An anonymous director reports

SHERRITT RESPONDS TO REQUISITION

Sherritt International Corp. has released its response to the requisition received from Kyma Capital Opportunities Master Fund Ltd., a beneficial shareholder, on July 22, 2026, to reconstitute the board with two new directors and Kyma's existing board nominee.

Following careful review and consultation with legal counsel, the board of directors of the corporation has determined that the requisition is rendered ineffective under the Canada Business Corporations Act (CBCA), because the corporation has already announced an annual meeting to be held on Dec. 15, 2026, published a record date of Oct. 30, 2026, and given written notice to the Toronto Stock Exchange in accordance with the CBCA.

Notwithstanding this determination, the corporation has advised Kyma that it will convert the previously announced annual meeting into a combined annual and requisitioned special meeting and will include all of the proposals set out in the requisition as business to be considered at the meeting.

As previously announced in the corporation's news release dated July 13, 2026, and as communicated to Kyma, the determination of the Dec. 15, 2026, meeting date was informed by the corporation's discussions regarding the potential transaction contemplated by the non-binding term sheet with Gillon Capital, LLC. In considering Kyma's requisition, the board observes that the date selected will also allow the corporation to continue its efforts to engage and present an auditor for appointment at the meeting, which further supports the board's initial determination.

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.

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