AMBATOVY SITE TOUR

March 28 and 29, 2014

FORWARD LOOKING STATEMENTS
This presentation 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. Forward-looking statements in this document include, but
are not limited to, statements regarding operations (including certain registrations and certifications, and
transportation), mine life, mining rate and mining capacity, safety targets, nickel quality, production costs,
sales, local laws, impact on operating results and financial reporting. Forward-looking statements are not
based on historic facts, but rather on current expectations, assumptions and projections about future
events. They are based on information available to management and/or assumptions management
believes are reasonable. Many factors could cause results to differ materially from the results discussed in
the forward-looking statements. Although the forward-looking statements are based on what
management believes to be reasonable assumptions, Sherritt cannot assure investors that actual results
will be consistent with such forward-looking statements and such forward-looking statements should not
be unduly relied upon. All forward-looking statements in this presentation are made as of the date hereof.
Except as required by applicable securities laws, Sherritt does not intend and does not assume any
obligations to update or revise the forward-looking statements. The Corporations risk factors are
discussed in disclosure documents filed by Sherritt with Canadian securities regulators. Reference should
be made to the management discussion and analysis in Sherritts annual and interim financial statements
and its annual information form for the year ended December 31, 2013 and dated March 26, 2014, all of
which are available on SEDAR at www.sedar.com.

2
CONTENTS
Page Topic
3 Maps
7 Ambatovy Operational Highlights
8 General Process Overview
9 Mine Operations
16 Pipeline
17 Plant Site
25 Logistics and Marketing
30 Sustainability
36 Reporting
3
MAP
Overview of the Joint Venture
4
MAP
Toamasina Area Sites
5
MAP
Plant Site
6
MAP
Mine Operations
7
AMBATOVY OPERATIONAL HIGHLIGHTS
Area Highlight

Mine Commenced operations in July 2010. Mining certificate completed in Q1 2013.
(1)
OPP Full capacity achieved in Q1 2013.
Pipeline Slurry was first sent down pipeline to the plant site in Q2 2011; pipeline operated
within design parameters the same quarter. Pipeline certificate completed in Q1
2013.
(1)
PAL Commercial Production (above 70% of PAL nameplate capacity over 30 days)
achieved on January 22, 2014.
Refinery Highest level of nickel briquetted in one day 175 tonnes, against nameplate of 165
tonnes.
Refinery 2013 nickel extraction rate exceeded the process design criteria (95%).
Marketing Quality Management System ISO 9001 registration expected in Q2 2014.
Port Port operation has met design rates and the capacity certificate
(1)
was achieved in Q2
2013.
(1)
For Project Financing completion tests.
8
GENERAL PROCESS OVERVIEW
H
P
A
L

R
E
F
I
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E
R
Y

The Ambatovy flowsheet emphasizes
conservative design and redundancy. All
processes are proven on a commercial scale
and critical circuits have several parallel trains
for operation.
Pressure leaching is carried out by titanium
lined autoclaves. At Ambatovy, there are five
parallel process trains.
Solid-liquid separation is carried out by
Counter-Current Decantation (CCD).
Sulphide precipitation occurs in two parallel
process trains, and results in the production
of mixed sulphides.
Purifying the nickel containing-solution and
separating nickel and cobalt is carried out by
solvent extraction (SX).
Separate reduction circuits for nickel and
cobalt precipitate metal powders in
autoclaves (7 autoclaves for nickel, 3 for
cobalt).
Metal powder is washed, dried and
briquetted.
10
MINE OPERATIONS
Moramanga, Madagascar
10
MINE
Reserves and Resources
Reserves
(1), (2)
December 31, 2013
Tonnage
(million tonnes)
Ni
(%)
Co
(%)
Proven 74.9 1.03 0.085
Probable 90.5 0.87 0.080
Proven + probable 165.4 0.94 0.082
Resources
(1)
December 31, 2013
Tonnage
(million tonnes)
Ni
(%)
Co
(%)
Measured 6.1 0.88 0.070
Indicated 13.1 0.84 0.081
Measured + indicated 19.2 0.85 0.078
Inferred 41.8 1.01 0.059
1. Based on a cut-off grade of 0.6%.
2. Includes materials that have been mined and stockpiled at the mine site.
1. Based on a cut-off grade of 0.6%.
11
MINE
Reserves and Resources
Ambatovys reserves and resources comprise two
ore bodies (Ambatovy and Analamay) that are
about three kilometers apart.

The deposit was identified in 1960, and has been
the subject of several studies and drilling
campaigns over the years. It covers an area of
about 1,300 hectares, with a thickness from 20 to
100 meters - average thickness is approximately
40 meters.

More than ninety percent of the deposit is
classified as ferralite, some of which is underlain
by saprolite.

