Judicial grants Trevali liquidation

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Judicial grants Trevali liquidation

The Judicial Tribunal of Commerce in Burkina Faso has granted an order providing for the liquidation of Trevali’s 90%-owned subsidiary Nantou Mining Burkina Faso S.A.

A liquidator has been appointed by the Judicial Tribunal and is set to assume responsibility for the management of the affairs of Nantou Mining. This means Trevali no longer exercises operational control over Nantou Mining or the Perkoa mine.

Additionally, the company will not file its interim financial statements for the three and nine months ended September 30, 2022, the related management’s discussion and analysis, and the related CEO and CFO certifications by the filing deadline of November 14, 2022 and is therefore in default of its requirements under National Instrument 51-102 – Continuous Disclosure Obligations and National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings, as applicable.

Operational constraints

The Company had previously advised the British Columbia Securities Commission, as well as FTI Consulting Inc., the court-appointed monitor in Trevali’s proceedings under the Companies’ Creditors Arrangement Act (“CCAA”), that due to financial and operational constraints, the Company will not be able to continue with its prescribed public markets disclosure going forward. Trevali and the Monitor intend to keep stakeholders and the public updated about Trevali’s financial status through filings and other reports filed as part of the CCAA proceedings.

The Perkoa deposit lies in a felsic to intermediary series of volcanic and volcanoclastic rocks, within the Paleoproterozoic Birimian Supergroup of West Africa. The prospective Birimian-aged rocks in Burkina Faso are the same sequences that host major gold deposits in Burkina Faso and in the neighbouring countries of Ghana and Mali. The Birimian Supergroup of West Africa is renowned for their gold mineralization; however, known occurrences of base metals are scarce. The Perkoa deposit represents the only significant zinc-silver massive sulphide mineralization discovered in the Birimian to date and it is also the first zinc-silver massive sulphide mineralization discovered in this region.

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