| Production volumes | September 30, 2025 YTD Actual | 2025 Guidance |
|---|---|---|
| Metals- Moa Joint Venture (100% basis, tonnes) | ||
| Finished nickel (1) | 17,608 | 25,000 - 26,000 |
| Finished cobalt (1) | 1,880 | 2,700 - 2,800 |
| Power- Electricity (33⅓% basis, GWh) | 589 | 800-850 |
| Unit operating costs(3) | September 30, 2025 YTD Actual | 2025 Guidance |
|---|---|---|
| Metals - NDCC(4) (US$ per pound) | $5.95 | $5.75 - $6.25 |
| Electricity- unit operating cost, ($ per MWh) | $23.27 | $23.50 - $24.50 |
| Spending on capital(3)(5)($ millions) | September 30, 2025 YTD Actual | 2025 Guidance |
|---|---|---|
| Sustaining | ||
| Metals-Moa Joint Venture (50% basis), Fort Site (100% basis) (2) | $21.3 | $30.00 |
| Metals-Moa Joint Venture- Tailings facility (50% basis)(1) | $17.0 | $30.0 |
| Power (33⅓% basis) | $1.1 | $2.0 |
| Growth | ||
| Metals- Moa Joint Venture (50% basis)(1) | $6.3 | $7.0 |
| Spending on capital(3)(5) | $45.7 | $69.0 |
(1) Guidance updated November 5, 2025
(2) Guidance updated July 29, 2025
(3) Non-GAAP financial measures. Q3 2025 actual amounts for unit operating cost/NDCC and spending on capital at September 30, 2025 are incorporated by reference to Sherritt’s Management Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2025, dated Novmeber 5, 2025, which is available on Sherritt’s website (www.Sherritt.com). These amounts can be found in the Q3 2025 Financial Report in the Review of Operations section: Metals – Moa Joint Venture and Fort Site – page 11, Power – page 16. 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).
(4) Net direct cash cost (“NDCC”)
(5) Excludes negligible spending on capital for Metals Marketing, Oil & Gas and Corporate and Other segments
