After months of roadblocks, Sherritt International Corp. announced that it received a license from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) authorizing the purchase and delivery of fuel, fuel oil and sulfur for Sherritt’s Moa Nickel mining and processing operations in Cuba, which form part of the Moa Joint Venture (Moa JV). The Fuel License is the first of a series of OFAC emergency licenses necessary for Sherritt to restart mining and processing operations at Moa Nickel, as well as further processing and refining operations in Canada.

Sherritt prepared and submitted its requests for the OFAC emergency licenses in close coordination with Gillon Capital, LLC, in connection with Gillon Capital’s potential acquisition of a controlling interest in Sherritt. The fuel license is the first of a series of licenses that would be necessary for Gillon Capital to acquire a controlling interest in Sherritt.

Following the U.S. sanctions against persons and companies conducting business in Cuba, Sherritt suspended its direct participation in joint venture activities in Cuba on May 7, 2026, and ceased metals refining operations at its Fort Saskatchewan, Alberta, facility on June 22, 2026.

In connection with the Fuel License, Sherritt said it entered into an interim consent agreement dated September 23 with Moa Bay Mining Co., the holder of a certified claim relating to Moa Nickel under Title III of the Cuban Liberty and Democratic Solidarity Act of 1996 (Helms-Burton Act). Under the agreement, Moa Bay has consented to interim fuel shipments to Moa Nickel in exchange for consent fees payable by or on behalf of Sherritt. As part of the agreement, Moa Bay has also agreed not to bring any Helms-Burton Act claims against the covered participants in connection with those authorized shipments. Sherritt and Moa Bay have also obtained, concurrently with the fuel license, separate OFAC authorization required for performance under the agreement.

Sherritt said it continues to operate under constrained liquidity conditions and faces a material uncertainty that may cast significant doubt on its ability to continue as a going concern. It remains in active discussions with its lenders and potential government and other strategic capital sources, including Gillon Capital. The company is still finalizing the initial fuel shipment, which is expected to ship in Q4 2026.

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