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SHERRITT INTERNATIONAL CORPORATION 1

Investor Presentation

March 2017


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 document include,

but are not limited to guidance and certain expectations about capital costs and expenditures; production volumes; capital project completion and ramp up dates; future price of key commodities; sales volumes;

revenue, costs, and earnings; sufficiency of working capital and capital project funding; results of on-going discussions regarding the partnership structure and future financing arrangements at the Ambatovy Joint

Venture; results of discussions regarding timing of ongoing Cuban payments; completion of development and exploration wells; and amounts of certain joint venture commitments.

Forward-looking statements are not based on historic facts, but rather on current expectations, assumptions and projections about future events. 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.

The Corporation cautions viewers of this presentation 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. These risks, uncertainties and other factors include, but are not limited to changes in the global price

for nickel, cobalt, oil and gas or certain other commodities, share-price volatility, level of liquidity and access to capital resources, access to financing, risk of future non-compliance with debt restrictions and

covenants; risks associated with the Corporation’s joint venture partners; discrepancies between actual and estimated production; variability in production at Sherritt’s operations in Madagascar and Cuba;

potential interruptions in transportation; uncertainty of gas supply for electrical generation; uncertainty of exploration results and Sherritt’s ability to replace depleted mineral and oil and gas reserves; the

Corporation’s reliance on key personnel and skilled workers; the possibility of equipment and other failures; the potential for shortages of equipment and supplies; risks associated with mining, processing and

refining activities; uncertainty of resources and reserve estimates; uncertainties in environmental rehabilitation provisions estimates; risks related to the Corporation’s corporate structure; political, economic and

other risks of foreign operations; risks related to Sherritt’s operations in Madagascar and Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-

Burton legislation; risks related to amounts owed to the Corporation by the Malagasy and Cuban governments; risks related to the accuracy of capital and operating cost estimates; reliance on significant

customers; foreign exchange and pricing risks; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding

greenhouse gas emissions; maintaining the Corporation’s social license to grow and operate; risks relating to community relat ions; credit risks; shortage of equipment and supplies; competition in product markets;

future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; 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; legal contingencies; risks related to the Corporation’s accounting policies; risks associated with future acquisitions;

uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the

Corruption of Foreign Public Officials Act or applicable local anti-corruption law; uncertainties in growth management; and certain corporate objectives, goals and plans for 2017; and the Corporation’s ability to

meet other factors listed from time to time in the Corporation’s continuous disclosure documents. Viewers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction

with the risk factors described in this presentation and in the Corporation’s other documents filed with the Canadian securities authorities.

The Corporation may, from time to time, make oral forward-looking statements. 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.

Non-GAAP Measures

Management uses combined results, Adjusted EBITDA, average-realized price, unit operating cost, adjusted earnings, adjusted operating cash flow per share, free cash flow and Net Investment in Ambatovy to

monitor the financial performance of the Corporation and its operating divisions and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its

competitors and evaluate the results of its underlying business. These measures do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies.


Sherritt - A low cost cobalt and nickel producer, with

a 20 year energy business in Cuba

Low cost producer of LME grade cobalt and nickel

A 90 year track record

Cuba’s largest independent oil producer and most efficient

power producer

Successfully carried out balance sheet initiatives to extend

maturities and reduce debt

1

2

3

4


NICKEL AND COBALT: ~83,500 t Ni + ~7,600 t Co(1)

(1) Estimated production at 100% basis, using mid point of 2017 guidance range


Nickel structural supply deficits are forecast for the

coming years

0

50

100

150

200

250

300

0

500

1,000

1,500

2,000

2,500

3,000

2005 2010 2015 2020 2025 2030 2035

Da

ys

of

co

ns

um

pti

on

Kt

Existing supply Probable projects Consumption Global stocks (in days of consumption)

• A shortage of over 200kt of nickel supply is anticipated by 2020, and it should increase to c. 400kt by 2030

• Stocks remain high but are expected to decrease sharply in the short term

• Recent news on Indonesia easing of the ore ban on ore exports are unlikely to impact supply significantly

Source: Wood Mackenzie, Dataset: Q4 forecast 2016


Nickel is used in lithium-ion batteries (e.g. nickel accounts for 80% of the LiNiCoAIO2 cathode

used for the Tesla Model S or 33.3% of the LiNiMnCoO2 cathode used for the Tesla Powerwall)

Battery demand expected to account for most of the

growth in nickel longer term…

Source: CRU

2016 Nickel demand

31%

69%

Nickel demand in non-stainless

Nickel demand in stainless

0

200

400

600

800

1,000

1,200

1,400

2015 2020 2025 2030 2035

Kt

Batteries Non-ferrous alloys Alloy steel Plating Others

+10%

2015-2035 CAGR:

