Sherritt International Corporation · TSX:S
Sherritt International — Shareholder Meeting (May 2022)
23 slides from Sherritt International's shareholder meeting presentation, May 13, 2022
Slide 1: 2022 Annual Meeting
2022 Annual Meeting Hybrid Meeting of Shareholders Sir Richard Lapthorne, Chair Leon Binedell, President and CEO May 13, 2022
Slide 2: Today’s presenters
Today’s presenters SIR RICHARD LAPTHORNE LEON BINEDELL Independent Chair President & CEO 2
Slide 3: 2022 Annual Meeting: Green metals for an electric future
2022 Annual Meeting Green metals for an electric future Leon Binedell, President and CEO May 13, 2022
Slide 4: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements. Forward-looking statements can to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms- business and financial condition; the ability of the Corporation to implement and succ
Slide 5: A year of transition and progress
A year of transition and progress 5
Slide 6: 2021 Highlights
2021 Highlights 1 Made key appoints to Board and senior leadership team 2 Nickel and cobalt market fundamentals improved 3 Generated strong financial and operational results despite COVID 4 Launched first growth strategy in 10 years 5 Advanced development of Technologies solutions 6
Slide 7: Momentum sustained into Q1
Momentum sustained into Q1 1. Progress on expansion strategy 2. Best Adjusted EBITDA* since 2014 3. NDCC* in lowest cost quartile 4. Received $24.2M in distributions 5. Recovery of Power business High nickel and cobalt prices drove Sherritt’s strong Q1 results * Non-GAAP financial measures. For addi
Slide 8: Improving market dynamics underpin recent progress
Improving market dynamics underpin recent progress* NICKEL DEMAND IN BATTERIES COBALT DEMAND 1,001 317 289 Thousands of tonnes 836 259 675 224 Thousands of tonnes 529 25.2% 175 197 12.7% 414 CAGR CAGR 325 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 e-Transportation Other applications
Slide 9: Strategic priorities provide a roadmap for 2022 and beyond
Strategic priorities provide a roadmap for 2022 and beyond Leverage Be recognized as a Maximize value Technologies for sustainable from Cuban energy transformational organization businesses growth Establish Sherritt as Achieve balance sheet a leading green strength metals producer Sherritt’s near-te
Slide 10: Expansion project
pen. Expansion project ..._, J eee re mS 2 NS Saeed 7 /
Slide 11: Pillars of expansion strategy
Pillars of expansion strategy Moa - Slurry Prep Plant Moa – Processing and Reserves Fort Site Refinery • Complete new SPP • Extend mine life beyond 2040 • Debottleneck Fort Site • Increases mixed sulphides feed • Complete prior suspended • Upgrade or expand equipment for refinery expansion, install
Slide 12: Progress in Q1
Progress in Q1 Moa - Slurry Prep Plant Moa – Processing and Reserves Fort Site Refinery ) Leach plant 6th train ) • Ongoing construction • Near completion of feasibility study for • Start of basic engineering leach plant 6th train • Cost assessment completed • Completed acid plant debottleneck study
Slide 13: Upcoming milestones
Upcoming milestones In H2 2022: • Complete basic engineering, acid plant capacity testing • Obtain full project approval • Complete new life of mine plan • Update NI 43-101 The SPP project is expected to be completed early 2024 and all projects by the end of 2024 Expansion strategy provides opportun
Slide 14: Balanced approach to growth
Balanced approach to growth 14
Slide 15: Runway before 8.5% 2L notes are due
Runway before 8.5% 2L notes are due Cash in Canada and overdue receivables Second Lien Notes • Opportunities to address debt obligations: • Strong Moa JV distributions due to favorable nickel and cobalt price outlook • Incremental cash flow from Moa JV expansion C $Millions • Collections against ove
Slide 16: Modified Dutch Auction and Fixed Price Tender Offer
Modified Dutch Auction and Fixed Price Tender Offer Announced the commencement of a global liquidity event to repurchase notes outstanding, for aggregate cash Key transaction dates consideration of up to $50 million May 12, 2022 at 9:00 a.m. – Offers open for tender Recent operating performance, str
Slide 17: Ongoing focus
Ongoing focus 17
Slide 18: Technologies as an incubator and provider of solutions
Technologies as an incubator and provider of solutions Commercialize research projects Create incremental value Next Gen lateritic ore Sherritt Treatment process of copper Licensing/sales of Moa JV/ Sherritt con- solutions Delivery of services Corefco centrates Dense Technologies slurry EPCM hydro-
Slide 19: Commitment to ESG
Commitment to ESG Heath and Safety Climate and Diversity and Responsible Environment Inclusion Sourcing • Achieve level A in • Achieve net zero GHG • Increase number of • Be fully compliant with TSM Safety & Health emissions by 2050 women in the all material responsible Protocol in all • Obtain over
Slide 20: Maximizing value from Cuban energy businesses
Maximizing value from Cuban energy businesses 20
Slide 21: Looking ahead
Looking ahead • Number of growth catalysts in place • Benefiting from rising nickel and cobalt prices • Bullish outlook for nickel and cobalt driven by high EV adoption rate • Technologies Group focused on commercializing research projects Sherritt is well positioned to capitalize on growing EV batt
Slide 22: Q&A Discussion
Q&A Discussion sherritt
Slide 23: Sherritt International Corporation
Sherritt International Corporation 22 Adelaide West, 42nd Floor Toronto, Ontario, Canada M5H 4E3 Joe Racanelli, Director, Investor Relations Telephone: (416) 935 -2457 I Toll -Free: 1 (800) 704 -6698 Email: joe.racanelli@sherritt.com I Website: www.sherritt.com
Sherritt International — Shareholder Meeting (May 2022) on 6ix