KYMA CAPITAL UPDATE ON COURT APPLICATION REGARDING SPECIAL MEETING OF SHERRITT SHAREHOLDERS

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LONDON and TORONTO, Sept. 4, 2026 /CNW/ -- Kyma Capital Limited ("Kyma Capital") today provided an update regarding the application (the "Court Application") that has been filed by it and Kyma Capital Opportunities Master Fund Limited (the "Kyma Fund" and, collectively, "Kyma") in the Ontario Superior Court of Justice, Commercial List seeking, among other things, an order that a meeting of the holders of common shares (the "Common Shares") of Sherritt International Corporation ("Sherritt") be held as soon as practicable on a date to be directed by the Court.

The Kyma Fund beneficially owns 94,562,842 Common Shares, and $61,880,099 aggregate principal amount of Sherritt's 9.25% senior second lien secured notes due November 30, 2031 (the "Notes"), representing 13.4% of the issued and outstanding Common Shares and 24.9% of the aggregate outstanding principal amount of Notes. Third parties advised by Kyma Capital are the beneficial owners of, and exercise control and direction over, a further 8,571,429 Common Shares and $15,236,000 aggregate principal amount of Notes, which, together with the Common Shares and Notes beneficially owned by the Kyma Fund,  represent 14.7% of the issued and outstanding Common Shares and 31.0% of the aggregate outstanding principal amount of Notes.

The Court has directed a full-day hearing for the Court Application to be held on September 25, 2026.

In connection with the Court Application, Kyma learned that, on May 14, 2026, at Sherritt's request, the Court granted an order extending the time for Sherritt to call and hold its 2026 annual shareholders' meeting (the "2026 AGM") to no later than September 30, 2026. Notwithstanding the terms of this Court order, Sherritt issued a press release on May 14, 2026 publicly stating that the Court had issued "an order extending the time for Sherritt to call its annual meeting of shareholders to not later than September 30, 2026". Sherritt failed to disclose that the Court extension required Sherritt to not just call, but hold, its 2026 AGM by September 30, 2026.

Subsequently, after Sherritt learned that Kyma intended to requisition a meeting of Sherritt's shareholders, Sherritt issued a press release on July 13, 2026 stating that Sherritt had set December 15, 2026 as the date for its 2026 AGM. As Sherritt knew or should have known at the time, this was approximately 75 days after the deadline in the Court's May 14, 2026 order for Sherritt to hold its 2026 AGM. Nevertheless, Sherritt stated in its July 13, 2026 press release: "The Meeting date enables [Sherritt] to call its annual meeting of shareholders by September 30, 2026, to comply with the interim relief granted by the Ontario Superior Court of Justice on May 14, 2026."  Sherritt did not disclose that the December 15, 2026 meeting date chosen by Sherritt was approximately 75 days after the September 30, 2026 deadline in the Court's May 14, 2026 order for Sherritt to hold its 2026 AGM.

Sherritt is aware of these matters but has taken no action to correct its prior public disclosure regarding the Court's May 14, 2026 order.

Kyma Capital will provide further updates on the Court Application and the timing of the next Sherritt shareholders' meeting in due course as circumstances warrant.

About Kyma Capital Limited

Kyma Capital is a London-based investment manager. Kyma is authorised and regulated by the United Kingdom Financial Conduct Authority.

Caution:

This press release is made by Kyma Capital Limited. None of this press release, the information contained herein or the delivery of this press release to any recipient constitutes, nor is it meant to constitute, a solicitation of a proxy within the meaning of applicable corporate and securities laws.   This press release is not an offer to purchase or sell or a solicitation of an offer to purchase or sell any assets or securities under the securities laws of any jurisdiction, including Canada and the United States and the federal, state, territorial or provincial securities laws applicable therein, or a solicitation to enter into any transaction.

This press release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation.  All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements are often, but not always, identified by words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are not historical facts but reflect Kyma Capital's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Kyma Capital believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this press release and, except as may be required by applicable law, Kyma Capital disclaims any intention and assumes no obligation to publicly update or revise such forward-looking statements whether as a result of new information, future events or otherwise.  

SOURCE Kyma Capital Limited

Media contact: Zhanna Shalabayeva, [email protected], Phone: [phone]