$S.TO

Sherritt Updates On Non-binding Term Sheet Entered Into With Gillon Capital Regarding a Proposed Private Placement

Sherritt International Corporation (S.TO) on Monday provided an update on the non-binding term sheet entered into with Gillon Capital, LLC regarding a proposed private placement, as previously disclosed.The company also announced the appointment of Tabrez Khan as an independent director effective June 12, 2026, "bringing deep M&A, financial and strategic advisory experience" to the board. Tabrez Khan was nominated to the Board by Kyma Capital Opportunities Master Fund Limited, pursuant to Kyma's nomination right under the investor rights agreement dated as of April 22, 2025 between the corporation and Kyma.In connection with the term sheet, Sherritt said it has entered into an exclusivity agreement with Gillon Capital providing for a 120-day period of exclusive negotiations with respect to the private placement. The period of exclusivity was entered into to allow the parties to complete their respective due diligence reviews and negotiate a definitive agreement with respect to the private placement, it added."Since the announcement of the Term Sheet, the parties have each engaged financial, legal and other advisors and are working collaboratively to navigate the legal, regulatory and commercial complexities identified through the due diligence process to date, including matters arising from the Corporation's operations in Cuba and the U.S. regulatory and sanctions environment. The parties continue to engage constructively with relevant governmental and regulatory authorities, as well as other stakeholders, in furtherance of these matters," Sherritt said in a statement"The Private Placement remains subject to the execution of definitive documentation, satisfaction of customary conditions, the approval of the U.S. Department of the Treasury's Office of Foreign Assets Control, and the receipt of all required regulatory approvals, including the approval of the Toronto Stock Exchange. There can be no assurance that these complexities," it added.Shares in Sherritt were unchanged at $0.12 on the TSX last Friday.

Sherritt Providing An Update On Non-binding Term Sheet Entered Into With Gillon Capital, LLC Regarding a Proposed Private Placement

Sherritt Seeking a Revocation of Failure-to-File Cease Trade Order Issued By the Corporation's Principal Regulator on May 21, 2026

Sherritt Int'l Appoints Fitzroy Richardson as Interim Chief Financial Officer, Effective Immediately

Sherritt Adds FFCTO Reflects Its Failure To File Q1 2026 Interim Financials, Management's Discussion and Analysis and Related Officer Certifications By May 15, 2026

Sherritt Says Ontario Securities Commission Has Issued a Failure-to-file Cease Trade Order (FFCTO) Against It, Effective May 21, 2026

Correction: Sherritt Providing Further Update on Activities in Cuba; Announcing Non-Binding Term Sheet and "Positive" Engagement with Dept of State

(Correcting fourth paragraph to reflect that statement came out Wednesday)Sherritt International Corporation (S.TO) on Wednesday continued its almost daily practice of proving a further update on activities in Cuba.Today, Sherritt said it has entered into a non-binding term sheet with Gillon Capital, LLC with respect to a proposed private placement of a common share purchase warrant. A statement noted the warrant is exercisable for up to that number of common shares of the corporation such that, immediately upon exercise in full of the warrant, Gillon Capital would own 55% of the common shares then issued and outstanding. The warrant will be exercisable at a price to be agreed by the parties for a period ending nine months from the closing date, subject to satisfaction of certain conditions precedent, including compliance with the corporation's existing contractual arrangements and debt agreements.Given the current circumstances of the corporation, management expects that such exercise price will be at a discount to the closing price of the common shares on May 15, 2026, it added.Wednesday's statement noted the private placement remains subject to the execution of definitive documentation and the transaction is expected to be subject to the satisfaction of customary conditions and the receipt of all required regulatory approvals, including approval of the Toronto Stock Exchange. There can be no assurance that the private placement will be completed, completed on the terms described above, or completed in a timely manner.In connection with the private placement, Sherritt said it has engaged "constructively" with the United States Department of State, which has confirmed that the Department of State and Department of Treasury do not object to Gillon Capital's engagement in negotiations with the corporation and, based on the information provided to date, do not consider such negotiations to be contrary to U.S. law. Any subsequent transaction will be subject to approval of the Department of State and Department of Treasury, it added.

