British Columbia · CCAA
Twenty-Fifth Report of the Monitor
Court officer report · 21 September 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing7 verified
- secured creditorsnote: Court-ordered CCAA charge (post-filing); amount not stated. · page: 3 · debtor: Trevali Mining Corporation · creditor: Sales Agent (National Bank Financial Inc.) · currency: USD · security: Court-ordered charge securing the Sales Agent's fees (granted September 14, 2022 in connection with the SISP)
- secured creditorsnote: Amount not stated on these pages. Secured Creditor Distribution Order authorized payment 'in an amount not to exceed' the Outstanding Interim Financing Balance plus amounts owing under the facilities, subject to a holdback reserve. Appian Transaction closed June 23, 2023 and net proceeds were distributed per that order, so this secured debt was addressed post-filing; a 'Secured Lender Repayment' of $(1,673) thousand USD appears in the cash flow tables. Existing figures are post-filing distributions, not pre-filing balances. · page: 4 · debtor: Trevali Mining Corporation · creditor: The Bank of Nova Scotia, as administrative agent for the RCF Lenders · currency: USD · security: Revolving Credit Facility and Glencore Facility (as defined in the Glencore Settlement Agreement); Secured Creditor Distribution Order of April 24, 2023 authorized distribution of Appian Transaction net proceeds up to the Outstanding Interim Financing Balance plus aggregate amounts owing under those facilities
- unsecured creditorsnote: This is an amount owed BY Glencore Canada TO the Receiver, not a debt of Trevali; included for context only. Interest and penalties charged by CRA were excluded by the Court of Appeal on April 20, 2026. Leave to the Supreme Court of Canada is pending (HST SCC Application, June 19, 2026). Currency not explicitly stated; shown as dollars in a CCAA proceeding with USD as the report's default only 'unless otherwise stated'. · page: 5 · as of: 2024-12-13 · basis: Regulatory/tax-related: unpaid HST on concentrate sales that Glencore Canada was ordered to remit to the Receiver of Trevali NB (HST Order, December 13, 2024) · amount: 1129130 · debtor: Glencore Canada Corporation · creditor: Canada Revenue Agency (HST claim against Glencore Canada — receivable, not liability) · currency: CAD
- unsecured creditorsnote: Stated as 'CAD 2.35 million'. Date shown is that of the revised Notice of Revision or Disallowance. · page: 7 · as of: 2025-11-28 · basis: Deemed accepted as an unsecured Proven Claim per First Interim Distribution Order (December 8, 2025), following the Monitor's revised Notice of Revision or Disallowance dated November 28, 2025 · amount: 2350000 · debtor: Trevali Mining Corporation · creditor: XL Specialty Insurance Company · currency: CAD
- unsecured creditorsnote: Disputed. Tax Indemnity Claims assert damages of at least approximately $2.5 million and the Lead Indemnity Claim at least approximately $12.1 million (floors as asserted by claimants, not accepted). Settlement Amount of US$5.7 million to be paid to ANR RP Limited from the $9.0 million escrow (a purchase price reduction), with the Remaining Amount to Trevali Corp. This is a settled claim, paid from escrow rather than as an unsecured distribution. · page: 11 · as of: 2026-09-09 · basis: Indemnity claims under the Appian SAPA, disputed by Trevali Corp.; resolved by Appian Settlement Agreement effective September 9, 2026 (conditional on Court approval) · debtor: Trevali Mining Corporation · creditor: Appian Natural Resources Fund III LP, Appian Natural Resources (UST) Fund III LP, ANR RP Limited and Rosh Pinah Zinc Corporation (Pty) Ltd. (Appian Plaintiffs) — indemnity claims · currency: USD
- unsecured creditorsnote: Aggregate Proven Claims total is not stated on these pages (detailed in Appendix B, not included). First Interim Distribution Order authorized CAD 5.8 million pro rata distribution; Second Interim Distribution proposed at CAD 8.1 million. Individual creditors named only in Appendix B. · page: 14 · basis: Proven Claims under the CPO; Second Interim Distribution of CAD 8.1 million represents a further recovery of approximately 35%, total recovery to date approximately 60% · debtor: Trevali Mining Corporation · creditor: Unsecured creditors of Trevali Corp. with Proven Claims (aggregate, per Appendix B schedule) · currency: CAD
- secured creditorsnote: CAD 2.0 million is the charge's maximum ceiling, not a balance. The Monitor holds approximately $1.4 million (stated in USD per report convention) in a segregated trust account supporting the charge. The Monitor is not aware of any existing or asserted post-filing claims against directors and officers. · page: 20 · debtor: Trevali Mining Corporation and Trevali Mining (New Brunswick) Ltd. · creditor: Directors and officers of Trevali (D&O Charge) · currency: CAD · security: D&O Charge granted under the ARIO securing indemnification of directors and officers for post-commencement obligations; limited to a maximum of CAD 2.0 million