+2%

+3%

+2%

+2%


…this demand is mostly met by Class I nickel but new

nickel supply is expected to be FeNi and NPI

• Today stocks of Class I nickel remain high

because of the increased availability of NPI,

FeNi and other Class II products

• But the strong forecast demand for class I

units could lead to a shortage of high purity

products

• The incentive nickel price to build additional

Class I nickel capacity is estimated to be

US$30,000 – US$50,000 per tonne of Ni

• the medium to long term, a gap could

emerge between Class I and Class II nickel

prices, with non-LME material subject to

significant discounts

Source: CRU

New nickel production consists mostly of FeNi and NPI

0

500

1,000

1,500

2,000

2,500

3,000

2015 2020 2030

Kt

Ferronickel and NPI Others Briquettes Refined metal

Class I nickel supply is costly and takes time to build, could lead to a premium for Class I

nickel products

High quality nickel


Cobalt supply

Cobalt sources Mine production by country (2016)

Source: CRU

Most cobalt production is mined as a by-product and 61% of the total supply comes from

the Democratic Republic of Congo (DRC), a country with a high geopolitical risk profile

61%

37%

2%

Copper mines by-product

Nickel mines by-product

Primary cobalt mines

Cuba: 5%

DRC: 61%

Russia: 5%

Australia: 5%

Philippines:

3%

Madagascar: 3%

Canada: 3%


0

5

10

15

20

25

30

35

0

1

2

3

4

5

6

7

8

2015 2016 2017 2018 2019 2020 2025

Co

dem

an

d f

or

EV

s (

Kt)

Millio

ns o

f v

eh

icle

s

EVs PHEVs HEVs Co demand

Electric Vehicles (EVs) will also drive the increase in

cobalt demand

Source: CRU

• 30kt of cobalt will be consumed by electric vehicles in 2025 (vs. 8kt in 2016)

• There is no obvious substitute for cobalt in batteries and technology should remain stable in the medium term

Annual EV production and cobalt demand for EVs

The outlook for cobalt is very positive, especially in non-metallurgical applications due to

the rise of the EV industry

Note: PHEV: Plug-in Hybrid Electric Vehicle, HEV: Hybrid Electric Vehicle


$3.25

$3.75

$4.25

$4.75

$5.25

$5.75

$6.25

$6.75

$7.25

$7.75

$8.25

1/2/2015 1/2/2016 1/2/2017

Nickel 200-DMA

$9

$11

$13

$15

$17

$19

$21

$23

$25

1/2/2015 1/2/2016 1/2/2017

Cobalt 200-DMA

The nickel and cobalt price trends from 2015 to date

Nickel vs. 200-DMA's Cobalt vs. 200-DMA's

+18% in 2016 (42%) in 2015 +37% in 2016 (24%) in 2015

Avg. reference price

2015: US$5.37

2016: US$4.36

Avg. reference price

2015: US$12.99

2016: US$11.77


OUR OPERATIONS


Power and Oil have supported adj. EBITDA in

2016

Metals Oil & Gas Power

Revenue Adj. EBITDA Revenue Adj. EBITDA Revenue Adj. EBITDA

Revenue and Adj. EBITDA 2016 as of December 31, 2016(1)(2)

(1) Excluding “Corporate and Other”

(2) Combined revenue and Adjusted EBITDA are non-GAAP measures

• 894 GWh generated in 2016

• 9,483 boepd (NWI) / 15,452 bopd

(GWI - Cuba) produced on average

in 2016

• 33,306 t of finished nickel

(Sherritt’s share) produced in 2016

80%

17% 13%

45%

7%

38%


$0

$30

$60

$90

$120

$150

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Adj. EBITDA shows the sensitivity to nickel and

oil prices

LME - Spot Nickel Price (US$/lb)

Gulf Coast Fuel Oil No. 6 (US$/bbl)

Metals - Adjusted EBITDA ($ M)

Oil & Gas - Adjusted EBITDA ($ M)

Nic

kel P

rice (

US

$/lb

) G

ulf C

oast F

uel O

il No

. 6 (U

S$/b

bl)

133

54

73

33

13

233 229

192

82

36

2012 2013 2014 2015 2016

Average reference price:

7.95 6.81 7.65 5.37 4.36

99.31 92.99 82.55 40.68 32.13

- Nickel (US$/lb)

- GCF#6 (US$/bbl)


Nickel and cobalt - A long-life asset base

Moa JV (50%) and Fort Site (100%)

