Think Willy Wonka And The Golden Tickets

Winner For Canada’s Sherritt International Corporation Will Need Five Golden Tickets

Today, the competition expanded from one suitor to two suitors seeking to control Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy operations in the Republic of Cuba.

Dallas, Texas-based Gillon Capital, LLC now has competition from a consortium consisting of London, United Kingdom-based Kyma Capital, London, United Kingdom-based Trifon Natsis and Baar, Switzerland-based Glencore International AG.

The immediate beneficiary to the competition is the government of the Republic of Cuba. The paper value of its shareholding in a mining joint venture has increased with the increase in the price in shares of Sherritt International Corporation. Simultaneously, with the value of the shareholding increasing, the debt owed by the government of the Republic of Cuba to Sherritt International Corporation has decreased as a percentage, thus the equity value in the joint venture has increased for the government of the Republic of Cuba.

Whomever prevails will require Five Golden Tickets- as the character Willy Wonka distributed in the 1971 motion picture.

1) Authorizations, certifications, licenses, and opinions from the Bureau of Industry and Security (BIS) of the United States Department of Commerce
2) Authorizations, certifications, licenses, and opinions Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury
3) Authorizations, certifications, licenses, and opinions United States Foreign Claims Settlement Commission (USFCSC) of the United States Department of Justice (DOJ)
4) Authorizations, certifications, licenses, and opinions Office of the Legal Adviser (OLA) of the United States Department of State
5) A settlement with the owner of the claim certified by the FSCS: CU-2619: MOA Bay Mining Company, Improved Real Property, Oriente, Republic of Cuba, US$88,349,000.00. The current owner of the claim is reported as New York, New York-based Citigroup, Inc. (2025 assets approximately US$2.6 trillion). Link To Claim Filing In PDF Format

The efforts to control Sherritt International Corporation by Gillon Capital LLC, Kyma Capital, Trifon Natsis, and Glencore International AG may have been complicated or may have been enhanced by a Libertad Act Title III Lawsuit filed on 29 July 2026.

The Trump-Pence Administration (2017-2021) on 2 May 2019 made operational Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”).
Title III authorizes lawsuits in United States District Courts against companies and individuals who are using a certified claim or non-certified claim where the owner of the certified claim or non-certified claim has not received compensation from the Republic of Cuba or from a third-party who is using (“trafficking”) the asset. Link To Libertad Act Lawsuit Filing Statistics

Greenwich, Connecticut-based Atlas Holdings (2025 assets approximately US$16 billion) which owns Boca Raton-based Office Depot, Inc. (2025 revenue approximately US$7 billion) which is the owner of the Cuban Electric Company which has the largest certified claim valued at US$267,568,413.62, filed a Libertad Act Title III lawsuit again Republic of Cuba government-operated Union Electrica and Energas S.A. (within which Sherritt International Corporation has a 33% shareholding).

CUBAN ELECTRIC COMPANY A/K/A COMPAÑIA CUBANA DE ELECTRICIDAD, Plaintiff, v. UNIÓN ELÉCTRICA AND ENERGAS S.A., Defendants. (1:26-cv-02675-JDB). NOTE: Steptoe LLP also represents the eighth-largest curtained claimant Spring, Texas-based ExxonMobil Corporation (2025 revenue approximately US$332 billion) in its Libertad Act Title III lawsuit filed in 2019 against Republic of Cuba government-operated Corporación Cimex, S.A. and Republic of Cuba government-operated Unión Cuba-Petróleo (CUPET). Link To Complaint
From the complaint: “Defendant Energas S.A. is an enterprise organized under the laws of Cuba as a joint venture with three equal owners: 1/3 owner UNE, 1/3 owner Unión Cubapetróleo (“CUPET”), Cuba’s state-owned oil company, and 1/3 owner Sherritt International Corporation (“Sherritt”), a minerals company which is a corporation organized under the laws of Canada with its principal place of business in Canada. Thus, Energas is majority-owned by Cuban state-owned entities. Energas processes raw natural gas, which is supplied to Energas free of charge by CUPET. Energas also generates electricity for sale to the national grid, providing approximately 10% of Cuba’s total electrical generating capacity. Energas’ principal place of business is in Cuba, and it has operations throughout the country.”

