Guidance

SUMMARY OF 2018 PRODUCTION FORECASTS

Production volumes ¹	2017 Guidance	2017 Actual	2018 Guidance
Nickel, finished (tonnes, 100% basis)
Moa Joint Venture	31,500-32,500	31,523	31,500 – 32,500
Ambatovy Joint Venture	36,000-39,000	35,474	40,000-43,000
Cobalt, finished (tonnes, 100% basis)
Moa Joint Venture	3,500-3,800	3,601	3,500-3,800
Ambatovy Joint Venture	3,300-3,600	3,053	3,900-4,200
Oil – Cuba (gross working-interest, bopd)	13,000 – 14,000	13,479	4,300-4,800
Oil & Gas – All operations (net working-interest, bopd)	7,500 – 8,000	7,855	1,900-2,100
Power (GWh, 33 1/3% basis)	850-900	848	750-800

Nickel and cobalt production are presented on a 100% basis. Sherritt’s share varies by business unit, with the Moa Joint Venture being a 50% joint venture, Ambatovy a 12% investment in an associate, and Power a 33^1/3% interest.

SUMMARY OF 2018 UNIT COST FORECASTS

Unit operating costs	2018 Guidance
Metals (NDCC, US$ per pound)
Moa Joint Venture	US$2.50 - $3.00
Ambatovy Joint Venture	US$3.00 - $3.50
Oil and Gas – Cuba (unit operating costs, C$ per barrel)	C$22.00 - $23.50
Power (unit operating costs, C$ per MWh)	C$20.75 - $21.50

SUMMARY OF 2018 SPENDING COST FORECASTS

Spending on capital ($ millions)	2018 Guidance
Metals (NDCC, US$ per pound)
Moa Joint Venture (50% basis) and Fort Site (100% basis)	US$41 (C$52)
Ambatovy Joint Venture (12% basis)	US$13 (C$17)
Oil & Gas - Cuba	US$39 (C$50)
Power (33 ^1/3% basis)	US$1 (CDN$1)

Capital spend is based on Sherritt’s ownership interests in the Moa Joint Venture (50%); Fort Site (100%), Ambatovy (12%), Power (33^1/3%).

TSX: S 1.25 -0.03 -2.34% Volume: 1,601,303 ~20 MIN. DELAY April 20, 2018

Contact info:

Joe Racanelli,
Director,
Investor Relations.

Telephone: 1 416 935 2451
Email: investor@sherritt.com

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Guidance

SUMMARY OF 2018 PRODUCTION FORECASTS

SUMMARY OF 2018 UNIT COST FORECASTS

SUMMARY OF 2018 SPENDING COST FORECASTS