Mistake For Four-Party Consortium Bidding For Sherritt International Corporation To Keep Secret Most Important Party- The United States-Based One

If The United States-Based Party Is Committed, Why Secret?

Does President Trump Prefer Threesome Or Fivesome?

The White House Will Demand Transparency

The United States Congress Will Demand Transparency

The Government Of Cuba Will Need Transparency

Will Theory Of Fewer Moving Parts Prevail?

President Trump Can Save Cuba’s Nickel And Cobalt From China, European, Russia Companies

If a consortium wants to project legitimacy, why embrace 75% rather than 100%? Why would a consortium believe it is advantageous for its credibility with governments, investors, media, public, and shareholders to keep secret the most important asset of its proposal?

The future of Toronto, Canada-based Sherritt International Corporation (2025 revenue approximately US$389 million) which has cobalt, nickel, and energy (30% interest in Energas S.A.) operations in the Republic of Cuba is simultaneously in doubt and in play.

Two suitors want control of the company. A certified claim must be addressed regardless of which suitor prevails or if no suitor prevails. A certified claim lawsuit filed in a United States District Court may be impactful. A potential non-certified claim may be filed in a United States District Court.

Absent United States-based connectivity, the Trump-Vance Administration (2025-2029) is unlikely to approve (license) an acquisition of Sherritt International Corporation and remove sanctions impacting the company implemented by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, United States Department of Commerce, and by the United States Department of State.

The Trump-Vance Administration prefers that Sherritt International Corporation be controlled by a United States-based entity and that the nickel and cobalt sourced in the Republic of Cuba by the company be destined for United States markets, particularly the cobalt for markets with military connectivity. Assisting United States-based companies to control supply-chains for critical minerals is foundational for the Trump-Vance Administration.

Will The White House embrace a Canada-Cuba-United States transaction or a Canada-Cuba-Switzerland-United Kingdom-United States transaction?

Will Donald Trump, President of the United States (2017-2021 and 2025-2029), have a higher degree of comfort with an ownership structure for Sherritt International Corporation whose political leadership includes three or five?

Mark Carney, Prime Minister of Canada (2025-), Miguel Diaz-Canel, President of the Republic of Cuba (2019- ), and President Trump.

Mark Carney, Prime Minister of Canada (2025-), Miguel Diaz-Canel, President of the Republic of Cuba (2019- ), Guy Parmelin, President of the Swiss Confederation (2026- ), Andy Burnham, Prime Minister of the United Kingdom (England, Scotland, Wales, Northern Ireland; 2026-), and President Trump.

The key date is 12 October 2026 when the exclusivity expires for one suitor. By that date, or before, Sherritt International Corporation may need to seek protections afforded by the Companies’ Creditors Arrangement Act (CCAA), which is the government of Canada equivalent to the reorganization provisions in Chapter Eleven of the United States Bankruptcy Code.

Two suitors are circling the company. The approach by each is dramatically different.

The first is Dallas, Texas-based Gillon Capital, LLC which has exclusivity until 12 October 2026. The company identified itself and its principal engages publicly in the acquisition process.

The second is a consortium of London, United Kingdom-based Kyma Capital Ltd. (reportedly approximately US$440 million assets under management), London, United Kingdom-based Trifon Natsis (a partner in Jersey (Channel Islands), Crown Dependency-based Brevan Howard Asset Management LLP (2026 assets under management approximately US$31 billion)), Baar, Switzerland-based Glencore International AG (2025 revenue approximately US$247.5 billion), and an unidentified United States-based party. Kyma Capital Ltd. owns 13.43% of common shares of Sherritt International Corporation.

NOTE: Disclosure- The U.S.-Cuba Trade and Economic Council has communicated with the “prominent United States anchor investor” and by request is currently refraining from identification.

From Wikipedia: “Marc Rich (born Marcell David Reich; December 18, 1934- June 26, 2013) was a Belgian-American commodities trader, financier, and businessman. He founded the commodities company Glencore and was later indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and selling Iranian oil to Israel during the Iran hostage crisis. He fled to Switzerland at the time of the indictment and never returned to the United States. He received a widely criticized presidential pardon from President Bill Clinton, on his last day in office [20 January 2021]. Rich had donated large sums to Israeli officials and organizations, which had pleaded extensively on his behalf. Rich's ex-wife Denise had also made donations to the Democratic Party.”

The four-party group, which self-identifies as a consortium, has identified three of the four parties. The consortium has not identified the most consequential party- the “US Anchor is a United States-based investor with deep global financial markets experience.”

“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.”

“About US Anchor
US Anchor is a United States-based investor with deep global financial markets experience”

The transaction would permit settlement of the third largest of the 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice (DOJ) along with make available for import to the United States additional supplies of cobalt and nickel. CU-2619: MOA Bay Mining Company, Improved Real Property, Oriente, Republic of Cuba, US$88,349,000.00. Link To Claim Filing In PDF Format

The proposed transaction may have been complicated or may have been enhanced by a Libertad Act Title III Lawsuit filed on 29 July 2026.

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.

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).

From the company: “Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 27 companies, which employ more than 57,000 associates across more than 350 facilities worldwide. Atlas operates in sectors such as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $18 billion in revenues annually.”

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.”

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

On 13 August 2026, The Miami Herald published comments by Mr. William Pitt who maintains he has a valid non-certified claim that any suitor for Sherritt International Corporation will need to address. He has not filed a Title III lawsuit, but confirms engagement with legal counsel.

“William Pitt, a retired engineer living in Miami, said Sherritt had expanded its mining operations in Moa, outside the property originally owned by the Moa Bay Mining Company, to include mines his father owned. His father was a dual British and Cuban citizen and could not file a claim with the U.S. Foreign Claims Settlement Commission in the 1960s. But the prospect of American investors taking over Sherritt opens other legal avenues for obtaining compensation, Pitt told the Miami Herald. Title III of the Helms-Burton Act allows Cuban Americans to sue companies “trafficking” in confiscated property. Every president had suspended the provision since the law passed in 1996 until Trump reinstated it in 2019. Pitt said he had sent copies of the maps of his father’s mines to Sherritt. Still, he said the company’s lawyers had defeated his efforts to obtain compensation, claiming Canadian law protected them from a Helms-Burton lawsuit and that the company does not have assets in the United States that could be seized to pay damages. “They just didn’t want to handle it,” Pitt said. “Their answer to me was that you can’t do anything with this because we are Canadians and therefore you can’t touch us because we have laws that protect us. And in addition to that, those mines were given to us by the Cuban government, and we have every right to use them.” But if Gillion or the consortium close the deal with Sherritt, Pitt said he could sue under the Helms-Burton Act. “I have already written to Gillon, and I have explained that we own those mines that border Sherritt’s, and that Sherritt has been mining, and that when they buy 55% of Sherritt, then Gillon will be subject to our suing them,” he said. “I haven’t done it for the consortium because that’s very recent. But I probably will be doing that too.””

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Links To Related Analyses

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