If both certified claims are included in a successful effort to control Sherritt International Corporation, the transaction would permit settlement of the largest certified claim and the third largest certified claim. There are 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice (DOJ).

By incorporating a settlement of the third-largest certified claim with a settlement of a component of the largest certified claim, meaningful impediments would be addressed for United States-based companies as sources of Direct Foreign Investment (DFI) for the Republic of Cuba.

Link: Potential Triple Play? Carney, Diaz-Canel, Trump Deal. U.S. Secretary Of Defense Hegseth Wants Cobalt. Cuba Has It. Settling One Libertad Act Issue. And Opening Doors? August 23, 2025

Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore Ltd.

10 August 2026

Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore confirms it has offered a funded and inclusive recapitalization proposal providing significant equity capital, shareholder participation and relevant industrial capability, with a credible path to the stakeholder consents required for implementation. The Consortium calls on the Board to engage without further delay.

TORONTO, Aug. 10, 2026 /PRNewswire/ -- The United States Consortium (the "Consortium") — now comprising a prominent United States anchor investor ("US anchor"), Kyma Capital Limited ("Kyma Capital"), veteran global financial markets investor Trifon Natsis, and Glencore Ltd. ("Glencore") (LON: GLEN) today confirms that it formally submitted a comprehensive, non-binding recapitalization proposal (the "Proposal") to the Board of Directors of Sherritt International Corporation (TSX: S) ("Sherritt" or the "Company") on June 26, 2026. The Proposal has been before the Board since that date. The Consortium is making this announcement so that Sherritt's shareholders, noteholders, employees and other stakeholders can assess the Company's alternatives for themselves.

On August 7, an Ad Hoc Group representing a majority of the outstanding principal amount of Sherritt's 9.25% 2031 Notes publicly disclosed the key terms of a recapitalization proposal submitted to the Company by a consortium of strategic and financial investors and called on the Board to engage immediately with all credible alternatives. The Consortium confirms that the proposal disclosed by the Ad Hoc Group is the Proposal described in this announcement. The Proposal provides:

• New equity at C$0.12 per share- a market-reflective price with no discount to Sherritt's unaffected share price as of May 19, 2026, in contrast to the discounted structure publicly disclosed as the basis of the Gillon Capital proposal;

• Partial participation rights for eligible existing shareholders- eligible shareholders will have the opportunity to participate pro rata in a portion of the new equity issuance at the same C$0.12 per share price as the Consortium, reducing the dilution that would otherwise result from a closed control placement;

• A fully-funded transaction with no third-party debt financing condition- equity commitments from Consortium members, supported by equity commitment letters or equivalent instruments delivered at signing of definitive documentation, and a structure designed to provide a credible path to the noteholder support required for implementation;

• While not conditional, the Proposal provides the ability to unlock additional financing from the existing noteholders, contemplated in combination with equity commitments from the Consortium;

• Clear control and ownership structure through a U.S.-domiciled acquisition vehicle which, in the aggregate, will hold at least 55% of the Company on a fully diluted basis at completion; and

• U.S. regulatory engagement already underway- the Consortium has received written confirmation from the U.S. Department of State, addressed to the Consortium and the Company, that the U.S. Department of State and Department of the Treasury do not object to the Consortium engaging in negotiations with Sherritt.

Following completion, the Consortium intends to work with the Company to stabilize its capital structure and liquidity; preserve and enhance the Fort Saskatchewan refinery and Sherritt's North American nickel and cobalt processing capability; establish a compliant pathway for the business to serve critical-minerals supply chains; and establish a dedicated sanctions, national security and compliance committee of the Board.

A consortium built for this situation

The Consortium combines three differentiated capabilities: a US anchor and Trifon Natsis, providing anchor capital and deep global financial markets experience; Kyma Capital, Sherritt's largest economic stakeholder across its capital structure, providing the stakeholder-consent bridge and implementation certainty no disclosed competing proposal can match; and Glencore, a leading global diversified natural resources company, contributing commercial expertise and technical support specific to nickel and cobalt production.

