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Sherritt International Corp.

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Sherritt is a Canadian-based company with over 95 years of experience in mining, processing, and refining nickel and cobalt, critical metals for the energy transition.

Investor website: https://sherritt.com/

About

Sherritt is a Canadian-based company with over 95 years of experience in mining, processing, and refining nickel and cobalt, critical metals for the energy transition. The company operates through a 50% ownership in the Moa Joint Venture in Cuba and a refinery in Fort Saskatchewan, Alberta. Additionally, Sherritt produces agricultural fertilizer and is a significant independent energy producer in Cuba through its Power division.

Verified company data

Mineral resource
The 2023 Moa JV Technical Report estimates that as of August 31, 2022 the Moa JV had 156.5 Mt of Measured and Indicated Resources at an average nickel grade of 1.07% and cobalt grade of 0.12%, providing total measured and indicated resources of 1,677 kt of contained nickel and 192 kt of contained cobalt. The updated contained nickel and cobalt resources are 12% and 2% higher, respectively, compared to the amounts previously reported and as disclosed in the 2021 AIF. The following table provides a summary of the Mineral Resources that are inclusive of Mineral Reserves for the Moa JV (100% basis): | | | | | | | | **Resources classification (1)(2)** | **Tonnage**<br>(Mt) | **Ni**<br>(%) | **Co**<br>(%) | **Ni**<br>(kt) | **Co**<br>(kt) | | Measured | 98.1 | 1.07 | 0.13 | 1,053.7 | 129.2 | | Indicated | 58.4 | 1.07 | 0.11 | 623.6 | 62.9 | | **Total Measured and Indicated Resources** | **156.5** | **1.07** | **0.12** | **1,677.2** | **192.1** | | **Inferred** | 42.2 | 1.00 | 0.1 | 419.3 | 49.2 | 1. All assumptions, parameters, and methods used to estimate the mineral resources and reserves are disclosed in the 2023 Moa JV Technical Report to be filed March 31, 2023. 2. Totals may not sum exactly due to each component number being rounded to its nearest decimal.
Projects
["Sherritt’s Moa Joint Venture is a 50/50 partnership with General Nickel Company S.A. (GNC) of Cuba. The Moa JV is a vertically integrated joint venture that mines, processes and refines nickel and cobalt for sale worldwide (except in the United States). The joint venture has an open pit lateritic ore mine and processing facility in Moa, Cuba where ore is processed into mixed sulphide precipitate (MSP) containing nickel and cobalt. The MSP is transported to its refining facilities in Fort Saskatchewan, Alberta, Canada. The resulting nickel and cobalt products are sold to various markets, primarily in Europe and Asia. The Moa JV filed an updated National Instrument 43-101 Technical Report on March 31, 2023. The refinery facilities in Fort Saskatchewan have an annual combined production capacity of approximately 38,200 tonnes (100% basis) of nickel and cobalt. Sherritt’s Moa Joint Venture produces cost competitive critical minerals while maintaining high sustainability standards and has an estimated mine life of approximately 25 years."]
Leadership
Dr. Peter Hancock (Interim President and Chief Executive Officer, Mining industry executive with over 35 years of experience, previously served as VP at Glencore overseeing nickel operations and led the completion of a US$7 billion nickel mine project.), Yasmin Gabriel (Chief Financial Officer, Accomplished finance leader with 15 years of experience at Sherritt in various financial roles.), Greg Honig (Chief Commercial Officer, Seasoned mining executive with diverse international experience in private equity and corporate development.), Chad Ross (Chief Human Resources Officer and Corporate Secretary, Strategic HR practitioner with extensive financial background and experience at Sherritt since 2011.), Elvin Saruk (Chief Operating Officer and Head of Cuban Operations, Over 30 years of experience with Sherritt managing large-scale operations.), Fitzroy Richardson (Interim Chief Financial Officer, Seasoned finance executive with nearly 30 years at Sherritt, currently President of New Providence Metals Marketing Inc.)

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