Moscow, 13 December 2024 — The Board of Directors of MMC Norilsk Nickel, the world’s largest producer of palladium and Class I nickel and a major producer of platinum and copper, has approved the Company’s budget for 2025.

Amid a complex geopolitical environment and significant challenges, volatility in key markets, rising inflation, and the key interest rate, maintaining financial stability is reiterated as the key priority of Nornickel. In response to inflationary pressure, the Company is expanding further its operational efficiency programme, which aims at curbing cost inflation with the help of developing and implementing initiatives with a long-term and sustainable impact, which aim at improving operating performance through increased production volumes, cost optimisation, and innovations.

The total capital investments scheduled for 2025 amount to RUB 215 bn. Having financial stability set as a corporate priority while borrowing costs are running high, the Company is pursuing a disciplined approach to making investment decisions relying on a systematic, pass-through risk-based prioritisation of investments. The key priorities include operational safety, mitigation of technological risks, and delivery on the Company’s strategy. The capital investments programme also covers environmental and social commitments, as well as investments in supporting infrastructure, primarily energy and transportation.

In 2025, the management is expecting to sell the entire metal production volumes, while forecasting that metal market conditions will remain challenging, with a nickel market specifically forecasted to be in surplus. In its HR strategy, Nornickel is putting special emphasis on further improving its attractiveness as an employer with a salary indexation scheduled at or above officially recorded inflation rate.

Sergey Malyshev, the Company’s First Vice President and Chief Financial Officer, commented on the approved 2025 budget: “The budget for 2025, which marks the 90^th anniversary of Nornickel, stands out as exceptionally ambitious and intensive given very demanding external environment. This provides additional motivation and elevates responsibility. Our management team is committed to meet the established targets, maintain a strong credit profile, and support our investment appeal no matter which challenges we face.”

Nornickel’s Board of Directors has approved 2025 budget