Sherritt Provides Updates on Operations and Financial Position

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Company Website: https://www.sherritt.com/English/Home/default.aspx TORONTO -- (Business Wire) Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today announced that it has received a specific license (the “Fuel License”) 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 sulfur to Sherritt’s Moa Nickel mining and processing operations in Cuba (“Moa Nickel”), which form part of the Moa Joint Venture (“Moa JV”). The Fuel License is the first of a series of OFAC emergency licenses 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 License authorizes the sale, transportation, export, delivery and payment for fuel, fuel oil, and sulfur 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 “Covered Participants”). The Corporation prepared and submitted its requests for the OFAC emergency licenses in close coordination with Gillon Capital, LLC (“Gillon Capital”) 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 License while Gillon Capital and Sherritt apply to OFAC for consideration of a broader proposed transaction pursuant to which a U.S.-based investment fund would acquire a controlling interest in Sherritt. The Fuel License is the first of a series of licenses that would be necessary for Gillon Capital to acquire a controlling interest in Sherritt. In connection with the Fuel License, Sherritt has entered into an interim consent agreement dated as of September 23, 2026 (the “Agreement”) with Moa Bay Mining Co. (“Moa Bay”), 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 License, 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, Alberta facility on June 22, 2026. While the Fuel License 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 license, 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 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”. Forward-Looking Statements Certain statements and other information included in this press release may constitute “forward -looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the expected timing and completion of the initial fuel shipment or any subsequent fuel shipment to Moa Nickel; the proposed transaction with Gillon Capital; the restart of operations at Moa Nickel; the continued effectiveness and sufficiency of the Fuel License and other required approvals; the Corporation’s ability to obtain the second OFAC emergency license required to restart operations at Moa Nickel and any other required OFAC authorizations, including in connection with any proposed financing or other transaction, the timing thereof, and the continued support of Gillon Capital in connection therewith; the participation of the Corporation’s fuel suppliers and other necessary service providers, including the Covered Participants, in the authorized activities; the continued operation and effect of the Agreement; the Corporation’s ability to continue as a going concern; and the Corporation’s ability to advance or complete a comprehensive recapitalization or other transaction. The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba; level of liquidity of Sherritt, including access to capital and financing; the Corporation’s ability to negotiate and finalize a definitive agreement in respect of a recapitalization transaction, including the completion and timing thereof, the terms on which it may be completed and the receipt of all required approvals; the Corporation’s ability to restart its business and restore normal operations, including the ability to obtain restart financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three and six months ended June 30, 2026, the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ending December 31, 2025, each of which is available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20261019542252/en/ Contacts: For further information, please contact: Investor Relations Email: [email protected] Telephone: (416) 935-2451 www.sherritt.com Source: Sherritt International Corporation