Sherritt Reports Strong First Quarter Nickel and Cobalt
Sherritt International Corporation 1
For immediate release
Sherritt Reports Strong First Quarter Nickel and Cobalt
Production
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto – April 28, 2021 – Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world
leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for
the three-month period ended March 31, 2021. All amounts are in Canadian currency unless otherwise noted.
CEO COMMENTARY
“Sherritt sustained the momentum we established following the successful close of our balance sheet initiative last year into
2021 as evidenced by our strong performance in Q1,” said David Pathe, President and CEO of Sherritt International. “Even
while managing against the continuing global pandemic, we ended the quarter with improved finished nickel and cobalt
production results at the Moa Joint Venture, a $5 million reduction in our long-term debt, our highest adjusted EBITDA in almost
three years, and improved nickel and cobalt market conditions.”
Mr Pathe added, “In addition to continuing to work with our Cuban partners on overdue receivables, we will focus during 2021
on further developing and commercializing the know -how within our Technologies business. We have continu ed to make
improvements to our patented process for upgrading bitumen, which produces lower emissions and virtually eliminates coke
waste compared to current upgrading methods. It also eliminates the need for diluent when transporting bitumen by pipeline,
thereby reducing costs and increasing pipeline capacity with no need for new investment in pipelines. We are also progressing
with the patenting of a hydrometallurgical process for the treatment of high arsenic copper concentrates, which offers superior
environmental benefits by rendering the arsenic inert and reducing emissions relative to current methodologies. We also
continue to engage our Technologies team in the development of next generation battery -grade nickel and cobalt production
from lateritic ores to lower capital intensity, reduce emissions, and eliminate waste. Over the longer term, Sherritt is well
positioned to create significant value – both economic and environmental – as it capitalizes on the growing demand for high -
purity nickel as the market adoption of electric vehicles accelerates.”
SELECTED Q1 2021 HIGHLIGHTS
Adjusted EBITDA(1) was $30.2 million, up 602% from last year, and reflective of strong production totals at the Moa
Joint Venture (Moa JV), improved nickel and cobalt prices, and reduced administrative costs. Q1’s Adjusted EBITDA
total represents Sherritt’s highest since Q3 2018.
Sherritt’s share of finished nickel production at the Moa JV was 4,188 tonnes, up 9% from last year while Sherritt’s
share of finished cobalt production was 477 tonnes, up 19%. The growth was largely attributable to high inventories of
mixed sulphides at the refinery in Fort Saskatchewan, Alberta and improved refinery reliability. Production totals for Q1
2020 were adversely impacted by the disruption of mixed sulphides deliveries to the refinery caused by rail blockades
in Canada and by extended transit times for shipping vessels from Cuba.
NDCC(1) at the Moa JV was US$3.83/lb, the lowest total since Q4 2019.
Received US$5 million in distributions from the Moa JV, indicative of improved nickel and cobalt market conditions.
Received US$5.7 million in Cuban energy payments. Sherritt anticipates continued variability in the timing of collections
through the remainder of 2021, and is working with its Cuban partners to ensure timely receipts.
Received a $20 .3 million prepayment against nickel deliveries in 2021. The prepayment is consistent with Sherritt’s
efforts to enhance its liquidity.
Purchased an aggregate total of $5 million principal amount of second lien notes at an aggregate cost of $3 .3 million.
The $5 million debt reduction will also result in cash interest savings of $2.4 million through to the maturity of the 8.5%
second lien notes in November 2026.
Excluding depreciation and share -based compensation, administrative expenses declined by $1.5 million from Q1
2020.
2021 First Quarter Report
Press Release
2 Sherritt International Corporation
Sherritt’s emerging Technologies business continued to make progress on several of its research projects, including
enhancing a proprietary process to fully upgrade bitumen. The enhanced process, which builds on previous research
efforts, eliminates the need for diluent, increases the economic value of oil transported to downstream markets and
provides a number of environmental benefits, including reduced carbon emissions and reduced coke waste.
Launched an initiative at its Moa operations to electrify light vehicles in support of carbon reduction targets.
Sherritt’s refinery in Fort Saskatchewan had its operating license renewed for 10 years by Alberta’s Ministry of
Environment and Parks.
