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Guidance

2024 PRODUCTION

Production volumes 2023 Year-to-date Actual 2024 Guidance
Moa Joint Venture (tonnes, 100% basis)      
Nickel, finished 7,194  30,000 - 32,000
Cobalt, finished 684  3,100 - 3,400
Electricity (GWh, 33⅓% basis) 210 775 - 825

2024 UNIT COST

Unit operating costs(1) 2023 Year-to-date Actual 2024 Guidance
Metals (NDCC, US$ per pound) $7.24  $5.50 - $6.00
Electricity (unit operating cost, $ per MWh) $17.12  $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) $7.4 $40.0 
Power (33⅓% basis)(2) $2.6 $5.5
Growth      
Moa Joint Venture (50% basis) $2.0 $15.0 
Spending on capital(3) $12.0 $60.5

(1) Non-GAAP financial measures. Q1 2024 actual amounts for unit operating cost/NDCC and spending on capital at March 31, 2024 are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the three months ended March 31, 2024, dated May 8, 2024, which is available on Sherritt’s website (www.Sherritt.com). These amounts can be found in the Q1 2024 Financial Report in the Review of Operations section: Moa Joint Venture and Fort Site – page 29, Power – page 33. The MD&A 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 and Other, Oil and Gas and Metals Marketing.

Contact info:
Tom Halton / Director
Investor Relations
TSX: S 0.28 +0.01 +1.85% Volume: 164,566 ~20 MIN. DELAY June 17, 2024