Sherritt International reported that dividends received from its Cuban joint venture partner Energas S.A. reached C$26.0 million in full-year 2025, up from C$13.0 million in 2024. In the fourth quarter alone, Sherritt recorded C$7.7 million in dividends. Interim CEO Dr. Peter Hancock attributed the increase to focused operational improvements in the Power division, which operates two combined-cycle plants with combined capacity of 506 MW, representing roughly 10% of Cuba’s national grid.

Finished nickel production at the Moa Joint Venture (100% basis) totaled 25,240 tonnes for the year, marginally above the lower bound of the revised guidance of 25,000–26,000 tonnes. Cobalt output was 2,729 tonnes, compared with guidance of 2,700–2,800 tonnes. Electricity generation (33⅓% basis) reached 799 GWh, just below the low end of the 800–850 GWh forecast. Sherritt attributed the shortfall to grid-stabilization requests from the national utility, lower mined ore volumes, equipment downtime and weather-related disruptions.

Net direct cash cost (NDCC) for nickel sold in 2025 remained within the original guidance range of US$5.75–6.25 per pound, buoyed by higher cobalt by-product credits due to stronger average realized cobalt prices. In the Power division, full-year unit operating costs were at the bottom of the US$23.00–24.50 per MWh guidance range, with no impact to adjusted EBITDA from enforced frequency-control operations at Varadero and Boca de Jaruco.

Sherritt has initiated a comprehensive operational review at the Moa mine to stabilize mixed-sulphide feed production, address equipment availability and optimize the JV expansion plan. Management plans to provide detailed 2026 guidance—including production targets, NDCC, capital spending and expected distributions under the Cobalt Swap—when it reports fourth-quarter and full-year 2025 results on February 10, 2026. The outlook will incorporate anticipated frequency-control requirements at the Power facilities for most of 2026.