Sherritt Provides Updates on Financial Condition and Proposed Transactions; Announcing the 2026 Annual Meeting Date and the 2026 Second Quarter Filing Date

TORONTO — Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today provided an update on its financial condition. In addition to the press release dated June 22, 2026 regarding the suspended metal refining operation at the refinery in Fort Saskatchewan, Alberta and the suspension of direct participation in joint operations in Cuba effective May 7, 2026, the Corporation continues to operate with strong liquidity and significant uncertainty that may continue. Sherritt remains in ongoing discussions with its major lenders and noteholders about developing a comprehensive restructuring aimed at stabilizing its balance sheet and returning to normal operations when conditions permit. The money needed to restart both of those projects has also been increased by the very high cost of key inputs – particularly sulphur, the price of which has risen to historic highs largely due to land supply constraints. The Corporation requires a significant amount of new capital to finance its relaunch and related operations, and is actively pursuing a combination of government support, including assistance from Gillon Capital LLC (“Gillon Capital”), strategic and bridge financing, and other sources to meet its capital requirement. There can be no assurance that such financing will be available or able to be completed on acceptable terms, on the expected timeline, or at all.

Sherritt also provided an update, in addition to a press release dated June 15, 2026, in which the Corporation announced that it had entered into a separation period with Gillon Capital in connection with a proposed private placement proposed by a non-binding term sheet previously filed with Gillon Capital (the “Proposed Transaction”). Negotiations with Gillon Capital regarding the Proposed Transaction are ongoing. The parties and their respective advisors continue to work constructively on matters related to the Proposed Transaction, including those related to the Company’s operations in Cuba and the US regulatory and sanctions situation. Both parties are still in discussions with relevant government and regulatory authorities and other stakeholders regarding these matters. The Proposed Transaction remains subject to, among other things, the execution of certain documents, the satisfaction of customary conditions and the receipt of all necessary governmental and regulatory approvals. There can be no assurance that the parties will reach a definitive agreement or that the Proposed Transaction (or any other transaction) will be completed, on terms previously disclosed or otherwise.

Sherritt also announced that its board of directors (the “Board”) has determined December 15, 2026 as the date for the Company’s 2026 annual meeting of shareholders (the “Meeting”), and has set the close of business on October 30, 2026 as the record date for determining the shareholders entitled to notice of the meeting, and to receive notice of the meeting. The Meeting Date allows the Corporation to call its annual meeting of shareholders on September 30, 2026, to comply with the interim injunction granted by the Ontario Superior Court of Justice on May 14, 2026. The Meeting Date also follows the expected expiration of the exception period on October 12, 2026 to approve the approval of the shareholders and other shareholders, if necessary, if the parties reach in a definitive agreement (or to introduce another transaction if a definitive agreement is reached after the exclusivity period). The Board may choose to hold the Meeting at an earlier date if the Association is finalizing a specific agreement soon.

Sherritt expects to release second quarter 2026 results after the market closes on August 12, 2026. Due to the suspension of Sherritt’s direct participation in joint ventures in Cuba and the suspension of metal refining operations at its refinery, Sherritt does not expect to hold a quarterly conference call regarding its second quarter 202 results. Sherritt will continue to provide timely public disclosures as conditions develop.

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.

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