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

TORONTO, May 7, 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 thr ee-month

period ended April 30, 2020.

Reference Date Applicable Reference Cobalt

Price

Applicable Common Shares per

Warrant Ratio

April 30, 2020 US$16.55 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, May 8, 2020 through June 5, 2020.

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

for the three-month period ended May 31, 2020 will be announced on June 5, 2020.

About Sherritt

Sherritt is a world leader in the mining and refining of nickel and cobalt from lateritic ores with

projects, operations and investments 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.