Q4 2025 Earnings Call Presentation (Q4 2025 Conference Call VF)

Sherritt International Corporation

Q4 2025 Conference Call

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

F e b r u a r y 1 1 , 2 0 2 6

SHERRITT.COM • TSX: S

Presenters

Dr. Peter Hancock

Interim Chief Executive Officer

Yasmin Gabriel

Chief Financial Officer

Elvin Saruk

Chief Operating Officer and

Head of Cuban Operations

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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 maturity to November 2031, reduced debt obligations by $68.0 M(1) and decreased annual interest expense by

~$3.0 M

→ Extended Credit Facility to April 2027

→ Cost reduction initiatives implemented in Q3 2025 expected to realize $20.0 M in annual

savings (100% basis) in addition to the $17.0 M from initiatives in 2024 (100% basis)

Dividends in Canada from Energas in 2025 of $26.0 M, double last year's total

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1. Principal amount of Second Lien Notes and PIK Notes at the transaction date and the premium required to be paid on maturity of the Second Lien Notes in November 2026, net of the principal amount of

Amended Senior Secured Notes issued. See the Capital Resources section of the MDCA for details.

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 performance and maintenance efficiency

→ Advancing debottlenecking initiatives to enhance production efficiency

→ Following the operational turnaround, focus will be on ramping up production to realize the full benefits of the expansion program

Mixed sulphides production to be restored to pre-2025 levels by year end

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Nickel and Cobalt Prices Recent Developments

60%

50%

Percent Change in Price Indexed to September 30, 2025

40%

30%

20%

10%

0%

-10%

-20%

Nickel and Cobalt Reference Price(1) Indexed to September 30, 2025

30-Sep

31-Oct

30-Nov

31-Dec

Nickel (LME) Cobalt (Argus)

Recent Market Developments

→ October 16th - Democratic Republic of Congo ("DRC") lifts export ban of cobalt, launching quota system with capped exports

→ December 19th - Initial reports circulate of Indonesia's plans to limit nickel ore mining quotas in 2026

31-Jan

→ December 30th - Indonesia's Energy and Mineral Resources Minister announces plans to reduce nickel output in 2026 in interview

→ January 14th - Indonesia's Energy ministry official confirms 2026 nickel ore quota reduction of over 30% from 2025 levels

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Nickel and cobalt prices increased following government intervention

in Indonesia and DRC

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

Review of Operations

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Metals

Fourth Quarter Highlights

Mixed sulphides

→ Lower production primarily due to below-plan mined ore volume, lower leach train availability, a delay in fuel oil procurement, national grid power outages and periods of reduced operating rates following Hurricane Melissa

Nickel and cobalt

→ Lower mixed sulphides production at Moa impacted feed availability at the refinery in the quarter

Fertilizer

→ Lower production and sales consistent with lower metals production and due to planned biennial ammonia plant turnaround

Production Volume (tonnes)(1)

Sales Volume (tonnes)(2)

Q4 2024

2024

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Advancing operational turnaround at Moa to improve 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 differs from 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

Fourth Quarter Net Direct Cash Costs (NDCC)(1)

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

→ Higher MPR/lb:

→ Sulphur prices 90%, natural gas prices 71% higher, partially offset by lower fuel oil 9%

→ Lower nickel sales volume

By-product credits(2)

→ Higher cobalt by-product credits partially offset by lower net fertilizer by-product credits

$5.44

$2.03

($0.36)

($1.23)

$0.59

($0.12)

($0.34)

$6.01

Achieved 2025 NDCC(1) guidance benefitting from higher cobalt by-product credits and ongoing cost optimization initiatives

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 if applicable during the period.

