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Guidance

2023 PRODUCTION

Production volumes 2022 Actual 2023 Guidance
Moa Joint Venture (tonnes, 100% basis)    
Nickel, finished 32,268 30,000 - 32,000
Cobalt, finished 3,368 3,100 - 3,400
Electricity (GWh, 33⅓% basis) 568 575 - 625

2023 UNIT COST

Unit operating costs(1) 2022 Actual 2023 Guidance
Moa Joint Venture (NDCC, US$ per pound) $5.14 $5.00 - $5.50
Electricity (unit operating cost, $ per MWh) $19.39 $28.50 - $30.00

2023 SPENDING ON CAPITAL

Spending on capital(1)(C$ millions) 2022 Actual 2023 Guidance
Sustaining    
Moa Joint Venture (50% basis), Fort Site (100% basis)(2) $66.7 $70.0
Power (33⅓% basis)(2) $5.1 $4.4
Growth    
Moa Joint Venture (50% basis) $7.4 $20.0
Spending on capital(3) $79.2 $94.4

(1) Non-GAAP financial measures. 2022 actual amounts for unit operating cost/NDCC and spending on capital at December 31, 2022 are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the year ended December 31, 2022, dated February 8, 2023, 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 50, Power – page 56. The MD&A for the year ended December 31, 2022 is also available on SEDAR (www.SEDAR.com). 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 (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

TSX: S 0.50 +0.01 +1.02% Volume: 326,986 ~20 MIN. DELAY March 20, 2023