Sherritt International received $7.7 million in dividends from its 33⅓% ownership of Energas S.A. during the fourth quarter of 2025, bringing the full-year total to $26.0 million, up from $13.0 million in 2024. This 100% year-over-year increase underscores the Power division’s operational improvements and positions Sherritt with a stronger cash flow base to fund the planned Moa JV expansion and other capital initiatives in 2026.

In 2025 Sherritt’s Moa Joint Venture delivered 25,240 tonnes of finished nickel and 2,729 tonnes of finished cobalt on a 100% basis, each sitting at the lower end of the revised guidance ranges of 25,000–26,000 tonnes of nickel and 2,700–2,800 tonnes of cobalt. The shortfall was driven by below-plan ore mining rates, delayed commodity deliveries, national grid power outages and hurricane-related disruptions, which constrained mixed sulphide feed to the refinery in Q4.

Despite production challenges, full-year 2025 net direct cash costs for nickel remained between US$5.75 and US$6.25 per pound, benefiting from elevated cobalt by-product credits. Electricity output of 799 GWh (33⅓% basis) was marginally below the 800–850 GWh target, while unit operating costs for Power came in at US$23.00–US$24.50 per MWh, reflecting effective cost controls even as Varadero and Boca de Jaruco provided frequency-control support to Cuba’s national grid.

Since his December appointment, Interim CEO Dr. Peter Hancock has initiated a comprehensive turnaround at the Moa mine, collaborating with the joint venture partner to stabilize operations, improve leach train availability and restore mixed sulphide production to pre-2025 levels. The review will inform the pacing and optimization of the Moa JV expansion program, with a further operational update and 2026 guidance scheduled for release alongside the Q4 and full-year financial results on February 10, 2026.