Sherritt announces an unsold private placement of up to $50 Million

TORONTO – Sherritt International Corporation (“Sherritt” or “Organization“) (TSX:S) today announced that it has agreed with certain new and existing stockholders of the Corporation to complete a non-brokered placement of Sherritt common stock (“Common Shares”) with gross proceeds of up to $50 million (collectively, “Private PlacementAs part of the Private Placement, Seymour Schulich, through an entity controlled by him, has agreed to subscribe for up to 68,600,000 Common Shares for a total consideration of up to $14,406,000.

Pursuant to the Private Placement, the Corporation will issue up to 238,095,238 Common Shares from the treasury at a price of $0.21 per Common Share. The Private Placement is expected to close on or about April 7, 2026, subject to customary closing conditions and the receipt of necessary regulatory approvals, including the approval of the Toronto Stock Exchange.

The proceeds from the Private Placement are expected to be used for general corporate purposes and to support the Company’s operations and strategic plans.

An existing shareholder of the Corporation holding approximately 13.5% of the outstanding common shares is expected to participate in the private placement. Such participation constitutes “related party conduct” within the meaning of Multilateral Instrument 61-101 – Protection of Junior Security Officers from Special Actions (“MI 61-101“”). The Company expects to rely on the exemption from the statutory valuation and minority shareholder approval requirements of MI 61-101 on the basis that the fair market value of the securities issued by the related party does not exceed 25% of the Company’s market capitalization. The Private Placement will not result in a change of control of the Company.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any US state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction where such offer, solicitation or sale would be unlawful.

Commenting on the Private Placement, Brian Imrie, Chairman of Sherritt’s board of directors (the “The board”) said, “This private placement marks an important development for Sherritt as we continue to navigate a challenging operating environment. We appreciate the strong support shown by both new and existing shareholders, which reflects their confidence in Sherritt’s future prospects.”

In addition, Sherritt announces that Louise Blais has stepped down from its Board effective today, to focus on her responsibilities at her strategic consulting firm Blais Global.

“On behalf of the Board, I would like to thank Louise for her important role and dedication during her tenure,” said Mr. Imrie. “His insight and leadership have helped guide Sherritt through an important time, and we wish him continued success in his future endeavors.”

Sherritt is a world leader in the use of hydrometallurgical processes to mine and refine nickel and cobalt – metals considered essential to the energy transition. Using its technological expertise and decades of experience in the processing of precious minerals, Sherritt is committed to increasing domestic refining capacity and reducing dependence on foreign sources. The Corporation operates a major refinery in Alberta, Canada, recognized as the only major cobalt refinery and one of three nickel refineries in North America. Sherritt’s Moa Joint Venture produces cost-competitive precious minerals while maintaining high levels of sustainability and has an estimated mine life of 25 years.

The Company’s energy division, through its ownership of Energas, is Cuba’s largest independent energy producer, processing the country’s raw natural gas to generate electricity for sale to Cuba’s national power grid. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.