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1 Investor Presentation June 2016 SHERRITT INTERNATIONAL CORPORATION 1
2 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 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 SHERRITT INTERNATIONAL CORPORATION 2
3 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
4 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 Ambatovy partner loans Ambatovy additional partner loans 126 1, Restricted payments + additional debt incurrence Other Total debt Cash and short term investments Net debt 2, , SHERRITT INTERNATIONAL CORPORATION 4
5 Nickel Production up 84% in 3 Years 35,761 31,276 19,410 2,278 26,830 10,059 14,821 18,908 17,132 16,771 16,455 16, Moa Ambatovy 50% 40% SHERRITT INTERNATIONAL CORPORATION 5
6 Nickel - The Most Volatile Base Metal $22 10 Year Nickel Performance 2 Year Nickel Performance $10 $9 $18 $8 $14 $7 $6 $10 $5 $6 $4 $3 $ $ Nickel ($/lb) Nickel ($/lb) SHERRITT INTERNATIONAL CORPORATION 6
7 Low cost HPAL production: well inside the 50 th 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$ th percentile = US$4.48 Moa = US$3.34 (Q1 2016) Ambatovy = US$4.41 (Q1 2016) Source: Wood Mackenzie Ltd. SHERRITT INTERNATIONAL CORPORATION 7
8 NDCC for Both Operations Since Q $6.00 $5.50 $5.00 $5.74 $5.51 $5.48 $5.23 $5.06 $4.96 U.S.$/lb Ni $4.50 $4.00 $3.50 $4.36 $4.24 $4.12 $4.07 $4.07 $4.48 $4.41 $3.00 $3.34 $2.50 $2.90 $2.00 Q Q Q Q Q Moa JV & Fort Site Ambatovy JV 50th percentile of Wood Mackenzie Annual Forward-looking Cash Cost Curve Updated Q SHERRITT INTERNATIONAL CORPORATION 8
9 In Q1 2016: Currency and Commodity Changes Tell the Story $4.40 Nickel WTI and Fuel Oil No.6 USD per CAD 45 $0.80 $ US$26.21 Feb 10 $0.78 $0.76 $ $0.74 $ $ $0.70 $ $0.68 $3.40 Ni low US$3.50/lb, a day after WTI bottomed 10 5 US$16.25 Jan 19 US$ Jan 19 $0.66 $0.64 $3.20 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 0 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 $0.62 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 $/lb Fuel Oil No. 6 WTI USD per CAD SHERRITT INTERNATIONAL CORPORATION 9
10 Q Nickel Highlights (1) Moa Production (50% basis) Moa: NDCC 4,357 4,242 $4.36 $3.34 Avg. Reference Price Nickel (USD) $6.50 Q Q Ambatovy Production (40% basis) Q Q Ambatovy: NDCC $3.86 4,656 4,442 $5.74 $4.41 Q Q Q Q Q Q (1) All dollar figures are in ($ millions) SHERRITT INTERNATIONAL CORPORATION 10
11 Q Oil & Gas and Power Highlights Oil: Total Net Working Interest Oil: Unit Operating Costs 10,938 10,504 $10.16 $10.35 Avg. Reference Price Fuel Oil No. 6 (USD) $44.32 Q Q Power (33 1/3% basis) GWh Q Q Power: Unit Operating Costs $ $15.64 $16.86 Q Q Q Q Q Q (1) All dollar figures are in $ millions SHERRITT INTERNATIONAL CORPORATION 11
12 Reporting on our 2016 Strategic Priorities Focusing On Core Nickel Business Extending The Life Of Cuban Energy Business Maintaining Strong Balance Sheet And Reducing Costs Acid plant on track to complete in Q2 with full operation in Q3 Q1 NDCC down 24% vs. Q Guidance on track Environmental, Health, Safety & Sustainability Performance on track Capital allocation reduced in Q1, results from first well (Q3-4) will dictate next steps Pipeline to deliver increased gas supply to our power operations End Q1 with $370 million cash on hand after $45 million repayment of credit facilities Ceased funding Ambatovy cash calls due to the 40 for 12 issue; conversations with lenders and partners continue SHERRITT INTERNATIONAL CORPORATION 12
13 SHERRITT INTERNATIONAL CORPORATION 13 FINANCIAL HIGHLIGHTS AND APPENDICES
14 Q Net Loss and Adjusting Items $ millions Net (loss) earnings from continuing operations Adjusting items: Severance Unrealized FX (gain) from continuing operations Ambatovy VAT adjustment $ (47.8) 0.7 (76.0) (3.8) Per Share $ (0.16) - (0.26) (0.01) Adjusted net (loss) earnings from continuing operations $ (126.9) $ (0.43) Analyst Consensus: (0.35) SHERRITT INTERNATIONAL CORPORATION 14
15 Combined Adjusted Operating Cash Flow Reconciliation from Q to Q $14.2 (millions of dollars) ($29.5) ($5.1) ($2.3) ($10.5) $10.1 $0.9 ($22.2) Combined adjusted operating cash flow Higher Ambatovy adjusted operating cash flow Lower Oil & Gas adjusted operating cash flow Lower Power adjusted operating cash flow Lower Moa JV and Fort Site adjusted operating cash flow Lower interest paid on debentures (due to timing of payments) Other Combined adjusted operating cash flow - Q SHERRITT INTERNATIONAL CORPORATION 15
16 Balance Sheet Cash from Q to Q (millions of dollars) (4.2) (10.3) 0.7 (6.4) (45.4) (8.9) December 31, Cash, cash equivalents and short term investments Energy adjusted cash flow Working capital change Interest paid on debentures Interest received on Moa JV loans Capital Expenditure - Cash Repayments in loans, borrowings and other financial liabilities Obed and other March 31, Cash, cash equivalents and short term investments SHERRITT INTERNATIONAL CORPORATION 16
17 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. LIBOR bps (post financial completion) 2. Principal repayments made semi-annually (June, Dec) Funding of Maintenance Capital (100%) equals Distributable Cash Flow (100%) 40% 32.5% 27.5% Sherritt Sumitomo KORES 30% x 40% (1) 70% x 40% Partner Loan Repayment (1) Distributable cash flow to Sherritt until partner loans repaid. SHERRITT INTERNATIONAL CORPORATION 17
18 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
19 SHERRITT INTERNATIONAL CORPORATION 19 QUESTIONS
20 Sherritt International Corporation 181 Bay Street, 26th Floor, Brookfield Place Toronto, Ontario, Canada M4T 2Y7 Investor Relations Flora Wood Telephone: Toll-Free: Website: SHERRITT INTERNATIONAL CORPORATION 20
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