Sherritt Provides Updates on Financial Position and Proposed Transaction; Announces 2026 Annual Meeting Date and Second Quarter 2026 Filing Date

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Sherritt Provides Updates on Financial Position and Proposed

Transaction; Announces 2026 Annual Meeting Date and Second

Quarter 2026 Filing Date

TORONTO, July 13, 2026 – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today provided

an update on its financial position. Further to its news release dated June 22, 2026 in respect of metals refining activity

having stopped at its refinery in Fort Saskatchewan, Alberta and the suspension of direct participation in joint venture

activities in Cuba since May 7, 2026, the Corporation continues to operate with constrained liquidity and a material

uncertainty that may cast doubt on its ability to continue as a going concern. Sherritt remains in active discussions with

its senior lenders and noteholders regarding advancing a comprehensive recapitalization intended to stabilize its

balance sheet and restore normal operations when circumstances permit . The capital required to restart both those

operations has been further increased by the significantly elevated cost of key inputs — in particular sulphur, the price

of which has risen to historic highs largely as a result of global supply restrictions. The Corporation requires a significant

amount of new capital to fund the restart and related working capital , and is actively pursuing a combination of

government support, including with the assistance of Gillon Capital LLC (“Gillon Capital”), strategic and bridge financing,

and other sources to meet its capital requirement. There can be no assurance that such financing will be available or

be able to be completed on acceptable terms, on the anticipated timeline, or at all.

Sherritt also provided an update, further to its news release dated June 15, 2026, in which the Corporation announced

that it had entered into a period of exclusivity with Gillon Capital in respect of the proposed private placement

contemplated by the non -binding term sheet previously entered into with Gillon Capital (the “ Proposed Transaction”).

Discussions with Gillon Capital regarding the Proposed Transaction remain ongoing. The parties and their respective

advisors continue to work constructively through matters relevant to the Proposed Transaction, including those relating

to the Corporation ’s operations in Cuba and the U.S. regulatory and sanctions environment . Both parties remain

engaged with relevant governmental and regulatory authorities and other stakeholders in respect of these matters. The

Proposed Transaction remains subject to, among other things, the execution of definitive documentation, satisfaction

of customary conditions and receipt of all required governmental and regulatory approvals. There can be no assurance

that the parties will reach a definitive agreement or that the Proposed Transaction (or any other transaction) will be

completed, on the terms previously disclosed or otherwise.

Sherritt further announces that its board of directors (the “Board”) has fixed December 15, 2026 as the date of the

Corporation's 2026 annual general meeting of shareholders (the “Meeting”), and has set the close of business on

October 30, 2026 as the record date for determining shareholders entitled to receive notice of, and to vote at, the

Meeting. The Meeting date enables the Corporation to call its annual meeting of shareholders by September 30, 2026,

to comply with the interim relief granted by the Ontario Superior Court of Justice on May 14, 2026. The Meeting date

also follows the anticipated expiry of the exclusivity period on October 12, 2026 , thereby enabling Sherritt to present

for approval the Proposed Transaction to shareholders and other securityholders, if necessary, should the parties reach

a definitive agreement (or to present another transaction if a definitive agreement is reached following the exclusivity

period). T he Board may elect to hold the Meeting on an earlier date should the Corporation finalize a definitive

agreement sooner.

Sherritt expects to release its second quarter 2026 results after market close on August 12, 2026. In light of the

suspension of Sherritt’s direct participation in joint venture activities in Cuba and the stoppage of metals refining activity

at its refinery, Sherritt does not expect to hold a quarterly conference call in connection with its second quarter 2026

results. Sherritt will continue to provide timely public disclosure as circumstances develop.

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 common shares are listed on the Toronto Stock Exchange under the symbol “S”.

For further information, please contact:

Investor Relations

Email: [email protected]

Telephone: (416) 935-2451

www.sherritt.com

Forward-Looking Statements

Certain statements and other information included in this press release may constitute “forward -looking information”

or “forward -looking statements” (collectively, “forward -looking statements”) under applicable securities laws (such

statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”,

“estimate”, “intend” or other similar words).

All statements in this press release, other than those relating to historical information, are forward-looking statements.

Forward-looking statements in this press release include, without limitation, statements regarding the Corporation’s

ability to continue as a going concern; the Corporation’s ability to recapitalize its balance sheet, secure sufficient

financing, including bridge financing, government support and other sources of funding and fund the restart of the

business and related working capital requirements; the Corporation’s ability to restart its business and restore normal

operations; the Proposed Transaction (or any other transaction), including the completion and timing thereof, the terms

on which it may be completed and the receipt of all required approvals; the ability of the parties to negotiate and finalize

a definitive agreement in respect of the Proposed Transaction within (or, in respect of any other transaction, following)

the exclusivity period; the date and record date of the Meeting and the possibility that the Meeting may be held on an

earlier date; the matters expected to be considered at the Meeting, including the anticipated request for shareholder

and/or other securityholder approval of the Proposed Transaction (or any other transaction) if a definitive agreement is

reached; and the date for the release of the Corporation’s second quarter 2026 results and the decision to not hold a

conference call in connection with the release of its results.

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. Such factors include,

without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S.

government toward Cuba, including with respect to the Executive Order; level of liquidity of Sherritt, including access

to capital and financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the

Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the

inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized

stock exchange; uncertainty in the ability of the Corporation to enforce legal rig hts in foreign jurisdictions; uncertainty

regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic

and other risks of foreign operations; security market fluctuations and price volatili ty; risks related to environmental

liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; 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 associated with the operation of large projects generally; the ability to replace

depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining,

processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s

corporate structure; foreign exchange and pricing risks; credit risks; 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. The key risks and uncertainties should be considered in conjunction

with the risk factors described in the Corporat ion’s other documents filed with 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 23, 2026

for the period ending December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. The forward -looking

information and statements contained in this press release are made as of the date hereof and the Corpor ation

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.