NI 43-101 TECHNICAL REPORT Ambatovy Nickel Project, Madagascar CSA Global Report Nº R501.2018 Effective Date: 30 June 2018 www.csaglobal.com Qualified Persons Michael Elias, FAusIMM (CSA Global) Stewart Lewis, MAusIMM(CP) (IMC Mining) Paul O’Callaghan, FAusIMM (CSA Global) Adrian Martinez, P.Geo (CSA Global) Glen Smith, P. Eng. (Sherritt International Corporation) SHERRITT INTERNATIONAL CORPORATION AMBATOVY PROJECT – NI 43-101 TECHNICAL REPORT Report prepared for Client Name Sherritt International Corporation Project Name/Job Code STO.MSA.01v2 Contact Name Glen Smith Contact Title Consulting Engineer - Technologies Office Address 8301-113 Street, Fort Saskatchewan, Alberta T8L 4K7 Report issued by CSA Global Office Perth Division Mining Street Address Level 2, 3 Ord Street, West Perth, WA 6005 Postal Address PO Box 141, West Perth, WA 6872 Phone +61 8 9355 1677 Email [email protected] Report information File name CSA Global Report R501.2018 NI 43-101 Technical Report - Ambatovy Nickel Project Effective Date 30 June 2018 Report Signature Date 10 January 2019 Report Status Final Author and QP Signatures Michael Elias [“Signed”] Coordinating BSc (Hons), FAusIMM(CP) Signature: {Michael Elias} Author CSA Global Pty Ltd at Perth, Australia Stewart Lewis [“Signed”] Coordinating BEng (Mining), MBA, Signature: {Stewart Lewis} Author MAusIMM(CP) at Brisbane, Australia IMC Mining Pty Ld Paul O’Callaghan [“Signed”] Coordinating BEng (Mining), FAusIMM Signature: {Paul O’Callaghan} Author CSA Global Pty Ltd at Perth, Australia Dr. Adrian Martinez Vargas [“Signed & Sealed”] Coordinating PhD., P.Geo. (BC, ON) Signature: {Adrian Martinez Vargas} Author CSA Global Pty Ltd at Ottawa, Ontario, Canada Glen Smith [“Signed & Sealed”] Coordinating P. Eng., (AB, ON) Signature: {Glen Smith} Author Sherritt International at Fort Saskatchewan, Alberta, Canada Corporation © Copyright 2019 CSA Global Report Nº R501.2018 I SHERRITT INTERNATIONAL CORPORATION AMBATOVY PROJECT – NI 43-101 TECHNICAL REPORT Certificates Certificate of Qualified Person – Michael Elias As a Qualified Person of this Technical Reporttitled “NI 43-101 Technical Report for the Ambatovy Project, Madagascar”, prepared for Sherritt International Corporation with an effective date of 30 June 2018 (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, WA 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 6 of the Technical Report. • I personally visited the property that is the subject of the Technical Report for five days from 27 to 31 January 2014. • 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 30 June 2018 Dated at Perth, Australia this 10 January 2019 [“Signed”] {Michael Elias} Michael Elias, BSc (Hons), FAusIMM(CP) Principal Consultant – Nickel CSA Global Pty Ltd CSA Global Report Nº R501.2018 II SHERRITT INTERNATIONAL CORPORATION AMBATOVY PROJECT – NI 43-101 TECHNICAL REPORT Certificate of Qualified Person – Stewart Lewis I, Stewart Lewis, state that: • I am the CEO and Principal Mining engineer at IMC Mining Pty Ltd, Level 14, 300 Queen Street, Brisbane, Queensland 4000, Australia. • This certificate applies to the technical report titled “National Instrument 43-101 Technical Report for the Ambatovy Nickel Project” with an effective date of30 June 2018 (the “Technical Report”). • I am a “qualified person” for the purposes of National Instrument 43-101 (the Instrument”). My qualifications as a qualified person are as follows: o I am a graduate of the University of NSW with a B.Eng. Mining; o I am a graduate from Curtin University with a B.Eng. Civil; o I am a graduate from the University of Queensland with a Masters of Business Administration (MBA); o I am a member, certified professional (MAusIMM(CP)), of the Australian Institute of Mining and Metallurgy (AusIMM); o My relevant experience includes over 30 years of experience in mining evaluations, mine operations management, feasibility studies and financial analysis of mining operations and mineral projects nationally and internationally in a variety of commodities including more than a decade of industry work experience in laterite style deposits (bauxite, nickel, scandium). • I carried out a site inspection from 18 April 2016 until the 24 April 2016. • I am responsible for Sections 15, 16 and 21 and jointly responsible for Sections 1 and 24 of the Technical Report. • I am independent of the issuer as described in section 1.5 of the instrument. • I have been involved with various studies on Ambatovy since 2016. • I have read National Instrument 43-101. The parts of the Technical Report for which I am responsible have been prepared in compliance with this Instrument. • At the effective date of the Technical Report, to the best of my knowledge, information, and belief, the part of Technical Report for which I am responsible, contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Effective Date: 30 June 2018 Dated at Brisbane, Australia this 10th Day of January 2019 “original document signed” Stewart Lewis CEO – IMC Mining Pty Ltd CSA Global Report Nº R501.2018 III SHERRITT INTERNATIONAL CORPORATION AMBATOVY 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 Ambatovy Project, Madagascar”, prepared for Sherritt International Corporation with an effective date of30 June 2018 (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, WA 6005, Australia. • I am a professional mining engineer having graduated with a Bachelor of Engineering (Mining) from the W.A. School of Mines, Kalgoorlie, W.A. (1991). • I am a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). • 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 22, 23, 25, 26 and 27 and jointly responsible for Sections 1 and 18 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 30 June 2018 Dated at Perth, Australia this 10 January 2019 [“Signed”] {Paul O’Callaghan} Paul O’Callaghan, BEng (Mining), FAusIMM Principal Mining Engineer CSA Global Pty Ltd CSA Global Report Nº R501.2018 IV SHERRITT INTERNATIONAL CORPORATION AMBATOVY PROJECT – NI 43-101 TECHNICAL REPORT Certificate of Qualified Person – Adrian Martinez I, Adrian Martinez Vargas, PhD., P.Geo. (BC), 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 PhD 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 NI43- 101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.