An anonymous director reports

SHERRITT PROVIDES UPDATE ON JOINT VENTURE ACTIVITIES IN CUBA

Sherritt International Corp. has provided an update further to its May 4, 2026, news release regarding the Executive Order issued by the United States administration on May 1, 2026, expanding its sanctions against Cuba. Brian Imrie, Richard Moat and Brett Richards have resigned from the corporation's board of directors, effective immediately.

Sherritt has not been formally designated under the Executive Order. However, such a designation could occur at any time. In any event, the mere issuance of the Executive Order itself creates conditions that materially alter the corporation's ability to operate in the ordinary course, including activities related to Sherritt's Cuban joint venture operations.

Following consultation with its advisers, Sherritt has suspended its direct participation in joint venture activities in Cuba, effective immediately. Sherritt is taking steps to repatriate Sherritt's expatriate employees in Cuba and Sherritt has requested that partners repatriate their expatriate personnel in Canada. Sherritt has communicated such decisions in a letter to its Cuban partners.

Currently, there is no immediate impact on operations in Fort Saskatchewan, Alta. The refinery is continuing to produce finished nickel and cobalt for sale. The inventory of feed it has available for such production is expected to last until approximately mid-June.

The Executive Order, and any designation under the Executive Order, may also result in financial or other providers being unable or unwilling to continue to support Sherritt's operation or other business activities.

Sherritt will continue to consult with its advisors and stakeholders as it assesses the implications of the Executive Order.

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

We seek Safe Harbor.