(1) Non-GAAP financial measures. Q2 2024 actual amounts for unit operating cost/NDCC and spending on capital at June 30, 2024 are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the three months ended June 30, 2024, dated July 29, 2024, which is available on Sherritt’s website (www.Sherritt.com). These amounts can be found in the Q2 2024 Financial Report in the Review of Operations section: Moa Joint Venture and Fort Site – page 34, Power – page 39. 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.