Sherritt Provides Update on Calling of Shareholder Meeting
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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TORONTO — Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today provided an update on the court application brought by Kyma Capital Limited (“Kyma”) seeking to compel a shareholder meeting by the end of September 2026. The Ontario Superior Court of Justice (Commercial List) advised that it could not compel such a meeting within the timeframe requested by Kyma.
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In an endorsement issued today, the Court addressed the press release issued by Kyma that suggested a shareholder meeting had already been called for the end of September, finding that no such meeting had been called. The Court stated:
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“It has also come to my attention that the applicant [Kyma] has put out a press release suggesting that a shareholder’s meeting has already been called for the end of September. That is not, of course, true. The applicant has sought to do so, but it has not yet been called and given the court’s timetable will not be called unless the respondent [Sherritt] agrees to do so on consent (which it has not). It is not to anybody’s advantage to carry on the court room battle through press releases nor is the creation of confusion among shareholders helpful to the process. I accept that the release was an error and urge the applicant to issue an appropriate correction as soon as possible.”
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The Company expects that an application by Kyma to have the Corporation’s combined annual and special meeting of shareholders held on a date earlier than the currently scheduled date of December 15, 2026 will be heard in late September. Sherritt remains focused on navigating the significant challenges currently facing the Corporation and urges stakeholders to exercise caution regarding any statements made by third parties. The Corporation will continue to provide factual updates as developments warrant.
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About Sherritt
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Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.
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Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
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Forward-Looking Statements
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Certain statements and other information included in this press release may constitute “forward -looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words).
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All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the Corporation’s intention to provide ongoing updates.
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The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba; level of liquidity of Sherritt, including access to capital and financing; the Corporation’s ability to negotiate and finalize a definitive agreement in respect of a recapitalization transaction, including the completion and timing thereof, the terms on which it may be completed and the receipt of all required approvals; the Corporation’s ability to restart its business and restore normal operations, including the ability to obtain restart financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months ended March 31, 2026, the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ended December 31, 2025, each of which is available on SEDAR+ at