• The oldest and lowest cost HPAL asset globally

• >15 more years of proven reserve life

• Cash flow positive on an annual basis at most points in the

nickel cycle

• Third acid plant at Moa finished construction on time and

under budget in 2016 and now in operation

Ambatovy JV (40%)

• The world’s largest finished nickel laterite project

• LME-grade nickel

• Deferral on 6 principal payments and not funding cash calls

due to the “40 for 12” issue

• Ongoing negotiations

Capital expenditure ($ M)

Unit operating costs (US$/lb)(1)

LME quality HPAL nickel and cobalt production

$64 $33 $38

$24

$33 $61

2015 2016 2017e

Moa (50%), Fort Site (100%) Ambatovy (40%)

(1) Mid point of 2017 guidance range

$3.88 $3.42 $3.45

$4.83 $4.27

$3.40

2015 2016 2017e

Moa (50%), Fort Site (100%) Ambatovy (40%)


Nickel and cobalt production (tonnes, Sherritt’s

share)

Moa Ambatovy

Nickel

16,853 16,464 16,750

2015 2016 2017e

18,908 16,842

20,000

2015 2016 2017e

1,867 1,847 1,825

2015 2016 2017e

1,386 1,309 1,580

2015 2016 2017e

Cobalt

Nickel

Cobalt

Note: Mid point of 2017 guidance range


(5)

0

5

10

15

0 1,000 2,000 3,000 4,000

C1 C

ash

Co

sts

(U

S$/lb

)

Mlbs

Nickel cash cost curve and our positioning

2016 Nickel industry, normal C1 cash cost grouped by operation and ranked by cash cost (C1)

existing operations and base case

Source: Wood Mackenzie, Dataset: Q4 2016

Ambatovy = US$4.27

(2016)

25th percentile

= US$3.00

50th percentile

= US$3.69

Moa = US$3.42

(2016)

Moa guidance: 3.20-3.70

Ambatovy guidance: 3.10-3.70

Ambatovy: US$3.10

(Q4 2016)

Moa: US$3.80

(Q4 2016)


Cash cost (NDCC) drivers for Moa and Ambatovy

• Third party feed usage and cobalt and fertilizer credit

Moa Ambatovy

2016 mining, processing and refining costs

Other key drivers of NDCC

• Progress toward full capacity

2016 mining, processing and refining costs

Other key drivers of NDCC

• US$3.20-3.70/lb

2017 NDCC guidance

• US$3.10-3.70/lb

2017 NDCC guidance

3% 16%

23%

9% 17%

18%

14% Diesel

Coal / fuel oil / electricity

Sulphur / acid

Other variable costs

Maintenance

Labour and contractors

Other fixed costs

4% 7%

12%

32%

29%

7% 8% Diesel

Coal / fuel oil / electricity

Sulphur / acid

Other variable costs

Maintenance

Labour and contractors

Other fixed costs


Oil & Gas - A profitable and predictable history, with

future production dependent on Block 10

Largest independent oil producer in Cuba

• 20+ year history in the country

• 209 wells drilled since 1992, 86% found oil

• Approximately 676,000 m drilled since 1992

• 213 million barrels produced

• Q4 2016 production of 7,452 bopd (NWI)

• 46 wells still producing

• Vertically integrated, own and operate 2 rigs

Strong contribution to adjusted EBITDA

• Low unit operating costs

• Benchmark realized prices to Gulf Coast Fuel Oil No. 6

Price, with GCF 6 ranging between 65 – 85% of WTI

Capital expenditure ($ M)

New drilling on Block 10 targeting another 20 year reservoir

Cuba unit operating costs ($/bbl)(1)

Total production (NWI, boepd)(1)

11,158 9,483

6,700

2015 2016 2017e

$9.53 $9.75 $11.50

2015 2016 2017e

$55

$26

$73

2015 2016 2017e



Power


(2) 2016: including pipeline construction

Largest independent power producer in Cuba

• Sherritt Power operates in Cuba through its 331/3% interest

in Energas S.A.

• Aggregate net power capacity of 506MW with 3 facilities:

Varadero West, Puerto Escondido and Boca de Jaruco

• New pipeline to the Puerto Escondido facility is now

operational

Strong adjusted cash flow generation

• Conditional sales agreement: loan to be repaid by Energas

($192M as of Dec. 31, 2016; 8% annual interest rate)

• Limited capital expenditure

Potential upside

• Cuba’s cleanest power, in a country where power

consumption grew by 4.8% in 2015 and should continue

growing in the coming years

Capital expenditure ($ M)(2)

Unit operating costs ($/MWh)(1)

Power generation (331/3% basis, GWh)(1)

