Investor Presentation June 2016

SHERRITT INTERNATIONAL CORPORATION 1

Forward-Looking Statements This presentation may contain 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”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this presentation may include, but are not limited to, statements regarding certain expectations about capital costs and expenditures; capital projects completion dates; sales volumes; revenue, costs and earnings; sufficiency of working capital and capital project funding, completion of development and exploration wells, restructuring plan cost savings 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, including commodity and product prices and demand; level of liquidity and access to funding; share-price volatility; realized prices for production; earnings and revenues; development and exploratory wells and enhanced oil recovery in Cuba; environmental rehabilitation provisions; availability of regulatory approvals; compliance with applicable environmental laws and regulations; debt repayments; collection of amounts receivable; and certain corporate objectives, goals and plans for 2016. 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; risk of future non-compliance with debt restrictions and covenants, risks associated with the Corporation’s joint venture partners; variability in production at Sherritt’s operations in Madagascar and Cuba; risks associated with the completion of capital projects; 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 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 relations; credit risks; 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 2016; and the Corporation’s ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents. Readers 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 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 documents filed with the Canadian securities authorities including, but not limited to, the Corporation’s Annual Information Form for the year ended December 31, 2015 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, combined adjusted operating cash flow per share and combined free cash flow, 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. For additional information, including a reconciliation of each non-GAAP measures to the most directly comparable GAAP measure, see the Non-GAAP measures section in our Management’s Discussion and Analysis (MD&A) for the three months ended March 31, 2016 available on our website at www.sherritt.com.

SHERRITT INTERNATIONAL CORPORATION 2

Sherritt Overview

• Two fully integrated, LME quality HPAL nickel operations, which delivered 80,976 tonnes finished nickel in 2015 • Cuban oil production of 18,257 bopd (GWI) in 2015 • Cuban power generation business that creates steady cash flow • Market cap $224 million with $369.9 million cash, and $921 million recourse debt (1) (1) As of 03/31/2016

SHERRITT INTERNATIONAL CORPORATION 3

Total Debt vs. Recourse Debt

Since 2014, Sherritt has reduced debt by more than $400 million. As at Mar. 31, 2016 ($ millions)

Total Recourse

Senior unsecured notes (2018, 2020, 2022) $750

$750

126 1,221

126 -

45

45

Total debt

2,128.1

921

Cash and short term investments Net debt

369.9 1,758.2

369.9 551.1

Ambatovy partner loans Ambatovy additional partner loans Other

SHERRITT INTERNATIONAL CORPORATION 4

Restricted payments + additional debt incurrence

Nickel Production up 84% in 3 Years

35,761 31,276 26,830 18,908 19,410

10,059

14,821

2,278

17,132

16,771

16,455

16,853

2012

2013

2014

2015

SHERRITT INTERNATIONAL CORPORATION 5

Moa

Ambatovy

50%

40%

Nickel - The Most Volatile Base Metal

10 Year Nickel Performance

2 Year Nickel Performance $10

$22 $9 $18

$8

$7 $14 $6 $10

$5

$4 $6 $3

Nickel ($/lb) SHERRITT INTERNATIONAL CORPORATION 6

2016

$2 2015

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

$2

Nickel ($/lb)

Low cost HPAL production: well inside the 50th percentile 2016 Nickel Industry, Normal C1 Cash Cost Grouped by Operation and Ranked by Cash Cost (C1) Existing Operations and Base Case

25th percentile = US$3.00

50th percentile = US$4.48

Ambatovy = US$4.41 (Q1 2016) Moa = US$3.34 (Q1 2016)

Source: Wood Mackenzie Ltd.

SHERRITT INTERNATIONAL CORPORATION 7

NDCC for Both Operations Since Q1 2015

$6.00

$5.74 $5.48

$5.50 $5.51 $5.23

U.S.$/lb Ni

$5.00

$4.96 $4.48

$4.50 $4.00

$5.06

$4.24

$4.07

$4.36 $4.12

$4.41

$4.07

$3.50 $3.00

$3.34 $2.90

$2.50 $2.00 Q1 2015

Q2 2015

Q3 2015

Q4 2015

Moa JV & Fort Site Ambatovy JV 50th percentile of Wood Mackenzie Annual Forward-looking Cash Cost Curve Updated Q1 2016

SHERRITT INTERNATIONAL CORPORATION 8

Q1 2016

In Q1 2016: Currency and Commodity Changes Tell the Story WTI and Fuel Oil No.6

Nickel $4.40

USD per CAD $0.80

45 $0.78 40

$4.20

US$26.21 Feb 10

$0.76

35 $4.00

$0.74 30 $0.72

25

$0.70

20 $3.60

10

Ni low US$3.50/lb, a day after WTI bottomed

1/4/16 1/11/16 1/18/16 1/25/16 2/1/16 2/8/16 2/15/16 2/22/16 2/29/16 3/7/16 3/14/16 3/21/16 3/28/16 4/4/16 4/11/16 4/18/16

$3.20

$/lb

SHERRITT INTERNATIONAL CORPORATION 9

US$16.25 Jan 19

$0.66

5

$0.64

0

$0.62

1/4/16 1/8/16 1/14/16 1/21/16 1/27/16 2/2/16 2/8/16 2/12/16 2/19/16 2/25/16 3/2/16 3/8/16 3/14/16 3/18/16 3/24/16 3/31/16 4/6/16 4/12/16

