Sherritt International Corporation · TSX:S
Sherritt International — Q4 2025 Earnings Presentation
41 slides from Sherritt International's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Conference Call
Sherritt International Corporation Q4 2025 Conference Call Review of Financial and Operational Results February 11, 2026 SHERRITT.COM • TSX: S
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements. Forward-looking statements can environment, health and safety legislation and other associated matters; risks associated with that the above paragraph and the risk factors described in this presentation and in
Slide 3: Presenters
Presenters Dr. Peter Hancock Interim Chief Executive Officer Yasmin Gabriel Chief Financial Officer Elvin Saruk Chief Operating Officer and Head of Cuban Operations 3
Slide 4: Full Year 2025 Highlights
Full Year 2025 Highlights → Metals division - operational turnaround plan established and advancing → Power division - received dividends in Canada from Energas of $7.8 M in Q4, totaling $26.0 M in 2025 → Strengthened financial position → Debt restructuring completed in April 2025 - extended the mat
Slide 5: Metals Operational Update
Metals Operational Update → Completed an operational review of the Moa mine establishing a turnaround plan → Turnaround plan advancing - investing in additional mining equipment, deploying experienced technical personnel, revising the mining plan, allocating resources to improve operational performa
Slide 6: Nickel and Cobalt Prices Recent Developments
Nickel and Cobalt Prices Recent Developments Nickel and Cobalt Reference Price(1) Indexed to September 30, 2025 Recent Market Developments 60% 50% → October 16th - Democratic Republic of Congo (“DRC”) lifts export 40% ban of cobalt, launching quota system with capped exports Indexed to September 30,
Slide 7: Review of Operations
Review of Operations 7 Cobalt Briquettes
Slide 8: Metals Fourth Quarter Highlights
Metals Fourth Quarter Highlights Mixed sulphides Q4 2025 Q4 2024 2025 2024 → Lower production primarily due to below-plan mined ore Production Volume (tonnes)(1) volume, lower leach train availability, a delay in fuel oil procurement, national grid power outages and periods Mixed Sulphides 2,535 3,5
Slide 9: Metals Fourth Quarter Net Direct Cash Costs (NDCC)
Metals Fourth Quarter Net Direct Cash Costs (NDCC) (1) Q4 2025 Results Year-Over-Year Change NDCC(1) (US$/lb of Nickel Sold) $2.03 Mining, processing and refining (“MPR”)(2) ($0.36) → Higher MPR/lb: $0.59 ($0.12) $6.01 → Sulphur prices 90%, natural gas prices 71% higher, ($1.23) ($0.34) $5.44 partia
Slide 10: Metals 2026 Guidance
Metals 2026 Guidance → Higher nickel and cobalt production on implementation of the operational turnaround plan Production (100% basis) → Mixed sulphides production expected to be 30,000 to 32,000 tonnes Finished Nickel (tonnes) Finished Cobalt (tonnes) (100% basis) of contained nickel and cobalt we
Slide 11: Power Fourth Quarter Highlights
Power Fourth Quarter Highlights Q4 2025 Results Year-Over-Year Change UOC(1) ($/MWh(3)) Electricity production $30.64 $23.48 → Higher electricity production in Q4 benefitting from increased natural gas being supplied to Energas → The Boca de Jaruco facility operated in frequency control for periods
Slide 12: Power 2026 Guidance
Power 2026 Guidance Production (33⅓% basis) → Electricity production 825 to 875 GWh(2). Varadero facility to Electricity (GWh) operate in frequency control for the majority of 2026 799 825 – 875 → Energas expects to be fully compensated for this reduction. Expect no impact to Power’s Adjusted EBITDA
Slide 13: Financial Highlights
Financial Highlights Fort Saskatchewan, Alberta 13
Slide 14: Financial Performance Fourth Quarter Results
Financial Performance Fourth Quarter Results Q4 2025 Q4 2024 2025 2024 Financial performance key drivers compared to prior year quarter: Financial Results ($ millions) Average-Realized Prices(1) Sales Volumes Revenue(2) 55.5 45.7 177.3 158.8 Nickel 5% 14% Combined revenue(1)(3) 163.2 160.3 532.9
Slide 15: Available Liquidity in Canada Fourth Quarter 2025 Update
