Mr. Leon Binedell reports

SHERRITT ANNOUNCES SUCCESSFUL CLOSING OF TRANSACTION TO EXTEND DEBT MATURITIES AND STRENGTHEN ITS CAPITAL STRUCTURE

Sherritt International Corp. has completed its previously announced transaction to extend the maturities of the corporation's notes obligations, reduce outstanding indebtedness and annual interest expense, and strengthen the corporation's capital structure, pursuant to which, among other things, the corporation's previously outstanding 8.50 per cent senior second-lien secured notes due 2026 in a principal amount of approximately $221-million, and its previously outstanding 10.75 per cent unsecured PIK (payment-in-kind) option notes due 2029 in a principal amount of approximately $70-million were collectively exchanged for approximately $266-million in aggregate principal amount of amended 9.25 per cent senior second-lien secured notes due 2031 pursuant to a plan of arrangement under the Canada Business Corporations Act.

As previously announced, Sherritt will also implement a subsequent exchange transaction, pursuant to which certain holders will exchange approximately $17-million of their amended senior secured notes received pursuant to the CBCA plan for an aggregate of 99 million common shares of the corporation. All of the conditions precedent required to commence closing of the subsequent exchange transaction have been satisfied and Sherritt expects implementation to be completed today.

"The successful closing of our strategic transactions marks a significant milestone in our efforts to strengthen Sherritt's financial foundation," said Leon Binedell, president and chief executive officer of Sherritt. "With lower outstanding note obligations, reduced interest expense and debt maturity extended to late 2031, we are now well positioned to navigate the near-term market volatility, pursue our long-term objectives and create lasting value for our stakeholders."

The CBCA transaction and the subsequent exchange transaction will collectively result in the reduction of the corporation's outstanding indebtedness by approximately $42-million in principal amount, the reduction of the corporation's annual interest expense by approximately $3-million and the extension of maturities of the corporation's notes obligations to November, 2031.

Sherritt has been provided with a copy of an application for review submitted by SC2 Inc. to the Ontario Capital Markets Tribunal seeking to set aside the decision of the Toronto Stock Exchange to approve the listing of the common shares issuable by Sherritt pursuant to the subsequent exchange transaction and other alternative relief. SC2 is affiliated with Seablinc Canada Inc., a significant supplier to Sherritt's Moa joint venture in Cuba. Sherritt believes that SC2's position and the relief requested in the application for review are entirely without merit. The respondent in the application for review is the TSX, but Sherritt intends to provide evidence and participate in the tribunal's process to oppose the relief requested in the application for review.

Goodmans LLP is acting as Sherritt's legal adviser in connection with the CBCA transaction and the subsequent exchange transaction, and National Bank Financial Inc. acted as its financial adviser. Bennett Jones LLP is acting as legal adviser to certain holders of the senior secured notes.

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 (mixed sulphide 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 comprise 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 TSX under the symbol S.

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