Q3 2014 HIGHLIGHTS October 29, 2014

2

This document 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”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, certain expectations about capital costs and expenditures; capital project commissioning and completion dates; sufficiency of working capital and capital project funding; production of nickel, cobalt, oil and gas, and power; production costs and the global market for nickel. 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; 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; the impact of regulations related to greenhouse gas emissions and credits; debt repayments; collection of accounts receivable; and certain corporate objectives, goals and plans for 2014. 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 readers of this document 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. Key factors that may result in material differences between actual results and developments and those contemplated by this document include global economic and market conditions, and business, economic and political conditions in Canada, Cuba, Madagascar, and the principal markets for the Corporation’s products. Other such factors include, but are not limited to, uncertainties in the development, construction, ramp-up and operation of large mining, processing and refining projects; risks related to the availability of capital to undertake capital initiatives; changes in capital cost estimates in respect of the Corporation’s capital initiatives; risks associated with the Corporation’s joint-venture partners; expectations of the timing of financial completion at the Ambatovy Joint Venture; risk of future non-compliance with financial covenants; potential interruptions in transportation; political, economic and other risks of foreign operations; the Corporation’s reliance on key personnel and skilled workers; the possibility of equipment and other unexpected failures; the potential for shortages of equipment and supplies; risks associated with mining, processing and refining activities; uncertainty of gas supply for electrical generation; uncertainties in oil and gas exploration; risks related to foreign exchange controls on Cuban government enterprises to transact in foreign currency; risks associated with the United States embargo on Cuba and the Helms-Burton legislation; risks related to the Cuban government’s and Malagasy government’s ability to make certain payments to the Corporation; risks related to exploration and development programs; uncertainties in reserve estimates; risks associated with access to reserves and resources; uncertainties in environmental rehabilitation provisions estimates; risks related to the Corporation’s reliance on partners and significant customers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; uncertainties in commodity pricing; credit risks; competition in product markets; the Corporation’s ability to access markets; 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; risks associated with future acquisitions; uncertainty in the ability of the Corporation to obtain government permits; risks associated with governmental regulations regarding greenhouse gas emissions; risks associated with government regulations and environmental, health and safety matters; uncertainties in growth management; interest rate risk; risks related to political or social unrest or change and those in respect of indigenous and community relations; risks associated with rights and title claims; and certain corporate objectives, goals and plans for 2014; 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 the Corporation’s other 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 document and in the Corporation’s other documents filed with the Canadian securities authorities including, but not limited to, the Corporation’s Annual Information Form for the year ended December 31, 2013 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 document 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.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

David Pathe President and CEO

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STRATEGIC HIGHLIGHTS

Financial Discipline Operational Achievements Cost Reductions

Cost Reductions

• Sherritt implements staff restructuring subsequent to the quarter

Moa

• Established new quarterly production record

• Finalized technology supply contract for acid plant

Ambatovy

• Set quarterly production record

• Achieved second consecutive quarter of positive EBITDA

• Issued updated Technical Report

Oil and Gas

• Commenced development drilling program on the PSC extension lands

• Workover on one Yumuri well completed subsequent to quarter end

Power

• Benefiting from increased production from Boca de Jaruco plant with no unscheduled maintenance

Successfully Completed Complex Refinancing in October

• Reduced debt by $425M

o Issued $250M notes due in 2022 and will use proceeds plus cash on hand to redeem $275M notes due in 2015

o Paid down $400M of outstanding 2018 and 2020 notes

• Extended debt maturity profile with no principal payments due until 2018

• Announced normal course issuer bid

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MOA: STRONG QUARTER DRIVEN BY RECORD PRODUCTION AND HIGHER METAL PRICES

Q3 2014 Highlights • Record quarterly production • Average realized metal prices increased year over year • Adjusted EBITDA grew by 253% ($20 million) compared to Q3 2013 • Executed the key technology supply contract for the acid plant project • Production returned to normal levels following move to new mining area in Q1

Production Volume (Sherritt’s attributable share) C1 costs – Nickel (1)

(1) C1 costs, or net direct cash costs, includes direct costs such as mining, refining and processing, and is net of by-products. This excludes indirect costs such items as administration expenses and financing expenses.

0

1

2

3

4

5

6

1

(US$

/lb)

$4.76 $5.25 $5.18

$4.83

Q3 2013 Q3 2014 YTD 2013 YTD 2014

4,573

446

4,614

438

0

1,000

2,000

3,000

4,000

5,000

Finished Nickel Finished Cobalt

(Ton

nes)

Q3 2013 Q3 2014

6

AMBATOVY: RAMPING UP THE WORLD’S LARGEST LATERITIC FINISHED NICKEL OPERATION

Quarterly Nickel Production (100% basis)

Q3 2014 Highlights • Record quarterly production • C1 nickel costs consistent with previous guidance for current throughput levels • Positive adjusted EBITDA for second consecutive quarter • Improvement in autoclave operating hours reflects increased mechanical reliability • Q3 PAL throughput was 974,775 tonnes or 66% of nameplate capacity (exceeds 58% in Q2) • Throughput limited by (i) annual scheduled maintenance and (ii) process limitations relating to raw liquor

neutralization circuit and counter current decantation wash circuit

0

2,000

4,000

6,000

8,000

10,000

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

(Ton

nes)

