OCTOBER 2010

Corporate Presentation

TSX: TVAn Emerging Zinc, Silver, Copper and Lead

Producer in the Western Hemisphere

DECEMBER 2010

Building the Next Intermediate Base Metal Producer

TSX: TVTSX-V: KIA

DISCLAIMER

Certain statements contained in this document, including, without limitation, those concerning

the economic outlook for the mining industry, expectations regarding metal prices and

production, the completion and commencement of commercial operations of certain of Trevali

Resources Corp. (“TV”) and Kria Resources Ltd. (“KIA”) projects, and its liquidity and capital

resources and expenditure, contain certain forward-looking statements regarding TV’s and KIA’s

economic performance and financial condition. Although TV and KIA believes that the

expectations reflected in such forward-looking statements are reasonable, no assurance can be

given that such expectations will prove to have been correct. Accordingly, results could differ

materially from those set out in the forward-looking statements as a result of, among other

factors, changes in economic and market conditions, success of business initiatives, changes in

the regulatory environment and other government actions, fluctuations in metal prices and

exchange rates, and business and operational risk management. TV and KIA undertake no

obligation to update publicly or release any revisions to these forward-looking statements to

reflect events or circumstances after the date of the annual report. All subsequent written or

oral forward-looking statements attributable to TV and KIA or any person acting on its behalf are

qualified by the cautionary statements herein.

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TRANSACTION DETAILS

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Structure:Proposed Plan of ArrangementTax-free share-for-share exchange (C$)

Exchange Ratio: 0.200 Trevali shares for each Kria share

Consideration Offered:

Approximately C$0.334 per Kria share representing a 33.6% premium over the Kria closing price on December 15, 2010Transaction value of approximately C$44 million (assuming options and warrants in the money, on a fully-diluted basis, and on the closing price of C$1.67 per Trevali share on December 15, 2010)

Other terms:

Break fee of approximately C$1.3 millionCardero Resource Corporation (“Cardero”) and officers and directors of Kria and Trevali will enter into voting and standstill agreementsRight to match competing offers made to KriaUS$8.0 million Secured Term Loan extended by Cardero

Transaction Approvals:2/3rds approval vote for Kria and Trevali shareholders plus TSX, TSX-V and court approval1

Proposed Schedule: Expected closing by the end of March 2011/early April1In some instances majority, but in others, subject to disinterested shareholder approval for Kria

STRATEGIC RATIONALE

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Creates a new zinc company that has:• Immediate Production and Robust Growth

• Expected production from two operating mines in 2011 – 2012• Cash flow anticipated in mid-2011 once Halfmile begins supplying ore on a toll

milling basis to Xstrata Zinc’s Brunswick 12 Mill (“BMS”) and Santander beginscommissioning its mill in late-2011

• Robust project pipeline in the short and medium term, including a potential millexpansion at Santander, and construction of a new mill at Halfmile-Stratmat afterBMS closes

• Resource and Production Growth, Re-rating Opportunity• Strong re-rating potential via a portfolio of mines, near-term cash flow, increase in

resources and a strong production growth profile• High potential to increase the current pro-forma NI 43-101 resources of 4.5 billion

lbs zinc, 1.1 billion lbs lead, 31.4 million ounces silver and 625 million lbs copper1

• Operations diversified across two world-leading mining jurisdictions• Diversified Commodity Mix – Zinc, Silver, Lead, Copper, Gold

• Company is well positioned for the current strong commodity price environment,and the anticipated near-term zinc commodity price increase

• Proven Management Team and Strong Partners• World leading partners – Glencore International and Xstrata Zinc• Experienced management team and board of directors

1See later slides for resource table breakdown

VALUE FOR KRIA SHAREHOLDERS

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• Attractive premium of 33.6% over the Kria closing price on December 15, 2010

• Attractive premium of 25.2% based on the 30-day VWAPs of both companies for theperiod ended December 15, 2010

• Will own approximately 25.8% of the outstanding shares of the combined companyon a basic basis and approximately 26.9% assuming options and warrants in themoney, on a fully-diluted basis

