Sherritt International received C$7.7 million in dividends from its 33⅓% stake in Energas S.A. during Q4 2025, bringing the full-year total to C$26.0 million. This marks a 100% increase over the C$13.0 million received in 2024. The doubling of dividends reflects higher Power division Adjusted EBITDA, driven by stable pricing under long-term offtake contracts and full compensation for frequency-control events at the Varadero and Boca de Jaruco plants.

On a 100% basis, the Moa Joint Venture produced 7,632 tonnes of finished nickel and 849 tonnes of finished cobalt in Q4 2025, contributing to full-year outputs of 25,240 tonnes of nickel and 2,729 tonnes of cobalt. Nickel production landed at the low end of the revised 25,000–26,000-tonne guidance, while cobalt was marginally above the 2,700–2,800-tonne range. Electricity generation from Energas totaled 210 GWh in Q4 and 799 GWh for the year, slightly below the 800–850 GWh target due to mandated frequency-control operations.

Sherritt reported a net direct cash cost (NDCC) for nickel of US$5.75–6.25 per pound sold, in line with original guidance, aided by higher realized cobalt by-product credits. Power’s unit operating cost remained at the lower end of its US$23.00–24.50 per MWh range, supported by ongoing efficiency initiatives. The corporation maintained robust liquidity, with no material impact to earnings or dividends despite operational disruptions and grid-stabilization requirements imposed by Cuba’s Unión Eléctrica.

In response to below-plan ore volumes, leach train outages, and national-grid interruptions at Moa, Sherritt and its JV partner have launched a comprehensive site review to stabilize mixed-sulphide feed and restore pre-2025 throughput. The operational turnaround plan will inform a reevaluation of the expansion ramp-up to maximize capacity utilization. Management intends to provide updated production guidance, NDCC and unit cost forecasts, and 2026 CapEx plans alongside Q4 and full-year 2025 financial results on February 10, 2026.