Moscow, 24 October 2022 — 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 third quarter and nine months of 2022 and production outlook for the full year 2022.

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

“In the third quarter of this year, our main focus was put on the recovery of the Norilsk concentrator to its full capacity and mitigation of newly emerged risks, which have occurred as a result of changes in the geopolitical situation. Currently, the timely delivery of spare parts for the imported machinery and equipment and complications with logistics represent the most acute risks for our operations. Nonetheless, we have managed to achieve certain progress in mitigating these risks, having rolled out new logistics schemes and established alternative routes for the supply of spare parts.

At the same time, search for new suppliers of high-performance mining equipment to replace the existing fleet remains an important medium-term task. To this end, fairly shortly we are planning to start testing new mining equipment supplied by the manufacturers from friendly countries.

The modernization of Norilsk Concentrator has been continued, with an aim to recover the plant’s ore processing capacity to its design parameters by the end of this year.

In general, we managed to meet the production targets for the third quarter and 9 months of 2022. The output of all key metals increased both year-on-year and quarter-on-quarter.

Taking into account all the ongoing initiatives to minimize the negative impact of the newly emerged operating risks, we reiterate previously announced production guidance from own Russian feed for FY2022.

Nevertheless, the newly-emerged challenges for the Company remain highly acute, and mitigation of risks of timely supply of critical equipment and spare parts remains on the top of our priorities list. For the time being we remain cautious regarding the execution on our production program targets in 2023”.