The two parties are now deep in due diligence, navigating the intricate regulatory hurdles posed by Sherritt’s extensive operations in Cuba and the tightening U.S. sanctions landscape. While the company previously moved to suspend operations and pull staff from the island following an executive order, it has since reversed those plans, aiming instead to offload a 55% stake to Gillon Capital. Sherritt maintains that the U.S. Treasury and State Department have signaled no objections to these ongoing negotiations.

Beyond the potential sale, the miner is maneuvering through a period of internal transition. The board is actively recruiting independent directors, including the recent appointment of Tabrez Khan, a nominee of Kyma Capital. Meanwhile, Fitzroy Richardson has stepped in as interim chief financial officer, tasked with clearing a backlog of quarterly financial reports expected to be filed in the coming weeks. The company’s assets, centered on the Moa nickel and cobalt venture and its Alberta refinery, remain the focal point of the restructuring effort.