Nornickel’s development strategy

The Company’s development strategy is focused on:

Growth in mining production and concentration volumes

Maintaining market positions

Upgrading processing facilities

The Company upholds its commitment to sustainability principles, implementing:

Environmental and Climate Change Strategy

Socially Sustainable Development Strategy

Growing mining production volumes, upgrading processing facilities, and maintaining market positions

Norilsk site

by 8 mpta of ore

Talnakh Concentrator’s capacity increase

Production volumes for the GroupExcluding the Trans‑Baikal Division.

South Cluster: growing production volumes

137 mlnt

Disseminated ore reservesProven and probable reserves according to the JORC Code as of 1 January 2025

* The production schedule within the pit perimeter is aligned with the development plan for the Group’s processing facilities.

• In 2024, a positive opinion was obtained from Glavgosexpertiza following the re‑examination of the design and cost estimate documentation. Subsequently, the development of optimisation measures for mine construction commenced.
• Mine development and construction works are ongoing for the underground mine and related infrastructure facilities.
• In 2025–2026, the Company intends to secure positive opinions from Glavgosexpertiza as well as a certificate of compliance for the mine and related infrastructure construction project.

2028 production targets

Upgrade of Talnakh Concentrator: the third start‑up facility

Project status

• In 2024, the design documentation was adjusted, and the execution of supply contracts for flotation and thickening equipment was completed.
• Tendering is currently underway for ore dressing units and ore feeders, covering a range of activities to complete construction and installation, including the installation of metal frames and fences.
• Installation of foundations for the blower and reactor process equipment is currently underway.
• In 2025, the Company plans to secure a positive opinion from the Main Department of State Expertise (Glavgosexpertiza) on the amended design documentation.

Projected implementation timeline

Commissioning of the third start‑up facility is expected in the fourth quarter of 2028, with subsequent ramp‑up through 2029.

Upgrade of flash smelting furnaces at Nadezhda Metallurgical Plant (NMP)

• In 2024, NMP completed an overhaul of FSF No. 2, a unique project comparable in scale and effort to constructing a new furnace.
• Despite the logistical challenges and constraints caused the disruption of equipment supplies from foreign vendors, the project was completed in less than 60 days.
• The project resulted in a 25% increase in the furnace’s capacity for concentrate processing.
• The Company is currently developing a set of measures to upgrade FSF No. 1 with a waste heat recovery boiler, planned for implementation in 2027.
• The FSF No. 1 upgrade also includes production capacity expansion at NMP.

The Trans‑Baikal Division’s mining and processing plant

Life of mine

over 20 years

50.01%

owned by Nornickel

EBITDA for 2024 totalled

USD 1.1 bn

• In 2024, the first projects under the long‑term efficiency and capacity expansion strategy came online: magnetic separation capacity additions and a gold concentrate dehydration unit. The development of main technical solutions was also completed, and the preparation of detailed design documentation commenced for the gold mill project.
• In 2025, projects to upgrade the grinding circuit, flotation section, and thickening section of the concentrator are scheduled for commissioning. Plans are also in place to commence construction of a gold mill.

Production volumes

Mining capacity expansion at Severny Mine

Site overview

Active complex‑sulphide concentrate production site comprising several assets:

Mineral resource base

Infrastructure expansion and upgrades

Logistics Infrastructure Development Programme

Programme rationale

• Increased volumes of westward shipments of semi‑products once the copper production chain reconfiguration programme is completed.
• Adjusted pace of fixed asset replacement in the Norilsk Industrial District, reflecting the optimisation of the investment programme.
• Expansion of Northern Sea Route operations and increased freight volumes for major investment projects of other companies using the NSR in the Russian Arctic.

Energy infrastructure upgrade programme

Programme goal: renovate generation facilities and energygrid infrastructure to ensure the reliable supply of all types of energy to consumers in the Norilsk Industrial District.

Gas and gas condensate exploration, production, and transportation

• In 2024, a retrofitting project was completed for a gas pipeline’s underwater crossing of the Bolshaya Kheta River.
• Drilling operations continue on five wells at well pad No. 4 of the Pelyatkinskoye gas condensate field, expected to come online in 2025.
• Pre‑commissioning operations are underway at the booster compressor station of the Severo‑Soleninskoye gas condensate field, with commissioning planned for 2025.

Sulphur Project at Nadezhda Metallurgical Plant

The Sulphur Project 2.0 at Nadezhda Metallurgical Plant includes technological upgrades to recover SO ₂ from off‑gases of the main smelting units (flash smelting furnaces) by converting them into sulphuric acid and then neutralising it with limestone to produce gypsum – environmentally non‑hazardous waste to be placed in a gypsum storage facility.

In 2024, the Company recovered

~390 kt

of sulphur dioxide

Gas recovery efficiency confirmed at

>99%