An anonymous director reports

SHERRITT PROVIDES FURTHER UPDATE ON ACTIVITIES IN CUBA; ANNOUNCES NON-BINDING TERM SHEET AND POSITIVE ENGAGEMENT WITH DEPARTMENT OF STATE

Sherritt International Corp. is providing a further update to its news release issued on May 19, 2026.

Sherritt has entered into a non-binding term sheet with Gillon Capital LLC with respect to a proposed private placement of a common share purchase warrant. The warrant is exercisable for up to that number of common shares of the corporation such that, immediately upon exercise in full of the warrant, Gillon Capital would own 55 per cent of the common shares then issued and outstanding. The warrant will be exercisable at a price to be agreed by the parties for a period ending nine months from the closing date, subject to satisfaction of certain conditions precedent, including compliance with the corporation's existing contractual arrangements and debt agreements. Given the current circumstances of the corporation, management expects that such exercise price will be at a discount to the closing price of the common shares on May 15, 2026.

The private placement remains subject to the execution of definitive documentation, and the transaction is expected to be subject to the satisfaction of customary conditions and the receipt of all required regulatory approvals, including approval of the Toronto Stock Exchange. There can be no assurance that the private placement will be completed, completed on the terms described above or completed in a timely manner.

In connection with the private placement, Sherritt has engaged constructively with the U.S. Department of State, which has confirmed that the Department of State and Department of Treasury do not object to Gillon Capital's engagement in negotiations with the corporation, and, based on the information provided to date, do not consider such negotiations to be contrary to U.S. law. Any subsequent transaction will be subject to approval of the Department of State and Department of Treasury.

The corporation will continue to provide information on material developments to its shareholders and other stakeholders.

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

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