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Sherritt International (S) investor relations material
Sherritt International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 results were impacted by operational challenges in Cuba, including U.S. policy pressures and lower mixed sulphides production at Moa, with a recovery plan and task force implemented.
Significant cost reduction initiatives, including workforce and executive team reductions, are projected to deliver $20M in annualized savings, building on $17M from prior measures.
Strategic debt and equity transactions reduced debt by $68M, lowered annual interest by $3M, and extended debt maturity to 2031, improving liquidity.
Moa JV phase two expansion commissioning is underway, with ramp-up expected in H2 2025 to increase MSP production.
Available liquidity in Canada stood at $45M at quarter-end, with Energas dividends contributing $5.6M.
Financial highlights
Combined Q2 2025 revenue was $135.6M, down 17% year-over-year due to a 15% drop in nickel prices and 14% lower sales volumes.
Net earnings from continuing operations were $10.4M, compared to a loss of $11.5M in Q2 2024.
Adjusted net loss from continuing operations was $25.6M, excluding a $32.4M gain from debt and equity transactions.
Adjusted EBITDA was $2.6M, down from $13.0M year-over-year.
Cash and cash equivalents at June 30, 2025, were $121.6M; available liquidity in Canada was $45.0M.
Outlook and guidance
2025 finished nickel production guidance lowered to 27,000–29,000 tonnes (from 31,000–33,000); cobalt to 3,000–3,200 tonnes (from 3,300–3,600).
Sustaining capital for metals reduced to $30M and tailings facility spending to $35M for 2025.
Power production guidance maintained but expected at the lower end of 800–850 GWh due to gas well issues.
Cobalt swap distributions expected to be limited and below annual minimum; Energas dividends in Canada anticipated at the lower end of $25M–$30M.
NDCC guidance for Metals unchanged at US$5.75–$6.25/lb; Power unit operating cost guidance unchanged at $23.00–$24.50/MWh.
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