Q3 2025 Earnings Call Presentation (Q3 2025 Conference Call VF)

Sherritt International Corporation

R e v i e w o f F i n a n c i a l a n d O p e r a t i o n a l R e s u l t s

N o v e m b e r 6 , 2 0 2 5

SHERRITT.COM • TSX: S

Presenters

Leon Binedell

Executive Chairman, President & CEO

Yasmin Gabriel

CFO

Elvin Saruk

COO and Head of Cuban Operations

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Highlights

→ Moa JV expansion program complete, ramp up advancing

→ Planned annual maintenance shutdown at the refinery and lower MSP(1) production from Moa resulted in lower finished nickel and cobalt production and higher NDCC(2)

→ Recovery plan at Moa being implemented

→ Replacement gas well brought online demonstrating the ability to generate stable energy production going forward

→ Available liquidity in Canada of $45.2 M

→ Received dividends in Canada from Energas of $8.3 M in Q3, totaling $18.2 M YTD

→ Implemented cost reduction initiatives to realize $20 M in annual savings in addition to $17 M implemented in 2024 (100% basis)

Moa JV expansion program complete, ramp up advancing Received $18.2 M dividends in Canada from Energas YTD

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1. Mixed sulphide precipitate ("MSP").

2. Net Direct Cash Cost ("NDCC") , a non-GAAP financial measure. For additional information see the Non-GAAP and other financial measures section in the Appendix.

Nickel and Cobalt Price

70%

60%

50%

Price (based on 0%)

40%

30%

20%

10%

0%

-10%

-20%

30-Sep

-30%

Nickel and Cobalt Reference Prices(1)

Third Quarter 2025 Key Market Developments

→ Late Aug to early Sep - International concern grows over protests in Indonesia, nickel prices increase

→ Sep 12 - reports of Indonesian government interventions related

to mining company permitting

→ Sep 17 - U.S. Federal Reserve reduces interest rate

30-Sep

→ Sep 21 - Democratic Republic of the Congo announces export ban to be replaced with quota system driving cobalt price increase

31-Oct

30-Nov

31-Dec

31-Jan

28-Feb

31-Mar

30-Apr

31-May

30-Jun

31-Jul

31-Aug

Nickel (LME) Cobalt (Argus)

5

Nickel price remained rangebound during the quarter

Cobalt price received an uplift on news from DRC of quota system

1. Source: Nickel - London Metal Exchange ("LME"), Cobalt - Argus Metals.

6

Metals

Mixed sulphides

→ Advanced recovery plan to mitigate challenging operating environment in Cuba and increase MSP production which will take time to reach full capacity

Nickel and cobalt

→ Planned annual maintenance shutdown in Q3 this year (Q2 in 2024), a disruption in hydrogen supply from a third party, unplanned maintenance at the refinery and lower MSP feed all contributed to the lower finished nickel and cobalt production and sales

Fertilizer

→ Lower production and sales consistent with lower metals production

Production Volume (tonnes)(1)

Sales Volume (tonnes)(2)

Q3 2024

7

Advancing recovery plan to mitigate challenging operating environment in Cuba and

increase MSP production

1. Sherritt's share of production: mixed sulphides - 50% basis; finished nickel, finished cobalt and fertilizers - 50% basis for Moa JV production and 100% for Fort Site production.

2. Sherritt's share of sales: finished nickel - 50% basis; finished cobalt - 50% basis for Moa JV sales and 100% for Cobalt Swap sales; fertilizer - 50% basis for Moa JV sales and 100% for Fort Site sales.

3. Production volumes of fertilizer exceed sales volumes due to the partial internal consumption of fertilizer at the Moa JV and Fort Site, as well as timing of sales due to seasonality.

Metals

Planned annual refinery shutdown occurred in Q3 2025

compared to Q2 2024 contributed to higher Y/Y NDCC(1)

NDCC(1) YTD:

$6.10

$0.01

$0.18

($0.25)

$0.11 $5.95

($0.20)

Mining, processing and refining ("MPR")(2)

→ Higher MPR/lb:

→ Sulphur prices 44%, natural gas prices 15% higher, partially offset by lower fuel oil 10%, diesel 9%

By-product credits(2)

→ Higher by-product credits: Cobalt 25% and fertilizer 41% with lower sales volumes offset by higher average-realized prices(1)

Q3 2025 Q3 2024

NDCC(1) (US$/lb) $6.67 $5.16

Maintaining 2025 NDCC(1) guidance of US$5.75/lb - $6.25/lb

1. Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section in the Appendix.

2. MPR and cobalt by-product credits include the cost and cobalt revenue, respectively, on cobalt sold from Sherritt's 50% share of cobalt received under the Cobalt Swap.

3. Other includes the impact of redirected cobalt which includes the finished cobalt cost less cobalt by-product credits per pound of nickel sold on the cobalt sold from GNC's redirected cobalt received by Sherritt 8

under the Cobalt Swap (if applicable), selling costs, changes in inventories and other adjustments.

Moa JV

Phase two: Processing Plant

→ Commissioning completed in October following successful testing of the sixth leach train during Q3 which demonstrated operability of the train

→ The operating conditions will continue to be evaluated and optimized as capacity of the sixth leach train is increased as overall plant operating conditions allow

Processing plant, Moa, Cuba

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Power

Electricity production

→ Higher Y/Y electricity production in Q3:

→ New well brought online in the quarter and additional gas from existing wells offset reduction in gas from legacy CUPET well in Q1 2025

Unit operating cost(1)

→ Unit cost driven by lower planned maintenance, partially offset by lower

electricity production and a weaker Canadian dollar

→ No material maintenance planned for the balance of the year

$35.26

$23.27

YTD

Q3 2024

Operating Results(2)

YTD

Q3 2025

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Platform for long-term stability in electricity production established in 2025

1. Non-GAAP financial measure. For additional information see the Non-GAAP and other financial measures section in the Appendix.

2. Sherritt's share for electricity production and sales volume is on a 33⅓% basis.

3. GWh = Gigawatt hours, MWh = Megawatt hours.