Mr. Tom Halton reports

LEADING INDEPENDENT PROXY ADVISOR ISS RECOMMENDS SHERRITT SHAREHOLDERS VOTE FOR ALL RESOLUTIONS AND DIRECTOR NOMINEES

Institutional Shareholder Services Inc. (ISS) has recommended that Sherritt International Corp. shareholders vote for all resolutions and director nominees ahead of the upcoming annual and special meeting of shareholders.

ISS is a leading independent proxy adviser, who carefully reviews the information regarding upcoming shareholder meetings and then makes a voting recommendation. ISS is the second leading independent proxy adviser to recommend that shareholders vote for all resolutions. Glass, Lewis & Co. LLC previously recommended shareholders vote for all resolutions, recognizing the significant progress Sherritt has made under its current board and management team.

SC2 Inc. has publicly stated its intent to withhold support for all incumbent director nominees. However, SC2 is far from a typical shareholder. It was created to obscure the fact that Seablinc Canada Inc., a significant supplier to Sherritt's Moa joint venture, is behind its campaign to remove and replace the corporation's incumbent directors. SC2's actions appear to be the first step in Seablinc's broader agenda to secure a more lucrative supplier arrangement with the Moa joint venture, prioritizing its own commercial interests over the long-term success of the corporation.

Adding to the concern, SC2 has entered into an agreement with a third party that has the effect of limiting its upside on nearly 75 per cent of its Sherritt shares. Under this agreement, SC2 granted an irrevocable option for a third party to acquire up to 30 million of its Sherritt shares at a fixed price of 17 cents per share between Aug. 1, 2025, and May 1, 2026. This arrangement demonstrates that SC2 has effectively borrowed shares to gain influence without a long-term commitment to Sherritt.

Such short-term, opportunistic behaviour is misaligned with the interests of Sherritt's broader shareholder base and is a risk to the corporation's financial stability and strategic goals. In a detailed letter, Sherritt exposes SC2's motives and underscores the critical importance of voting for all resolutions to protect the corporation's future and sustain its strategic momentum. Shareholders can access the full letter at the Sherritt AGM website.

Protect your investment: vote for all resolutions and director nominees

Time is short. Sherritt's board urges shareholders to vote for all resolutions and nominees in advance of the proxy voting deadline on Friday, June 6, 2025, at 10 a.m. Eastern Time.

Shareholders requiring assistance with voting are encouraged to contact Sherritt's strategic shareholder adviser and proxy solicitation agent, Kingsdale Advisors, at:

• Phone: 1-866-229-8263 (toll-free in North America) or 437-561-5030 (text and collect calls outside of North America);
• E-mail: contactus@kingsdaleadvisors.com.

About Sherritt International Corp.

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 an estimated mine life of approximately 25 years and is advancing an expansion program focused on increasing annual MSP production by 20 per cent of contained nickel and cobalt. The corporation's power division, through its ownership in Energas, is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 megawatts, representing approximately 10 per cent of the national electrical generating capacity in Cuba. The Energas facilities comprised two combined cycle plants that produce low-cost electricity from one of the lowest-carbon emitting sources of power in Cuba. Sherritt's common shares are listed on the Toronto Stock Exchange under the symbol S.

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