Sherritt gets a US licence to ship fuel to Moa Nickel, but a restart needs a second licence

In an October release, Sherritt International said that the U.S. Office of Foreign Assets Control (OFAC) issued a specific licence for fuel, fuel oil and sulfur for Moa Nickel in Cuba. The company said it covers buying, shipping and paying for those goods, and extends to related insurers, banks and vessel operators.

Sherritt called it the first of a series of OFAC emergency licences needed to restart mining and processing at Moa Nickel and further processing and refining in Canada, and said the restart still depends on a second emergency licence it is working to obtain with Gillon Capital. It said it expects the initial fuel shipment in the fourth quarter of 2026. Sherritt stopped refining metals at Fort Saskatchewan, Alberta, on June 22, 2026 and gave no restart date.

Sherritt repeated that it is operating under constrained liquidity and that there is material uncertainty about whether it can continue as a going concern. It said an interim consent agreement dated September 23, 2026 lets Moa Bay Mining consent to interim fuel shipments in exchange for consent fees, and the release gives no fee amounts. Sherritt described its May 19, 2026 term sheet with Gillon Capital, which contemplates Gillon taking a controlling interest, as non-binding.