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Guidance

2017 PRODUCTION, UNIT OPERATING COST AND CAPITAL SPENDING GUIDANCE

In 2017, Sherritt added Unit Operating Cost









Guidance at Actual Updated Guidance at

2017 2017 2017
Production volumes and spending on capital June 30 September 30 September 30
Production volumes


Nickel, finished (tonnes, 100% basis)


Moa Joint Venture 31,500-32,500 23,256
Unchanged
Ambatovy Joint Venture 40,000-43,000 26,268 36,000-39,000
Total 71,500-75,500 49,524 67,500-71,500
Cobalt, finished (tonnes, 100% basis)

Moa Joint Venture 3,500-3,800 2,672 Unchanged
Ambatovy Joint Venture 3,600-3,900 2,320 3,300-3,600
Total 7,100-7,700 4,992 6,800-7,400
Oil – Cuba (gross working-interest, bopd) 11,500-12,500 14,524 13,000 – 14,000
Oil & Gas – All operations (net working-interest, bopd) 6,400-7,000 8,446 7,500 – 8,000
Electricity (GWh, 33 1/3% basis) 850-900 647 Unchanged
Unit operating costs


NDCC (US$ per pound)


Moa Joint Venture 2.80-3.30 2.53
2.50-2.75
Ambatovy Joint Venture 3.10-3.70 3.96 Unchanged
Total 2.95-3.35 3.23 2.83-3.26
Oil and Gas - Cuba (unit operating costs, $ per barrel) 11.00-12.00 9.19 10.00-10.50
Electricity (unit operating cost, $ per MWh) 18.75-19.50 18.00 Unchanged
Spending on capital ($ millions)

Metals – Moa Joint Venture (50% basis), Fort Site (100% basis) 1 US$28 (CDN$38) US$10 (CDN$13) US$19 (CDN$25)
Metals – Ambatovy Joint Venture (40% basis) US$45 (CDN$61) US$26 (CDN$34) US$38 (CDN$50)
Oil & Gas US$35 (CDN$47) US$9 (CDN$12) Unchanged
Power (33 1/3% basis) US$1 (CDN$2) US$1 (CDN$1) Unchanged
Spending on capital (excluding Corporate) US$109 ($CDN148) US$46 (CDN$60) US$93 (CDN$122)

(1)Spending is 50% of US$ expenditures for Moa JV and 100% expenditures for Fort Site fertilizer and utilities.