Sherritt Providing Further Update on Activities in Cuba; Announcing Non-Binding Term Sheet and "Positive" Engagement with Dept of State

Sherritt International Corporation (S.TO) on Wednesday continued its almost daily practice of proving a further update on activities in Cuba.Today, Sherritt said it has entered into a non-binding term sheet with Gillon Capital, LLC with respect to a proposed private placement of a common share purchase warrant. A statement noted the warrant is exercisable for up to that number of common shares of the corporation such that, immediately upon exercise in full of the warrant, Gillon Capital would own 55% of the common shares then issued and outstanding. The warrant will be exercisable at a price to be agreed by the parties for a period ending nine months from the closing date, subject to satisfaction of certain conditions precedent, including compliance with the corporation's existing contractual arrangements and debt agreements.Given the current circumstances of the corporation, management expects that such exercise price will be at a discount to the closing price of the common shares on May 15, 2026, it added.Thursday's statement noted the private placement remains subject to the execution of definitive documentation and the transaction is expected to be subject to the satisfaction of customary conditions and the receipt of all required regulatory approvals, including approval of the Toronto Stock Exchange. There can be no assurance that the private placement will be completed, completed on the terms described above, or completed in a timely manner.In connection with the private placement, Sherritt said it has engaged "constructively" with the United States Department of State, which has confirmed that the Department of State and Department of Treasury do not object to Gillon Capital's engagement in negotiations with the corporation and, based on the information provided to date, do not consider such negotiations to be contrary to U.S. law. Any subsequent transaction will be subject to approval of the Department of State and Department of Treasury, it added.

Sherritt Providing Further Update on Activities in Cuba

Embattled Sherritt International Corporation (S.TO) on Tuesday provided a further update related to its activities in Cuba, while noting it "faces a number of acute operational, financial and legal difficulties including the ability to comply with its debt covenants."This comes after the corporation late last week said it was seeking to take the "necessary and most appropriate actions" to definitively address the practical effect of the U.S. administration's May 1, 2026 Executive Order expanding sanctions against Cuba.In Tuesday's statement it says: "Following further and ongoing consultation with advisors, stakeholders and relevant governmental authorities, and in light of additional information currently available to the corporation, Sherritt is no longer proceeding with the dissolution and disclaimer steps relating to its interests in Cuba as described in the May 15th news release, including the dissolution of the joint venture with General Nickel Company S.A. of Cuba, and will not proceed with its application to the Alberta Court of King's Bench."It added: "Sherritt is maintaining its suspension of direct participation in joint venture activities in Cuba and will continue to work with stakeholders and advisors to implement appropriate steps to address the Executive Order as soon as practicable, including through ongoing positive engagement with relevant governmental authorities. Sherritt has also been presented on a preliminary basis with a potential value preserving opportunity that the corporation is working closely with its advisors to evaluate. There can be no assurance however that any such steps or transaction will be achieved or achieved in a timely manner. In addition, the timing, structure and terms of any such steps or transaction are complex and not yet final."While the Corporation continues to actively consider and engage with stakeholders to address the Executive Order, unless and until these matters are resolved, Sherritt faces a number of acute operational, financial and legal difficulties including the ability to comply with its debt covenants."The corporation will continue to provide information on material developments to its shareholders and other stakeholders."Sherritt is trading at a 52 week low of $0.11.

Sherritt International Moves to Dissolve Cuban Joint Ventures After U.S. Sanctions Expansion

Sherritt International (S.TO) said Friday it plans to dissolve its Moa joint venture in Cuba following expanded U.S. sanctions on the country under a May 1 executive order.Under the proposed dissolution, Sherritt would become the sole owner of the Canadian refinery tied to the Moa JV, while its Cuban partner, General Nickel Company (GNC), would take ownership of the Cuban corporations. Sherritt would relinquish its Cuban assets and expects the dissolution process to result in a fair market value equalization payment owing from GNC to Sherritt, in addition to the approximately $277 million owed from GNC to Sherritt, the company said.The company also plans to exit its one-third stake in Energas and its oil and gas exploration and drilling contracts in Cuba, with no expected compensation for those interests, Sherritt said, adding it is seeking court approval to speed up the dissolution process."The intended outcome of the foregoing actions is to allow Sherritt to most definitively address the executive order by eliminating Sherritt's Cuban interests," the company said, adding that it has informed Cuban authorities of its plans and aims to complete the process as soon as possible. "There is no certainty, however, that such outcomes will be achieved."Sherritt shares were last seen up $0.005 to $0.115 on the Toronto Stock Exchange.

Sherritt International Receives Court Order Allowing It Operate With Just Two Director

Sherritt International (S.TO) on Thursday said it received permission from the Ontario Superior Court of Justice, Commercial List to allow it to act with just two directors until the end of September.The order, made under the Canada Business Corporations Act, also allows the company to operate without an auditor and hold an annual meeting by Sept.30.

Sherritt International Notes Resignation of External Auditor, CFO

Sherritt International (S.TO) disclosed that Deloitte has resigned as its external auditor, effective May 12, according to a late Wednesday news release.The resignation was not the result of any disagreement. Sherritt has commenced a request for proposal process for external audit services to identify a successor auditor.However, the U.S. administration's issuance of an executive order on May 1 expanding sanctions against Cuba may lengthen the time required to identify and appoint a successor auditor.Additionally, Yasmin Gabriel has resigned as chief financial officer, effective Wednesday.Sherritt also expects that it will be unable to file its first quarter 2026 financial statements, management discussion and analysis and related officer certifications on May 15 as a result of these resignations and the executive order.The Ontario Securities Commission is expected to issue a Failure to File Cease Trade Order that would prohibit trading in the company's securities in Canada. This would remain in effect until the required documents are filed.The company said it is seeking to mitigate these constraints and will provide information on material developments.