• Cardero, an insider of both Kria and Trevali, provides an US$8.0 million loan to Kria,in order to pay the January 2011 Halfmile Lake and Stratmat Property Payment dueto Xstrata Zinc

• Trevali’s balance sheet and its cooperation with Cardero, greatly improve Kria’sfinancing alternatives and balance sheet

• Kria’s shareholders gain access to Trevali’s Santander development project, withrestart capital costs estimated at approximately US$19 million (US$12 millionfinanced by Glencore, the operator and Trevali’s partner)

• Considerable upside potential exists in growing the Santander resource

• Participation in Trevali’s potential growth through further acquisitions

SECURED DEBENTURE

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• Cardero will issue to Kria a secured term loan

• Amount of US$8.0 million

• Proceeds to be used to pay the January 2011 Halfmile Lake and Stratmat PropertyPayment due to Xstrata Zinc

• One year term loan, payable in full, plus interest, one year after advance (repayableon or before January 14, 2012)

• Coupon of 10.0% per annum, calculated monthly, not in advance

• Subject to the approval of shareholders of Kria, other than Cardero, the loan termswill be retroactively modified to bear interest at 8.0% per annum, and Kria will issueto Cardero approximately 6.4 million warrants, exercisable into common shares ofKria for a period of one year after the date of issuance of the warrants at a price ofC$0.25/share

• Security is a first charge, mortgage and security interest over all of the assets andundertaking of Kria

• Subject to completion of satisfactory corporate, technical and legal due diligence byCardero on Kria and its assets

• 2,000 tpd Zinc-Silver-Lead production targeted for 2011 from the Santander Project located 215 kmby road from Lima in Peru’s Central Mineral Belt

• Strategic partnership with Glencore International AG providing 2000 tpd plant, contract mining andmanpower in exchange for LOM concentrate offtake agreement – mitigates both financial andtechnical risks

• Trevali retains full 100% ownership in Santander project and can acquire ownership of Glencore’sprocessing plant via toll charge

• CAPEX – modest due to existing infrastructure and Glencore providing 2,000 tpd processing plantand contract mining fleet

• OPEX expected to be lower quartile – significant silver/lead credits

• Very significant exploration potential to expand silver-lead-zinc resource. Exploration in 2009 –2010 resulted in indicated tonnage increasing 53%, inferred up 452%

• Tingo hydroelectric power generating facility – low cost, renewable power supply – surplus capacitycan provide significant future revenue stream or sufficient power for a 4,000 tpd operation

ABOUT TREVALI RESOURCES CORP.

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• Advanced-stage base metal assets in New Brunswick & Manitoba with low political risk

• Proven mining district in close proximity to world class assets

• Within 40 km of Xstrata’s world class Brunswick 12 mine & mill - historical size of over130 million tonnes of 8.7% Zn, 3.5% Pb, 0.35% Cu, and 100.7 g/t Ag

• Planning to fast-track development of Halfmile Lake deposit by beginning to custom millat Xstrata’s Brunswick 12 mill in mid 2011

• Excellent leverage to rising metal prices

• September 2010 Preliminary Economic Assessment (PEA) on combinedHalfmile/Stratmat deposits (with owned mill and no custom milling at Brunswick)demonstrated a pre-tax NPV (8%) of C$253 million with an IRR of over 20% at metalprices of US$1.03/lb Zn, US$3.03/lb Cu, US$0.92/lb Pb and US$15.08/oz Ag

• IRR and NPV increased 28% and 82% respectively over the previous Halfmile PEAcompleted in July 2009

ABOUT KRIA RESOURCES LTD.

