Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Sherritt International Corporation, Valuation and Financial Data 8 Sherritt International Corporation, Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Sherritt International Corporation, Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Sherritt International Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 Sherritt International Corporation, Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Sherritt International Corporation, Quarterly Production Trends 13 Sherritt International Corporation, Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14 Sherritt International Corporation, Crude Oil Production 15 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16 Sherritt International Corporation, Natural Gas Production 17 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18 Sherritt International Corporation, Valuation and Financial Data, 2011-2015 19 Sherritt International Corporation, Share Price Performance, 2011-2015 19 Share Price Performance, 2011-2015 19 Key Valuation Metrics, 2011-2015 20 Sherritt International Corporation, Production and Reserves Trends 21 Total Oil and Gas, Reserves and Production 21 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 23 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 25 Crude Oil/Liquids Production and Reserve 26 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 26 Crude Oil Production and Reserves By Country/Region, 2011-2015 27 Crude Oil/Liquids Reserve Changes, 2011-2015 29 Natural Gas Production and Reserve 30 Natural Gas Production and Reserve Trend, 2011-2015 30 Natural Gas Production and Reserves, By Country/Region, 2011-2015 31 Natural Gas Reserve Changes, 2011-2015 33 Total Crude Oil and Natural Gas Reserves Life Index 34 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 35 Sherritt International Corporation, E&P Costs Trends 37 Allocation of the Upstream Capital Expenditure 37 Upstream Capital Expenditure, 2011-2015 37 Exploration and Development Costs, By Country/Region, 2011-2015 38 Oil and Gas Cost Per boe, US$/boe 40 Oil and Gas Cost Per boe, US$/boe, 2011-2015 40 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 42 Sherritt International Corporation, Reserve Replacement Ratio 44 Oil and Gas Production Replacement Ratio 44 Oil and Gas Production Replacement Ratio, 2011-2015 44 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 46 Sherritt International Corporation, Results of Oil & Gas Operations Trend 50 Oil and Gas Revenue and Expenses 50 Oil and Gas Revenue and Expenses, 2011-2015 50 Oil and Gas Revenue and Expenses, Per boe 52 Oil and Gas Revenue and Expenses, By boe, 2011-2015 52 Oil and Gas Performance Metrics 53 Sherritt International Corporation, Land Holdings and Well Data 54 Developed and Undeveloped Acreage 54 Gross and Net Developed and Undeveloped Acreage, 2011-2015 54 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 55 Well Statistics 57 Producible Oil and Gas Well, 2011-2015 57 Producible Oil and Gas Well, By Country/Region, 2011-2015 58 Exploration and Development Wells Drilled, 2011-2015 63 Recent Developments 64 Sherritt International Corporation - Recent Developments 64 Aug 11, 2016: Sherritt Publishes Its 2015 Sustainability Report 64 Jul 27, 2016: Sherritt Obtains Final Court Order Approving Maturity Extension 65 Jul 25, 2016: Sherritt Announces Q2 2016 Results 65 Apr 26, 2016: Sherritt Announces Q1 2016 Results 70 Feb 10, 2016: Sherritt Announces Q4 And Year End 2015 Results 73 Jan 18, 2016: Sherritt Announces 2015 Production Results 80 Oct 27, 2015: Sherritt Announces Q3 2015 Results 81 Sep 17, 2015: Sherritt Outlines 2016 Capital Spending Cuts And Suspends $0.01 per Share Quarterly Dividend 85 Jul 28, 2015: Sherritt Announces Appointment Of Senior Vice President And Chief Financial Officer 86 Jul 28, 2015: Sherritt Announces Q2 2015 Results 86 Appendix 91 Methodology 91 Coverage 91 Secondary Research 91 Primary Research 91 Data Information Sources 92 Company Source 92 SEC/Other Regulatory Filings 92 Other Sources 92 Expert Panel Validation 92 Data Definition 92 Oil and Gas Reserves 92 Units of Measure 93 About GlobalData 93 Disclosure 93 Disclaimer 93

List of Tables Table 1: Sherritt International Corporation, Key Facts 7 Table 2: Sherritt International Corporation, Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Sherritt International Corporation, Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Sherritt International Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Sherritt International Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Sherritt International Corporation, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Sherritt International Corporation, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Sherritt International Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Table 9: Sherritt International Corporation, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Table 10: Sherritt International Corporation, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Table 11: Sherritt International Corporation, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Table 12: Sherritt International Corporation, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Table 13: Sherritt International Corporation, Share Price Performance, 2011-2015 19 Table 14: Sherritt International Corporation, Key Valuation Metrics, 2011-2015 20 Table 15: Sherritt International Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Table 16: Sherritt International Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 24 Table 17: Sherritt International Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 25 Table 18: Sherritt International Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26 Table 19: Sherritt International Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 28 Table 20: Sherritt International Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 29 Table 21: Sherritt International Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30 Table 22: Sherritt International Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 32 Table 23: Sherritt International Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 33 Table 24: Sherritt International Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 34 Table 25: Sherritt International Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 