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Guidance

2024 PRODUCTION

Production volumes 2023 Year-to-date Actual 2024 Guidance
Moa Joint Venture (tonnes, 100% basis)      
Nickel, finished 28,672  30,000 - 32,000
Cobalt, finished 2,876  3,100 - 3,400
Electricity (GWh, 33⅓% basis) 745 775 - 825

2024 UNIT COST

Unit operating costs(1) 2023 Year-to-date Actual 2024 Guidance
Metals (NDCC, US$ per pound) $7.22  $5.50 - $6.00
Electricity (unit operating cost, $ per MWh) $27.70  $32.50 - $34.00

2024 SPENDING ON CAPITAL

Spending on capital(1)($ millions) 2023 Year-to-date Actual 2024 Guidance
Sustaining      
Moa Joint Venture (50% basis), Fort Site (100% basis)(2) $51.3 $40.0 
Power (33⅓% basis)(2) $3.2 $5.5
Growth      
Moa Joint Venture (50% basis) $11.4 $15.0 
Spending on capital(3) $65.9 $60.5

(1) Non-GAAP financial measures. 2023 actual amounts for unit operating cost/NDCC and spending on capital at December 31, 2023 are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the year ended December 31, 2023, dated February 8, 2024, which is available on Sherritt’s website (www.Sherritt.com). These amounts can be found in the Q4 Financial Report in the Review of Operations section: Moa Joint Venture and Fort Site – page 40, Power – page 46. The MD&A for the year ended December 31, 2023 is also available on SEDAR (www.SEDARplus.ca). The primary determinants impacting unit operating costs are: for Moa Joint Venture – production levels, cobalt and fertilizer prices and input commodity prices, primarily sulphur; for Power, the primary determinants are production levels and maintenance costs. The primary determinants impacting spending on capital are timing of expenditures and foreign exchange rates (as most purchases are denominated in U.S. dollars).

(2) Spending on capital is based on Sherritt’s ownership interests in the Moa Joint Venture (50%), Fort Site (100%) and Power (33⅓%)

(3) Excludes spending on capital for Corporate, Oil and Gas, Technologies and Metals Marketing.

Contact info:
Tom Halton / Director
Investor Relations
TSX: S 0.28 -0.01 -1.79% Volume: 30,500 ~20 MIN. DELAY February 29, 2024