1. 4/16/2017
SHERRITT INTERNATIONAL Ambatovy Nickel Project: A Progress Report March 2008

2. Diversified Natural Resource Company
4/16/2017
Diversified Natural Resource Company
Metals
33,000 tonne nickel plus cobalt mining and processing facility in Cuba and refinery in Canada - 50/50 joint venture between Sherritt and the Cuban state
40% interest in 60,000 tpa Ambatovy nickel project
Technology leader in nickel laterite processing and refining
Positioned to be preeminent low-cost producer ~110,000 tpa in 2012
Coal
Operates and/or owns nine surface coal mines in Canada
Produced 40 million tonnes of coal in 2006
Developing gasification project ~11 billion tonnes of thermal coal reserves
Oil and Gas
9 commercial fields operating and 5 exploration/development blocks under review
Gross working interest production of ~31,000 boepd
Significant international exploration opportunities
Understanding of complex fold and thrust structure in Cuba
Leading horizontal drilling operator
Power
Largest independent power producer in Cuba
Track record of growing the business MW of installed generating capacity
Proceeding with 150+ MW expansion in Cuba and reviewing potential opportunities in Madagascar

3. Ambatovy Project Overview
Sherritt acquired Dynatec’s Ambatovy nickel project in June 2007
Sherritt will operate and hold a 40% interest with partners Sumitomo (27.5%) Kores (27.5%) and SNC-Lavalin (5%)
Reserve life of 27+ years
Major project components:
Mine Site near Moramanga
220 km pipeline to transport ore slurry
Process plant near Toamasina
Supporting infrastructure, including port facilities, roads, rail lines, tailings dam and power plant
Refinery design capacity:
60,000 tpa LME Class 1 nickel briquettes
5,600 tpa high-grade cobalt
190,000 tpa ammonium sulphate
Earth works commenced in June 2007, commissioning to start in 2009, full production in 2012
Toamasina
Antananarivo
MADAGASCAR

4. Mine Site and Pipeline
Construction commenced on the 220 km pipeline which will transport the ore as slurry from the mine to the
process plant
Engineering has completed Hazard and Operability reviews in nearly all areas
Upgrades to short term and long term erosion and sediment controls ongoing
The Ore Preparation Plant site civil work is 60% complete

5. Processing Facility Site
Upgrading of Port and transportation links to the plant site underway
Employee housing being completed for occupancy in early March
Over 6,000 people are employed on the project
Field activities are progressing at a steady pace with over 1,500 foundation piles now in place and concrete work underway on some structures

6. Environment, Health & Safety and Corporate Social Responsibility
Work continues to survey, salvage and trans-locate species
Sedimentation and erosion control remains one of the most important activities
JEAs (Job Environmental Analysis) have been established, reviewed and applied
Focus on biodiversity and water management
Relocation of project affected people is well advanced
Health & Safety
Over 8 million man-hours worked with no lost time incidents
1,922 site safety orientations have been held
Corporate Social Responsibility
Continuation of Special Projects (job and income creation programs, targeting communities most affected by the Project)
Ambatovy project recognized by local authorities (a project that is not only about economics, but also about social aspects)
Programs are being implemented to fight Malaria
AM LRDI (Local Resources Development Initiative) is in operation to provide basic skills training and to help SMEs (small and medium sized enterprises) provide services to the project

7. 4/16/2017
Summary
With the addition of the Ambatovy project, Sherritt is positioned to be a pre-eminent nickel producer from laterite
EXPERIENCED BOARD AND MANAGEMENT TEAM
A strong management team with significant operating experience has grown Sherritt from $677 million in assets in 1995 to approximately $3.8 billion today
Demonstrated a consistent ability to grow the company while exceeding performance objectives
A track record of implementing strategies that build long-term stakeholder value
INDUSTRY LEADER
Projected to be among the world’s biggest nickel laterite mines in 2013
Among the lowest cost operators in all segments
Set out to double capital assets over the next 5 years
STRONG HISTORIC PERFORMANCE
Revenue & EBITDA growth at CAGRs of 12% & 21%, respectively, from 2001 to 2006
A positive cash flow maintained through management of commodity down-cycles
An ongoing focus on the maximization of free cash flow
CONSERVATIVE FINANCIAL POSITION AND POLICIES
Low financial leverage with total debt to capitalization of 19%
Total debt to EBITDA of approximately 0.9x
Growth projects evaluated on “bottom of cycle” commodity price economics

8. 4/16/2017
This presentation contains forward-looking statements. These forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events. These forward-looking statements are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Further information regarding risks can be found in our continuous reporting documents such as our annual report and annual information form.