"The imposition of tariffs by the U.S. on countries that provide oil to Cuba and the imposition of expanded sanctions against Cuba contributed to a material uncertainty which may cast significant doubt about the Corporation’s ability to continue as a going concern, as disclosed in note 2."

"The Corporation discloses further information regarding the material uncertainty regarding the Corporation’s ability to continue as a going concern and its application of significant judgment in the assessment of the Corporation’s ability to continue as a going concern in the critical accounting judgments section of this MD&A."

"Assessing the ability of the Corporation to continue as a going concern requires judgment that includes considering whether conditions or events, including those at any of its investees, joint operations and subsidiaries, impact the going concern assumption. In conducting this assessment, management identified adverse events impacting the Moa Joint Venture and the Energas S.A. joint operation, as well as environment rehabilitation expenditures for its legacy Spanish Oil and Gas operations, and an event regarding compliance with, ongoing accessibility to and ability to repay its revolving-term credit facility (“Credit Facility”). The aforementioned adverse events impact both production and liquidity and result in significant obligations that will require repayment or refinancing. Consequently, the Corporation is required to evaluate the impact of these adverse events on its ability to continue as a going concern."

"The uncertainties related to the matters described above result in material uncertainty which may cast significant doubt about the Corporation’s ability to continue as a going concern. If the Corporation is unable to meet its obligations when due or comply with the terms of its debt agreements, the assumption of preparing these consolidated financial statements on a going concern basis may no longer be appropriate. These condensed consolidated financial statements for the three months ended March 31, 2026 do not reflect any adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary should the going concern assumption be inappropriate, and such adjustments could be material."

25 June 2026: TORONTO – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today announced that it has filed its unaudited interim financial statements, management’s discussion and analysis and related officer certifications for the three months ended March 31, 2026 (collectively, the “Q1 2026 Filings”). The Q1 2026 Filings are available on SEDAR+ at www.sedarplus.ca.

LINK To Q1 Report In PDF Format

As previously disclosed, the Ontario Securities Commission (the “OSC”), as principal regulator, issued a cease trade order (the “CTO”) on May 21, 2026 as a result of the Corporation’s failure to file the Q1 2026 Filings by the filing deadline of May 15, 2026. The Corporation was delayed in filing as a result of operational and governance disruptions following the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba.

The resumption of trading in Sherritt’s shares remains subject to regulatory and stock exchange approval. 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 anticipated revocation of the CTO and the Corporation’s ability to satisfy any applicable requirements in connection with the foregoing.

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 Executive Order; level of liquidity of Sherritt, including access to capital and 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 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, 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.

Link To Related Analyses

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