Sherritt’s Board continued its search for a successor to CEO David Pathe who has agreed to stay on with the Company
until a replacement is in place and an orderly transition has been effected.
(1) For additional information see the Non-GAAP measures section of this press release.
Q1 2020 FINANCIAL HIGHLIGHTS
$ millions, except as otherwise noted, for the three months ended March 31 2021 2020 Change
Revenue $ 21.9 $ 26.3 (17%)
Combined revenue(1) 141.7 112.3 26%
Net earnings (loss) from continuing operations for the period (1.9) (34.5) 94%
Net earnings (loss) for the period (5.6) (42.2) 87%
Adjusted EBITDA(1) 30.2 4.3 602%
Cash (used) provided by continuing operating activities (3.0) 22.6 (113%)
Combined free cash flow(1) 19.0 3.0 533%
Average exchange rate (CAD/US$) 1.266 1.345 N/A
Net earnings (loss) from continuing operations per share $ 0.00 $ (0.09) 100%
(1) For additional information see the Non-GAAP measures section.
2021 2020
$ millions, as at March 31 December 31 Change
Cash, cash equivalents and short term investments $ 158.3 $ 167.4 (5%)
Loans and borrowings 440.9 441.4 -
Cash, cash equivalents, and short -term investments at March 31, 2021 were $158.3 million, down from $167.4 million at
December 31, 2020. The decrease was due to a number of factors , including consolidated cash used by continuing operating
activities, use of $3.3 mill ion towards the repurchase of 8.5% second lien notes with a principal value of $5 million , and $1.3
million in capital expenditures. The decrease was partially offset by a $20.3 million prepayment against nickel deliveries in 2021,
receipt of US$5 million in distributions from the Moa JV, and the receipt of US$5.7 million in Cuban energy payments.
The US$5 million of distributions received from the Moa JV in Q1 2021 was indicative of improved nickel and cobalt realized
prices. In Q1 2020, Sherritt received US$10 million in distributions from the Moa JV despite softening nickel prices in the quarter
last year. Distributions in Q1 2020 were primarily due to the Moa JV ending 2019 with a higher available cash balance. Sherritt
anticipates receipt of distributions from the Moa JV through 2021 based on prevailing nickel and cobalt prices, planned capital
spend, and liquidity requirements for the Moa JV. Sherritt also anticipates the receipt of re-directed distributions from its Moa JV
partner, and is currently in discussions with its Cuban partners to determine amounts and timing of these distributions.
Collections against overdue amounts owed to Sherritt by its Cuban energy partners in Q1 were adversely impacted by a
combination of factors, including the ongoing effects of U.S. sanctions against Cuba, Cuba’s reduced access to foreign currency
on account of the global pandemic, and the country’s launch of a currency unification process. Total overdue scheduled
receivables at March 31, 2021 were US$154.2 million, up from US$145.9 million at December 31, 2020. Subsequent to quarter
end, Sherritt received US$4.5 million in Cuban energy payments. Sherritt anticipates variability in the timing and the amount of
energy payments through the remainder of 2021, a nd continues to work with its Cuban partners to ensure timely receipt of
energy payments.
As at March 31, 2021, $74.4 million of Sherritt’s cash and cash equivalents was held by Energas in Cuba, down from $75.0
million at December 31, 2020. Excluding the cash held by Energas in Cuba, Sherritt’s cash was $83.9 million at March 31, 2021.
Sherritt International Corporation 3
Adjusted net loss(1)
2021 2020
For the three months ended March 31 $ millions $/share $ millions $/share
Net earnings (loss) from continuing operations (1.9) - (34.5) (0.09)
Adjusting items:
Unrealized foreign exchange (gain) loss (2.6) (0.01) (12.5) (0.03)
Moa JV expansion loans receivable ACL revaluation - - 17.2 0.04
Other 2.2 - 0.9 0.01
Adjusted net loss from continuing operations (2.3) (0.01) (28.9) (0.07)
(1) For additional information see the Non-GAAP measures section.
Net loss from continuing operations for Q1 2021 was $1.9 million, or nil per share, compared to a net loss of $34.5 million, or
$0.09 per share, for the same period last year. The improvement was driven largely by strong contributions from the Moa JV
as a result of higher sales volumes and stronger realized prices.
