| Production volumes | December 31, 2025 Full Year Actual | 2026 Guidance |
|---|---|---|
| Metals- Moa Joint Venture (100% basis, tonnes) | ||
| Finished nickel | 25,240 | 26,000 - 28,000 |
| Finished cobalt | 2,728 | 2,750 - 2,850 |
| Power- Electricity (33⅓% basis, GWh) | 799 | 825-875 |
| Unit operating costs(1) | December 31, 2025 Full Year Actual | 2026 Guidance |
|---|---|---|
| Metals - NDCC(1)(2) (US$ per pound) | $5.96 | $5.75 - $6.25 |
| Electricity- unit operating cost (1) ($ per MWh) | $23.33 | $27.25 - $28.75 |
| Spending on capital(1)($ millions) | December 31, 2025 Full Year Actual | 2026 Guidance |
|---|---|---|
| Sustaining | ||
| Metals-Moa Joint Venture (50% basis), Fort Site (100% basis) | $27.2 | $35.0-$40.0 |
| Metals-Moa Joint Venture (50% basis) Tailings facility | $24.3 | $25.0-$30.0 |
| Power (33⅓% basis) | $1.6 | $3.0 |
| Growth | ||
| Metals- Moa Joint Venture (50% basis) Improvement debottlenecking projects | $2.5-$5.0 | |
| Spending on capital(3) | $53.1 | $68.5-$78.0 |
(1) Non-GAAP financial measures. 2025 full year actual amounts for unit operating cost/NDCC and spending on capital are incorporated by reference to Sherritt’s Management Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2025, dated February 10, 2026 which is available on Sherritt’s website (www.Sherritt.com). These amounts can be found in the Q4 2025 Financial Report in the Review of Operations section: Metals – Moa Joint Venture and Fort Site – page 13, Power – page 17. The MD&A is also available on SEDAR+ (www.sedarplus.ca). The primary determinants impacting unit operating costs are: for Moa Joint Venture – production levels, cobalt and fertilizer prices and input commodity prices, primarily sulphur; for Power, the primary determinants are production levels and maintenance costs. The primary determinants impacting spending on capital are liquidity, timing of expenditures and foreign exchange rates (as most purchases are denominated in U.S. dollars).
(2) Net direct cash cost (“NDCC”)
(3) Excludes negligible spending on capital for Metals Marketing, Oil & Gas and Corporate and Other segments
