Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for February 2018

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt Publishes Cobalt Reference Price and Warrant Conversion

Ratio for February 2018

TORONTO, February 7, 2018 – Sherritt International Corpora tion (“Sherritt”) (TSX:S), a world

leader in the mining and refining of nickel and cobalt from lateritic ores, today published the

Applicable Reference Cobalt Price and Applicable Common Shares per Warrant Ratio for the

three-month period ended January 31, 2018.

Reference Date Applicable Reference Cobalt

Price

Applicable Common Shares per

Warrant Ratio

January 31, 2018 US$33.97 1.00

Consistent with the terms of the Warrant Indenture dated as of January 25, 2018 and available

on SEDAR, Sherritt will calculate and publish t he Applicable Reference Cobalt Price based on

the simple average of the midpoint of the Metal Bulletin High Price and the Metal Bulletin Low

Price1, expressed in US dollars per pound , for the three consecutive full calendar months

immediately preceding each monthly Conversion Ratio Reset Date . The Applicable Common

Shares per Warrant Ratio disclosed here will apply on any warrant Exercise Date from, and

including, February 8, 2018 through March 7, 2018.

The next Applicable Reference Cobalt Price and Applicable Common Shares per Warrant Ratio

for the three-month period ended February 28, 2018 will be announced on March 7, 2018.

About Sherritt

Sherritt is a world leader in the mining and refining of nickel and cobalt 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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For more information, please contact:

Joe Racanelli, Director of Investor Relations

Telephone: 416-935-2457

Toll-Free: 1-800-704-6698

Email: [email protected]

www.sherritt.com

1 The “Metal Bulletin High Price” means the Cobalt low grade Metal Bulletin free market US$/lb in warehouse monthly average

high; the “Metal Bulletin Low Price” means the Cobalt low grade Metal Bulletin free market US$/lb in warehouse monthly average

low.