About report

We are pleased to present to you the Annual Report of MMC Norilsk Nickel and entities comprising the same group of companies (collectively, the “Group”, “Nornickel”, or the “Company”) for 2023. Nornickel is a Russian vertically integrated metals and mining company producing non‑ferrous and precious metals.

The Report discloses all aspects of Nornickel’s operations both from strategic standpoint and in the context of sustainability. Nornickel has a unique resource base underpinning its strategy of production growth and operational excellence as well as its unprecedented environmental programme. This clean growth strategy not only lays out long‑term production targets but also sets out concrete action plans to reduce the Company’s environmental footprint in its regions of operation.

This Annual Report was prepared by the Investor Relations Department, taking into account the requirements and recommendations of:

• the Bank of Russia’s Regulations No. 714‑p On Information Disclosure by Issuers of Issue‑Grade Securities, dated 27 March 2021
• the Bank of Russia’s Letter No. IN‑06‑28/102 On Disclosure of Compliance with the Principles and Recommendations of the Corporate Governance Code in the Annual Report of a Public Joint Stock Company, dated 27 December 2021
• the Bank of Russia’s Letter No. 06‑52/2463 On the Corporate Governance Code, dated 10 April 2014
• the Bank of Russia’s Letter No. IN‑06‑28/49 On Recommendations for Public Joint Stock Companies to Disclose Non‑financial Information Related to Their Activities, dated 12 July 2021
• the Bank of Russia’s Letter No. IN‑06‑28/96 On Recommendations for the Board of Directors of a Public Joint Stock Company to Consider ESG Factors and Sustainable Development Issues, dated 16 December 2021
• the Bank of Russia’s Letter No. IN‑06‑28/57 On Recommendations for a Public Joint Stock Company to Disclose Information on the Remuneration of Members of the Board of Directors (Supervisory Board), Executive Bodies, and Other Top Management of the Public Joint Stock Company in Its Annual Report, dated 11 December 2017
• the Listing Rules of PJSC Moscow Exchange.

The scope of disclosure corresponds to the scope covered by the Group’s IFRS consolidated financial statements.

The Report also discloses financial metrics based on the Group’s IFRS consolidated financial statements for 2023 audited by Kept in accordance with International Standards on Auditing (ISAs).

THIS ANNUAL REPORT WAS APPROVED by the Annual General Meeting of Shareholders
(Minutes No. 1 dated 28 June 2024)

PRE-APPROVED by the Board of Directors
(Minutes No. GMK/11-pr-sd dated 22 May 2024)

ACCURACY OF INFORMATION IS CONFIRMED by the Audit Commission
(Opinion dated 16 May 2024)