Sherritt Reminds Noteholders of Upcoming Initial Expiration Date in Connection with Its Previously Announced Offers to Purchase Notes

May 24, 2022

Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S, Financial) reminds holders (the “Noteholders”) of the Corporation’s outstanding(i) 8.50% senior second lien secured notes due 2026 (the “Secured Notes”) and (ii) 10.75% unsecured PIK option notes due 2029 (the “Junior Notes”, and collectively with the Secured Notes, the “Notes”) of the initial expiration date of June 1, 2022 (the “Initial Expiration Date”) for the Corporation’s previously announced modified Dutch auction in respect of the Secured Notes (the “Secured Notes Dutch Auction”) and fixed price tender offer in respect of the Junior Notes (the “Junior Notes Fixed Price Tender Offer” and, together with the Secured Notes Dutch Auction, the “Offers” or the “Transaction”) for aggregate cash consideration of up to $50 million (the “Maximum Consideration Amount”), exclusive of accrued and unpaid interest on the purchased Secured Notes. The Initial Expiration Date and additional related information with respect to the Offers was previously announced by the Corporation in its news release issued on May 11, 2022 (the “May 11 News Release”).

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