Sherritt Provides an Update on Ambatovy Joint Venture Negotiations

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Sherritt Provides an Update on Ambatovy Joint Venture Negotiations

TORONTO, January 16, 2017 – Sherritt International Corporation (“Sherritt”) (TSX:S) today

announces an extension to the waiver preventing Sherritt from becoming a defaulting

shareholder for non-funding under the terms of the Shareholders Agreement between Sherritt

and its Ambatovy Joint Venture partners, Sumitomo Corporation and Korea Resources

Corporation. By agreement amongst the partners, the waiver has been extended to expire at

the close of business on February 17, 2017 as negotiations continue which may result in a

reduced equity position for Sherritt or an orderly exit.

About Sherritt

Sherritt, which is celebrating its 90th anniversary in 2017, is the world leader in the mining and

refining of nickel from lateritic ores with projects and operations in Canada, Cuba and

Madagascar. The Corporation is the largest independent energy producer in Cuba, with

extensive oil and power operations across the island. Sherritt licenses its proprietary

technologies and provides metallurgical services to mining and refining operations worldwide.

The Corporation’s common shares are listed on the Toronto Stock Exchange under the symbol

“S”.

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Source: Sherritt Investor Relations

For further information, please contact:

Investor Relations

Flora Wood, Director Investor Relations

Telephone: 416-935-2451

Toll-Free: 1-800-704-6698

Email: [email protected]

www.sherritt.com