An anonymous director reports

SHERRITT PROVIDES UPDATES ON OPERATIONS AND FINANCIAL POSITION

Sherritt International Corp. has received a specific licence from the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) authorizing the purchase and delivery of fuel, fuel oil, and sulphur to Sherritt's Moa Nickel mining and processing operations in Cuba, which form part of the Moa joint venture. The fuel licence is the first of a series of OFAC emergency licences that will be necessary for Sherritt to be able to restart mining and processing operations at Moa Nickel, as well as further processing and refining operations in Canada.

The fuel licence authorizes the sale, transportation, export, delivery and payment for fuel, fuel oil, and sulphur to Moa Nickel, together with all related services. The authorization extends to the corporation's licensed fuel supplier and persons acting on their behalf (including banks and vessel operators), as well as other necessary insurance or ancillary service providers. The corporation prepared and submitted its requests for the OFAC emergency licences in close co-ordination with Gillon Capital LLC in connection with Gillon Capital's potential acquisition of a controlling interest in the corporation, as contemplated by the non-binding term sheet between Gillon Capital and the corporation dated May 19, 2026. OFAC issued the fuel licence while Gillon Capital and Sherritt apply to OFAC for consideration of a broader proposed transaction pursuant to which a United States-based investment fund would acquire a controlling interest in Sherritt. The fuel licence is the first of a series of licences that would be necessary for Gillon Capital to acquire a controlling interest in Sherritt.

In connection with the fuel licence, Sherritt has entered into an interim consent agreement dated as of Sept. 23, 2026, with Moa Bay Mining Co., the holder of a certified claim relating to Moa Nickel under Title III of the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 (the Helms-Burton Act). Under the agreement, Moa Bay has consented to interim fuel shipments to Moa Nickel in exchange for consent fees payable by or on behalf of Sherritt. As part of the agreement, Moa Bay has also agreed not to bring any Helms-Burton Act claims against the covered participants in connection with those authorized shipments. Sherritt and Moa Bay have also obtained, concurrently with the fuel licence, separate OFAC authorization required for performance under the agreement.

As previously disclosed, following the U.S. administration's issuance of executive order 14404 expanding sanctions against persons and companies conducting business in Cuba, the corporation suspended its direct participation in joint venture activities in Cuba on May 7, 2026, and ceased metals refining operations at its Fort Saskatchewan, Alta., facility on June 22, 2026. While the fuel licence and related fuel shipment are expected to allow Moa Nickel to meet essential fuel requirements and prepare for a restart, the actual restart of operations at Moa Nickel remains subject to receipt of a second OFAC emergency licence, which the corporation is working to obtain with the continued support of and in close coordination with Gillon Capital.

As previously disclosed, the corporation continues to operate under constrained liquidity conditions and faces a material uncertainty that may cast significant doubt on its ability to continue as a going concern. The corporation's ability to satisfy obligations to suppliers, service providers, and other stakeholders remains dependent on obtaining additional financing and implementing a broader recapitalization transaction, which the corporation is actively pursuing. The corporation remains in active discussions with its lenders and potential government and other strategic capital sources, including Gillon Capital. There can be no assurance that any such financing or transaction will be available or completed on acceptable terms, in a timely manner, or at all. See the "liquidity" and "capital resources" sections of the corporation's management's discussion and analysis for the three and six months ended June 30, 2026, for additional details regarding the corporation's credit facility, liquidity position and cash flows.

The corporation is in the process of finalizing the initial fuel shipment, which is expected to ship in Q4 2026. Sherritt will continue to provide timely public disclosure as circumstances develop.

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 Toronto Stock Exchange under the symbol S.

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