(1) Non-GAAP financial measures. Q3 2024 actual amounts for unit operating cost/NDCC and spending on capital at September 30, 2024 are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the three and nine months ended September 30, 2024, dated October 30, 2024, which is available on Sherritt’s website (www.Sherritt.com). These amounts can be found in the Q3 2024 Financial Report in the Review of Operations section: Moa Joint Venture and Fort Site – page 36, Power – page 41. 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) Net direct cash cost ("NDCC")
(3) Excludes spending on capital for Corporate and Other, Oil and Gas and Metals Marketing.