0 |
|
–61% |
|
–42% |
|
Silver payable |
Moz |
0.2 |
|
0.3 |
|
0.4 |
|
–33% |
|
–50% |
|
Cost per
unit |
|
|
|
|
|
|
|
|
C1 Cash Cost1 |
$/lb |
0.96 |
|
0.86 |
|
0.95 |
|
12% |
|
1% |
|
AISC1 |
$/lb |
1.10 |
|
1.02 |
|
1.07 |
|
8% |
|
3% |
|
Quarterly zinc payable production decreased by
6% to 99.0 million pounds compared to the prior quarter, and a 2%
decrease from the comparative quarter in 2019. Ore tonnes milled at
Rosh Pinah and Perkoa improved significantly, while lower grade ore
was milled as lower grade material was mined in accordance with the
mine plans. At Caribou, a change in the mine sequence following a
fall of ground resulted in significantly lower production volumes
in the quarter as compared to the prior quarter and Q1 2019. At
Santander, higher grades were attributed to continued improvement
with dilution control as well as higher grade ore access developed
in accordance with the mine plan.
Sales in Q1 2020 were 91.1 million pounds of
payable zinc, 27% lower than the comparative quarter in 2019
primarily due to the timing of shipments of concentrate from Rosh
Pinah. Lead payable sales for Q1 2020 were 42% lower than the
comparative quarter in 2019 primarily due to the timing of lead
shipments at Caribou.
Q1 2020 C1 Cash Cost1 and AISC1 are broadly in
line with the same period of the prior year. Decreases in operating
costs as a result of reduced costs and greater efficiencies,
including those realized as part of the T90 business improvement
program offset the increase in zinc concentrate smelting and
refining charges.
The increase in C1 Cash Cost1 of $0.96 per pound
as compared to $0.86 per pound in the prior quarter reflects lower
production volumes, reduced by-product revenue attributed primarily
to lower lead volumes due to timing of shipments at Caribou and
Rosh Pinah, partially offset by reducing costs including those
realized as part of the T90 business improvement program. AISC1 in
Q1 2020 was $1.10 per pound, a $0.08 per pound increase from the
prior quarter for the same reasons explained for the C1 Cash Cost1
partially offset by lower sustaining capital expenditures.
Excluding Caribou, zinc production in Q1 2020
was 83.6 million payable pounds at a C1 Cash Cost1 of $0.86
per pound and AISC1 of $0.99 per pound compared to $0.82 per pound
C1 Cash Cost1 and $0.98 per pound AISC1 in the prior quarter
and $0.93 per pound C1 Cash Cost1 and $1.04 per pound AISC1 in
the comparative quarter in 2019, respectively. Zinc production
excluding Caribou in the prior quarter and comparative quarter in
2019 was 85.9 and 82.8 million payable pounds, respectively.
____________ 1 See “Use of Non-IFRS Financial
Performance Measures”.
2020 GUIDANCE &
OUTLOOK
With enhanced safety measures in place at
Trevali’s operations to mitigate the impacts of COVID-19, the
governments of Burkina Faso, Namibia, and Peru have provided
special dispensations to allow for their continued operation.
Perkoa and Rosh Pinah are operating at full capacity while at
Santander, mining continues but processing activities have been
impacted due to supply chain constraints under the extension to the
national emergency declared in Peru. Operations at Caribou was
placed into care and maintenance on March 26, 2020 due to the
weakened zinc market.
The extent and duration of impacts that COVID-19
may have on demand and prices for zinc and lead, on the Company’s
suppliers and employees and on global financial markets over the
remainder of the year and going forward is not known at this time
but could be material. As a result, all previously issued 2020
annual guidance has been and remains suspended.
In the context of COVID-19 and current market
conditions, Trevali has intensified and accelerated the T90
business improvement program. In addition to the T90 business
improvement program, Trevali is implementing further cost
reductions in 2020, including reductions in sustaining and
expansionary capital expenditures, exploration, operating costs,
and development project capital.
The Santander Pipe infill drilling program,
including the internal preliminary economic assessment, will be
paused. Trevali still plans on publishing the RP2.0 Expansion
Project pre-feasibility study in Q2 2020, though the investment
decision initially planned for 2020 is being deferred and will be
evaluated in the future.
