An anonymous director reports

SHERRITT ANNOUNCES FAILURE-TO-FILE CEASE TRADE ORDER

Sherritt International Corp.'s principal regulator, the Ontario Securities Commission, has issued a failure-to-file cease trade order (FFCTO) against the corporation, effective May 21, 2026, as a result of the corporation's failure to file its first quarter 2026 interim financial statements, management discussion and analysis, and related officer certifications by the filing deadline on May 15, 2026.

As previously announced, the corporation was unable to complete its Q1 filing as a result of operational and governance disruptions following the U.S. administration's May 1, 2026, executive order expanding sanctions against Cuba.

The FFCTO prohibits the trading by any person of any securities of the corporation in each jurisdiction in Canada in which the corporation is a reporting issuer, including trades in the corporation's securities made through the Toronto Stock Exchange, for as long as the FFCTO remains in effect. Despite the FFCTO, a beneficial securityholder of the corporation who is not, and was not at the date of the FFCTO, an insider or control person of the corporation may sell securities of the corporation acquired before the date of the FFCTO if both of the following apply: (a) the sale is made through a foreign organized regulated market, as defined in Section 1.1 of the universal market integrity rules of the Canadian Investment Regulatory Organization; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. The corporation expects that the FFCTO will remain in effect until the required filings are completed. In light of continuing developments relating to the executive order, Sherritt is unable to ascertain at this time when it will be in a position to complete the Q1 filing.

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 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 TSX under the symbol S.

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