Trevali Mining Corporation announced in parallel with its project financing initiatives, Trevali continues to advance certain aspects of RP2.0 in order to maintain the project schedule and mitigate the risks associated with the project as outlined in the Feasibility Study. The early works program, which has a capital budget of $20 million is expected to be financed from internal cash flows and consists of the following scope: Procurement of mobile equipment; Power supply system upgrade; Paste backfill plant long lead item procurement; Portal construction and decline development; and Process plant detailed engineering. Trevali will provide more comprehensive information regarding planned 2022 capital expenditures as part of its production and cost guidance which is expected to be issued in January 2022.

Processing Plant: The FS incorporates a planned upgrade to the comminution circuit to include a new single-stage SAG mill and pebble crusher. The upgrade also includes primary crushing upgrades and ore blending area, along with other circuit modifications intended to provide increased flotation, thickening, filtration and pumping capacity to achieve the target throughput of 1.3 Mtpa. The upgrade will also include several flowsheet modifications aimed at improving both the concentrate grade and metal recoveries.

Underground Development and Infrastructure: A dedicated portal and decline to the WF3 deposit will be constructed to support the expected increase to mine production levels and reduce operating costs. The planned trucking decline is 3.9 km in length, excluding level access and stockpiles. The new trucking decline will act as an additional fresh air intake within the ventilation network and will enable direct ore haulage from the WF3 zone to a new surface primary crusher station utilizing large-scale (60 tonne) trucks.

Ore sourced from other areas (EOF, SF3, SOF, and BME) will be transported to the existing underground crushing system using the existing 30 tonne truck fleet and conveyed to surface via the existing conveying system. Paste Fill Plant: A paste fill plant designed to operate at both the current 0.7 Mtpa and the 1.3 Mtpa targeted throughput rate has been included. The paste plant commissioning date is anticipated in Second Quarter 2023 (approximately 9 months before the upgraded processing plant's expected commissioning date) as it is critical to fill existing voids (particularly within WF3) to achieve the increased production target and preferred mining sequence considered as part of the expansion project.

Paste filling the stopes rather than leaving them void is expected to improve ground stability, increase ore recovery, and reduce dilution, and also to reduce surface tailings as a portion of new tailings will be redirected underground to be used as paste fill. A water treatment plant has been added to the paste fill plant system which is expected to significantly reduce water consumption. The system in conjunction with the paste fill plant system is anticipated to reduce the water intensity of the Rosh Pinah operation from 1.54 m3/t to 0.65 m3/t of ore.