kelIts NI 43-101 TECHNICAL REPORT Moa Nickel Project, Cuba CSA Global Report Nº R117.2019 Effective Date: 31 December 2018 Signature Date: 6 June 2019 www.csaglobal.com Qualified Persons Michael Elias , FAusIMM (CSA Global) Paul O’Callaghan , FAusIMM (CSA Global) Adrian Martinez , P.Geo (CSA Global) Kelvin Buban , P. Eng. (Sherritt International Corporation) SHERRITT INTERNATIONAL CORPORATION MOA NICKEL PROJECT – NI 43-101 TECHNICAL REPORT Report prepared for Client Name Sherritt International Corporation Project Name/Job Code STO.MSA.01v1 Contact Name Kelvin Buban Contact Title Director of Operations Support Office Address 8301-113 Street, Fort Saskatchewan, Alberta T8L 4K7 Report issued by CSA Global Pty Ltd Level 2, 3 Ord Street West Perth, WA 6005 AUSTRALIA PO Box 141 CSA Global Office West Perth WA 6872 AUSTRALIA T +61 8 9355 1677 F +61 8 9355 1977 E [email protected] Division Mining Report information Filename R117.2019 STOMSA01 Sherritt Moa 43-101 Technical Report Effective Date 31 December 2018 Report Signature Date 6 June 2019 Report Status Final Author and Qualified Person Signatures Coordinating Michael Elias [“Signed”] Author and BSc (Hons), MAIG, FAusIMM Signature: {Michael Elias} Qualified Person CSA Global Pty Ltd at Perth, Australia Paul O’Callaghan [“Signed”] Co-author and BEng (Mining), FAusIMM Signature: {Paul O’Callaghan} Qualified Person CSA Global Pty Ltd at Perth, Australia Dr. Adrian Martinez Vargas [“Signed & Sealed”] Co-author and PhD., P.Geo. (BC, ON) Signature: {Adrian Martinez Vargas} Qualified Person CSA Global Pty Ltd at Ottawa, Ontario, Canada Kelvin Buban [“Signed & Sealed”] Co-author and BSc. Chem. Eng., P.Eng. (AB) Signature: (Kelvin Buban) Qualified Person Sherritt International Corporation at Fort Saskatchewan, Alberta, Canada © Copyright 2019 CSA Global Report № R117.2019 I SHERRITT INTERNATIONAL CORPORATION MOA NICKEL PROJECT – NI 43-101 TECHNICAL REPORT Certificates Certificate of Qualified Person – Michael Elias As a Qualified Person of this Technical Report titled “NI 43-101 Technical Report for the Moa Project, Cuba”, prepared for Sherritt International Corporation with an effective date of 31 December 2018 and signature date of 6 June 2019 (the “Technical Report”), I, Michael Elias do hereby certify that: • I am a Principal Consultant with CSA Global Pty Ltd at its head office at Level 2, 3 Ord Street, West Perth, Western Australia 6005, Australia. • I am a professional Geologist having graduated with a BSc (Hons) Geology from the University of Melbourne (1973). • I am a Fellow of the Australasian Institute of Mining and Metallurgy and a Chartered Professional in the field of Geology. • I have practised my profession as a Geologist for the past 45 years in the mineral resources sector and engaged in the exploration for, assessment, development and operation of numerous mineral projects both within Australia and overseas. • I have read the definition of “Qualified Person” set out in National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a “Qualified Person” for the purposes of NI 43-101. • I am responsible for Sections 2 to 8 and jointly responsible for Sections 12 and 25 to 27 of the Technical Report. • I personally visited the property that is the subject of the Technical Report for two days from 8 to 9 May 2018. • I am independent of the issuer as described in Section 1.5 of NI 43-101. • I have read NI 43-101, and the Technical Reports has been prepared in compliance with NI 43-101. • As of the effective date, the Technical Report, to the best of my knowledge, information, and belief, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Effective Date: 31 December 2018 Dated at Perth, Australia this 6th day of June 2019 [“Signed”] {Michael Elias} Michael Elias, BSc (Hons), FAusIMM (CP) Principal Consultant – Nickel, CSA Global Pty Ltd CSA Global Report № R117.2019 II SHERRITT INTERNATIONAL CORPORATION MOA NICKEL PROJECT – NI 43-101 TECHNICAL REPORT Certificate of Qualified Person – Paul O’Callaghan As a Qualified Person of this Technical Report titled “NI 43-101 Technical Report for the Moa Project, Cuba”, prepared for Sherritt International Corporation with an effective date of 31 December 2018 and signature date of 6 June 2019 (the “Technical Report”), I, Paul O’Callaghan do hereby certify that: • I am a Principal Mining Engineer with CSA Global Pty Ltd at its head office at Level 2, 3 Ord Street, West Perth, Western Australia 6005, Australia. • I am a professional mining engineer having graduated with a Bachelor of Engineering (Mining) from the Western Australian School of Mines, Kalgoorlie, Western Australia (1991). • I am