Mr. Brian Imrie reports

SHERRITT ANNOUNCES LEADERSHIP TRANSITION

Leon Binedell has stepped down as Sherritt International Corp.'s president, chief executive officer and a director, and Dr. Peter Hancock has been appointed interim chief executive officer, effective immediately.

Since his appointment in June, 2021, Mr. Binedell has guided Sherritt through one of its most challenging periods and overseen progress on several key strategic initiatives, including the expansion of the Moa joint venture, implementation of the cobalt swap agreement, optimization of the power division, and completion of the debt and equity transactions earlier this year.

"On behalf of the board, I want to thank Leon for his dedicated service advancing important strategic initiatives during his tenure, positioning Sherritt for its next phase. We wish him all the best in his future endeavours," said Brian Imrie, chair of the board. "I also want to thank Dr. Hancock for taking on the interim position. His deep familiarity with Sherritt's operations and decades of experience as a mining executive will ensure a smooth transition as the board conducts a thorough search for our next leader."

Dr. Hancock is a seasoned mining industry executive with more than 35 years of experience with Glencore PLC, including overseeing nickel mining operations and developing and commercializing process technologies. He has served as an independent director of Sherritt since November, 2021.

The board has formed a special committee, chaired by Mr. Imrie, to oversee a comprehensive search for a permanent chief executive officer, which will include consulting with shareholders and other stakeholders, and working with an executive search firm to help identify qualified candidates.

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. Leveraging its technical expertise and decades of experience in critical mineral processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America. Sherritt's Moa joint venture has an estimated mine life of approximately 25 years and has recently completed an expansion that is set to increase its annual mixed sulphate precipitate 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 are composed of 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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