Trevali Receives Court Approval of Claims Process

VANCOUVER, March 29, 2023 - Trevali Mining Corp. ("Trevali" or the "Company") announced today that, on application by the Company, the Supreme Court of British Columbia has approved a Claims Process Order (the "Order") as part of the Company's ongoing Companies' Creditors Arrangement Act ("CCAA") proceedings. The Order provides for a "Claims Process" pursuant to which the court-appointed Monitor, FTI Consulting Canada Inc. (the "Monitor") and the Company will call for and adjudicate, as necessary, all claims against the Company and its wholly owned subsidiary, Trevali Mining (New Brunswick) Ltd. ("Trevali NB", together with the Company, "Trevali"), as well as their respective directors and officers.

Known creditors with respect to whom the Company and the Monitor have sufficient information to make a reasonable assessment of their claim will be sent a "Claims Notice" setting out the amount and status of their claim. Creditors who receive a Claims Notice do not need to take any further action if they do not wish to dispute the amount or status of their claim as set out in the Claims Notice.

Creditors who receive a Claims Notice but wish to dispute the amount and status of their claim must submit a "Proof of Claim Form" to the Monitor.

All other creditors who wish to assert a claim must submit a "Proof of Claim Form" to assert a claim against Trevali or a "Director/ Officer Claim Form" to assert a claim against Trevali's directors and officers.

Copies of all Claims Process forms will be available on the Monitor's website at http://cfcanada.fticonsulting.com/trevali/ (the "Monitor's Website").

With the exception of "Restructuring Claims", all Proof of Claim Forms and Director/Officer Claim Forms must be received by the Monitor by no later than 4:00 p.m. (PST) on the "Claims Bar Date" of April 21, 2023. All Proof of Claim Forms with respect to Restructuring Claims must be received by the "Restructuring Claims Bar Date", which is the later of: (a) the Claims Bar Date; and (b) 4:00 p.m. on the day that is fifteen calendar days after the date that an applicable Notice of Disclaimer or Resiliation is sent to a creditor. Any claims not received by the Claims Bar Date or the Restructuring Claims Bar Date, as applicable, will be forever barred and extinguished.

All claims submitted to the Monitor will be subject to the Claims Process as set out in the Order.

All inquiries regarding Claims Process and Trevali's CCAA proceedings should be directed to the Monitor (email: Trevali@fticonsulting.com or telephone: +1-877-294-8998).

Information about the Company's CCAA proceedings, including all court orders, are available on the Monitor's Website.

Trevali is a base-metals mining company headquartered in Vancouver, Canada.

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.

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. 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. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events including, but not limited to, statements with respect to the CCAA proceedings and creditor protection, the claims process and the restructuring process, including the outcome thereof. 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, operating in foreign jurisdictions with risk of changes to governmental regulation; compliance with governmental regulations; compliance with environmental laws and regulations; maintaining ongoing social license to operate; limitations inherent in our insurance coverage; litigation; and other risks of the mining industry including, without limitation, risks and uncertainties that are more fully described in the Company's annual information form, interim and annual audited consolidated financial statements and management's discussion and analysis of those statements, all of which are filed and available for review under the Company's profile on SEDAR at www.sedar.com. 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.

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SOURCE Trevali Mining Corp.