Trevali Mining Corporation (“Trevali” or the “Company”) announced today that, further to the October 6, 2022 press release of the Company, the Judicial Tribunal of Commerce in Burkina Faso has granted an order providing for the liquidation of the Company’s 90%-owned subsidiary Nantou Mining Burkina Faso S.A. (“Nantou Mining”). A liquidator has been appointed by the Judicial Tribunal and notice of such appointment is expected to be published in local newspapers in accordance with applicable laws and the terms of the liquidation order. The liquidator has assumed responsibility for the management of the affairs of Nantou Mining and Trevali no longer exercises operational control over Nantou Mining or the Perkoa mine. Further information will be communicated to affected parties by the liquidator in accordance with applicable legislation.
Trevali also announced that it did not, and 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.
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.
All inquiries regarding the CCAA proceedings of the Company should be directed to the court-appointed monitor, FTI Consulting Inc. (email: Trevali@fticonsulting.com or telephone: +1-877-294-8998). Information about the Company’s CCAA proceedings, including all court orders made and the Monitor’s reports, are available on the Monitor’s website at http://cfcanada.fticonsulting.com/trevali/.
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.