Trevali Is in Position to Benefit from Strong Zinc Fundamentals

Disclosures from Dundee Capital Partners, Trevali Mining Corp., Feb. 1, 2017
Dundee Capital Partners has written procedures designed to identify and manage potential conflicts of interest that arise in connection with its research and other businesses. The compensation of each Research Analyst/Associate involved in the Trevali Mining Corp. preparation of this research report is based competitively upon several criteria, including performance assessment criteria, the quality of research and the value of the services they provide to clients of DCP. The Research Analyst compensation pool includes revenues from several sources, including sales, trading and investment banking. Research analysts and associates do not receive compensation based upon revenues from specific investment banking transactions.

Dundee Capital Partners generally restricts any research analyst/associate and any member of his or her household from executing trades in the securities of a company that such research analyst covers.

Research Analyst Certification
Each Research Analyst and/or Associate who is involved in the preparation of this research report hereby certifies that:

• the views and recommendations expressed herein accurately reflect his/her personal views about any and all of the securities or issuers that are the subject matter of this research report;

• his/her compensation is not and will not be directly related to the specific recommendations or views expressed by the Research Analyst in this research report;

• they have not affected a trade in a security of any class of the issuer whether directly or indirectly through derivatives within the 30-day period prior to the publication of this research report;

• they have not distributed or discussed this Research Report to/with the issuer, investment banking at DCP or any other third party except for the sole purpose of verifying factual information;

• they are unaware of any other potential conflicts of interest.

The Research Analyst involved in the preparation of this research report does not have any authority whatsoever (actual, implied or apparent) to act on behalf of any issuer mentioned in this research report.

Disclosures from BMO Capital Markets, Trevali Mining, Feb. 1, 2017

Analyst's Certification
I, Alex Terentiew, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.

Additional disclosures are available here.