Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for December 2018

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES

TORONTO–(BUSINESS WIRE)–Sherritt International Corporation (“Sherritt”) (TSX:S), a world leader
in the mining and refining of nickel and cobalt from lateritic ores,
today published the Applicable Reference Cobalt Price and Applicable
Common Shares per Warrant Ratio for the three-month period ended
November 30, 2018.

Reference Date   Applicable Reference Cobalt Price   Applicable Common Shares per Warrant Ratio
November 30, 2018 US$33.74 1.00

Consistent with the terms of the Warrant Indenture dated as of January
25, 2018 and available on SEDAR, Sherritt will calculate and publish the
Applicable Reference Cobalt Price based on the simple average of the
midpoint of the Fastmarkets MB (formerly known as Metal Bulletin) High
Price and the Fastmarkets MB Low Price1, expressed in US
dollars per pound, for the three consecutive full calendar months
immediately preceding each monthly Conversion Ratio Reset Date. The
Applicable Common Shares per Warrant Ratio disclosed here will apply on
any warrant Exercise Date from, and including, December 8, 2018 through
January 8, 2019.

The next Applicable Reference Cobalt Price and Applicable Common Shares
per Warrant Ratio for the three-month period ended December 31, 2018
will be announced on January 8, 2019.

About Sherritt

Sherritt is a world leader in the mining and refining of nickel and
cobalt from lateritic ores with projects and operations in Canada, Cuba
and Madagascar. The Corporation is the largest independent energy
producer in Cuba, with extensive oil and power operations across the
island. Sherritt licenses its proprietary technologies and provides
metallurgical services to mining and refining operations worldwide. The
Corporation’s common shares are listed on the Toronto Stock Exchange
under the symbol “S”.

1 The “Fastmarkets MB High Price” means the
Fastmarkets Cobalt low grade MB free market US$/lb in warehouse monthly
average high; and the “Fastmarkets MB Low Price” means the
Fastmarkets Cobalt low grade MB free market US$/lb in warehouse monthly
average low. Metal Bulletin was rebranded as Fastmarkets MB on October
1, 2018 and underlying pricing data remains the same.

Contacts

Joe Racanelli, Director of Investor Relations
Telephone:
416-935-2457
Toll-Free: 1-800-704-6698
Email: investor@sherritt.com
www.sherritt.com

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