7

AMBATOVY: RAMPING UP THE WORLD’S LARGEST LATERITIC FINISHED NICKEL OPERATION

Counter Current Decantation

B

A

Raw Liquor Neutralization

8

AMBATOVY: ALL RESOURCES FOCUSED ON THE PAL SYSTEM

Mining

Port & Rail

Utilities Systems

Refinery

PAL Systems Work focused on CCD

Production Component

Q4 2014 • Commission second ore thickener • Install forced dilution system in CCD#2 • Significant planned maintenance

2015 • No major maintenance planned for H1 2015 • Target 90% production for 90 days by end of second

quarter

Road Map to Increasing PAL Production Throughput and Achieving Financial Completion

Status

Area of focus Solid-liquid separation carried out by counter-current decantation (CCD)

}

9

AMBATOVY: 5 CERTIFICATES AWAY FROM FINANCIAL COMPLETION

Physical Facilities

Certificate

Mining Certificate

Production Certificate

Port Capacity Certificate

Pipeline Capacity

Certificate

Environmental Certificate

Marketing Certificate

Efficiency Certificate

Legal and Other Conditions Certificate

Financial Certificate

FINANCIAL COMPLETION

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AMBATOVY: UPDATED TECHNICAL REPORT

$0

$2

$4

$6

$8

$10

$12

50% 70% 90% 100%

Aver

age

C1 C

osts

(U

S$/lb

)

$9 - $11

$ 3 - $5 $4 - $6

$6 - $8

Targeted C1 Costs

Key Takeaways

• Reserves increased and overall grades for reserves decreased from 0.94% Ni to 0.85% Ni and 0.08% Co to 0.07% Co

• Estimated metal content is marginally higher as a result of greater ore tonnages despite lower overall grades

• Report’s mine plan is based on 5.85 million tonnes per year sent to autoclaves

• Ambatovy still expected to have attractive profitability and cash flow profile over 30-year life

• C1 costs remain in line with guidance

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LONG-TERM FUNDAMENTALS REMAIN STRONG FOR NICKEL

• Nickel market remains in surplus position with LME inventories at record highs

• Strong demand for nickel continues

• Nickel market anticipated to move from surplus to deficit in near term due to:

o continuation of Indonesian ban on nickel ore exports

o future supply growth of major projects is inadequate

Nickel Market Synopsis

Nickel Supply and Demand Outlook

Source: Wood Mackenzie

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OIL AND GAS: WORK BEGINS ON EXTENDING PRODUCTION PROFILE

Production and Sales Volumes Operating Costs

0

2

4

6

8

10

1

($ p

er b

arre

l)

Q3 2013 Q3 2014 YTD 2013 YTD 2014

$6.59

$9.98

$6.58

$8.12

Q3 2014 Highlights • Production and costs negatively impacted by workover • Average-realized price for Cuban oil decreased by $1.09 per barrel year over year due to market pricing • Adjusted EBITDA declined by 18% • Launched drilling program in extended PSC area in Cuba as we await approval for four additional blocks

o Activated Sherritt’s second drilling rig o First drilling well completed in September o Second drilling well completed in October o One additional well to be drilled in 2014 with a minimum of four more planned for 2015

20,445

11,403

19,412

10,607

0

5,000

10,000

15,000

20,000

25,000

Gross working-interest -Cuba

Total net working-interest

(boe

pd)

Q3 2013 Q3 2014

13

POWER: BENEFITING FROM INCREASED PRODUCTION

Q3 2014 Highlights • Electricity production increased 72% when compared to the prior year due to incremental production

from Boca de Jaruco project • Average-realized price of electricity was 7% higher than the same period last year • Operating costs decreased by 49% compared to the same period last year due to increased production

and reduced gas turbine scheduled maintenance

Production Volumes (33 1/3 basis)

0

5

10

15

20

25

30

1

($/M

Wh)

Q3 2013 Q3 2014 YTD 2013 YTD 2014

$26.01

$13.39

$24.97

$15.37

Operating Costs

130

223

0

50

100

150

200

250

1

Elec

tric

ity (G

Wh)

Q3 2013 Q3 2014

14

Strategic Priority Initiatives Completed Near-Term Objectives

EXECUTING AGAINST OUR STATED PRIORITIES

Focus on core nickel business • Sold Coal business • Moa JV – Technology services

contract in place for 2,000 tonne per day acid plant

• Ambatovy JV – Additional technical team to support process control issues

• Moa JV – complete acid plant • Ambatovy target is for 90%

production for 90 days by end of second quarter

Maximize value and life of Oil and Gas business

• Received PSC extension • Commenced drilling in new area

• Receive approvals for four additional exploration blocks

Improve capital allocation and strengthen balance sheet

• Completed comprehensive refinancing

• Maintain adequate liquidity

• Establish Normal Course Issuer Bid

Pursue cost reduction and efficiencies • Implemented staff restructuring subsequent to the quarter

