Nornickel announces consolidated production results for FY2025

Moscow, 28 January 2025 - Nornickel, the world's largest producer of palladium and a major producer of nickel, platinum and copper, announces preliminary consolidated production results for the fourth quarter and the full year 2025 and production outlook for the full year 2026.

First Vice-President - Chief Operating Officer, Evgeniy Fedorov commented on the operating results,

"In 2025, nickel, copper and palladium output came in line with the annual production guidance, while platinum output was ahead of it.

The Company slightly decreased the output of all key metals, except for platinum, as a result of temporary increase in the share of

with low-grade ores sparse. I would also like to note the continued upgrade of the mining equipment fleet from new suppliers.

Last year we continue the implementation of a number of strategic operational projects.

In Polar Division we launch the construction of the new horizon at Skalisty

(Glubokaya shaft), with the aim to of supporting retired mining capacities and developing new ones by involving the rich and cuprous ores of the Oktyaborskoye deposit in the development.

Following the reconstruction of the cobalt production workshop at Kola site, production of this metal, including high-grade electrolytic cobalt, has reached planned capacity.

We continue to execute on our major environmental projects at all Nornickel operating sites. The Sulphur program is ramping up to its design capacity at the Nadezhda Metallurgical Plant. A new gas cleaning system, enabling a highly efficient dust collection has been launched in the

shop of Kola Site. As result, it is expected that sulfur dioxide emissions will reduce. In addition to the environmental benefits, it is expected to yield an economic benefit as non-ferrous metals collected during the dust utilization process will be recycled.

In Trans-Baikal Division we begun the construction of gold recovery plant. The project will improve the total gold recovery, increase the production volumes and accelerate metal production. The commissioning date is scheduled for the end of 2027 - beginning of 2028.

As a part of the strategy to diversify our sales, we increased the production volumes of premium nickel brands, such as "Nornickel Plating Grade", by 30% y-o-y. The further increase in volumes of such product is expected in 2026.

In 2026, we expect a slight decline in platinum

metal production due to the change in the metal composition of processed raw materials".