An anonymous director reports

SHERRITT PROVIDES FURTHER UPDATE ON ACTIVITIES IN CUBA

Sherritt International Corp. is providing an update further to its news release on May 15, 2026. As described in such news release, the corporation is seeking to take the necessary and most appropriate actions to definitively address the practical effect of the U.S. administration's May 1, 2026, executive order expanding sanctions against Cuba.

Following further and continuing consultation with advisers, stakeholders and relevant governmental authorities and in light of additional information currently available to the corporation, Sherritt is no longer proceeding with the dissolution and disclaimer steps relating to its interests in Cuba as described in the May 15 news release, including the dissolution of the joint venture with General Nickel Company SA of Cuba, and will not proceed with its application to the Alberta Court of King's Bench.

Sherritt is maintaining its suspension of direct participation in joint venture activities in Cuba and will continue to work with stakeholders and advisers to implement appropriate steps to address the executive order as soon as practicable, including through continuing positive engagement with relevant governmental authorities. Sherritt has also been presented on a preliminary basis with a potential value preserving opportunity that the corporation is working closely with its advisers to evaluate. There can be no assurance however that any such steps or transaction will be achieved or achieved in a timely manner. In addition, the timing, structure and terms of any such steps or transaction are complex and not yet final.

While the corporation continues to actively consider and engage with stakeholders to address the executive order, unless and until these matters are resolved, Sherritt faces a number of acute operational, financial and legal difficulties, including the ability to comply with its debt covenants.

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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