Public Joint Stock Mining and Metallurgical Norilsk Nickel : Statement of material fact or other events (actions) which, in the Issuer’s opinion, have material effect on the price or valuation of its securities

Statement of material fact or other events (actions) which, in the Issuer's opinion, have material effect

on the price or valuation of its securities

1. General information

1.1. Full name of the Issuer		Public Joint Stock Company Mining and Metallurgical
		Company Norilsk Nickel
1.2. Address of the issuer, listed in the Unified		1 ul. Morozova, Dudinka, Taimyr Dolgano-Nenets District,
State Register of Legal Entities		Krasnoyarsk Krai, 647000
1.3. Primary State Registration Number of the		1028400000298
Issuer (OGRN)
1.4. Taxpayer Identification Number of the		8401005730
Issuer (INN)
1.5. Unique code assigned to the Issuer by the		40155-F
Bank of Russia
1.6. Internet website used by the issuer to		http://www.e-disclosure.ru/portal/company.aspx?id=564
disclose information		https://www.nornickel.ru/investors/disclosure/nornickel-
		disclosure/
1.7. The date of the event (material fact) in		28/07/2022
respect of which the statement was made
	2. Subject matter

1. Brief description of the event (action), the occurrence of which, in the Issuer's opinion, has effect on the price or valuation of the securities issued by the Issuer:

Publishing of the press release: Nornickel announces consolidated production results for 1H 2022.

Moscow, 28 July 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 second quarter and the first half of 2022 and production outlook for the full year 2022.

Senior Vice-President - Operational Director, Sergey Stepanov commented on the 1H2022 production results:

"In 1H2022, we increased the output of all key metals compared to the same period last year. The company successfully passed the inter-navigation season owing to duly accumulated stocks of raw materials.

We continued to implement the modernization program at Norilsk Concentrator in order to improve the reliability and safety of operations and to stabilize the processing of raw materials to ensure reaching its design capacity. In the second quarter, Norilsk Nickel Harjavalta carried out an annual scheduled repair of equipment and in June the enterprise has fully resumed its operations.

One of the key risks that might affect our production plans remain the supply disruption of high- performance equipment and spare parts. To manage these risks Nornickel held First Arctic Region's import substitution forum. During the two-day event we explored capabilities of domestic business to meet the needs of Norilsk Nickel and Russia's other largest companies for materials and equipment.

About 200 forum attendees from more than 100 largest industrial companies from Russia, Kazakhstan and Belarus, as well as federal, regional and municipal government representatives visited Norilsk during the forum.

Taking into account the ongoing measures to minimize the negative implications from the geopolitical situation, we reiteratepreviously announced production guidance from own Russian feed for FY2022".

NORILSK NICKEL GROUP

Nickel

In 2Q22, consolidated nickel output decreased 6% quarter-on-quarter(q-o-q) to 48 kt, all ofvwhich was produced from the Company's own Russian feed. The decrease in production was attributed to the annual scheduled repairs at Harjavalta refinery.

In 1H2022, total nickel output increased 26% year-on-year(y-o-y) to almost 100 kt, most of which were produced from own Russian feed (99,8 kt, up 30% y-o-y). The increase in production was attributed to the low base of the first half 2021, when Oktyabrsky and Taimyrsky mines were suspended due to the inflow of underground water as well as the Norilsk Concentrator following an accident.

Copper

In 2Q22, consolidated copper production increased 23% q-o-q to 113 kt. The entire volumes of metal in the reporting periods were produced from our own raw materials. The increase in production was attributed to the low base of the previous quarter due to the planned furnace maintenance at Copper Plant in Norilsk division.

In 1H2022, total copper output increased 18% y-o-y to 204 kt. The entire volumes of metal in the reporting periods were produced from our own raw materials. The reasons for the decline in copper production in the reporting periods are similar to those for nickel and are described above. Copper production increased in the reported period due to the same causes as described above for nickel.

Bystrinsky Project continued to ramp up on schedule, having increased production of copper in concentrate by 3% y-o-y to 34 kt in 1H2022.

Platinum Group Metals

In 2Q22, palladium production remained largely unchanged q-o-q at 709 koz, while platinum production decreased 3% q-o-q to 158 koz. All PGMs were produced from the Company's own Russian feed. The decline of platinum output in the reported quarter owed to the high base of the 1Q22, when the accumulated inventory of work-in-progress in transit materials was processed.