Available Liquidity in Canada Fourth Quarter 2025 Update $30.3M Fourth quarter changes include: → Dividends in Canada from Energas $7.8 M $43.7M → Cash provided by continuing operations $12.1 M, including Available Liquidity in → Fort Site fertilizer pre-buy receipts $8.2 M Canada → Interest on Amen
Slide 16: Summary
Summary Fort Saskatchewan, Alberta 16
Slide 17: Fourth Quarter 2025 Summary
Fourth Quarter 2025 Summary Sherritt accelerated its turnaround, strengthened its balance sheet, and advanced operational improvements to support future growth: → Operational turnaround at Moa advancing, targeting restoring production and reliability → Debottlenecking and equipment upgrades underway
Slide 18: Q&A Discussion
Q&A Discussion sherritt
Slide 19: Sherritt International Corporation
SHERRITT INTERNATIONAL CORPORATION 22 Adelaide West, Suite 4220 Toronto, Ontario, Canada M5H 4E3 Tom Halton, Director, Investor Relations and Corporate Affairs Telephone: S E P T E M B 416.935.2451 ER 2024 | Toll -Free: 1.800.704.6698 Email: investor@sherritt.com SHERRITT.COM • TSX: S
Slide 20: Appendix: Outlook, forward-looking estimates and Non-GAAP measures
APPENDIX Outlook, forward-looking estimates and Non-GAAP and other financial measures 20
Slide 21: Outlook 2026 Guidance
Outlook 2026 Guidance 2025 Actual 2026 Guidance Production Volumes Metals: Moa Joint Venture (100% basis) Finished Nickel (t) 25,240 26,000 - 28,000 Finished Cobalt (t) 2,728 2,750 - 2,850 Electricity (GWh, 33 ⅓% basis) 799 825 - 875 Unit Operating Costs(1) Metals – NDCC(1) (US$/lb) $5.96 $5.75 - $6
Slide 22: Outlook 2026 Guidance (continued)
Outlook 2026 Guidance (continued) Metals → Finished nickel and cobalt production are expected to be 26,000 to 28,000 tonnes (100% basis) and 2,750 to 2,850 tonnes (100% basis), respectively. Nickel production is up from 2025 as a result of higher mixed sulphides production which is expected to be be
Slide 23: Forward-looking estimates
Forward-looking estimates Cobalt Swap distributions At consensus 2026 prices for nickel and cobalt and based 2026 guidance for Metals production volumes, NDCC(1) and spending on capital(1) disclosed in the Outlook section of the MD&A and slide 21 of this presentation, the Corporation does not expect
Slide 24: Non-GAAP and other financial measures
Non-GAAP and other financial measures 24
Slide 25: Combined revenue
Combined revenue The Corporation uses combined revenue as a measure to help management assess the Corporation’s financial performance across its core operations. Combined revenue includes the Corporation’s consolidated revenue, less Oil and Gas revenue, and includes the revenue of the Moa JV within
Slide 26: Adjusted EBITDA
Adjusted EBITDA The Corporation defines Adjusted EBITDA as earnings/loss from operations and joint venture, which excludes net finance expense, income tax expense and loss from discontinued operations, net of tax, as reported in the financial statements for the period, adjusted for: depletion, depre
Slide 27: Adjusted EBITDA (continued)
Adjusted EBITDA (continued) $ millions, for the three months ended December 31 2024 Adjustment Corporate for Moa Oil and and Joint Metals(1) Power Gas Other Venture Total (Loss) earnings from operations and joint venture per financial statements $ (1.0) $ 4.8 $ (18.8) $ (5.8) $ 2.9 $ (17.9) Add (ded
Slide 28: Adjusted EBITDA (continued)
Adjusted EBITDA (continued) $ millions, for the year ended December 31 2024 Adjustment Corporate for Moa Oil and and Joint Metals(2) Power Gas Other Venture Total (Loss) earnings from operations and joint venture per financial statements $ (18.5) $ 13.5 $ (18.3) $ (24.4) $ 4.2 $ (43.5) Add (deduct):
Slide 29: Average-realized price
Average-realized price Average-realized price is generally calculated by dividing revenue by sales volume for the given product in a given segment. The average-realized price for power excludes frequency control, by-product and other revenue, as this revenue is not earned directly for power generati
Slide 30: Average-realized price (continued)
Average-realized price (continued) $ millions, except average-realized price and sales volume, for the three months ended December 31 2024 Metals Adjustment for Moa Joint Nickel Cobalt Fertilizer Power Other(1) Venture Total Revenue per financial statements $ 95.3 $ 12.6 $ 31.8 $ 11.1 $ 10.5 $ (115.