A material type termed low magnesium saprolite
(LMS) lies below the ferralite and between the
ferralite and saprolite, where the latter is present.
Only the ferralite and LMS have been considered
in the mine plan.
12
MINE OPERATIONS

Q3 2006 Mining permit granted valid for 40 years.

Q3 2010 Mining commences at the site in the
Ambatovy West deposit.

In 2013, over 4.0 million tonnes of ore were
mined.

To date, over 8.0 million tonnes of ore have been
mined.

Mine life is estimated to be 20 years, plus
9 years of rehandling of low grade ore, giving a
total production plan of 29 years.

Mine Site, Moramanga
13
MINE OPERATIONS
Due to the soft nature of lateritic ore, it
is necessary to sheet the travel sections
of the benches with suitable material.

Pit slopes have been designed at a
conservative 27 degrees.

The mine plan is based on the use of
hydraulic excavators and both 40-ton
and 100-ton haulage trucks.

Truck requirements will be twenty-seven
100-ton trucks and eight 40-ton trucks
when at full production capacity.

Mine Site, Moramanga
14
MINE OPERATIONS
Ambatovy West is expected to be mined for 18
years, proceeding to Ambatovy Southeast (in
2015), followed by the Analamay deposit (in
2017).

At capacity, approximately 6.225 million
tonnes of ore are scheduled for delivery to the
ore preparation plant (OPP) annually. On
average this amounts to 17,500 t/d of ore.

The total mine capacity starts at about 20,000
t/d, which allows for a 0.2: 1 strip ratio.

The mining rate increases over time, and by
year six, the mining rate is about 50,000 t/d, or
about a 1.3:1 strip ratio.

The average strip ratio over the mine life is
about 0.73: 1.


Mine Site, Moramanga
15
MINE OPP
Q2 2010 Construction completed.

Q3 2010 Commissioning completed.

Q2 2011 Slurry sent down pipeline to the
plant site.

Pipeline operates within design
parameters.

Q1 2013 Full capacity achieved at OPP.

Q1 2013 Mining certificate completed.
(1)

Q1 2013 Pipeline certificate completed.
(1)
Mine Site, Moramanga
(1)
For Project Financing completion tests.
16
PIPELINE
2013
20[09]
Transports ~7.2 million tonnes per year of slurry
from the Ambatovy mine site to terminal facilities
at Tamatave, a 30-hour journey.

The pipeline system includes:
a 220 km, 24-inch outside diameter buried
pipeline;
one pump station located at the OPP;
three pressure monitoring stations along the
pipeline route;
one main valve and choke station along the
pipeline route; and
pipeline terminal facilities and choke station.

For nearly all of its length, the pipeline was buried
using standard cut and cover construction to an
average depth of 1.5 m. In certain areas, Ambatovy
drilled horizontally beneath the surface, leaving
stretches of forest untouched, and allowing the
Pipeline to pass safely below Madagascars scenic
rivers.

Extensive rehabilitation over the course of the
Pipeline is already returning the landscape to
its natural state.
18
PLANT SITE
Toamasina, Madagascar
18
SAFETY
Targets
Ambatovy set a Lost Time Injury (LTI) index target
of zero and a Total Recordable Injury (TRI) index
target of less than 0.50 for 2013. The TRI index
target will be further lowered to 0.45 in 2014.

Performance
At Ambatovy, the 2013 process safety incident (PSI)
frequency rate was at the industry minimum level,
as per the Centre for Chemical Process Safetys
benchmark PSI.

The TRI and LTI rolling indices for employees and
contractors were 0.22 and 0.03 respectively.

Ambatovy is working toward OHSAS (Occupational
Health and Safety Assessment Series) 18001
certification for its safety management system, the
highest international standard for occupational
health and safety.
0.00
0.25
0.50
Q1 13 Q2 13 Q3 13 Q4 13
Ambatovy TRI INDEX
0.00
0.05
0.10
0.15
Q1 13 Q2 13 Q3 13 Q4 13
Ambatovy LTI INDEX
2013 Target
Target
19
STATUS OF THE RAMP-UP
20
UTILITIES SYSTEMS
Key System Design Capacity
Met or Exceeded

Raw water supply
Process water
Cooling water
Compressed air
Demineralized water plant
Power plant (3 units)
Hydrogen plant
Hydrogen sulphide plant
Air separation plant
Sulphuric acid plant
Lime & limestone plant
Coal for Power Plant
21
PAL SYSTEMS STATUS
System Design Capacity
Met or Exceeded

Slurry Thickener
PAL Leach Autoclaves (1 5)
Neutralization CCD
Raw Liquor Neutralization
Sulphide precipitation
Mixed sulphides wash

All systems in the PAL circuit met or exceeded
their design capacity by January 2014.