The short-term outlook for the zinc market has
changed significantly during Q1 2020. At the start of the year, it
was expected that the concentrate market would be in surplus over
the coming years with demand for refined metal growing slightly in
2020 and refined stocks remaining below historic levels, lending
support to zinc prices.
During Q1 2020, the London Metals Exchange
(“LME”) zinc price averaged $0.97 per pound, a decline of 10% over
the previous quarter and a reduction of 21% over the same quarter
in 2019. As at March 31, 2020 the spot LME zinc price was
$0.85 per pound, reflecting the rapid decline in economic
industrial activity and demand for refined metal in the short term
as a result of COVID-19.
The rapid rise of the COVID-19 pandemic in Asia
resulted in extended shutdowns of smelters and Chinese mine
production. As Q1 2020 progressed, Chinese smelting production and
economic activity was reported to have increased from lows reached
in February, while mine production curtailments resulting from
measures to combat the spread of COVID-19 in Europe and the
Americas accelerated. As a result, the concentrate market surplus
has reduced more rapidly than expected and has led to reduced spot
zinc concentrate treatment charges to date in Q2 2020.
During April, it is estimated that up to
approximately 25% of global zinc mine supply was curtailed or
suspended as a result of government restrictions and operating and
supply chain disruptions due to COVID-19. In addition, according to
data from Wood Mackenzie, approximately 20% of global mine
production has a C1 cash cost above $0.85 per pound of zinc. The
significant curtailment of global mine production should provide
fundamental support for zinc prices over the course of 2020 and
lower spot treatment charges than Q1 2020, as management believes
demand will outweigh supply as global economic activity
resumes.
In the first quarter of 2020, total global
exchange inventories were up 154,000 tonnes to an estimated
6 days of global consumption, or 233,000 tonnes, well below
historical averages of 18 days of consumption, which is also
supportive of higher zinc prices.
Q1 2020 Financial and Operational
Results Conference Call and Webcast Details
The Company will host a conference call and
presentation webcast at 1:00PM Eastern Time on Thursday, May 14,
2020 to review the operating and financial results and Company’s
outlook. A presentation will be made available on the Company’s
website prior to the conference call.
Conference call dial-in details: Date:
Thursday, May 14, 2020 at 1:00PM Eastern Time Toll-free (North
America): 1 (877) 291-4570 International: +1 (647) 788-4919
Webcast: http://www.gowebcasting.com/10633
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 three operational
assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned
Rosh Pinah Mine in Namibia, and the wholly-owned Santander Mine in
Peru. In addition, Trevali owns the Caribou Mine, 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.
Investor Relations
Contact:Brendan Creaney – Vice President, Investor
RelationsEmail: bcreaney@trevali.comPhone: +1 (778) 655-6070
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.
Forward–looking statements relate to future
events or future performance and reflect management’s expectations
or beliefs regarding future events including the impacts of the
ongoing and evolving COVID–19 pandemic, including but not limited
to the effects of COVID–19 on the Company’s liquidity position and
ability to continue as a going concern as described herein.
Forward-looking statement also include statements with respect to
the Company’s growth strategies, expected annual savings from
capital projects, anticipated effects of commodity prices on
revenues, estimation of mineral reserves and mineral resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production and capital
expenditures, 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 and life of mine
expectancies. The potential effects of COVID–19 on the Company’s
business are unknown at this time, including the Company’s ability
to manage restrictions and other challenges in the jurisdictions in
which it operates and continue to safely operate and, in due
course, return to normal operating status. The impact of COVID–19
is dependent on many factors outside the Company’s control,
including measures taken by public health and government
authorities, global economic uncertainties and outlook due to the
pandemic, and evolving restrictions relating to mining activities
and to travel and transport of goods in certain jurisdictions where
the Company operates. 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. 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 actual results of current exploration activities;
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; compliance with governmental regulations; 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; risks relating to epidemics or pandemics such as
COVID–19 including the impact of COVID–19 on our business,
financial condition and results of operations; corruption and
bribery; limitations inherent in our insurance coverage; compliance
with financial 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 of the mining industry including, without limitation, other
risks and uncertainties that are more fully described in the “Risks
and Uncertainties” section of the corresponding Q1 2020 MD&A
and the “Risk Factors” section of our most recently filed Annual
Information Form. 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 and 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, 2020.
Source: Trevali Mining Corporation
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