Consortium Challenges Sherritt Board with C$0.12 Recapitalization Bid

The consortium, which also features a U.S.-based anchor investor and financier Trifon Natsis, formally submitted its non-binding proposal on June 26, 2026. After an ad hoc group of noteholders recently disclosed the key terms of the offer, the investors are now publicly calling on Sherritt’s directors to engage in immediate negotiations. The group argues their plan offers a market-reflective price without the discounts found in competing bids, such as the one previously put forward by Gillon Capital.

Beyond capital injection, the proposal promises a stable ownership structure, with the consortium aiming to hold at least 55% of the company upon completion. Glencore’s involvement brings specific technical expertise in nickel and cobalt production, which the consortium intends to leverage to stabilize Sherritt’s liquidity and restart operations at its Fort Saskatchewan refinery. The group has already secured written confirmation from the U.S. State and Treasury departments indicating no objections to their involvement.

Akshay Shah, Chief Investment Officer of Kyma Capital, emphasized that any deal requiring noteholder consent must be developed through meaningful dialogue rather than presented as a final decision. As Sherritt faces significant uncertainty regarding its future as a going concern, the consortium maintains that delaying the evaluation of credible alternatives only serves to increase restart costs and overall financing requirements.