Resilient cash flow generation from operations + loan repayment

902 894 875

2015 2016 2017e

$21.00 $22.94

$19.13

2015 2016 2017e

$4 $6

$2

2015 2016 2017e


FINANCIAL HIGHLIGHTS


Balance sheet cash from Dec. 31, 2015 to

Dec. 31, 2016

In million of dollars

($84.6) ($40.2)

($14.8) ($6.7)

$435.4

$72.1

$14.1

($65.7) $309.6

Dec. 31, 2015 -Cash, cash

equivalents andshort term

investments

Adjustedoperating cash

flow (ex.Corporate)

Corporate Working capitalchange

Capitalexpenditure

Debt Repayment Fees paid ondebentureextension

Other Dec. 31, 2016 -Cash, cash

equivalents andshort term

investments


Sensitivity to nickel prices (2016 FY basis / Moa

at 50% + Ambatovy at 40%)

Assumptions:

• Oil prices unchanged

• Metals Adj. EBITDA includes $0.8M of “Other”

• 2016 production of 33,306 tonnes of finished nickel (Sherritt’s share) unchanged

• Operating costs and Capex unchanged, presenting Adj. EBITDA assuming higher nickel scenarios

Note:

- Average US$/C$ exchange rate of 1.33 for the period

- Average realized nickel price of C$ 5.65/lb (c. US$4.36), spot and consensus as of 01/05/17

$20

$48 $46

($7)

$22 $20

$13

$71 $66

(20)

(10)

0

10

20

30

40

50

60

70

80

2016 avg realizedprice (US$4.3/lb)

Spot price(US$5.0/lb)

Analysts consensusfor 2017 (US$4.9/lb)

Ad

j. E

BIT

DA

(C

$ M

)

Nickel price (US$/lb)

Moa

Ambatovy

Metals


Sensitivity to nickel prices (2016 FY basis / Moa

at 50% + Ambatovy at 12%)

Assumptions:

• Oil prices unchanged

• Metals Adj. EBITDA includes $0.8M of “Other”

• 2016 production of 21,781 tonnes of finished nickel (Sherritt’s theoritical share with Ambatovy at 12%)

• Operating costs and Capex unchanged, presenting Adj. EBITDA assuming higher nickel scenarios

Note:


- Average realized nickel price of C$ 5.65/lb (c. US$4.36), spot and consensus as of 01/05/17

$20 $20

$48 $46

($7)

($2)

$7 $6

$13

$18

$55 $52

(20)

(10)

0

10

20

30

40

50

60

2016 avg realized price(US$4.3/lb, 40% stake)

2016 avg realized price(US$4.3/lb, 12% stake)

Spot price(US$5.0/lb)

Analysts consensus for2017 (US$4.9/lb)

Ad

j. E

BIT

DA

(C

$ M

)

Nickel price (US$/lb)

Moa

Ambatovy

Metals


Sensitivity to oil prices (2016 FY basis / Cuba only)

Assumptions:

• Nickel prices and 2016 oil production of 15,452 bopd (GWI) unchanged

• Other operating costs and Capex unchanged, presenting Adj. EBITDA assuming higher oil scenarios

Note:


- Average realized oil price of C$ 30/bbl (c. US$23), c. 70% of GCF 6 reference price over the period, spot and consensus as of 01/05/17

$36

$53 $56

$40

$58 $61

0

10

20

30

40

50

60

70

2016 WTI avg ref.price

(US$43.4)

WTI spot price(US$53.1)

WTI analystsconsensus for 2017

(US$54.8)

Ad

j. E

BIT

DA

(C

$ M

)

Reference oil price (US$/bbl)

O&G Adj. EBITDA

Sherritt Adj. EBITDA


Key takeaways

• $310 million in cash and short-term investments, and no long term debt

maturity before Q4 2021

• A long operating track record through all phases of the cycle

• The largest and best established foreign mining and energy business in

Cuba

Nearing the end stages of Ambatovy negotiations and expecting

Block 10 drill results


APPENDICES


2017 strategic priorities

Uphold global operational leadership

in finished nickel production from

laterites

Optimize opportunities in Cuban

energy business

Preserve liquidity and build balance

sheet strength

2017 strategic priorities Targets

• Further reduce NDCC at Moa and Ambatovy towards the

goal of achieving or remaining in the lowest quartile of

global nickel cash costs

• Increase Ambatovy production and predictability over 2017

• Achieve peer leading performance in environmental, health,

safety and sustainability

• Determine future capital allocation based on results from

first two wells to be drilled on Block 10

• Strengthen strategic relationships in Cuba

• Finalize long-term Ambatovy equity and funding structure

• Optimize working capital and receivables collection

• Operate Metals and Power businesses to be free cash flow

neutral or better at forecast commodity prices


Metals highlights

Nickel production (k tonnes) Moa: NDCC Avg. reference price: nickel (US$)

