Sherritt Reports Third Quarter 2025 Results; Moa JV Expansion Complete; Phase Two Ramp Up Advancing

The November 5, 2025, press release reports Sherritt's third-quarter 2025 financial and operational results. - Financials: The company reported a net loss of $19.5 million ($0.04 per share) and an adjusted net loss of $15.5 million ($0.03 per share). Adjusted EBITDA was a mere $1.6 million. - Production: Q3 finished nickel production was 2,426 tonnes and finished cobalt production was 228 tonnes. Net direct cash cost (NDCC) was high at $6.67 USD/lb. - Guidance Cut: For the second time this year, Sherritt has revised its full-year 2025 production guidance downward. Finished nickel guidance is now 25,000 - 26,000 tonnes (previously 27,000 - 29,000 tonnes), and finished cobalt is 2,700 - 2,800 tonnes (previously 3,000 - 3,200 tonnes). - Operations: The CEO highlighted the completion of the Moa JV expansion project and the advancing ramp-up of the sixth leach train. The guidance revision was attributed to ongoing operational challenges in Cuba and the impact of Hurricane Melissa. - Liquidity: Available liquidity in Canada was reported at $45.2 million.

This news is materially negative. It confirms that the severe operational issues flagged in the second quarter are persistent and worsening, leading to a second significant downward revision of 2025 guidance.

Sherritt International Corporation is a Canadian mining company focused on the mining and refining of nickel and cobalt from lateritic ores. Its flagship asset is a 50/50 joint venture with a Cuban state-owned company in the Moa nickel operation in Cuba. Ore is mined and processed into mixed sulphides precipitate (MSP) in Cuba, which is then shipped to Sherritt's refinery in Fort Saskatchewan, Alberta, for final processing into finished metals. The company also has a Power division in Cuba. Sherritt has recently completed a two-phase expansion at the Moa JV intended to increase annual MSP production by 20%.