• Nickel recovery at Ambatovy near design

• Continued focus on operational excellence and cost efficiencies

Improve stakeholder communication • Increased investor outreach • Enhancing disclosure • Increased investor outreach

2014 OUTLOOK

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Original

2014E Outlook

Outlook as of

September 30, 2014

PRODUCTION VOLUMES (tonnes) Mixed sulphides (tonnes, Ni+Co contained, 100% basis) Moa Joint Venture 38,000 37,000 Ambatovy Joint Venture 44,000 – 50,000 39,000 – 44,000 Total 82,000 – 88,000 76,000 – 81,000

Nickel, finished (tonnes, 100% basis) Moa Joint Venture 34,000 33,500 Ambatovy Joint Venture 40,000 – 45,000 37,000 – 41,000 Total 74,000 – 79,000 70,500 – 74,500

Cobalt, finished (tonnes, 100% basis) Moa Joint Venture 3,350 3,350 Ambatovy Joint Venture 3,300 – 3,800 2,700 – 3,100 Total 6,650 – 7,150 6,050 – 6,450

Oil – Cuba (gross working-interest, bopd) 19,000 19,000 Oil and Gas – All operations (net working-interest, boepd) 11,200 11,200 Electricity (GWh, 33 1/3% basis) 750 750 CAPITAL SPENDING ($MM) Metals – Moa Joint Venture (50% basis), Fort Site (100% basis) 70 55 Metals – Ambatovy Joint Venture (40% basis) 34 34 Oil and Gas 73 94 Power (33 1/3% basis) 4 4 Capital Spending (excluding Corporate) 181 187

Production volumes for the Moa Joint Venture have been revised for mixed sulphides and nickel reflecting actual production for the first nine months.

Dean Chambers EVP and CFO

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Q3 2013 Q3 2014

Adjusted Revenue ($ millions)

$59 $79 Q3 2013 Q3 2014

Adjusted EBITDA ($ millions) Adjusted Continuing Operating

Cash Flow ($ Per Share)

Q3 2014: REFLECTS SOLID UNDERLYING OPERATIONAL PROGRESS

Q3 2013 Q3 2014

$13(1)

$78.9

$302

$92 $0.15

$0.12 $195 $59

Notes: (1) On August 1, 2014, the Corporation received a favourable arbitration settlement decision related to a contract dispute with a port operator that arose during the time the Corporation operated Coal Valley Resources Inc.

18

Q3 2014: NET LOSS FROM CONTINUING OPERATIONS SIMILAR TO Q2 2014

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STRENGTHENING THE BALANCE SHEET

$250 $250 $250

$275

0

100

200

300

400

500

600

2014 2015 2016 2017 2018 2019 2020 2021 2022

($ m

illio

ns)

Current After debt reduction and refinancing

$400

$500

Notes

(1) Amounts at September 30, 2014 have been adjusted to reflect the purchase of $275 million of 7.75% debentures due October 15, 2015, $150 million of 8.00% debentures due November 15, 2018, and $250 million 7.50% debentures due September 24, 2020, issuance of $250 million of 7.875% Senior Unsecured Notes due October 11, 2022, and related fees. These transactions will be completed in the fourth quarter.

Cash & short term investments Total debt Long-term debt to total assets

980.3

2,214.0

39%

Debt refinancing completed reduced debt by $425 million, extends maturities and reduces principal amounts outstanding.

504.0

1,785.0

34%

($ millions, except as noted, as at) September 30, 2014 September 30, 2014 Adjusted (1)

Debenture/Notes Maturity Profile

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ADDITIONAL FINANCIAL DISCLOSURE

Updating Calculation of Oil & Gas Unit Operating Costs • Commencing this quarter, Sherritt is reporting average unit operating costs for Cuba on a gross barrel

basis for its Oil and Gas business • Approach is more relevant as operating costs represent costs to produce gross volumes • Average unit operating costs for Cuba now determined by dividing operating costs incurred by gross

production instead of net production • Does not impact P&L or cash flow

20

Q3 – Pre and Post Update Q3 YTD – Pre and Post Update

$15.15

$8.12

$12.48

$6.58

$15.56

$8.55

$12.62

$6.84

02468

1012141618

Q3 YTD 2014(Pre)

Q3 YTD 2014(Post)

Q3 YTD 2013(Pre)

Q3 YTD 2013(Post)

($ p

er b

arre

l)

Q3 Cuba Q3 Total

$19.24

$9.98

$12.50

$6.59

$19.41

$10.32

$12.86

$6.96

0

5

10

15

20

25

Q3 2014 (Pre) Q3 2014 (Post) Q3 2013 (Pre) Q3 2013 (Post)

($ p

er b

arre

l

Q3 Cuba Q3 Total

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Sherritt International Corporation 1133 Yonge Street, Toronto, Ontario, Canada M4T 2Y7 Media & Investor Relations Sean McCaughan Telephone: 416.935.2451 Toll-Free: 1.800.704.6698 Email: investor@sherritt.com Website: www.sherritt.com