Sherritt shares down after auditors and CFO resign amid U.S. sanctions

View of San Lazaro street in Havana, Cuba. (AP Photo/Ramon Espinosa, File)

TORONTO — Shares of Sherritt International Corp. fell more than 20 per cent after the company said it will be unable to file its first-quarter financial statements this week following the resignation of both its auditors and chief financial officer.

The company said it expects the Ontario Securities Commission will issue a failure to file cease trade order that would prohibit trading in its securities in Canada, including through the Toronto Stock Exchange, and would remain until the required documents are filed.

The resignations of Deloitte LLP and Yasmin Gabriel as CFO come after the U.S. expanded sanctions on Cuba where Sherritt holds a 50 per cent interest in the Moa joint venture which mines nickel in the Caribbean country that is shipped to Canada where it is refined. Sherritt suspended its direct participation in the joint venture last week.

The U.S. expanded sanctions against Cuba on May 1. Sherritt has said it has not been formally designated under the executive order, but it has noted that such a designation could happen at any time.

Sherritt said it has started the search for a new external auditor, but the U.S. executive order may affect the availability of, or willingness of, firms to take up the role.

Shares in the company were down three cents to 12 cents in trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published May 14, 2026.

Read more:

• Sherritt suspends Cuban joint venture participation as U.S. expands sanctions
• Sherritt International reduces operations at joint venture in Cuba