Sherritt Provides Update Regarding Cuba

Sherritt International Corporation (S.TO) provided Monday updates regarding the Executive Order issued by the U.S. administration on May 1, 2026, expanding its sanctions against Cuba.Sherritt in Monday's statement said it plans to issue a notice of application today in the Ontario Superior Court of Justice, Commercial List, under which Sherritt plans to seek, among other things, a compliance order under the Canada Business Corporations Act permitting the corporation's board of directors to continue to act notwithstanding vacancies and with the remaining directors constituting quorum. The application is scheduled to be heard before the Court on May 14, 2026, it addedSherritt also announced revised details for the announcement of its first quarter 2026 results, originally scheduled for May 12, 2026. To accommodate the anticipated timing to seek the aforementioned court orders, Sherritt plans to delay the release of its first quarter 2026 results until after market close on May 15, 2026. Sherritt said it will not be holding a conference call and webcast in connection with the release of these results as previously announced.Sherritt added it will continue to consult with its advisors and stakeholders as it assesses the implications of the Executive Order.Shares in Sherritt were slightly lower in Canada on Friday.

TSX Down 27 Points in Choppy Trade With Energy The Worst Performer

The Toronto Stock Exchange is down 27 points in choppy trade, with energy the worst performerEnergy, down 2.0% is the worst performer, pulled down by lower oil prices as hopes remain that a deal may be nearing to allow tankers to deliver crude once again from the Persian Gulf to customers. Traders are still waiting Iran's response to the latest U.S. proposal.Limiting losses are gains in info tech (+1.7%) and telecoms (+0.6%).In stocks, B2Gold (BTO.TO) is up over 15% and is the most actively traded on the TSX after it reported a first-quarter earnings beat.Sherritt (S.TO) plunged 32% to $0.17 with 7.2-million shares being traded, after it suspended its direct participation in joint-venture activities in Cuba, after the U.S. widened sanctions on the country. Sherritt is repatriating its expatriate employees in Cuba. Three directors, including board chair Brian Imrie are reported to have resigned from the board. Sherritt and the General Nickel Company of Cuba each hold a 50% stake in the Moa joint venture.

Sherritt Sector Perform and C$0.30 Target "Under Review" at National Bank After Co Suspends JV Activities in Cuba In Response to Expanded US Sanctions

Sherritt Sector Perform and C$0.30 Target "Under Review" at National Bank After Co Suspends JV Activities in Cuba In Response to Expanded US Sanctions

Sherritt Suspends Direct Involvement In Cuba JV Activities Amid Expanded US Sanctions; Alberta Ops Not Impacted Currently

Sherritt International (S.TO) has suspended its direct participation in joint venture activities in Cuba, effective immediately, after the US expanded its sanctions against that nation, the company said Thursday.Brian Imrie, Richard Moat and Brett Richards have resigned from Sherritt's board of directors following the development.Sherritt said it is taking steps to repatriate its expatriate employees in Cuba, adding that it has requested that its partners repatriate their expatriate personnel in Canada.Sherritt has not been formally designated by the latest US sanctions on Cuba, although it expects a designation at any time. "In any event, the mere issuance of the executive order itself creates conditions that materially alter the corporation's ability to operate in the ordinary course, including activities related to Sherritt's Cuban joint venture operations," Sherritt said."The executive order, and any designation under the executive order, may also result in financial or other providers being unable or unwilling to continue to support Sherritt's operation or other business activities," the company added.Meanwhile, Shertitt said currently there is no immediate impact on operations in Fort Saskatchewan, Alberta. The refinery is continuing to produce finished nickel and cobalt for sale. The inventory of feed it has available for such production is expected to last until approximately mid-June, it added.

Sherritt Says Brian Imrie, Richard Moat and Brett Richards Have Resigned from Board of Directors Effective Immediately

Sherritt Provides Update On Joint Venture Activities In Cuba

Sherritt International Evaluates Impacts of U.S. Expansion of Sanctions Against Cuba

Sherritt International (S.TO) is consulting with its advisors and stakeholders to assess the potential implications of an executive order issued by the U.S. administration on May 1 expanding its sanctions against Cuba, the company said late on Monday.Sherritt is considering appropriate next steps as they relate to its Cuban interests, the company said.Sherritt's power division, through its ownership in Energas, is the largest independent energy producer in Cuba.