Slide 31: Average-realized price (continued)
Average-realized price (continued) $ millions, except average-realized price and sales volume, for the year ended December 31 2024 Metals Adjustment for Moa Joint Nickel Cobalt Fertilizer Power Other(1) Venture Total Revenue per financial statements $ 355.9 $ 48.0 $ 90.1 $ 47.8 $ 51.5 $ (434.5) $ 15
Slide 32: Unit operating cost/Net direct cash cost (NDCC)
Unit operating cost/Net direct cash cost (NDCC) With the exception of Metals, which uses NDCC, unit operating cost is generally calculated by dividing cost of sales as reported in the financial statements, less depreciation, depletion and amortization in cost of sales, the impact of impairment losse
Slide 33: Unit operating cost/Net direct cash cost (continued)
Unit operating cost/Net direct cash cost (continued) $ millions, except unit cost and sales volume, for the three months ended December 31 2024 Adjustment for Moa Metals Power Other(1) Joint Venture Total Cost of sales per financial statements $ 146.6 $ 5.9 $ 11.8 $ (120.5) $ 43.8 Less: Depletion, d
Slide 34: Unit operating cost/Net direct cash cost (continued)
Unit operating cost/Net direct cash cost (continued) $ millions, except unit cost and sales volume, for the year ended December 31 2025 Adjustment for Moa Metals Power Other(1) Joint Venture Total Cost of sales per financial statements $ 521.5 $ 20.8 $ 38.9 $ (417.8) $ 163.4 Less: Depletion, depreci
Slide 35: Unit operating cost/Net direct cash cost (continued)
Unit operating cost/Net direct cash cost (continued) $ millions, except unit cost and sales volume, for the year ended December 31 2024 Adjustment for Moa Metals Power Other(1) Joint Venture Total Cost of sales per financial statements $ 532.3 $ 30.1 $ 27.5 $ (451.4) $ 138.5 Less: Depletion, depreci
Slide 36: Adjusted net earnings/loss from continuing operations
Adjusted net earnings/loss from continuing operations and adjusted net earnings/loss from continuing operations per share The Corporation defines adjusted net earnings/loss from continuing operations as net earnings/loss from continuing operations less items not reflective of the Corporation’s curre
Slide 37: Adjusted net earnings/loss from continuing operations (continued)
Adjusted net earnings/loss from continuing operations and adjusted net earnings/loss from continuing operations per share (continued) 2025 2024 For the three months ended December 31 $ millions $/share $ millions $/share Net loss from continuing operations $ (15.7) $ (0.03) $ (22.5) $ (0.06) Adjusti
Slide 38: Adjusted net earnings/loss from continuing operations (continued)
Adjusted net earnings/loss from continuing operations and adjusted net earnings/loss from continuing operations per share (continued) 2025 2024 For the year ended December 31 $ millions $/share $ millions $/share Net loss from continuing operations $ (65.4) $ (0.14) $ (73.1) $ (0.18) Adjusting items
Slide 39: Spending on capital
Spending on capital The Corporation defines spending on capital for each segment as property, plant and equipment and intangible asset expenditures on a cash basis adjusted to the accrual basis in order to account for assets that are available for use by the Corporation and the Moa Joint Venture pri
Slide 40: Spending on capital (continued)
Spending on capital (continued) $ millions, for the three months ended December 31 2024 Total Adjustment derived from Combined for Moa financial Metals Power Other(1) total Joint Venture statements Property, plant and equipment expenditures (2) $ 6.2 $ 0.5 $ -$ 6.7 $ (4.5) $ 2.2 Intangible asset exp
Slide 41: Spending on capital (continued)
Spending on capital (continued) $ millions, for the year ended December 31 2024 Total Adjustment derived from Combined for Moa financial Metals Power Other(1) total Joint Venture statements Property, plant and equipment expenditures (2) $ 34.0 $ 2.9 $ -$ 36.9 $ (30.3) $ 6.6 Intangible asset expendit
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