KYMA CAPITAL: THE CAST HAS BARELY CHANGED, AND NEITHER HAS SHERRITT'S PLAYBOOK

Sherritt's largest economic stakeholder calls the December AGM "choreography", demands full disclosure of transaction-related incentives and confirms its intention to seek Dr. Peter Hancock's removal LONDON and TORONTO , July 20, 2026 /PRNewswire/ -- Kyma Capital Limited ("Kyma"), a long-term stakeholder in Sherritt International Corporation ("Sherritt" or the "Company"), today responded to recent public statements by Sherritt and the Ad Hoc Group of the Company's outstanding notes. Kyma owns approximately one-third of Sherritt's outstanding notes and approximately 15% of its common shares. To Kyma's knowledge, no other stakeholder has a greater current economic interest across Sherritt's capital structure. Kyma has held a non-controlling interest in Sherritt for more than five years and has supported the Company through several periods of significant financial and operational difficulty. On Friday, July 10, 2026, Kyma wrote to Sherritt's Board raising serious concerns about the Board's conduct, including the decision by the Board to enter into a four-month exclusivity agreement with Gillon Capital prior to running a proper marketing process that restricts the Board from considering other potentially superior proposals, and confirming Kyma's intention to requisition a special meeting of the Company's shareholders to remove Dr. Hancock and the one other existing director on the Board and elect two independent replacement directors. Following the receipt of that letter, on Monday, July 13, 2026, Sherritt announced that its annual meeting would be held on December 15, 2026, a transparent and amateurish ploy by the Board and its advisors to rely on a technical rule to deny Kyma the ability to requisition a meeting sooner. The Company said the meeting date follows the anticipated October 12 expiry of its Gillon exclusivity and would permit a Gillon transaction or another deal negotiated afterward to be presented to stakeholders. Akshay Shah, Kyma's Chief Investment Officer, said: "Delay is a decision. A meeting scheduled after exclusivity expires is not accountability. It is choreography. Well-governed and well-advised boards that are seeking to act in the best interests of all stakeholders do not behave in this way." "Sherritt wants the process controlled by Dr. Hancock and the existing Board to run through its decisive period first, with shareholders permitted to vote afterward. A December vote following an October exclusivity deadline is a post-mortem, not shareholder democracy." Majority noteholders contradict Sherritt's account Sherritt has publicly stated that it remains in "active discussions" with its senior lenders and noteholders regarding a comprehensive recapitalisation. The Ad Hoc Group of Sherritt noteholders has now publicly stated that there has been no meaningful engagement with the Ad Hoc Group or its advisers regarding a comprehensive recapitalisation, or otherwise. In its public communication, the Ad Hoc Group has also confirmed that: the Ad Hoc Group is prepared to engage with Sherritt; it has reviewed an alternative recapitalisation proposal to the Gillon Capital proposal which was provided to Sherritt by credible strategic and financial participants; the Ad Hoc Group has presented potential emergency financing to the Sherritt Board to address Sherritt's immediate liquidity needs; and further inexcusable delay risks increasing restart costs, working-capital requirements and the total amount of capital ultimately required. Mr. Shah said: "The Company says there are active discussions. The organised majority of noteholders says there has been no meaningful engagement. Both cannot be true." "No recapitalisation gets done with Sherritt's noteholders without their advisers being fully and timely engaged and adequate diligence being completed. It is how every serious transaction of this kind works." The same playbook, and the same advisers Kyma has seen this playbook before. On December 31, 2024, SC2 Inc. and Ewing ...