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Guidance

2017 PRODUCTION, UNIT OPERATING COST AND CAPITAL SPENDING GUIDANCE

In 2017, Sherritt added Unit Operating Cost









Guidance at Actual Revised

2016 2017 Projected
Production volumes and spending on capital December 31 June 30 2017
Production volumes


Nickel, finished (tonnes, 100% basis)


Moa Joint Venture 33,000-34,000 15,158
31,500-32,500
Ambatovy Joint Venture 48,000-52,000 18,150 40,000-43,000
Total 81,000-86,000 33,308 71,500-75,500
Cobalt, finished (tonnes, 100% basis)

Moa Joint Venture 3,500-3,800 1,744 No change
Ambatovy Joint Venture 3,800-4,100 1,483 3,600-3,900
Total 7,300-7,900 3,227 7,100-7,700
Oil – Cuba (gross working-interest, bopd) 11,500-12,500 14,877 No change
Oil & Gas – All operations (net working-interest, bopd) 6,400-7,000 8,848 No change
Electricity (GWh, 33 1/3% basis) 850-900 437 No change
Unit operating costs


NDCC (US$ per pound)


Moa Joint Venture 3.20-3.70 2.86
2.80-3.30
Ambatovy Joint Venture 3.10-3.70 3.79 3.10-3.40
Total 3.14-3.70 3.32 2.95-3.35
Oil and Gas - Cuba (unit operating costs, $ per barrel) 11.00-12.00 9.29 No change
Electricity (unit operating cost, $ per MWh) 18.75-19.50 18.68 No change
Spending on capital ($ millions)

Metals – Moa Joint Venture (50% basis), Fort Site (100% basis) 1 US$28 (38) US$8 (10) No change
Metals – Ambatovy Joint Venture (40% basis) US$45 (61) US$16 (21) No change
Oil & Gas US$55 (73) US$4 (5) US$35 (47)
Power (33 1/3% basis) US$1 (2) US$1 (1) No change
Spending on capital (excluding Corporate) US$129 (174) US$28 (37) US$109 (148)

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