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Phase I Production –2011-2012

Develop Halfmile

Provide feed to Xstrata’s Brunswick 12 mill in early 2011 until BMS closes

Generate cash flow for Kria Test mining and metallurgical conditions

Phase 2 Production –2012 and beyond

Build mill and operate Halfmile/Stratmat

Complete feasibility Mill construction Permitting Financing

Shares Issued: 76.4 millionFully Diluted: 98.6 million

Management/Insiders: Approx. >40% (Cardero and Xstrata > 20%)Funds/Institutions: Approx. >35%

ListingsTSX: TVFrankfurt: 4TIOTCQX: TREVF

PRO-FORMA MARKET CAPITALIZATION: ~C$125 million

COMBINED COMPANY SHARE STRUCTURE

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1,000 17.00$ 1,791,072 1.55$

2,000 15.50$ 1,089,625 1.30$

1,000 15.00$ 339,119 1.20$

1,000 14.50$ 1,041,667 1.20$

1,500 10.00$ 5,788,314 1.15$

3,000 10.00$ 735,294 1.00$

15,000 5.00$ 171,630 1.00$

20,000 5.00$ 8,400 1.00$

80,000 5.00$ 3,000,000 1.00$

700,000 1.37$ 300,000 1.00$

300,000 1.25$ 1,000,000 1.00$

20,000 1.25$ 25,864 0.70$

70,000 1.25$ 15,290,984 1.16$

200,000 1.25$

40,000 1.25$

20,000 1.25$

100,000 1.25$

10,000 1.25$

20,000 1.25$

399,500 1.20$

220,000 1.05$

2,800,000 1.00$

40,000 1.00$

1,235,000 0.95$

355,000 0.72$

60,000 0.70$

60,000 0.70$

225,000 0.30$

225,000 0.30$

7,224,000 1.08$

Proceeds from in-the-

7,132,250$

17,739,606$

Trevali/Kria Options Trevali/Kria Warrants

Proceeds from in-the-

money options:

money warrants:

COMPANY PROJECT LOCATIONS

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Kria’s Halfmile-Stratmat

Trevali’s Santander

STRATMAT

PROPERTY

PROPOSED MANAGEMENT & DIRECTORS

Dr. Mark Cruise, President & CEOA carbonate-hosted base metal deposit specialist. Project experience from grass-roots exploration through resource definition topermitting and production in Europe and the America’s on behalf of Pasminco Exploration, Anglo American & the Cardero Group. Partof the technical team that defined, permitted and put the 22Mt underground Lisheen Zinc – Lead Mine into production (AngloAmerican).

Dr. Tony Holler, ChairmanExtensive experience in the M&A (mergers and acquisitions) field. Dr. Holler founded and was the chief executive officer of IDBiomedical Corp. (that was acquired by GlaxoSmithKline for approx. $1.7 billion), and most recently was chairman and a director ofCorriente Resources (that was acquired by a Chinese group for $679 million).

Anton Drescher, Director – FinancialMr. Drescher is a Certified Management Accountant, a designation he has held since 1981. He has been a director and officer of anumber of public companies.

Charles Melbye, Director – MiningA Geological Engineer from the Colorado School of Mines (1950), Charles was Chairman of Corriente Resources from 1992-97 andpreviously was president of Anschutz Mining from 1976-84. He has extensive experience on numerous mining operations throughoutNorth and South America.

Dr. Paul Klipfel, Director – GeologyHolds a Ph.D. Geo. from the Colorado School of Mines (1992). From 1996 to 2002 he was a Senior Geoscientist with Placer DomeExploration. He is currently the president of Mineral Resource Services, a private Reno-based company which provides geologicalservices.

Mike Hoffman, Director25 years experience in mine operations, corporate development and projects, most recently as Vice President at Yamana Gold, DesertSun and Goldcorp.