Net loss for Q1 2021 includes a loss from discontinued operations net of tax of $3.7 million relating t o a provision retained by
Sherritt following the sale of its Coal operations in 2014 and a loss on the disposal of its Ambatovy Joint Venture Interests.
Adjusted net loss from continuing operations was $2.3 million, or $0.01 per share, for the three months ended March 31, 2021
compared to an adjusted net loss from continuing operations of $28.9 million, or $0.07 per share, for Q1 2019.
METALS MARKET
Nickel
After a strong start to 2021 marked by nickel prices climbing to a high of US$8.93/lb on February 21, the highest price since
September 2014, nickel market conditions softened considerably through to the end of Q1. By March 31, nickel prices had
dropped to $US$7.30/lb, down 18% from Q1’s peak.
The pullback was principally driven by the announcement in early March made by Tsingshan, a stainless steel producer based
in China, that it plans to supply 100,000 tonnes of a nickel intermediate product amenable for use in electric vehicle batteries
starting in October 2021. The news initially caused the markets to roil as some industry observers and media coverage
suggested that the development would address the shortfall in nickel supply needed for the surge in demand for electric vehicles
expected in the coming years.
Since the market’s initial reaction to the announcement, many industry experts have since raised questions about Tsingshan’s
process, including the increased am ount of carbon emissions its pyro -metallurgical process will produce, the capital spend
required to refine nickel matte to a purer form, and the reduced recoverability of by -product metals, which increase production
costs and lower by-product credits.
Nickel prices since Tsinghan’s announcement have improved modestly and currently trade at US7.8 0/lb. Over the near term,
nickel prices are expected to fluctuate in concert with the world’s economy as it reacts to the impact of the global pandemic.
The economic impact of COVID-19 on nickel market fundamentals in Q1 was evident by the increase in nickel inventory levels
on the London Metal Exchange (LME), which rose by 7% to 260,244 tonnes by March 31. In contrast, inventory levels on the
Shanghai Future Exchange (SHFE) shrank nearly in half to 8,972 tonnes.
As mining operations resume production activities, nickel inventory levels may rise given that supply could exceed demand as
a number of industries that are large consumers of stainless steel, such as the food and hospitality sector, will experienc e a
delayed or slower economic recovery, particularly if the third wave of the pandemic is prolonged.
The long-term outlook for nickel remains bullish, however, due to the strong demand expected from the electric vehicle battery
market. Over the past six m onths, in particular, multiple automakers and governments have announced plans for significant
investments to expand electric vehicle production capacity to meet growing demand. In 2020, more than 3.2 million electric
vehicles were sold despite the global pandemic. Industry observers estimate that the number of electric vehicles sold in 2021
will grow by approximately 70%. As a result of Class 1 nickel’s unique properties, it remains as the dominant metal in cathode
chemistries being adopted by automakers. Sherritt is particularly well positioned given our Class 1 production capabilities and
the fact that Cuba possesses the world’s fourth largest nickel reserves.
2021 First Quarter Report
Press Release
4 Sherritt International Corporation
Cobalt
Cobalt prices experienced a significant surge in Q1 2021, rising 46% according to data collected by Fastmarkets MB. Standard
grade cobalt prices on March 31 closed at US$22.75/lb, up from US$15.60/lb at the start of the quarter.
Cobalt prices since the start of 2021 largely rose on news reports that consumers in China have started to stockpile inventory to
take advantage of weak prices in anticipation of stronger demand expected with accelerated growth of electric vehicle demand
in the coming years. Cobalt is a key component of rechargeable batteries providing energy density and stability.
The rise of cobalt prices in Q1 also reflected improved market conditions as demand grew from sectors particularly impacted at
the start of the pandemic, such as the aerospace sector and consumer electronics. During the first wave of the pandemic, cobalt
prices declined to US$13.90/lb from U$15.53/lb at the start of 2020. Industry observers expect cobalt prices to continue to rise
in the near term with prices forecasted to peak at US$32/lb in 2023.
The outlook for cobalt over the long term remains bullish as demand from the EV sector in China alone is expected to grow
annually by 26% through 2025.
