What is the core deal Sherritt is pursuing with Gillon Capital LLC, and what control would it grant?

Sherritt International Corp. signed a non-binding term sheet for a private placement involving a warrant that would allow Gillon Capital LLC to acquire enough common shares to own 55% of Sherritt on a fully exercised basis; the exercise price is expected to be at a discount to Sherritt’s May 15 closing price.

Why did Sherritt reverse its decision to exit Cuba, and what official US stance supports this shift?

Sherritt reversed its plan to relinquish its 50% stake in a Cuban nickel-and-cobalt mine and surrender its interest in a Cuban energy joint venture after identifying a 'potential value preserving opportunity'; the U.S. Department of State confirmed it has no objections to Gillon Capital’s engagement, and both the State and Treasury Departments view the negotiations as not contrary to U.S. law.

Sherritt in Talks to Hand Control of Cuba Mining Business to Ex-Trump Adviser

May 20, 2026

Sherritt is negotiating to transfer control of its Cuban nickel and cobalt mining operations to Gillon Capital, linked to former Trump adviser Ray Washburne, to navigate US sanctions. The deal reverses plans to unwind Caribbean operations after regulatory confirmation.

bloomberg

2026-05-20

Sherritt in Talks to Hand Control of Cuba Mining Business to Ex-Trump Adviser

Sherritt in Talks to Hand Control of Cuba Mining Business to Ex-Trump Adviser

FAQ