1

Annual Meeting of Shareholders

December 15, 2020

2

Sherritt meeting representatives

SIR RICHARD LAPTHORNE

Independent Chair

Tenure: ~9 years

Sir Richard has served as a Sherritt Director since September 2011, and Chair of the Board

effective June 26, 2019. He has also served as a Finance Director or as Chairman of various

FTSE 100 and non-quoted companies in the United Kingdom since 1986. Among his previous

roles, Sir Richard was Chairman of Cable & Wireless Communications plc and Cable & Wireless

plc until 2016. Sir Richard is a fellow of each of the Chartered Institute of Management

Accountants, Chartered Institute of Certified Accountants and the Institute of Corporate Treasurers in the United Kingdom.

DAVID PATHE

President & CEO

Tenure: ~ 8 years

Mr. Pathe was appointed as President and Chief Executive Officer of the Corporation effective

January 1, 2012. Prior to that, Mr. Pathe served as Senior Vice President, Finance and Chief Financial

Officer of the Corporation from March 2011, as Senior Vice President, General Counsel and Corporate

Secretary from July 2009, as Vice President, General Counsel and Corporate Secretary from

October 2008 and as Assistant General Counsel and Assistant Corporate Secretary from June 2007

ADRIAN LOADER

Independent Director

Tenure: ~7 years

Became a Director in 2013, and Chairs the Human Resources Committee and the Reserves

Committee and serves on the Nominating & Governance Committee. He has extensive

international experience from Royal Dutch Shell in energy management, projects, strategy,

business development and new market entry. He is currently a director of LarfargeHolcim Ltd. (a

Swiss global supplier of cement and aggregates) and has been a director with a number of

publicly-listed companies in the resources sector.

3

Forward-looking statements

This presentation contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this presentation include, but are not limited to, statements set out in the “Outlook for nickel and cobalt markets”, “Hedging in 2021”, and “Longer-term focus” sections of this presentation.

Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share-price volatility; realized prices for production; earnings and revenues; development and exploration wells and enhanced oil recovery in Cuba; environmental rehabilitation provisions; availability of regulatory approvals and creditor approvals and waivers; compliance with applicable environmental laws and regulations; debt repayments; collection of accounts receivable; the Corporation’s ability to satisfy its financial obligations in future period; the Corporation’s corporate governance practices and policies; and certain corporate objectives, goals and plans for 2020 and 2021. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that those assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. These assumptions should be considered carefully by debtholders and shareholders. Debtholders and shareholders are cautioned not to place undue reliance on the forward-looking statements or the assumptions on which our forward-looking statements are based. Debtholders and shareholders are advised to carefully review and consider the risk factors identified in the Corporation’s documents filed with the Canadian securities authorities, including without limitation the Management’s Discussion and Analysis for the nine months ended September 30, , 2020 and the Annual Information Form of the Corporation dated March 19, 2020 for the period ending December 31, 2019, which is available on SEDAR at www.sedar.com for a discussion of the factors that could cause the Corporation’s actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Although the Corporation believes that the assumptions on which the forward-looking statements are based are reasonable, based on the information available to the Corporation on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct. The Corporation may, from time to time, make oral forward-looking statements, including in making this presentation. The Corporation advises that the above paragraph and the risk factors described in this presentation and in the Corporation’s other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this presentation are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

http://www.sedar.com/

4

Unprecedented

5

$2.4 billion of debt eliminated since 2014

6-year program to remove Ambatovy threat to Sherritt’s survival

0

500

1000

1500

2000

2500

3000

3500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Sherritt Total Debt

Debentures/Second Lien Notes 2029 Junior Notes Ambatovy Senior Lenders Ambatovy Partner Ambatovy Additional Partner

6

Nickel price volatility within longer-term decline

Ambatovy investment made at near nickel price peak

-$100

$0

$100

$200

$300

$400

$500

$600

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

$20.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CA

N$

(m

)

US

$ p

er

po

un

d

Nickel Realised Price EBITDA (Metals)