REVIEW OF OPERATIONS
Moa Joint Venture (50% interest) and Fort Site (100%)
$ millions, except as otherwise noted, for the three months ended March 31 2021 2020 Change
FINANCIAL HIGHLIGHTS
Revenue $ 126.3 $ 93.5 35%
Earnings (loss) from operations 27.8 (4.7) 691%
Adjusted EBITDA(1) 41.7 10.1 313%
CASH FLOW
Cash provided by operations $ 23.5 $ 4.5 422%
Free cash flow(1) 18.9 (2.1) 1000%
PRODUCTION VOLUMES (tonnes)
Mixed Sulphides 3,931 4,014 (2%)
Finished Nickel 4,188 3,836 9%
Finished Cobalt 477 400 19%
Fertilizer 63,792 56,089 14%
NICKEL RECOVERY (%) 82% 83% (1%)
SALES VOLUMES (tonnes)
Finished Nickel 4,177 3,773 11%
Finished Cobalt 477 381 25%
Fertilizer 27,111 31,140 (13%)
AVERAGE-REFERENCE PRICES (US$ per pound)
Nickel $ 7.97 $ 5.77 38%
Cobalt(2) 21.71 16.77 29%
AVERAGE REALIZED PRICE(1)
Nickel ($ per pound) 9.97 7.60 31%
Cobalt ($ per pound) 21.91 19.16 14%
Fertilizer ($ per tonne) 312 350 (11%)
UNIT OPERATING COSTS(1) (US$ per pound)
Nickel - net direct cash cost 3.83 4.33 (12%)
SPENDING ON CAPITAL
Sustaining 4.7 6.6 (29%)
4.7 6.6 (29%)
(1) For additional information see the Non-GAAP measures section.
(2) Average standard grade cobalt published price per Fastmarkets MB.
Sherritt International Corporation 5
Mixed sulphides production at the Moa JV in Q1 2021 was 3,931 tonnes, down 2% from 4,014 tonnes produced in Q1 2020. The
decline was primarily due to the negative impact of heavy rainfall on mining operations and variations in ore quality. Lower mixed
sulphides production was offset by high feed inventory levels at the refinery in Fort Saskatchewan, Alberta. Weather conditions
at Moa have since improved and mixed sulphides inventory continues to be replenished.
Finished nickel production in Q1 2021 totaled 4,188 tonnes, up 9% from the 3,836 tonnes produced in Q1 2020 while finished
cobalt production for Q1 2021 was 477 tonnes, up 19% from the 400 tonnes produced in Q1 2020. The growth was largely
attributable to high inventories of mixed sulphides at the refinery and improved refinery reliability. Finished nickel and cobalt
production totals in Q1 2020 were impacted by the reduced availability of mixed sulphides due to the disruption of deliveries to
the refinery caused by rail blockades in Canada and by extended transit time for shipping vessels from Cuba.
Consistent since the start of the global pandemic in February 2020, production of mixed sulphides and finished nickel and cobalt
were not affected by the spread of COVID-19 in Q1 2021 largely because of additional health and safety measures implemented
to protect employees, suppliers and various stakeholders at operations at Moa and at the refinery in Fort Saskatchewan.
Second quarter finished nickel and cobalt production will be impacted, however, by the annual maintenance shutdown of the
refinery in Fort Saskatchewan. This year’s shutdown will be a full-facility shutdown, including all of the refinery and utility plants,
that occurs once every six years. The extended interval between full-facility shutdowns reflects ongoing commitments to asset
management and operational excellence measures implemented over the past several years. This year’s shutdown is expected
to last approximately 11 days compared to the typical five-day annual shutdowns. Sherritt’s guidance for 2021 production, unit
cost and capital spend at the Moa JV was based on a full-facility shutdown.
Sales volume for finished nickel and cobalt in Q1 2021 were up 11% and 25%, respectively, from last year. The year-over-year
increase was largely due to higher production and improved market conditions as a result of economic recovery since the onset
of the global pandemic.
Total Moa JV revenue in Q1 2021 was $126.3 million, up 35% from $93.5 million last year. The revenue increase was attributable
to a number of factors, including higher realized nickel and cobalt prices as well as higher nickel and sales volumes, but partially
offset by lower fertilizer prices and reduced fertilizer sales volumes. In Q1 2021, realized nickel and cobalt prices were up 31%
and 14%, respectively, from last year. Realized prices may be impacted by the timing of deliveries and settlement against contract
terms.