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SANTANDER PROJECT

• 44-sq. km property in the world-class Central Peruvian Polymetallic Belt

• 215 km from Lima by road – government upgrading all access routes

• Multiple exploration targets, including all deposits open at depth

• Fully supported 200-man camp currently being expanded to support mine construction and operation

• Coarse grained mineralogy provides good recoveries to produce clean concentrates

• 90% Lead recovery at 50% concentrate grade with 40-50 oz/t silver

• 85% Zinc recovery at 50-52% concentrate grade

• 80-85% Silver recovery (to lead concentrates)

• Production starts at 2,000 tpd and is to be expanded to 4,000 tpd, with a 20+ year mine life

• Local communities on board, and highly supportive

• All required surface land rights obtained, tailings permitted, water rights permitted and the mine plan submitted – permit pending

• Detailed processing plant engineering underway – basis for final plant permit

• Glencore has commenced construction with plant commissioning scheduled for approximately Q4 –2011

• Glencore is financing the US$12M plant construction, and will be repaid US$5.95/tonne milled

• Trevali has secured a long-term concentrate off-take sales agreement whereby Glencore will buy 100% of the Santander project area life-of-mine production at benchmark terms

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TINGO POWER GENERATING STATION

• The Tingo run-of-river hydroelectric generating station is situated 17 km west, down-valley,from the Santander mine site and has operated since 1958 generating up to 1.6 MW ofelectricity – partly servicing the power needs at the Santander mine

• Advanced discussions are underway with several banks for debt financing to increasegenerating capacity from current 1.6 MW to approximately 8.8 MW (10 MW peak), upgradethe existing transmission line, and extend the line to connect to the Peruvian National EnergyGrid allowing for sale of excess power and cash flow to Trevali

• Expansion capital expected to be of US$20-22M (~US$15M expected through debt financing)

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HALFMILE-STRATMAT PROJECT

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Based on Kria-owned mill

• IRR and NPV of the combined Halfmile/Stratmat PEA have increased 28% and 82% respectively over the 2009 PEA

• Mining / Processing

– 2,000 tpd from each deposit

– Halfmile: 75% mechanized cut and fill / 25% long hole methods

– Stratmat: 20% MCF / 80% long hole

– Estimated mine life of 20 years for Halfmile and 11 concurrent years for Stratmat

– Milling to be done at 4,000 tpd for first 11 years while Stratmat is in production

Mining Resource used in PEA

Tonnes Zn Eq Zn% Cu% Pb% Ag (g/t)

Halfmile Lake

Indicated 6,262,043 9.13 8.13 0.22 2.58 30.78

Inferred 6,078,200 7.27 6.69 0.14 1.83 20.51

Stratmat

Inferred 5,524,500 8.16 6.11 0.40 2.59 54.21

Calculated using a 5% Zn Eq cutoff

Ramp and Ventilation Raises

HALFMILE-STRATMAT PROJECT

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Based on Kria-owned mill, C$

• Economics

– Operating costs: $57.62 per tonne milled (includes mining $41.91, processing & ore haulage $13.34 and general & administration $2.37)

– Capex: pre-production capex of C$187 million; C$295 million over mine life for sustaining capital

– IRR of 20.86%

• Average annual metal production

for 20 year mine life

– Zn 134,827,423 lbs/year

– Cu 3,905,998 lbs/year

– Pb 40,218,759 lbs/year

– Ag 682,192 oz/year

• Zinc = 74% revenue

Discount Rate Sensitivity

Discount rate Value (C$) Pre Tax & Pre Finance

0% $ 824,649,166

4% $ 460,518,830

8% $ 253,403,020

10% $ 184,310,634

12% $ 130,584,175

15% $ 70,883,749

18% $ 28,831,086

20% $ 7,754,985

PEA Metal Assumptions

Metal LOM Price Recovery

Zinc US$1.03/lb 90.00%

Copper US$3.03/lb 85.00%

Lead US$0.92/lb 85.00%

Silver US$15.08/oz 48.56%

Gross Metal Values in Concentrates

Zinc 74.0% US$2,772,404,172

Copper 6.0% US$236,273,865

Lead 20.0% US$738,682,109

Silver 0.2% US$6,603,085

Total US$3,747,360,147

COMPANY/PROJECT COMPARISONS

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Trevali Resources Kria Resources

First Production H2-2011 H1-2011

Production rate 2,000 tpd (expanding to 4,000 tpd) 2,000 tpd (first 2 years, toll-milling)4,000 tpd (next 11 years, new mill)2,000 tpd (remaining 7+ years, new mill)

