Sherritt Reaffirms 2024 Guidance Following the Nationwide Power Outage in Cuba

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE

SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt Reaffirms 2024 Guidance

Following the Nationwide Power Outage in Cuba

TORONTO, October 28, 2024 – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S)

today announced an update on its operations in Cuba following the nationwide power outage that began

on October 18, 2024 (please refer to Sherritt’s press release dated October 21, 2024 titled “Sherritt Provides

an Operational Update” ). Despite the power outage and adverse weather from the tropical storm that

occurred shortly after, Sherritt maintains its 2024 guidance ranges.

The Moa nickel mine and all Energas S.A. (“ Energas”) facilities returned to full operating capacity on

October 27, 2024. Following the power outage , the Moa nickel mine was operating at a reduced capacity

of 50% to 60% with power sourced from the mine site’s own power generating capabilities . Despite this,

there was not a material impact to mixed sulphides production . Moreover, the Corporation’s refinery in

Alberta had strategically built -up feed inventory earlier in the year, ensuring reliable feed throughput for

finished nickel production . At Energas, operations had partially resumed by Saturday, October 19 , 2024

although some temporary disruptions continued due to the complexities involving the power grid. Energas

was instrumental in assisting to restore power to the Cuban national grid. The Energas facilities, which are

comprised of two reliable combined cycle plants , generate low-cost electricity from domestically sourced

natural gas and are among the lowest carbon emitting power sources in Cuba.

Throughout the nationwide power outage, all environmental protection and safety activities at sites in Cuba

continued uninterrupted, and there were no environmental incidents or injuries reported among personnel.

About Sherritt International

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals

deemed critical for the energy transition. Sherritt’s Moa Joint Venture has a current estimated mine life of

25 years and has embarked on an expa nsion program focused on increasing annual mixed sulphide

precipitate production by approximately 20% of contained nickel and cobalt. The Corporation’s Power

division, through its ownership in Energas S.A., is the largest independent energy producer in Cub a with

installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical

generating capacity in Cuba. The Energas facilities are comprised of two combined cycle plants that

produce low-cost electricity from one o f the lowest carbon emitting sources of power in Cuba. Sherritt’s

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

For further information, please contact:

Tom Halton

Director, Investor Relations and Corporate Affairs

Email: [email protected]

Telephone: (416) 935-2451

www.sherritt.com

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements can generally be identified

by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”,

“may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases.

Specifically, forward -looking statements in this document include, but are not limited to, statements regarding, the

Corporation’s 2024 guidance.

Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and

projections about future events, including commodity and product prices and demand; the level of liquidity and access

to funding; share price volatility; production results; realized prices for production; earnings and revenues; global

demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; the commercialization of

certain proprietary technologies and services; advancements in environmental and greenhouse gas (GHG) reduction

technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and

metrics relating to Environmental, Social and G overnance (ESG) matters which are based on assumptions or

developing standards; environmental rehabilitation provisions; environmental risks and liabilities; compliance with

applicable environmental laws and regulations; risks related to the U.S. governmen t policy toward Cuba; and certain

corporate objectives, goals and plans for 2024. By their nature, forward -looking statements require the Corporation to

make assumptions and are subject to inherent risks and uncertainties. There is significant risk that pr edictions,

forecasts, conclusions or projections will not prove to be accurate, that the assumptions may not be correct and that

actual results may differ materially from such predictions, forecasts, conclusions or projections.

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. These risks, uncertainties

and other factors include, but are not limited to, uncertainty in the ability to accurately forecast the timing of operations

operating at full capacity following the power outages of the Cuban national grid, security market fluctuations and price

volatility; level of liquidity and the related ability of the Moa Joint Venture to pay dividends; access to capital; access to

financing; the risk to Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa

Joint Venture, the impact of infectious diseases, the impact of global conflicts; changes in the global price for nickel,

cobalt, oil, gas, fertilizers or certain other commodities; risks related to Sherritt’s operations in Cuba; risks related to the

U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; political,

economic and other risks of foreign operations; uncertainty i n the ability of the Corporation to enforce legal rights in

foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign

jurisdictions; 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 related to environmental liabilities including

liability for reclamation costs, tailings facility failures and toxic gas releases; uncertainty about the pace of technological

advancements required in relation to achieving ESG targets; risks to information technologies systems and

cybersecurity; identification and management of growth opportunities; the ability to replace depleted mineral reserves;

risk of future non-compliance with debt restrictions and covenants; risks associated with the Corporation’s joint venture

partners; variability in production at Sherritt’s operations in Cuba; risks associated with mining, processing and refining

activities; potential interruptions in transportation; uncertainty of gas supply for electrical generation; reliance on key

personnel and skilled workers; growth opportunity risks; the possibility of equipment and other failures; uncertainty of

resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies

quality issues; risks related to the Corporation’s corporate structure; risks associated with the operation of large projects

generally; risks related to the accuracy of capital and operating cost estimates; foreign exchange and pricing risks;

credit risks; shortage of equipment and supplies; comp etition in product markets; 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 Corpora tion to obtain government permits; failure to

comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply

with the Corruption of Foreign Public Officials Act or applicable local anti -corruption l aw; the ability to accomplish

corporate objectives, goals and plans for 2023; and the ability to meet other factors listed from time to time in the

Corporation’s continuous disclosure documents.

In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from

successfully achieving the benefits from expansion opportunities may include, without limitation: identifying suitable

commercialization and oth er partners; successfully advancing discussions and successfully concluding applicable

agreements with external parties and/or partners; successfully attracting required financing; successfully developing

and proving technology required for the potential o pportunity; successfully overcoming technical and technological

challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual

property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies,

piloting, scaling from small scale to large scale production; procurement, construction, commissioning, ramp -up to

commercial scale production and completion; unanticipated cost increases; supply chain challenges and securing

regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially

viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case

may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which

may be significant. Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered

in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities

authorities, including without limitation the “Managing Risk” sec tion of the Management’s Discussion and Analysis for

the three and six months ended June 30, 2024 and the Annual Information Form of the Corporation dated March 21,

2024 for the period ending December 31, 2023, which is available on SEDAR at www.sedarplus.ca.

The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above

paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the

Canadian securities authorities should be read for a description of certain factors that could cause the actual results of

the Corporation to differ materially from those in the oral forward -looking statements. The forward-looking information

and statements contained in this press release are made as of the date hereof and the Corporation 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.