A spokesperson for the Consortium said: "This is a funded, inclusive proposal at a price with no discount, from investors who know this company, with a credible path to the noteholder consent any transaction must have and with constructive engagement already underway in Washington. We are not asking the Board to abandon its process. We are asking it to compare proposals — and to let the better transaction win on the merits."

Akshay Shah, Chief Investment Officer of Kyma Capital, said: "The majority noteholder group has now publicly disclosed the key terms of this Proposal and called for immediate engagement with all credible alternatives. Any transaction requiring noteholder consent needs to be developed through meaningful engagement with those stakeholders, not presented as a fait accompli after the key economic and governance terms have already been determined."

Engagement

The Company has publicly acknowledged constrained liquidity, a material uncertainty as to its ability to continue as a going concern, and the need for significant new capital to restart the Fort Saskatchewan refinery. On August 7, the Ad Hoc Group called for immediate engagement with all credible alternatives and stated that meaningful engagement with noteholders must occur before key economic and governance terms are finalized in any transaction requiring noteholder consent. In these circumstances, the Consortium believes that all credible alternatives must be evaluated promptly and on an informed basis, and that exclusivity arrangements do not relieve the Board of that obligation. Delay has real economic consequences: restart costs, working capital needs and the total financing requirement all grow with time.

As the Ad Hoc Group has now publicly observed, the competing alternatives should be assessed on value, financing certainty, shareholder treatment, operating capability, strategic merit, execution risk and overall stakeholder outcomes.

The Consortium and its advisers are available to meet with the Board and its advisers immediately.

Kyma Capital has separately announced governance initiatives in respect of the Company, including the special meeting of shareholders that has now been requisitioned. Those initiatives are undertaken by Kyma Capital in its own capacity as a shareholder of Sherritt, and not on behalf of the Consortium.

About US Anchor

US Anchor is a United States-based investor with deep global financial markets experience.

About Kyma Capital: Kyma Capital is a London-based investment manager specialising in event-driven and distressed credit opportunities. Kyma is authorised and regulated by the United Kingdom Financial Conduct Authority.

About Trifon Natsis: Trifon Natsis is a co-founder of Brevan Howard Asset Management and has more than three decades of experience investing across global financial markets.

About Glencore: Glencore is one of the world's largest diversified natural resource companies and commodity traders, with a significant presence in mining and marketing of critical minerals, including nickel and cobalt.

Important information

The Proposal is non-binding, subject to the negotiation and execution of definitive documentation and receipt of all required approvals, and there can be no assurance that any transaction will result from it, or as to the terms or timing of any transaction. This announcement is for information only. It does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, and it is not a solicitation of proxies. Each member of the Consortium is responsible for its own disclosure and filing obligations under applicable securities laws. This announcement contains forward-looking statements that reflect current expectations and involve risks and uncertainties; actual outcomes may differ materially, and the Consortium undertakes no obligation to update such statements except as required by law.

SOURCE Consortium of a United States anchor investor, Kyma Capital, Trifon Natsis and Glencore Ltd.

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Links To Related Analyses

Does United States-Based Investor Have Homefield Advantage? U.S. Department Of State Deploys Competition For Control Of Canada's Sherritt International Corporation August 8, 2026

President Trump’s Roundtable On American Mining A Positive Signal For Gillon Capital Acquisition Of Canada’s Sherritt International Corporation. And Possible Settlement For Largest Certified Claim? August 7, 2026

Can Antilles Gold Of Australia Convince The Trump-Vance Administration And Government Of Cuba To Restructure Company Operations And Assets In Cuba? July 31, 2026

Cuban Electric Company Sues Cuba Government And Indirectly Canada's Sherritt International Corporation For US$267.6 Million Plus Sixty-Years Of 6% Annual Interest July 31, 2026

Time For Trump Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana. The White House Wants Disruption And Efficiency- Branches Would Qualify. June 29, 2026

Canada's Sherritt Questions "ability to continue" While OFAC Considers U.S. Company License Application To Save Company, Invest In Cuba, Settle A Certified Claim, Export Nickel And Cobalt To U.S. June 26, 2026

120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation? June 23, 2026

U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026

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