Moscow, 29 January 2024 — Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, announces preliminary consolidated production results for the fourth quarter and the full year 2023 and production outlook for the full year 2024.

Senior Vice-President — Operational Director, Sergey Stepanov commented on the production results,

“In 2023, the Company slightly decreased the output of all key metals, except for platinum, as a result of lower mined rich and cuprous volumes owing to the gradual transition to new mining equipment. After testing and gradual roll-out of equipment from new suppliers, our mines recovered to the scheduled mining volumes in the fourth quarter.

In 2023, nickel and copper output came in line with the annual production guidance, while platinum group metals were ahead of it. Trans-Baikal Division increased production of copper in concentrate above the production target range due to improvement in the operational efficiency and roll-out of automatic load management algorithms.

In 2023, furnaces at Nadezhda Smelter and a grinding mill at Talnakh Concentrator in Norilsk Division were successfully repaired as scheduled. In Kola Division, technological processes were adjusted leading to an improvement of the quality of nickel cathodes and a reduction of cobalt and zinc impurities by 50%.

In addition, in line with our distribution diversification strategy Nornickel produced and supplied a trial batch of premium quality nickel for the electroplating sector.

Last year marked a major milestone in our environmental strategy with the launch of Sulfur Program at the Nadezhda Smelter, aiming at a drastic reduction of sulfur dioxide emissions in the Norilsk Industrial District and improving the life quality in the city of Norilsk. The project construction was carried our 24/7 and took more than three years to complete. The new facility built is equivalent in size to seven football fields combined and has created approximately 500 new jobs.

In 2024, we expect that risks related to an adverse geopolitical situation will continue to impact our operations. Furthermore, this year we are planning capital repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant. Taking in account our mitigation efforts, we expect the following production volumes of finished products in 2024”.