Sherritt Provides Updates on Financial Position and Proposed Transaction; Announces 2026 Annual Meeting Date and Second Quarter 2026 Filing Date

About this update from Sherritt International Corporation

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, July 13, 2026 --( BUSINESS WIRE )--Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) today provided an update on its financial position. Further to its news release dated June 22, 2026 in respect of metals refining activity having stopped at its refinery in Fort Saskatchewan, Alberta and the suspension of direct participation in joint venture activities in Cuba since May 7, 2026, the Corporation continues to operate with constrained liquidity and a material uncertainty that may cast doubt on its ability to continue as a going concern. Sherritt remains in active discussions with its senior lenders and noteholders regarding advancing a comprehensive recapitalization intended to stabilize its balance sheet and restore normal operations when circumstances permit. The capital required to restart both those operations has been further increased by the significantly elevated cost of key inputs — in particular sulphur, the price of which has risen to historic highs largely as a result of global supply restrictions. The Corporation requires a significant amount of new capital to fund the restart and related working capital, and is actively pursuing a combination of government support, including with the assistance of Gillon Capital LLC ("Gillon Capital"), strategic and bridge financing, and other sources to meet its capital requirement. There can be no assurance that such financing will be available or be able to be completed on acceptable terms, on the anticipated timeline, or at all. Sherritt also provided an update, further to its news release dated June 15, 2026, in which the Corporation announced that it had entered into a period of exclusivity with Gillon Capital in respect of the proposed private placement contemplated by the non-binding term sheet previously entered into with Gillon Capital (the "Proposed Transaction"). Discussions with Gillon Capital regarding the Proposed Transaction remain ongoing. The parties and their respective advisors continue to work constructively through matters relevant to the Proposed Transaction, including those relating to the Corporation's operations in Cuba and the U.S. regulatory and sanctions environment. Both parties remain engaged with relevant governmental and regulatory authorities and other stakeholders in respect of these matters. The Proposed Transaction remains subject to, among other things, the execution of definitive documentation, satisfaction of customary conditions and receipt of all required governmental and regulatory approvals. There can be no assurance that the parties will reach a definitive agreement or that the Proposed Transaction (or any other transaction) will be completed, on the terms previously disclosed or otherwise.

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