Sherritt Provides Update on Jobs in its Refinery

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Not for Distribution to United States News Services or Distribution in the United States

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TORONTO – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today announced that operations at its Fort Saskatchewan, Alberta refinery are moving to a shutdown status. Such a change is in line with the Corporation’s previously disclosed expectations, which assumed that refinery operations would continue until around mid-June based on available feedstock.

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The closure of the country is carried out in a controlled and orderly manner, taking into account safety and the environment which remain the priorities of the Association. Sherritt has implemented shutdown procedures designed to protect workers, contractors, the surrounding community and the environment, and will maintain personnel and facilities necessary to maintain the refinery in a safe and secure condition during the shutdown.

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The shutdown will continue until mining and processing operations at Moa, Cuba resume and the refinery’s supply pipeline is rebuilt. At this time, the Association cannot provide a timeline for when that will happen. Sherritt maintains its suspension of direct participation in joint operations in Cuba as announced in its statement of May 7, 2026. Sherritt also continues to work on how to start operations at the refinery as soon as possible and is taking steps to save money, manage costs and maintain operational readiness during the shutdown. During the downtime, the Corporation will complete necessary maintenance activities that do not require major investment. The Corporation continues to produce fertilizers and sulfuric acid for resale.

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About Sherritt

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Sherritt is a world leader in the use of hydrometallurgical processes to mine and refine nickel and cobalt – metals considered essential to the energy transition. Using its technological expertise and decades of experience in the processing of precious minerals, Sherritt is committed to increasing domestic refining capacity and reducing dependence on foreign sources. The Corporation operates a major refinery in Alberta, Canada, recognized as the only major cobalt refinery and one of three nickel refineries in North America.

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

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Forward-Looking Statements

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Certain statements and other information included in this press release may constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (these statements are often accompanied by words such as “expect”, “forecast”, “anticipate”, “believe”, “hope”, “hope”, “hope”, “intend” or similar words).

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All statements in this press release, except those related to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the transition to the suspension of operations at the Company’s refinery in Fort Saskatchewan, Alberta; the manner in which the closure will be carried out; the Company’s ability to maintain the refinery in a safe and secure condition during the shutdown; the Company’s ability to rebuild an adequate mixed sulphide supply pipeline; the timing, possibilities and conditions for resuming refining operations; measures to save money, manage costs and maintain operational readiness.

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The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as many factors could cause actual future results, conditions, actions or events to differ materially from the intentions, expectations, estimates or objectives expressed in the forward-looking statements. Such factors include, without limitation, ongoing risks related to Sherritt’s operations in Cuba and future actions taken by the US government with respect to Cuba, including with respect to the Executive Order; Sherritt’s level of capital, including access to capital and financing; the risk or loss of Sherritt’s rights to future distributions (including pursuant to the Cobalt Exchange) from the Moa JV; the Corporation’s inability to comply with credit limits and covenants; the Company’s inability to comply with the listing requirements of the Toronto Stock Exchange or other recognized stock exchange; uncertainty in the Company’s ability to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of applicable laws in foreign jurisdictions; tax risk; political, economic and other risks of foreign operations; security market volatility and price volatility; risks related to environmental liabilities including liability for remediation costs, tailings facility failure and toxic gas emissions; compliance with applicable environmental, health and safety legislation and other related matters; risks associated with government regulations regarding climate change and greenhouse gas emissions; risks related to public relations; maintaining a social license to grow and operate; risks associated with the operation of large projects in general; the ability to replace depleted mineral reserves; risks associated with the Company’s business partners; risks associated with mining, processing and refining operations; reliance on key personnel and skilled workers; risks related to the Company’s business structure; foreign currency and price risks; credit risk; access to markets in the future; interest rate changes; risk in obtaining insurance; uncertainty in labor relations; legal emergencies; risks related to the Company’s accounting policies; uncertainty in the Company’s ability to obtain government approvals; failure to comply with, or changes in, applicable government regulations. Significant risks and uncertainties should be considered in conjunction with the risk factors described in the Company’s other documents filed with Canadian securities authorities, including without limitation the “Risk Management” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Company’s Annual Information Form, December 3, 2, 20 March 20. 2025, available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the latest date and the Company undertakes no obligation to publicly review or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information and statements contained herein are qualified solely by this cautionary statement.

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