Sherritt Provides an Update on its Operations
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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sherritt Provides an Update on its Operations
TORONTO, February 17, 2026 – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S)
announced it has reduced operations at its joint venture in Moa , Cuba due to fuel supply constraints
affecting the country. The Corporation expects to pause mining operations and place the processing plant
on standby within the next week during which time, planned maintenance activities will be performed. The
Corporation has received notification that planned fuel deliveries for Moa will not be fulfilled and the timeline
for resumption of deliveries is unknown at this time . The Corporation is actively engaging with relevant
counterparts and evaluating all options for sourcing input commodities.
Currently, there is no immediate impact on operations in Fort Saskatchewan , Alberta . The refinery is
continuing to produce finished nickel and cobalt for sale. The inventory of feed it has available for such
production is expected to last until approximately mid-April.
Operations at Energas S.A. (“Energas”) are continuing as planned without any impact.
Sherritt is evaluating available options to maintain operations and prolong production at Moa and Fort
Saskatchewan while implementing measures to preserve and maximize liquidity. These efforts include
managing expenditures to maintain financial flexibility and exploring potential sources of temporary funding
support. Sherritt expects to be able to provide updated 2026 guidance once it has greater certainty around
the supply chain and timelines for the resumption of full operations at its mine and processing facility in
Moa.
About Sherritt
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals
deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in
critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing
reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada,
recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.
Sherritt’s Moa Joint Venture produces cost competitive critical minerals while maintaining high sustainability
standards and has an estimated mine life of approximately 25 years.
The Corporation’s Power division, through its ownership in Energas, is the largest independent energy
producer in Cuba, processing domestically sourced raw natural gas to generate electricity for sale to the
Cuban national electrical grid. Sherritt’s common shares are listed on the Toronto Stock Exchange under
the symbol “S”.
For further information, please contact:
Tom Halton
Director, Investor Relations and Corporate Affairs
Email: [email protected]
Telephone: (416) 935-2451
www.sherritt.com
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements can generally be identified
by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”,
“may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases.
Specifically, forward-looking statements in this document include, but are not limited to, statements regarding, the
expected suspension of mining operations and placement of the processing plant on standby at Moa; the timing and
ability to secure necessary fuel and other input commodities; the anticipated duration of feed inventory at the Fort
Saskatchewan refinery; the potential impact of fuel supply constraints on production levels; measures to preserve and
maximize liquidity, including managing expenditures and exploring potential sources of temporary funding support; and
the timing of updated 2026 guidance and the resumption of full operations at Moa.
Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and
projections about future events, including commodity and product prices and demand; the level of liquidity and access
to funding; share price volatility; production results; realized prices for production; earnings and revenues; global
demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; the commercialization of
certain proprietary technologies and service s; advancements in environmental and greenhouse gas (GHG) reduction
technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and
metrics relating to Environmental, Social and Governance (ESG) matte rs which are based on assumptions or
developing standards; environmental rehabilitation provisions; environmental risks and liabilities; compliance with
applicable environmental laws and regulations; risks related to the U.S. government policy toward Cuba; and certain
corporate objectives, goals and plans for 2026. By their nature, forward-looking statements require the Corporation to
make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions,
forecasts, conclusions or projections will not prove to be accurate, that the assumptions may not be correct and that
actual results may differ materially from such predictions, forecasts, conclusions or projections.
The Corporation cautions readers of this press release not to place undue reliance on any forward -looking statement
as a number of factors could cause actual future results, conditions, actions or events to differ materially from the
targets, expectations, estimates or intentions expressed in the forward -looking statements. These risks, uncertainties
and other factors include, but are not limited to, security market fluctuations and price volatility; level of liquidity and the
related ability of the Moa JV to pay dividends; access to capital; access to financing; the risk to Sherritt’s entitlements
to future distributions (including pursuant to the Cobalt Swap) from the Moa JV, the impact of infectious diseases, the
impact of global conflicts; changes in the global price for nickel, cobalt, oil, gas, fertilizers or certain other commodities;
risks related to Sherritt’s operations in Cuba; risks related to the U.S. government po licy toward Cuba, including the
U.S. embargo on Cuba and the Helms -Burton legislation; political, economic and other risks of foreign operations;
uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the
interpretation and/or application of the applicable laws in foreign jurisdictions; compliance with applicable environment,
health and safety legislation and other associated matters; risks associated with governmental regulations regarding
climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow
and operate; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and
toxic gas releases; uncertainty about the pace of technological advancements required in relat ion to achieving ESG
targets; risks to information technologies systems and cybersecurity; identification and management of growth
opportunities; the ability to replace depleted mineral reserves; risk of future non -compliance with debt restrictions and
covenants; risks associated with the Corporation’s joint venture partners; variability in production at Sherritt’s operations
in Cuba; risks associated with mining, processing and refining activities; potential interruptions in transportation;
uncertainty of gas supply for electrical generation; reliance on key personnel and skilled workers; growth opportunity
risks; the possibility of equipment and other failures; uncertainty of resources and reserve estimates; the potential for
shortages of equipment and sup plies, including diesel; supplies quality issues; risks related to the Corporation’s
corporate structure; risks associated with the operation of large projects generally; risks related to the accuracy of
capital and operating cost estimates; foreign exchan ge and pricing risks; credit risks; shortage of equipment and
supplies; competition in product markets; future market access; interest rate changes; risks in obtaining insurance;
uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty
in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable
government regulations; bribery and corruption risks, including failure to comply with the Corr uption of Foreign Public
Officials Act or applicable local anti -corruption law; the ability to accomplish corporate objectives, goals and plans for
2026; and the ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents.
In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from
successfully achieving the benefits from expansion opportunities may include, without limitation: identifying suitable
commercialization and other partners; successfully advancing discussions and successfully concluding applicable
agreements with external parties and/or partners; successfully attracting re quired financing; successfully developing
and proving technology required for the potential o pportunity; successfully overcoming technical and technological
challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual
property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies,
piloting, scaling from s mall scale to large scale production ; procurement, construction, commissioning, ramp -up to
commercial scale production and completion; unanticipated cost increases; supply chain challenges and securing
regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially
viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case
may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which
may be significant. Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered
in conjunction with the risk factors described in the Corporation’s other documents filed wit h the Canadian securities
authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for
the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March
24, 2025 for the period ending December 31, 2024, which is available on SEDAR at www.sedarplus.ca.
The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above
paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the
Canadian securities authorities should be read for a description of certain factors that could cause the actual results of
the Corporation to differ materially from those in the oral forward -looking statements. The forward-looking information
and statements contained in this press release are made as of the date hereof and the Corporation undertakes no
obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result
of new information, future events or otherwise, except as required by applicable securities laws. The forward -looking
information and statements contained herein are expressly qualified in their entirety by this cautionary statement.