Moscow, 21 July 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 first half of 2025.

Senior Vice-President — Operating Director, Alexander Popov commented on the production results,

«In 1H 2025, the output of all key metals decreased compared to the same period of last year. The decrease in production was driven by the high base effect of previous period, increase of work-in-progress material due to logistics adjustment and improvement in the quality of our products, as well as the decrease of ore output owing to the gradual transition to new mining equipment as a part of the import substitution program. We are planning capital repairs for the second half of the year to improve the reliability of the equipment and transition to new import-substituting samples. As a result, we slightly decrease our current production guidance for nickel and copper and practically reiterate our previously announced production guidance for PGMs.

The Company continued to improve the quality of its product portfolio as a part of operational efficiency improvement program. In particular, we increased production volumes of premium nickel brands, such as «Nornickel Plating Grade» — for electroplating and «Nornickel High Purity» — for the production of superalloys at nickel to enter new sales markets. In addition, in order to improve customer satisfaction, we increased the share of copper cathodes of the top-quality brand to 91%. We also expect the increase in production of class-1 nickel – a product with higher added value due to decrease in production of semi-finished products.

Production Guidance from the Company’s Own Feedstock for 2025

Metal	Volume
Norilsk Nickel Group (excluding Trans-Baikal Division)
Nickel, kt	196–204
Copper, kt	343–355
Palladium, koz	2,677–2,729
Platinum, koz	645–662
Trans-Baikal Division
Copper (copper in concentrate), kt	66–70

NORILSK NICKEL GROUP

Nickel

In 2Q 2025, consolidated nickel output increased 9% quarter-on-quarter (q-o-q) to 45 kt. Almost all of the nickel produced in the reported period was produced from the Company’s own feed. The increase was attributed to optimization of metal-containing materials supply flow, as well as optimizing the time of repairs of equipment before the inter-navigation pause in the second quarter.

In 1H 2025, consolidated nickel output decreased 4% year-on-year (y-o-y) to 87 kt, due to the high base of the same period of 2024, as well as the need of restocking work-in-progress material.

Copper

In 2Q 2025, consolidated copper output (including Bystrinsky Copper Project) decreased 5% q-o-q to 104 kt, all of which were produced from the Company’s own feed. The decrease was attributed to the high base of 1Q 2025 due to the redistribution of production volumes of commercial products between periods in connection with export supply requirements.

In 1H 2025, total copper output decreased by 2% y-o-y to 213 kt due to the same reasons as described above for nickel.

Trans-Baikal Division (Bystrinsky Project) increased the production of copper in concentrate by 3% q-o-q to 18 kt due to higher processed volumes of concentrate and copper content in processed raw materials. In 1H 2025, production of copper in concentrate at Trans-Baikal Division slightly increased y-o-y to 36 kt.

Platinum Group Metals

In 2Q 2025, palladium and platinum output amounted to 658 koz (down 11% q-o-q) and 155 koz (down 14% q-o-q), respectively. The decrease was attributed to the high base of 1Q 2025 due to implementation of operational efficiency improvement program.

In 1H 2025, palladium and platinum output amounted to 1,399 koz (down 5% y-o-y) and 335 koz (down 6% y-o-y), respectively. All PGMs were produced from Company’s own Russian feed. The decrease was attributed to the same reasons as described above for nickel.

Norilsk Nickel Group Saleable Metals Production

Items	2Q 2025	1Q 2025	Q-o-Q	1H 2025	1H 2024	Y-o-Y
Norilsk Nickel Group¹
Total nickel, t	45,233	41,617	9%	86,850	90,405	-4%
including from own feed	45,172	41,579	9%	86,751	90,236	-4%
Total copper (from own feed), t	103,834	109,355	-5%	213,189	218,575	-2%
Total palladium (from own feed), koz	658	741	-11%	1,399	1,480	-5%
Total platinum (from own feed), koz	155	180	-14%	335	356	-6%
including Trans-Baikal Division
Copper (in copper concentrate), t	18,127	17,559	3%	35,686	35,543	0.4%
¹ Total amounts may differ from the sum of rounded figures.

Nornickel announces consolidated production results for 1Н 2025