Mining, processing and refining (MPR) costs per pound of nickel sold for Q1 2021 were down 5% to US$5.09/lb largely due to the
effect of Cuba’s unification of its currencies in lowering labour and other service costs. Lower labor costs were offset by higher
sulphur costs and fuel prices, which rose 24% and 32%, respectively, from Q1 2020. MPR costs in Q1 2021 were also impacted
by the purchase of sulphuric acid in anticipation of the planned sulphuric acid plant shutdown at Moa in Q2 2021 for maintenance
repairs.
Net direct cash cost (NDCC) per pound of nickel sold in Q1 2021 was US$3.83/lb, down 12% from last year. The improvement
was largely due to higher cobalt by-product credits and lower MPR costs than Q1 2020.
Sustaining capital spending in Q1 2021 was $4.7 million, down from $6.6 million in Q1 2020. The year-over-year decrease was
due primarily to the timing of planned capital expenditures. Sherritt’s share of planned spending at the Moa JV and Fort Site in
2021 is forecasted at US$44 million, primarily earmarked for the continued replacement of mine and plant equipment.
2021 First Quarter Report
Press Release
6 Sherritt International Corporation
Oil and Gas
$ millions, except as otherwise noted, for the three months ended March 31 2021 2020 Change
FINANCIAL HIGHLIGHTS
Revenue $ 7.5 $ 7.1 6%
Loss from operations (3.9) (5.6) 30%
Adjusted EBITDA(1) (1.3) (3.6) 64%
CASH FLOW
Cash used by operations (4.7) (7.4) 36%
Free cash flow(1) (5.1) (9.1) 44%
PRODUCTION AND SALES (boepd)
Gross working-interest (GWI) - Cuba 2,202 3,277 (33%)
Total net working-interest (NWI) 1,035 1,751 (41%)
AVERAGE-REFERENCE PRICE (US$ per barrel)
U.S. Gulf Coast High Sulphur Fuel Oil (USGC HSFO) 52.77 37.22 42%
AVERAGE-REALIZED PRICE(1) (NWI)
Cuba ($ per barrel) 46.73 $ 35.26 33%
UNIT OPERATING COSTS(1) (GWI)
Cuba ($ per barrel) 20.64 $ 27.28 (24%)
SPENDING ON CAPITAL
Development, facilities and other $ 0.2 $ 0.1 100%
Exploration 0.2 1.6 (88%)
$ 0.4 $ 1.7 (76%)
(1) For additional information see the Non-GAAP measures section.
Gross working-interest oil production in Cuba in Q1 2021 was 2,202 barrels of oil per day (BOPD), down 33% from 3,277 BOPD
produced in Q1 2020. Lower production was primarily due to natural reservoir declines at Puerto Escondido/Yumuri, the absence
of new development drilling, and expiration of the Puerto Escondido/Yumuri production sharing contract (PSC) on March 19,
2021.
Revenue in Q1 2021 was relatively unchanged at $7.5 million when compared to $7.1 million for Q1 2020 as a higher reference
oil price offset the reduction in production.
Unit operating costs in Cuba in Q1 2021 were $20.64 per barrel, down 24% from Q1 2020 due to higher recoveries and lower
labour and third-party service costs resulting from the effect of Cuba’s currency unification and the expiration of the PSC.
With the expiration of its sole production sharing contract and the absence of new development drilling, Sherritt has not provided
any production, unit costs or capital spend guidance for its Oil and Gas business unit for the balance of the year due to limited
near-term visibility. Sherritt continues its efforts to secure an earn-in partner for drilling and exploration activities for its concessions
on Block 10 and Block 6A. Sherritt is not contemplating any further investments in drilling or exploration activities without first
securing an earn-in partner.
Sherritt International Corporation 7
Power
$ millions (33⅓% basis), except as otherwise noted, for the three months ended March 31 2021 2020 Change
FINANCIAL HIGHLIGHTS
Revenue $ 5.9 $ 9.4 (37%)
(Loss) earnings from operations (1.1) 1.3 (185%)
Adjusted EBITDA(1) 2.8 6.5 (57%)
FINANCIAL HIGHLIGHTS
Cash provided by operations 2.8 18.4 (85%)
Free cash flow(1) 2.8 18.4 (85%)
PRODUCTION AND SALES
Electricity (GWh(2)) 95 153 (38%)
AVERAGE-REALIZED PRICE(1)
Electricity ($/MWh(2)) $ 54.81 $ 56.97 (4%)
UNIT OPERATING COSTS(1)
Electricity ($/MWh) 25.89 14.57 78%
NET CAPACITY FACTOR (%) 30 48 (38%)
SPENDING ON CAPITAL
Sustaining $ - $ - -
$ - $ - -
(1) For additional information see the Non-GAAP measures section.
