Sherritt reduces operations at JV in Cuba

Executive Summary

• Sherritt International Corp. is reducing operations at its Moa, Cuba joint venture due to unfulfilled fuel supply constraints, with mining expected to pause and the processing plant placed on standby within the next week.
• The company is actively engaging with counterparts to source input commodities and is evaluating options to maintain operations and maximize liquidity, including managing expenditures and exploring temporary financing.
• While Moa operations are impacted, the Fort Saskatchewan refinery continues to produce nickel and cobalt using existing feed inventory, which is expected to last until mid-April; Energas SA operations remain unaffected.

Key Details

• Moa Operations: Mining operations are expected to pause and the processing plant will be placed on standby within the next week.
• Fuel Supply: Planned fuel deliveries for Moa have not been fulfilled, and the timeline for resumption is unknown.
• Fort Saskatchewan Refinery: No immediate impact; continuing production of finished nickel and cobalt.
• Feed Inventory: Available feed inventory at Fort Saskatchewan is expected to last until approximately mid-April.
• Energas SA: Operations are continuing as planned without impact.
• Liquidity and Financing: Sherritt is implementing measures to preserve and maximize liquidity, including managing expenditures and exploring potential sources of temporary financing support.
• Guidance: The company expects to provide updated 2026 guidance once there is greater certainty regarding the supply chain and timelines for resuming full operations at Moa.

Notable Quotes

• "Sherritt is evaluating available options to maintain operations and prolong production at Moa and Fort Saskatchewan while implementing measures to preserve and maximize liquidity."