Facilities running above nameplate capacity are
indicative of future opportunity.
Autoclave
22
REFINERY SYSTEMS STATUS
Key System Design Capacity
Met or Exceeded

Mixed sulphide leach
Iron and copper impurity
removal
Zinc solvent extraction
Cobalt solvent extraction
Nickel reduction
Cobalt purification
Cobalt reduction
Sulphide stripping
Ammonium sulphate
Nickel Briquettes
23
FINISHED METAL PRODUCTION
0%
10%
20%
30%
40%
50%
60%
Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13
%

d
e
s
i
g
n

c
a
p
a
c
i
t
y

Saleable Nickel and Cobalt Production
(% of capacity)
Refinery is continuing to ramp-
up.
Finished nickel and cobalt
production exceeded 70% of
nameplate over a 30-day
period in March 2014.
Cobalt quality exceeds the
LME specification.
Nickel quality meets LME
specification for all elements
with the exception of silicon.


24
$0
$2
$4
$6
$8
$10
$12
50% 70% 90% 100%
A
v
e
r
a
g
e

N
D
C
C

(
U
S
$
/
l
b
)

$4 - $6
$6 - $8
$9 - $11
$ 3 - $5
% of nameplate capacity (finished product)
Range of Estimated NDCC at Various Capacities
(holding current commodity prices constant)
REFINERY PRODUCTION
The net direct cash cost
(NDCC) of nickel for the
operation is within the range
anticipated for the percentage
of capacity achieved.
The greatest benefits to the
unit cost structure occur when
the facilities are operating at
over 85% of their design
capacity.
Key sensitivities to the costs at
Ambatovy remain:
Volume (throughput)
Sulphur pricing/use
Diesel pricing/use
Reporting of Ambatovy unit
cost data will begin in Q1
2014.

26
LOGISTICS & MARKETING
Toamasina, Madagascar
26
PORT & RAIL
The port of Toamasina handles 90 percent of
Madagascars container traffic and more than
80 percent of all trade traffic.
Limestone, coal and sulphur are unloaded
using ships gear, directly for transfer by rail to
the process plant.
The products from the process plant (nickel,
cobalt, and ammonium sulphate) are trucked
to the port for export.
A rail spur, approximately two kilometers long,
was built to connect an existing rail line, which
was double tracked, to the plant site.
All rail construction was completed in Q2
2010.

27
COMMODITY UNLOADING
Commodity Unloading 2013
(tonnes)
Start to March 15, 2014
(tonnes)
Limestone 997,188 1,856,513
Coal 416,768 1,054,822
Sulphur 281,327 616,227
Ammonia 20,400 51,060
Total 1,715,683 3,578,622
Port operation has met design rates and the capacity certificate
(1)
was achieved in Q2 2013.
Imported commodities required for production will total approximately 3.4 million tonnes, or
nearly 13 times greater than the amount of finished goods to be exported.
Ambatovys port investments included a substantial extension of Pier B (Mole B, in French) and
state-of-the-art equipment for handling the import of bulk raw materials such as limestone,
coal, sulphur, and ammonia.
(1)
For Project Financing completion tests.
28
MARKETING
Finished Nickel
Ambatovy sells all of its nickel
production to KORES, Sumitomo and
Sherritt at market prices under nickel
offtake agreements covering full
nickel capacity for 15 years.
The Partners, in a coordinated
manner, market directly to end users.
Realized prices improving as
production volumes increase and
quality stabilizes.
Sherritts nickel marketing is
recorded in both the revenue and
cost of the Metals Division, but its
net impact on EBITDA and earnings is
immaterial.

LME Discount
FOB Madagascar
Percentage of LME
Achieved
94.8
95.0
95.2
95.4
95.6
95.8
96.0
96.2
96.4
96.6
96.8
400
450
500
550
600
650
700
750
Q1 Q2 Q3 Q4
P
e
r
c
e
n
t

o
f

L
M
E

A
c
h
i
e
v
e
d

N
e
t
b
a
c
k

a
s

D
i
s
c
o
u
n
t

t
o

L
M
E


(
U
S
$

/

M
T
)

Realized Ni Price
(percentage of LME Ni Price)
29
MARKETING
Africa
17%
East Asia
15%
Europe
42%
North
America
26%
Cobalt Sales by Region
Customer sales of both finished nickel
and finished cobalt are geographically
diverse with good penetration into key
markets.

Finished Cobalt
Ambatovy markets all of its cobalt and
utilizes established distribution channel
relationships in Europe, India and North
America.

Ammonium Sulphate
Ammonium sulphate is sold principally in
Southeast Asia and East Africa.
Africa
2%
Europe
33%
East Asia
55%
North
America
9%
Nickel Sales by Region
31
SUSTAINABILITY
Mantella aurantiaca
31
MADAGASCAR
Mining Environment

Madagascar has developed the legal and regulatory framework to support large-scale mining
in the country. Madagascars Large Investments in Mining Act (LGIM, Loi sur les Grands
Investissements Minires) is a main component of that framework.