$3.40

$0.68

15

Fuel Oil No. 6

WTI

US$0.6832 Jan 19

1/4/16 1/11/16 1/18/16 1/25/16 2/1/16 2/8/16 2/15/16 2/22/16 2/29/16 3/7/16 3/14/16 3/21/16 3/28/16 4/4/16 4/11/16 4/18/16

$3.80

USD per CAD

(1)

Q1 2016 Nickel Highlights Moa Production (50% basis) 4,357

Moa: NDCC $4.36

4,242 $3.34

Avg. Reference Price Nickel (USD) $6.50

Q1 2015

Q1 2016

Ambatovy Production (40% basis) 4,656

4,442

Q1 2015

Q1 2016

$3.86

Ambatovy: NDCC $5.74 $4.41

Q1 2015

Q1 2015

Q1 2016

SHERRITT INTERNATIONAL CORPORATION 10

Q1 2015

Q1 2016

Q1 2016 (1) All dollar figures are in ($ millions)

Q1 2016 Oil & Gas and Power Highlights Oil: Total Net Working Interest 10,938

10,504

Oil: Unit Operating Costs $10.16

$10.35

Avg. Reference Price Fuel Oil No. 6 (USD)

$44.32

Q1 2015

Q1 2016

Power (33 1/3% basis) GWh

210

217

Q1 2015

Q1 2016 $21.13

Power: Unit Operating Costs $15.64

$16.86

Q1 2015

Q1 2015

Q1 2016

SHERRITT INTERNATIONAL CORPORATION 11

Q1 2015

Q1 2016

Q1 2016

(1) All dollar figures are in $ millions

Reporting on our 2016 Strategic Priorities

Focusing On Core Nickel Business

Acid plant on track to complete in Q2 with full operation in Q3 Q1 NDCC down 24% vs. Q1 2015 2016 Guidance on track Environmental, Health, Safety & Sustainability Performance on track

SHERRITT INTERNATIONAL CORPORATION 12

Extending The Life Of Cuban Energy Business

Maintaining Strong Balance Sheet And Reducing Costs

Capital allocation reduced in Q1, results from first well (Q3-4) will dictate next steps

End Q1 with $370 million cash on hand after $45 million repayment of credit facilities

Pipeline to deliver increased gas supply to our power operations

Ceased funding Ambatovy cash calls due to the “40 for 12” issue; conversations with lenders and partners continue

FINANCIAL HIGHLIGHTS AND APPENDICES

SHERRITT INTERNATIONAL CORPORATION 13

Q1 2016 Net Loss and Adjusting Items $ millions

Per Share

Net (loss) earnings from continuing operations

$ (47.8)

$ (0.16)

0.7 (76.0) (3.8)

(0.26) (0.01)

Adjusting items: Severance Unrealized FX (gain) from continuing operations Ambatovy VAT adjustment

Adjusted net (loss) earnings from continuing operations

$

(126.9)

Analyst Consensus: (0.35) SHERRITT INTERNATIONAL CORPORATION 14

$

(0.43)

Combined Adjusted Operating Cash Flow Reconciliation from Q4 2015 to Q1 2016 40

20

0 (millions of dollars)

$14.2 $10.1

-20

($5.1) -40

$0.9

($2.3)

($29.5)

($22.2) ($10.5)

-60

-80

-100 Combined adjusted operating cash flow

Higher Ambatovy adjusted operating cash flow

SHERRITT INTERNATIONAL CORPORATION 15

Lower Oil & Gas adjusted operating cash flow

Lower Power adjusted operating cash flow

Lower Moa JV and Lower interest paid Fort Site adjusted on debentures (due to timing of operating cash flow payments)

Other

Combined adjusted operating cash flow Q1 2016

Balance Sheet Cash from Q4 2015 to Q1 2016 800

700

(millions of dollars)

600

500

435.4

9

0.7 (4.2)

400

(10.3)

369.9

(6.4) (45.4)

300

(8.9)

200

100

0 Energy adjusted December 31, cash flow 2015 - Cash, cash equivalents and short term investments

SHERRITT INTERNATIONAL CORPORATION 16

Working capital change

Interest paid on debentures

Obed and other Interest received Capital Repayments in on Moa JV loans Expenditure - Cash loans, borrowings and other financial liabilities

March 31, 2016 Cash, cash equivalents and short term investments

Ambatovy Distributable Cash Flow Revenue Generated by Ambatovy (100%) subtract

Payment of Operating Expenses (100%) subtract

Payment of Debt Service (2 parts) (100%) subtract

1. Interest @ LIBOR + 255 bps (post financial completion) 2. Principal repayments made semi-annually (June, Dec)

Funding of Maintenance Capital (100%) equals

Distributable Cash Flow (100%)

40%

Sherritt 30% x 40% (1) (1) Distributable cash flow to Sherritt until partner loans repaid. SHERRITT INTERNATIONAL CORPORATION 17

32.5%

Sumitomo 70% x 40% Partner Loan Repayment

27.5%

KORES

Sherritt’s Proven Laterite Expertise Demonstrated Over Decades

HPAL • 20+ years Moa experience • Proven autoclave technology • Multiple train operations Refinery • 60 years Fort Saskatchewan experience • 100% LME grade metal products

SHERRITT INTERNATIONAL CORPORATION 18

QUESTIONS

SHERRITT INTERNATIONAL CORPORATION 19

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

SHERRITT INTERNATIONAL CORPORATION 20