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 9

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

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 (100% basis) of contained nickel and cobalt weighted to H2 2026

Finished Nickel (tonnes)

Finished Cobalt (tonnes)

→ NDCC(1) expected to benefit from higher production and sales volumes, cost optimization, and higher cobalt by-product credits, partially offset by higher sulphur prices

25,240

26,000 - 28,000

2,728

2,750 - 2,850

→ Sustaining spending on capital(1) of $35.0 M to $40.0 M(2) including additional mining equipment and refurbishment of equipment as part of operational turnaround

→ Tailings facility spending on capital(1) of $25.0 M to $30.0 M(3)

2025

2026E

2025

2026E

2025 2026

including savings and deferred spending to 2027. Expected be operational by the end of 2026

NDCC(1) (US$/lb) $5.96 $5.75 - $6.25

→ Production improvement debottlenecking projects spending on

capital(1) of $2.5 to $5.0 M(3)

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1. Non-GAAP financial measure. For additional information see the Non-GAAP and other financial measures section in the Appendix. For details on significant guidance estimate determinants, see the Outlook section in the Appendix

2. Moa JV 50% basis and Fort Site 100% basis

3. Moa JV 50% basis

   Power

   Fourth Quarter Highlights

   Q4 2025 Results Year-Over-Year Change

   UOC(1) ($/MWh(3))

Electricity production

→ 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 toward the end of 2025 to help stabilize the national power grid. Energas was fully compensated for this reduction

Unit operating cost(1)

→ Unit cost improvement primarily driven by lower planned maintenance

$30.64

$23.48

Q4 2024 Q4 2025

Operating Results(2)

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Strong operational performance driving higher levels of Energas dividends

Power

2026 Guidance

→ Electricity production 825 to 875 GWh(2). Varadero facility to

Production (33⅓% basis)

Electricity (GWh)

operate in frequency control for the majority of 2026

→ Energas expects to be fully compensated for this

reduction. Expect no impact to Power's Adjusted EBITDA(1) earnings from operations or dividends from Energas to Sherritt in Canada

799

825 - 875

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1. Non-GAAP financial measure. For additional information see the Non-GAAP and other financial measures section in the Appendix. For details on significant guidance estimate determinants, see the Outlook section in the Appendix

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

Financial Highlights

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Financial Performance Fourth Quarter Results

Average-Realized Prices(1) Sales Volumes

Financial performance key drivers compared to prior year quarter:

Nickel 5% 14%

Fertilizers

10%

3 %

MPR costs ($US per pound of nickel sold)

Cobalt 105% 6%

MPR/lb 32%

Higher input commodity prices and lower nickel sales volumes

drove higher MPR/lb

Financial Results ($ millions)

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Financial results to benefit from higher production and sales combined with higher

nickel and cobalt prices

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

   
   
   

2. Revenue excludes revenue from the Moa JV within the Metals reportable segment on a 50% basis, which is accounted for using the equity method for accounting purposes. Sherritt's share of Moa JV revenue is included in

   Combined revenue.

3. Combined revenue, adjusted net loss from continuing operations and adjusted EBITDA exclude Oil and Gas as it is a non-core operating segment.

Available Liquidity in Canada Fourth Quarter 2025 Update

$30.3M

$43.7M

Available Liquidity in Canada

$13.4M

Fourth quarter changes include:

→ Dividends in Canada from Energas $7.8 M

→ Cash provided by continuing operations $12.1 M, including

→ Fort Site fertilizer pre-buy receipts $8.2 M

→ Interest on Amended Senior Secured Notes $(12.3) M

→ Timing of working capital receipts and payments

→ Property, plant and equipment expenditures $(5.8) M

Available Credit Cash in Canada

Expect $20 M to $25 M of dividends in Canada from Energas(1) in 2026

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1. Based on 2026 guidance for Power production volume, unit operating cost and spending on capital. . For details on significant guidance estimate determinants, see the Outlook section in the Appendix

Summary

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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 to boost efficiency

→ Power division delivered record dividends, doubling last year's full year total and supporting liquidity demonstrating the results Power is delivering from our operational improvement efforts

→ Continuing cost reductions implemented to mitigate challenging markets

Building the foundation for recovery and growth

Nickel briquettes, Fort Saskatchewan, Alberta

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Q&A Discussion

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SHERRITT

INTERNATIONAL CORPORATION

22 Adelaide West, Suite 4220 Toronto, Ontario, Canada M5H 4E3

Tom Halton, Director, Investor Relations and Corporate Affairs

Telephone: 416.935.2451 | Toll -Free: 1.800.704.6698 Email: investor@sherritt.com

S E P T E M B E R 2 0 2 4

SHERRITT.COM • TSX: S

APPENDIX

Outlook, forward-looking estimates and Non-GAAP and other financial measures

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