An anonymous director reports

16,899,224 SHERRITT SHARES ALREADY TENDERED TO SC2 OFFER

SC2 Inc. has noted that 16,899,224 common shares of Sherritt International Corp., representing 4.25 per cent of the Sherritt public float, have already been tendered to the previously announced offer by SC2 to purchase up to 21,621,621 common shares of Sherritt, at a price of 37 cents per common share.

Only 4,722,397 common shares remain available for purchase under the offer, which expires on May 3, 2024. SC2 expects to take up and pay for all the common shares tendered to the offer no later than May 7, 2024.

If more than the maximum number of common shares for which the offer is made are delivered in accordance with the offer and not withdrawn at the time of take up of the common shares, the common shares to be purchased from each depositing shareholder will be determined in priority based on the order in which those deposits were received by the Olympia Trust Company, the depositary and information agent, rather than on a pro rata basis according to the number of common shares delivered by each shareholder.

For more information on the offer, please refer to SC2's news releases dated April 8, 2024, and April 10, 2024, and the letter to shareholders and letter of transmittal to be used to accept the offer, which are posted at SEDAR+, under Sherritt's SEDAR+ profile.

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