KYMA CAPITAL PROVIDES EARLY WARNING DISCLOSURE FOR INVESTMENT IN SHERRITT INTERNATIONAL CORPORATION

TORONTO, April 22, 2025 /CNW/ - Kyma Capital Limited, on behalf of a fund managed by it ("Kyma") announces today that it has acquired ownership of, and control over, 67,000,000 common shares ("Common Shares") of Sherritt International Corporation ("Sherritt") pursuant to the completion of a transaction (the "Subsequent Exchange Transaction"), described below.

On March 3, 2025, Sherritt and certain holders of Sherritt's existing note obligations, including Kyma (the "Initial Consenting Noteholders"), entered into a consent and support agreement pursuant to which and subject to its terms, the Initial Consenting Noteholders agreed to, among other things, support a proposed transaction (the "CBCA Transaction") to be implemented through a plan of arrangement under the Canada Business Corporations Act (the "CBCA Plan") to extend the maturity of Sherritt's notes obligations and exchange existing note obligations for amended 9.25% senior second lien secured notes due November 30, 2031 (the "Amended Senior Secured Notes") and certain early consent consideration, as disclosed in Sherritt's press release dated March 4, 2025.

On March 3, 2025, Sherritt and the Initial Consenting Noteholders (in such capacity, the "Subsequent Exchange Noteholders") entered into exchange agreements (the "Exchange Agreements"), pursuant to which the Subsequent Exchange Noteholders agreed to, immediately after the implementation of the CBCA Transaction, exchange a portion of the Amended Senior Secured Notes received by such Subsequent Exchange Noteholders under the CBCA Plan, at par, for an aggregate of 99,000,000 newly-issued Common Shares at an exchange price of $0.173 (the "Exchange Price").

Kyma is a Subsequent Exchange Noteholder and entered into an Exchange Agreement with Sherritt. Pursuant to its Exchange Agreement, on April 22, 2025, Kyma exchanged an aggregate of $11,591,000 principal amount of Amended Senior Secured Notes at the Exchange Price for 67,000,000 Common Shares.

Immediately prior to the Subsequent Exchange Transaction, Kyma did not have beneficial ownership of, or control or direction over, any Common Shares.

Immediately following the Subsequent Exchange Transaction, Kyma has ownership of, or control or direction over, 67,000,000 Common Shares, representing approximately 13.5% of the issued and outstanding Common Shares.

The Common Shares were acquired by Kyma for investment purposes. Kyma may, depending on market and other conditions and subject to applicable securities regulation, change its beneficial ownership of, or control or direction over, the Common Shares and other securities of Sherritt, whether in the open market, by privately negotiated agreements, or otherwise. Any transaction that Kyma may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of Sherritt's securities, subsequent developments affecting Sherritt, its business and prospects, other investment and business opportunities available to Kyma, general industry and economic conditions, the securities markets in general, tax considerations and/or other factors deemed relevant by Kyma.

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Kyma will file an early warning report regarding this transaction on the System for Electronic Data Analysis and Review+ (SEDAR+) at www.sedarplus.ca under Sherritt's issuer profile. Sherritt's head office is located at 22 Adelaide Street West, Suite 4220, Toronto, Ontario, M5H 4E3.

About Kyma

Kyma is a limited company existing under the laws of England and Wales. Kyma's address is 1 Duchess Street, London, UK, W1W 6AN.

SOURCE Kyma Capital Limited