Nornickel announces Consolidated Production Results for 1Q 2024

Nornickel, the world’s largest producer of palladium and Class I nickel and a major producer of platinum and copper, announces preliminary consolidated production results for the first quarter of 2024 and full year 2024 production outlook.

In 1Q 2024, the Company increased the output of palladium and copper as compared to the same period of last year. The temporary decrease in nickel production was attributed to accumulation of work-in-progress inventory, which will be processed in the second quarter.

Trans-Baikal Division continues to increase copper production volumes driven the operations efficiency improvement program.

The Company’s mines continued to increase ore production after testing and putting into operational commissioning of equipment from new suppliers in the end of the last year.

In addition, in the reported quarter Nornickel continued to produce premium quality nickel at Kola MMC for the Chinese electroplating sector following the successful delivery of trial batch of such product last year.

The Company reiterates its previously announced production guidance from own Russian feed for FY2024.