7

Drivers for Block 10 investments

Need to replace Oil and Gas contributions and maturing oil fields

-50

0

50

100

150

200

250

-

5,000

10,000

15,000

20,000

25,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CA

N$ (

m)

Ba

rre

ls p

er

day

Oil Sales Volume EBITDA (Oil & Gas)

8

• Limited impact on production to date

• Physical distancing and intensified hygiene measures implemented

• Costs for added health and safety measures have been marginal

• Contributed to rescheduling of annual maintenance shutdown

• Added health and safety measures to remain in effect into 2021

Employee health and safety remain paramount

Impact of unprecedented pandemic on operations

9

Succession planning is in effect

1

2

3

4

David Pathe to continue as CEO until successor is identified

Interim CFO named effective January 1, 2021

Continuity of our strong relationships in Cuba will be key

Board will continue to provide oversight and strategic direction

Sherritt is at inflection point with a strong management team in place

10

Sherritt’s near-term focus and strategic direction

11

Impacted ability to collect receivables and repatriate cash held in Cuba

U.S. sanctions against Cuba have take a toll

Maps not to scale

1. Limits on U.S. travel to Cuba

2. Ban on U.S. cruise ships entering Cuba

3. Limits on family remittances to $1,000/Q

4. Bans on certain banking transactions

5. Limit of U.S. content on certain supplies

U.S. sanctions against Cuba

A. Reduced Cuba’s access to foreign currency

B. Limited foreign investment in country

C. Increased scrutiny on financial transactions

D. Compound the effects of Helms-Burton and

sanctions against Venezuela

E. Restricted access to supplies & equipment

Effects

Moa Nickel

Energas

Havana

Limited receipt

of overdue

payments to

$46.9M YTD

12

Sherritt’s outlook has improved with close of balance sheet initiative

1

2

3

4

Changing market fundamentals will drive demand for Class 1 nickel

New opportunities to monetize Technologies Group projects are

emerging

EV market trend is being fueled by policy changes and automotive

industry advances

U.S. election outcome will positively impact Cuba’s economy

Sherritt is at inflection point

13

Demand for nickel forecasted to grow with EV adoption

Long-term nickel demand is strong

Source: WoodMac

Th

ou

san

ds o

f to

nn

es

2,4252,287

2,4262,596

2,679 2,7512,862

3,240

3,788

4,418

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2019 2020 2021 2022 2023 2024 2025 2030 2035 2040

82%Demand growth expected through 2040

14

Nickel applications by market share

Source: Wood Mackenzie

7% 11% 37%EV batteries

Special alloys

1.6M tonnes of nickel to be used for EV batteries by 2040

Stainless steel

9% 9% 7%

69% 66% 45%

2020 2025 2040

15

• Take advantage of new market opportunities to commercialize Technologies Group research projects

• Projects:

• Leverage hydrometallurgical expertise

• Leverage international relationships and experience

• Focused on next generation lateritic ore processing

Sherritt’s longer-term focus

Technologies Group provides key point of differentiation

16

70+ years of commitment to innovation

Pioneered commercialization of high

pressure hydrometallurgy

14 PhDs on staff

1000+ years of research experience

40+ operations around the world apply

Sherritt technology

Technologies Group is a competitive advantage

1,700Patents since 1948

17

Portfolio of projects are in development

Market opportunities being driven by industry needs

• Increase purity of nickel

• Reduce greenhouse gas emissions

• Extend mine life

• Reduce tailings waste

• Increase recovery of high value metals

• Reduce operating costs

18

• Completion of balance sheet transaction was unprecedented

• Strongest balance sheet since financial crisis

• Nickel market outlook is bullish

• Leveraged to rising nickel and cobalt prices

• Portfolio of Technologies Group projects provide growth opportunities

• Cuban partners stand to benefit from U.S. election outcome

Sherritt is well positioned to capitalize on growing EV battery demand

Summary

19

Q&A Discussion

20

Sherritt International Corporation

22 Adelaide West, 42nd Floor

Toronto, Ontario, Canada M5H 4E3

Joe Racanelli

Telephone: (416) 935-2457 Toll-Free: 1 (800) 704-6698

Email: investor@sherritt.com Website: www.sherritt.com