a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). • I have practised my profession as a Mining Engineer for the past 25 years in the mineral resources sector and engaged in the assessment, development and operation of numerous mineral projects both within Australia and overseas. • I have read the definition of “Qualified Person” set out in National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a “Qualified Person” for the purposes of NI 43-101. • I am responsible for Sections 15, 16 and 21 to 23 and jointly responsible for Sections 1, 18 and 25 to 27 of the Technical Report. • I have not visited the property that is the subject of the Technical Report. • I am independent of the issuer as described in Section 1.5 of NI 43-101. • I have had no prior involvement with the property that is the subject of the Technical Report. • I have read NI 43-101, and the Technical Report has been prepared in compliance with NI 43-101. • As of the effective date, the Technical Report, to the best of my knowledge, information, and belief, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Effective Date: 31 December 2018 Dated at Perth, Australia this 6th day of June 2019 [“Signed”] {Paul O’Callaghan} Paul O’Callaghan, BEng (Mining), FAusIMM Principal Mining Engineer, CSA Global Pty Ltd CSA Global Report № R117.2019 III SHERRITT INTERNATIONAL CORPORATION MOA NICKEL PROJECT – NI 43-101 TECHNICAL REPORT Certificate of Qualified Person – Adrian Martinez I, Adrian Martinez Vargas, Ph.D., P.Geo. (BC, ON), do hereby certify that: • I am employed as a Senior Resource Geologist with the firm of CSA Global Canada Geosciences Ltd located at 365 Bay Street, Suite 501, Toronto, Ontario, Canada M5H 2V1. • I graduated with a degree in Bachelor of Science, Geology, from the Instituto Superior Minero Metalurgico de Moa (ISMM), 2000. I have a Postgraduate Specialization in Geostatistics (CFSG) MINES ParisTech, 2005, and a Ph.D. on Geological Sciences, Geology, from the ISMM in 2006. • I am a Professional Geoscientist (P.Geo.) registered with the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC, Licence 43008) and the Association of Professional Geoscientists of Ontario (APGO, Membership 2934). • I have worked as a geologist since my graduation 18 years ago, and I have experience with mineral projects of nickel and cobalt laterites, including Mineral Resource estimation. • I have read the definition of “Qualified Person” set out in National Instrument 43-101 (“NI 43-101”) and certify that because of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a “Qualified Person” for the purposes of NI 43-101. • I visited the property that is the subject of the Technical Report for five days from 7 to 11 May 2018 and for nine days from 26 November to 5 December 2018. • I am an author of the technical report titled: “NI 43-101 Technical Report for the Moa Project, Cuba”, prepared for Sherritt International Corporation with an effective date of 31 December 2018 and signature date of 6th June 2019 (the “Technical Report”). • I am responsible for Sections 9 to 11 and 14 and jointly responsible for Sections 12 and 25 to 27 of the Technical Report. • I have had prior involvement with the properties that are the subject of the Report. I was hired in the year 2007 and 2008 as an external consultant to complete internal resource estimate updates of the calcium carbonates, and Moa Oriental concessions, and to complete geological mapping and interpretation of Camarioca Norte and Sur deposits. • As of the effective date of the Report, to the best of my knowledge, information and belief, the Report contains all scientific and technical information that is required to be disclosed to make the Report not misleading. • I am independent of the issuer applying all the tests in section 1.5 of NI 43-101. • I have read NI 43-101 and Form 43-101F1, and the Report has been prepared in compliance with that instrument and form. Effective Date: 31 December 2018 Dated at Ottawa, Ontario, Canada this 6th day of June 2019 [“Signed & Sealed”] {Adrian Martinez Vargas} Adrian Martinez Vargas, PhD., P. Geo. Senior Resource Geologist, CSA Global Canada Geosciences Ltd CSA Global Report № R117.2019 IV SHERRITT INTERNATIONAL CORPORATION MOA NICKEL PROJECT – NI 43-101 TECHNICAL REPORT Certificate of Qualified Person – Kelvin R. Buban I, Kelvin R. Buban, residing at 71 Westpark Way, Fort Saskatchewan, do hereby certify that: • I am a Chemical Engineer employed by Sherritt International Corporation. • I am a co-author of the technical report “43-101 Technical Report, Moa Nickel Project, Cuba” with an Effective Date of 31 December 2018 and signature date of 6th June 2019 (the “Technical Report”).