Deposit Santander Halfmile / StratmatRuttan

Resources1 Main deposit Indicated:5.9 Mt @ 3.86% Zn, 1.35% Pb, 44 g/t Ag and 0.08% Cu

Main deposit Inferred: 4.8 Mt @ 5.08% Zn, 0.44% Pb, 21 g/t Ag and 0.07% Cu

Tailings deposit Inferred: 1.7 Mt @ 2.74% Zn

Halfmile Indicated:6.26 Mt @ 8.13% Zn, 2.58% Pb, 0.22% Cu and 30.78 g/t Ag

Halfmile Inferred: 6.08 Mt @ 6.69% Zn, 1.83% Pb, 0.14% Cu and 20.51 g/t Ag

Stratmat Inferred: 5.52 Mt @ 6.11% Zn, 2.59% Pb, 0.40% Cu and 54.21 g/t Ag

Ruttan Inferred (currently no planned production):19.8 Mt @ 1.47% Zn and 1.17% Cu

1Resources are all NI 43-101 Compliant

COMPARABLE COMPANY ANALYSIS

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0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Mill

ion

lbs

of

Zin

c Eq

uiv

ale

nt

NI 4

3-1

01

Re

sou

rce

s

Zinc Junior/Mid-tier NI 43-101 Resource Sizes

Source: Raymond James Ltd.

Zinc equivalency based on commodity prices of US$1.10/lb Zn, US$2.50/lb Cu, US$0.72/lb Pb, US$1,000.00/oz Au, US$14.00/oz Ag, US$50.00/lb U, andUS$0.50/lb Mn.

KEY MILESTONES

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Deposit Timeline Activity

Santander/Tingo 2011+ Exploration of Santander Project at depth

H2 2011 Production and cashflow targeted

H1 2013 Completed 8.8MW expansion of the Tingo Hydroelectric Plant

H1 2014 Completed expansion to 4,000 tpd

Halfmile/Stratmat Q1 2011 Final permitting and development begins

Q2 2011 Phase I production commences – ore to Xstrata BMS; target delivery of EIA for Halfmile/Stratmat to build new mill/tailings

2011-12 Infill/expansion drilling; work on metallurgy to define mill process;work on EIA for Kria built mill/tailings

H2 2012 Production stops as BMS goes to closure (estimated)

Q2 2012 Start to develop Stratmat; commence construction of mill/tailings

~Q3 2013 Phase 2 production commences at Stratmat and resumes at Halfmile, processing through the new mill

CATALYSTS

Increase market value with ongoing exploration & development

Wholly-owned subsidiary Trevali Renewable Energy Inc. offers significant additional upside

Short Term Value Drivers:• Production and cash flow targeted at TWO mines in 2011

• Major strategic partners – Glencore (world’s largest metal trader, fourth largest Znproducer) and Xstrata Zinc

• Highly leveraged for predicted Zn and Pb deficits from 2011 – 2015

• Listed on TSX; senior listing on Lima Stock Exchange underway

• Proven team – successful explorationists

• Exposure to silver market

Medium Term Value Drivers:

• Santander: potential for increased capacity (4,000 tpd) and improved efficiencies

• Halfmile/Stratmat: construction of a new mill, and production expansion to 4,000 tpd

• District Consolidation – disciplined approach to acquisitions

• Examine further hydroelectric growth opportunities

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Trevali Resources Corp. Kria Resources Ltd.

1920-1188 West Georgia StreetVancouver, BC, Canada, V6E 4A2

Telephone: 1-604-488-1661Fax: 1-604-408-7499

www.trevali.com

65 Queen Street WestSuite 825, P.O. Box 67Toronto, Ontario, Canada M5H 2M5

Telephone: 416-861-9500 Fax: 416-861-8165

www. kriaresources.com

Shares outstanding: 56,704,220Market Cap: C$95 million (at December 15, 2010)

TSX: TVFrankfurt: 4TIOTCQX: TREVFLima: Pending

Shares outstanding: 98,652,239Market Cap: C$25 million(at December 15, 2010)

TSX-V: KIA