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

TORONTO, July 9, 2018 – 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 thr ee-month

period ended June 30, 2018.

Reference Date Applicable Reference Cobalt

Price

Applicable Common Shares per

Warrant Ratio

June 30, 2018 US$42.93 1.10

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, July 10, 2018 through August 8, 2018.

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

for the three-month period ended July 31, 2018 will be announced on August 8, 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”.

- 30 -

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.