In 1H2022, palladium and platinum output amounted to 1,416 koz (up 8% y-o-y) and 321 koz (up 1% y-o-y), respectively. PGMs production increased in the reported period due to the same causes as described above for nickel.

Norilsk Nickel Group Saleable Metals Production

Description	Q2 2022	Q1	Q-o-Q	1H 2022	1H 2021	Y-o-Y
2022
Nickel total, t	48472	51479	-6%	99951	79283	26%
own feed	48472	51374	-6%	99846	77015	30%
Copper total, t	112531	91398	23%	203930	172692	18%
own feed	112531	91397	23%	203929	172692	18%
Palladium, total, koz	709	706	0.4%	1416	1314	8%
own feed	709	706	0.4%	1416	1314	8%
Platinum, total, koz	158	163	-3%	321	319	1%
own feed	158	163	-3%	321	319	1%
Zabaykalsky Division (Russia) 1
Copper (in copper concentrate), t	16930	16687	1%	33618	32746	3%
Gold (in copper & gold
concentrates), koz	66	67	-1%	133	122	9%
Iron ore concentrate, kt	633	609	4%	1242	1269	-2%

Production Guidance from the Company's Russian Feedstock for 2022

Metal		Volume
Norilsk Nickel Group (excluding Chita Copper Project, Trans-Baikal Division)
Ni, kt		205-215
Cu, kt		365-385
Pd, koz		2,451-2,708
Pt, koz		604-667
Забайкальский дивизион (на основе 100% владения	)1
Cu, kt		64-68
Au, тыс. тр. ун.		225-245

Notes:

1 Norilsk Nickel Group owns 50.01% of Bystrinsky GOK (Chita Copper Project) in Trans-Baikal Division. Production results are shown metal in concentrate for sale on 100% basis and fully consolidated in total operational results.

This announcement contains inside information in accordance with Article 7 of EU Regulation 596/2014 of 16 April 2014.

Full name and position of person making the announcement - Vladimir Zhukov,

Vice president for investor relations and sustainable development.

ABOUT THE COMPANY

MMC Norilsk Nickel is a diversified mining and metallurgical company, the world's largest producer of palladium and high-grade nickel and a major producer of platinum and copper. The company also produces silver, gold, iridium, ruthenium, selenium, tellurium, sulphur and other products.

The production units of NORILSK NICKEL Group are located in Russia (the Norilsk Industrial District, Kola Peninsula and the Trans-Baikal Territory), Finland.

MMC Norilsk Nickel shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges, ADRs are accepted for trading on the Saint-Petersburg Stock Exchange.

Media Relations:

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Email:[e-mail]

Investor Relations:

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Email:[e-mail]

2. If the event (action) may have material impact on the price or valuation of securities of the Issuer: category (type), series (if any) or other identifiers of securities of the Issuer, specified in the resolution to issue securities, as well as a issue (secondary issue) registration number and date of its registration:

type, category (kind) of securities: ordinary shares;

state registration reference of the securities issue and the date of state registration: issue state registration reference 1-01-40155-F,registered on 12/12/2006;

International Securities Identification Number (ISIN) of Shares: RU0007288411.

Trading of the Issuer's securities is arranged outside the Russian Federation through flotation of depositary receipts (securities of the foreign Issuer certifying the rights in respect of said shares of a Russian issuer).

Brief description of the program (type of the program) of the issue of the foreign issuer's depositary receipts certifying the rights in respect of shares of respective category (type): American Depositary Receipt (ADR) facility of the 1st level for ordinary shares of PJSC MMC Norilsk Nickel.

International Securities Identification Number (ISIN) of ADR: US55315J1025.

Type of securities:exchange bonds

Type of securities:certificated bearer bonds

Series: БО-001Р-01

Other identifiers: exchange-tradedinterest-bearingnon-convertible certificated bearer bonds with obligatory centralized storage (exchange-traded bonds, bonds)callable by bearers and at the discretion of the Issuer. Obligatory centralized storage for the securities is ensured.

Issue identification reference: 4B02-01-40155-F-001P

Date of identification reference: 26/09/2019

Entity which issued the identification reference: PJSC Moscow Exchange

International Securities Identification Number (ISIN) of bonds: RU000A100VQ6

3. Date of event (action): 28/07/2022.

Director,
Corporate Relations Department
(Power of Attorney No. GMK-115/49-nt dd. 29/04/2021)	N.Yu. Yurchenko

July 28, 2022