The LGIM features include:
Tax and legal stability guaranteed for 25 years;
International dispute arbitration and waiver of sovereign immunity on the enforcement
of arbitrated awards;
Ability to maintain and operate offshore bank accounts;
Reduced corporate income tax;
Reduced royalty payments (1% on value-added mineral products);
Up to 75% debt financing and repayment of loan principal and interest without
withholding tax;
10% withholding tax on dividends to foreign shareholders; and
elimination of value added tax (VAT) for operations and subcontractors.


32
SUSTAINABILITY
US$25 MILLION
COMMITTED TO SUPPORT
SOCIAL DEVELOPMENT PROJECTS
Including in 2013:
Infrastructure for Community of Ampitambe
Two classrooms for the Public Primary School
(EPP), construction of a Primary Health Care
Center (CSB), a football field with bleachers, hand
pumps for eight wells, and a gendarmerie
outpost.
Harenasoa Poultry Project
Construction of approximately 50 broiler farms.
Creating over 100 jobs and product for the
communities.
Eco-friendly School Poultry Farm Under Construction
33
SUSTAINABILITY
PROTECTION OF OVER
25,000 HECTARES
OF FOREST AND WETLANDS
(15 times the size of the mine footprint)
Ankerana Biodiversity Offset
Ankerana (6,800 ha) was chosen as an offset
because of similarities to the mine azonal forests.
Studies indicate that Ambatovy protection efforts
have successfully reduced forest loss at Ankerana.
Ambatovy Lemur Conservation Program
With 90% of Madagascars lemur species now
considered by IUCN at risk of extinction, this program
and the biodiversity offsets will ensure no net loss,
and preferably a net gain, in the populations of
endangered lemurs.
34
SUSTAINABILITY
85%
OF AMBATOVY EMPLOYEES ARE
MALAGASY PERSONNEL
(Employ an additional 6,500 Malagasy Contractors)
Both classroom and on-the-job training is
provided.
Programs include PEXT, Mentorship Program and
Advanced Leadership Development.
Training is coordinated with various contractors to
optimize resources and methods.
Utilization of SkillMine software system facilitates
training tracking and progress monitoring for individual
employees, and Supervisor verification for completion.
35
SUSTAINABILITY
Pipeline
650 hectares of rice fields were affected by the
construction phase of the pipeline.
556 hectares have been fully rehabilitated, the
remaining 94 hectares will be completed in
2014.
Resettlement
Families in the mine lease area received new
land in the neighouring Ambolomaro area.
In addition to the land transfer, technical
training was provided aimed at improving
productivity.
MITIGATION PROGRAM
Avoid and Minimize Impact Then Repair and Restore

Pipeline Construction
Ambolomaro Resettlement
37
REPORTING
37
REPORTING IN 2014
Impact on Operating Results

Beginning February 1, 2014, Sherritt began
recognizing its share of Ambatovy operating
results.

This will be represented in a single line item,
Earnings (loss) from an associate.

For 2014, an estimated loss from Ambatovy will be
derived as follows (estimates in $ millions,
Sherritts 40% interest):

EBITDA $ x
DD&A (170)
Net interest expense (110)
Income tax recovery 35
Estimated loss from an associate $ x 245


Worker at OPP
38
REPORTING IN 2014
Balance Sheet Advances, Loans Receivable
The Ambatovy subordinated loans receivable
represent a funding mechanism. The balance at
December 31, 2013 was $1.106 billion.

Prior to Commercial Production, interest income on
this receivable was fully eliminated. After
Commercial Production, only 40% of the interest
income will be eliminated. As a result, Sherritt will
recognize interest income from these loans in 2014.

Balance Sheet Investment in Associate
The net Investment in an associate is forecast to
decrease in 2014 (losses to exceed funding).



2014 Losses
from Ambatovy
February 1 December 31
(Sherritts 40% share)
($X 245 million)
Funding for Ambatovy
Sherritts 40% Share
(~$200 million)
Air Separation Plant
39
REPORTING IN 2014
Net Direct Cash Cost (NDCC)
Beginning in Q1 2014, the Moa
JV NDCC will include a by-
product credit from the Fort
Site operations (utilities and
fertilizers).
Reporting of NDCC for
Ambatovy will begin in Q1
2014.
It will be presented in a
comparable manner to the Moa
Joint Venture.



Nickel
Ambatovy Nickel
41
Sherritt International Corporation
1133 Yonge Street, Toronto, Ontario, Canada M4T 2Y7

Telephone: 416-935-2451
Toll-Free: 1-800-704-6698
Email: investor@sherritt.com
Website: www.sherritt.com