Sherritt International Corporation ('Sherritt', the 'Corporation') (TSX:S), a world leader in the mining and refining of nickel and cobalt - metals essential for the growing adoption of electric vehicles, announced today that it is filing an updated National Instrument 43-101 Technical Report (NI 43-101 or 2023 Moa JV Technical Report) for the Moa Joint Venture (the Moa JV) indicating that current reserves are expected to support a 26 year life of mine.

Highlights

Proven and Probable Reserves(i) increased to 1,182 kt of nickel and 144 kt of cobalt, an increase of 110% and 129%(ii), respectively; The life of mine (LOM) extends to 2048, an increase of 14 years, with total estimated metal recovered of 724 kt of nickel and 85 kt of cobalt; Over the next 10 years, average annual finished metal production of 30 kt of nickel and 3.3 kt of cobalt from Moa is expected, excluding the impact of the Moa JV expansion program and refining of third-party feeds; Favourable economics in the base case scenario supports an after-tax NPV (8%) of US$812 million (100% basis) using conservative prices of US$7.12/lb nickel and US$21.32/lb cobalt; Significant upside in an alternative case increases the after-tax NPV (8%) to US$1.5 billion (100% basis) using recent analyst commodity price forecasts of US$9.00/lb nickel, US$23.50/lb cobalt and higher input commodity prices; The 2023 Moa JV Technical Report excludes the upside NPV impact from the Moa JV expansion. Once completed by the end of 2024, the full expansion is expected to result in a higher NPV but shorten the LOM by 3-5 years.

The updated reserves and associated life of mine at the Moa JV underpins and validates our long-term strategy for producing low cost, high purity nickel and cobalt,' said Leon Binedell, President and CEO of Sherritt International. 'With an estimated 26-year mine life and a strong market outlook for our products, the revised economics supports both our near-term strategy of expanding production capacity and our long-term growth ambitions to meet the demand from evolving markets increasingly driven by the energy transition and, in particular, electric vehicle battery supply chains.'

Mineral Reserve Estimates

The 2023 Moa JV Technical Report, which incorporates a newly developed strategic LOM plan based on the economic cut-off grade (ECOG) methodology, estimates that as of August 31, 2022 the Moa JV had 117.2 millions of tonnes (Mt) of proven and probable reserves at an average nickel grade of 1.01% and cobalt grade of 0.12%, providing total reserves of 1,182 kt of contained nickel and 144 kt of contained cobalt. The updated contained nickel and cobalt reserves are 110% and 129% higher, respectively, compared to the amounts previously reported and as disclosed in the 2021 Annual Information Form (2021 AIF).

About the Moa Joint Venture

The Moa Joint Venture is a 50/50 joint venture between Sherritt and General Nickel Company S.A. of Cuba. The Moa JV explores, develops, mines and processes nickel laterite deposits in Cuba for refining into finished nickel and cobalt from its refinery in Fort Saskatchewan, Alberta or for potential sale as intermediary products and markets its products to customers internationally, except the United States.

About Sherritt

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt - metals essential for an electric future. Its Technologies Group creates innovative, proprietary solutions for natural resource-based industries around the world to improve environmental performance and increase economic value. Sherritt has embarked on an expansion program focused on increasing annual mixed sulphide precipitate production by 20% or 6,500 tonnes of contained nickel and cobalt (100% basis). The Corporation is also the largest independent energy producer in Cuba. Sherritt's common shares are listed on the Toronto Stock Exchange under the symbol 'S'.

Forward-Looking Statements

This press release 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, statements regarding resource and reserve estimates, including potential resources and reserves expansion, assumed commodity prices and exchange rates, life of mine and life of mine production plan, production, net present value, operating and capital cost estimates. 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; production results; realized prices for production; earnings and revenues; global demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; the commercialization of certain proprietary technologies and services; advancements in environmental and greenhouse gas (GHG) reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to Environmental, Social and Governance (ESG) matters which are based on assumptions or developing standards; environmental rehabilitation provisions; environmental risks and liabilities; compliance with applicable environmental laws and regulations; risks related to the U.S. government policy toward Cuba and certain corporate objectives, goals and plans for 2023, together with projected mine and process recovery rates, mining dilution, projected closing costs and requirements and assumptions as to environmental, permitting and social considerations and risks. 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 the assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. 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.

Risks, uncertainties and other factors regarding resources and reserves include, but are not limited to: the ability to obtain required Cuban approvals for the Economic Cut-Off Grade methodology and new cut-off grade, the degree of confidence that can be attained in relation to the resource models for certain areas, the frequency of waste dump and stockpile surveying and lower resource categorization with respect to saprolites. In addition, those associated with reserves include but are not limited to: the ability to assure sufficient and continuous tailings capacity, the ability to successfully implement the revised mine plan associated with the increased reserves on site Risks to forward looking statements also include changes to costs of production from what is assumed, unrecognized environmental risks, unanticipated reclamation expenses, unexpected variations in the quantity of mineralized material, grade or recovery rates, geotechnical or hydrological considerations differing from what is assumed, failure of mining methods to operate as anticipated, changes to assumptions as to the availability and cost of electrical power and process reagents, the ability to maintain the social license to operate, accidents, labour disputes and other risks of the mining industry, changes to interest rates and changes to tax rates, and availability of allowances for depreciation and amortization.

Additional risks, uncertainties and other factors include, but are not limited to, security market fluctuations and price volatility; level of liquidity and the related ability of the Moa Joint Venture to pay dividends; access to capital; access to financing; the risk to Sherritt's entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa Joint Venture, the impact of infectious diseases (including the COVID-19 pandemic), the impact of global conflicts; changes in the global price for nickel, cobalt, oil, gas, fertilizers or certain other commodities; risks related to Sherritt's operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; political, economic and other risks of foreign operations; 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; 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 related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; uncertainty about the pace of technological advancements required in relation to achieving ESG targets; risks to information technologies systems and cybersecurity; identification and management of growth opportunities; the ability to replace depleted mineral reserves; risk of future noncompliance with debt restrictions and covenants; risks associated with the Corporation's joint venture partners; variability in production at Sherritt's operations in Cuba; risks associated with mining, processing and refining activities; potential interruptions in transportation; uncertainty of gas supply for electrical generation; reliance on key personnel and skilled workers; growth opportunity risks; the possibility of equipment and other failures; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to the Corporation's corporate structure; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; foreign exchange and pricing risks; 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; 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; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2023 and the ability to meet other factors listed from time to time in the Corporation's continuous disclosure documents.

The Corporation, together with its Moa Joint Venture is pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, , procurement, construction, commissioning, ramp-up to commercial scale production and completion and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant.

Readers are cautioned that the foregoing list of factors is not exhaustive and 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 year ended December 31, 2022 and the Annual Information Form of the Corporation dated March 24, 2022 for the year ending December 31, 2021, which is available on SEDAR at www.sedar.com .

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 press release 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 press release 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.

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