(2) Gigawatt hours (GWh), Megawatt hours (MWh).
Power production in Q1 2021 was 95 gigawatt hours (GWh) of electricity, down 38% from 153 GWh for the comparable period
of 2020. The decline was due to the completion of previously deferred maintenance activities on a turbine at the Boca de Jaruco
power production facility. The facility has returned to production following the maintenance shutdown.
The average-realized price in Q1 2021 was $54.81 largely unchanged from Q1 2020. The modest variance was primarily due
to fluctuations of the Canadian currency relative to the U.S. dollar.
Revenue in Q1 2021 totaled $5.9 million, down 37% from $9.4 million for last year primarily due to lower power production as a
result of scheduled maintenance activities.
Unit operating costs in Q1 2021 were $25.89/MWh, up 78% from $14.57/MWh for last year. The year-over-year increase was
attributable to lower sales volume. The increase was partially offset, however, by impact of a strengthening Canadian dollar as
costs are denominated in U.S. currency, and by the effect of Cuban’s unification of its currencies in lowering labour and third-
party service costs.
The Power business unit had negligible capital spend for the three-month period ended March 31, 2021.
2021 First Quarter Report
Press Release
8 Sherritt International Corporation
OUTLOOK
2021 Production, unit operating costs and capital spending guidance
Sherritt’s targets for production, unit costs and capital spending in 2021 remain consistent with guidance announced on
January 25, 2021 based on operational results achieved in Q1 2021, prevailing commodity prices and input costs, and planned
capital spend for the year.
Guidance Year-to-date Updated
for 2021 - actuals - 2021 guidance -
Production volumes, unit operating costs and spending on capital Total Total Total
Production volumes
Moa Joint Venture (tonnes, 100% basis)
Nickel, finished 32,000 - 34,000 8,376 No change
Cobalt, finished 3,300 - 3,600 954 No change
Electricity (GWh, 33⅓% basis) 450 - 500 95 No change
Unit operating costs
Moa Joint Venture - NDCC (US$ per pound) $4.25 - $4.75 $3.83 No change
Electricity (unit operating cost, $ per MWh) $30.50 - $32.00 $25.89 No change
Spending on capital
Moa Joint Venture (50% basis), Fort Site (100% basis)(1) US$44 (CDN$57) US$4 (CDN$5) No change
Power (33⅓% basis) US$1 (CDN$1.3) US$0 (CDN$0) No change
Spending on capital (excluding Corporate) US$45 (CDN$58) US$4 (CDN$5) No change
(1) Spending is 50% of US$ expenditures for the Moa JV and 100% expenditures for Fort Site fertilizer and utilities.
NON-GAAP MEASURES
The Corporation uses combined results, Adjusted EBITDA, average -realized price, unit operating cost/NDCC, adjusted
earnings/loss and free cash flow to monitor the performance of the Corporation and its operating divisions. Management believes
these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or
evaluate the results of its underlying business. These measures do not have a standard definition under IFRS and should not
be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures
do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. See
Sherritt’s Management’s Discussion and Analysis for the three months ended March 31, 2021 for further info rmation and
reconciliation of non-GAAP measures to the most directly comparable IFRS measure.
CONFERENCE CALL AND WEBCAST
Sherritt will hold its conference call and webcast April 29, 2021 at 10:00 a.m. Eastern Time to review its Q1 2021 results. Dial-
in and webcast details are as follows:
North American callers, please dial: 1-866-521-4909
International callers, please dial: 647-427-2311
Live webcast: www.sherritt.com
Please dial in 15 minutes before the start of the call to secure a line. Alternatively, listeners can access the conference call
and presentation via the webcast available on Sherritt’s website.
An archive of the webcast and replay of the conference call will also be available on the website.