(1) (1) Non-GAAP financial measures. Q1 2022 actual amounts for unit operating cost/NDCC and spending on capital at March 31, 2022 are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the three months ended March 31, 2021, dated May 11, 2022, which is available on Sherritt’s website. These amounts can be found in the Review of Operations section: Moa Joint Venture and Fort Site page 33, Power – page 37. The Q1 2022 MD&A is also available on SEDAR. The primary determinants impacting unit operating costs are: for Moa Joint Venture – production levels, cobalt price 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 (331/3%).
(3) Excludes spending on capital for Corporate, Oil and Gas, Technologies and Metals Other.
Mark Preston, Investor Relations
Telephone: 1 416 935 2406 Email: investor@sherritt.com