Cobalt production (k tonnes) Ambatovy: NDCC

16.9 16.5 16.8 18.9

16.8 20.0

2015 2016 2017e

Moa (50%) Ambatovy (40%)

1.9 1.8 1.8

1.4 1.3 1.6

2015 2016 2017e

Moa (50%) Ambatovy (40%)

$5.37

$4.36

2015 2016

Avg. reference price: cobalt (US$)

Note: 2017e data represent the mid points of 2017 guidance

$3.88 $3.42 $3.45

2015 2016 2017e

$4.83 $4.27

$3.40

2015 2016 2017e

(19%)

(9%)

$12.99 $11.77

2015 2016


Oil & Gas and Power highlights

Oil: Cuba GWI and total NWI Oil: Cuba unit operating costs Avg. reference price

Fuel Oil No. 6 (US$)

Power (331/3% basis) GWh Power: unit operating costs

18,257

15,452

12,000 11,158 9,483

6,700

2015 2016 2017e

GWI Production Cuba NWI Production All

Note: 2017e data represent the mid points of 2017 guidance

$9.53 $9.75

$11.50

2015 2016 2017e

$40.68

$32.13

2015 2016

902 894 875

2015 2016 2017e

$21.00 $22.94

$19.13

2015 2016 2017e

(21%)


2017 production, NDCC and unit operating cost

guidance

• Nickel production is forecast to increase in 2017, especially in the Ambatovy JV where full year production

rates are expected to be in line with fourth quarter 2016 performance

(1) Unit Operating Cost guidance figures are based on by-product and input commodity price assumptions for 2017, which are subject to change

during the year, as cobalt, fertilizers, sulphur, West Texas Intermediate crude and fuel oil prices are typically volatile

2016 guidance 2016 actual 2017 guidance(1)

Production volumes

Nickel, finished (tonnes, 100% basis)

Moa Joint Venture 32,500-33,000 32,928 33,000-34,000

Ambatovy Joint Venture 40,000-42,000 42,105 48,000-52,000

Total 72,500-75,000 75,033 81,000-86,000

Cobalt, finished (tonnes, 100% basis)

Moa Joint Venture 3,300-3,800 3,694 3,500-3,800

Ambatovy Joint Venture 2,900-3,300 3,273 3,800-4,100

Total 6,200-7,100 6,967 7,300-7,900

Oil – Cuba (GWI, bopd) 15,000 15,452 11,500-12,500

Oil and Gas – All operations (NWI, boepd) 9,200 9,483 6,400-7,000

Electricity (GWh, 331/3% basis) 860 894 850-900

Unit operating costs

NDCC (US$/lb)

Moa Joint Venture - 3.42 3.20-3.70

Ambatovy Joint Venture - 4.27 3.10-3.70

Total - 3.85 3.14-3.70

Oil and Gas – Cuba (unit operating costs, $/barrel) - 9.75 11.00-12.00

Electricity (unit operating costs, $/MWh) - 22.94 18.75-19.50


2017 capital expenditure guidance - higher spending

on capital due to the Oil & Gas growth plan

Metals

• Lower capital spending at Moa, which is consistent with 2016 levels excluding the acid plant, is offset by

higher spending at Ambatovy required for additional mining fleet equipment and mine development works

• Sherritt is currently not funding capex at Ambatovy

Oil and Gas

• Completion of the first Block 10 well and the drilling of a second well (US$25 million),

• Equipment to support drilling in Block 10 (US$18 million)

• Shooting of seismic on Block 8A (US$7 million), which was deferred in 2016 but is required to satisfy the

commitment expenditure on the block

US$ millions / ($ millions) 2016 guidance 2016 actual 2017 guidance

Metals – Moa JV (50% basis), Fort Site (100% basis) US$38 US$25 (33) US$28 (38)

Metals – Ambatovy JV (40% basis) US$25 US$25 (33) US$45 (61)

Oil and Gas US$27 US$20 (26) US$55 (73)

Power (331/3% basis) US$1 US$1 (1) US$1 (2)

Power (331/3% basis) Pipeline Construction US$4 US$4 (5) -

Total capex US$95 US$75 (98) US$129 (173)


Sherritt International Corporation

181 Bay Street, 26th Floor, Brookfield Place

Toronto, Ontario, Canada M4T 2Y7

Investor Relations

Flora Wood

Telephone: 416.935.2457 Toll-Free: 1.800.704.6698 Email: [email protected]

Website: www.sherritt.com

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