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

TORONTO–(BUSINESS WIRE)–Sherritt International Corporation (TSX:S):

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

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
February 28, 2018.

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 Metal Bulletin High Price and the Metal Bulletin 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, March 8, 2018 through April 9, 2018.

The next Applicable Reference Cobalt Price and Applicable Common Shares
per Warrant Ratio for the three-month period ended March 31, 2018 will
be announced on April 9, 2018.

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 “Metal Bulletin High Price” means the Cobalt low
grade Metal Bulletin free market US$/lb in warehouse monthly average
high; the “Metal Bulletin Low Price” means the Cobalt low grade
Metal Bulletin free market US$/lb in warehouse monthly average low.

Contacts

Sherritt International Corporation
Joe Racanelli,
416-935-2457
Director of Investor Relations
Toll-Free:
1-800-704-6698
[email protected]
www.sherritt.com