36 Table 26: Sherritt International Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 37 Table 27: Sherritt International Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 39 Table 28: Sherritt International Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41 Table 29: Sherritt International Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 43 Table 30: Sherritt International Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 45 Table 31: Sherritt International Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 49 Table 32: Sherritt International Corporation, Revenue and Expenses, US$ mil, 2011-2015 51 Table 33: Sherritt International Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 52 Table 34: Sherritt International Corporation, Oil and Gas Performance Metrics, 2011-2015 53 Table 35: Sherritt International Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 54 Table 36: Sherritt International Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 56 Table 37: Sherritt International Corporation, Producible Oil and Gas Wells, 2011-2015 57 Table 38: Sherritt International Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 62 Table 39: Sherritt International Corporation, Exploratory and Developed Wells, 2011-2015 63 List of Figures Figure 1: Sherritt International Corporation, Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Sherritt International Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Sherritt International Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Sherritt International Corporation, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Sherritt International Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Sherritt International Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Figure 7: Sherritt International Corporation, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Figure 8: Sherritt International Corporation, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Figure 9: Sherritt International Corporation, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Figure 10: Sherritt International Corporation, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Figure 11: Sherritt International Corporation, Share Price Performance, CAD/Share, 2011-2015 19 Figure 12: Sherritt International Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20 Figure 13: Sherritt International Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21 Figure 14: Sherritt International Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 23 Figure 15: Sherritt International Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 23 Figure 16: Sherritt International Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 25 Figure 17: Sherritt International Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26 Figure 18: Sherritt International Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 27 Figure 19: Sherritt International Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 27 Figure 20: Sherritt International Corporation, Crude Oil Reserve Changes, mmbbl, 2015 29 Figure 21: Sherritt International Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30 Figure 22: Sherritt International Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 31 Figure 23: Sherritt International Corporation, Gas Production, By Country/Region, bcf, 2011-2015 31 Figure 24: Sherritt International Corporation, Natural Gas Reserve Changes, bcf, 2015 33 Figure 25: Sherritt International Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 34 Figure 26: Sherritt International Corporation, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 27: Sherritt International Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 28: Sherritt International Corporation, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 29: Sherritt International Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 37 Figure 30: Sherritt International Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 38 Figure 31: Sherritt International Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 38 Figure 32: Sherritt International Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 40 Figure 33: Sherritt International Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 34: Sherritt International Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 35: Sherritt International Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43 Figure 36: Sherritt International Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 44 Figure 37: Sherritt International Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 38: Sherritt International Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 39: Sherritt International Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47 Figure 40: Sherritt International Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47 Figure 41: Sherritt International Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 48 Figure 42: Sherritt International Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 48 Figure 43: Sherritt International Corporation, Revenue and Expenses, US$ mil, 2011-2015 50 Figure 44: Sherritt International Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 52 Figure 45: Sherritt International Corporation, Oil and Gas Performance Metrics, 2011-2015 53 Figure 46: Sherritt International Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 54 Figure 47: Sherritt International Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 55 Figure 48: Sherritt International Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 55 Figure 49: Sherritt International Corporation, Producible Oil and Gas Wells, 2011-2015 57 Figure 50: Sherritt International Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 51: Sherritt International Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 58 Figure 52: Sherritt International Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 59 Figure 53: Sherritt International Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 59 Figure 54: Sherritt International Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 60 Figure 55: Sherritt International Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 60 Figure 56: Sherritt International Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 61 Figure 57: Sherritt International Corporation, Exploratory and Developed Wells, 2011-2015 63