Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for January 2020

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 January 2020

TORONTO, January 8, 2020 – Sherritt International Corporation (“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 December 31, 2019.

Reference Date Applicable Reference Cobalt

Price

Applicable Common Shares per

Warrant Ratio

December 31, 2019 US$16.86 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 Fastmarkets MB (formerly known as Metal Bulletin) High

Price and the Fastmarkets MB Low Price 1, 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, January 9, 2020 through February 7, 2020.

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

for the three-month period ended January 31, 2020 will be announced on February 7, 2020.

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

Email: [email protected]

www.sherritt.com

1 The “Fastmarkets MB High Price” means the Fastmarkets Cobalt standard grade MB free market US$/lb in warehouse monthly

average high; and the “Fastmarkets MB Low Price” means the Fastmarkets Cobalt standard grade MB free market US$/lb in

warehouse monthly average low. Metal Bulletin was rebranded as Fastmarkets MB on October 1, 2018 and changed the names of

its benchmark in-warehouse Rotterdam cobalt price assessments on January 2, 2019. Underlying pricing data remains the same.