About the report

Standards and guidance

2024 Sustainability Report (the “Report”):

• has been prepared in accordance with the GRI Standards (2021) and includes the pilot application of GRI 14: Mining Sector (2024)As part of the pilot application of GRI 14: Mining Sector 2024, the Report discloses information covering 19 out of the 25 topics specified in the Sector Standard. The Report provides 60 of the 71 GRI Topic Standard disclosures. Of the 30 GRI disclosures in the Report that include additional sector recommendations, 20 are presented without taking those additional recommendations into account. In addition, the Report partially discloses information under 9 out of the 25 additional sector disclosures.
• discloses the Company’s contribution to Russia’s national goals and projects as well as the UN Sustainable Development Goals (UN SDGs)
• is aligned with the provisions of:
  • Order No. 764 of the Russian Ministry of Economic Development, On Approval of Methodological Recommendations for Sustainability Reporting, dated 1 November 2023
  • the Bank of Russia’s Information 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
  • SASB Metals & Mining Sustainability Accounting Standard (2023)
  • UNCTAD Guidance on Core Indicators for Entity Reporting on Contribution Towards Implementation of the Sustainable Development Goals
  • Recommendations of the Task Force on Climate‑related Financial Disclosures (TCFD)
  • AccountAbility Standards AA1000SES (2015), AA1000AP (2018).

In 2024, the Company continued to implement its plan to start providing disclosures in line with IFRS S2 Climate‑related Disclosures, including the following:

• The Appendix to the Nornickel Group’s 2024 Climate Change Report contains information about pilot disclosures prepared in accordance with the formats set out in IFRS S2. The above should not be regarded as a statement of compliance under paragraph 72 of IFRS S1 General Requirements for Disclosure of Sustainability‑related Financial Information.
• The questionnaireA stakeholder survey was run in autumn 2024 as part of preparing the 2024 Sustainability Report (for more details, please see the Determining Material Topics appendix). now includes an evaluation of the significance of sustainability aspects that generate certain risks and opportunities for the Company in stakeholder decision making regarding Nornickel. The Company will incorporate the evaluation results into the development of its reporting system aligned with IFRS S1 and S2.
• Through the early adoption of the latest version of the SASB Metals & Mining Sustainability Accounting Standard (December 2023), the Report demonstrates the Company’s proactive approach to adopting IFRS S1 and S2.

In addition, recognising the global significance of environmental risks and the growing importance of nature‑related financial disclosures, this Report includes the pilot application of the Taskforce on Nature‑related Financial Disclosures (TNFD) Recommendations.

Reporting boundaries

Disclosures in this Report relate to the activities of the Norilsk Nickel Group, which includes PJSC MMC Norilsk Nickel and the entirety of its Russian business units. Unless otherwise specified or required by the context, the terms “Company”, “Group”, “Nornickel”, and “Group companies” refer to the Norilsk Nickel Group.

The Report details the Group’s environmental, social, and economic performance for the reporting period from 1 January 2024 to 31 December 2024, which corresponds to the Group’s consolidated financial reporting period. The Report also includes factual information beyond the reporting period, along with the Company’s short‑, medium‑, and long‑term plans.

Contents of the Report

The content of the Report is aligned with the information needs of stakeholders and the requirements of applicable standards and guidance. Special attention is given to the alignment of the Company’s initiatives with national goals and projects – Nornickel is a trusted partner of the government in advancing the country’s sustainability agenda.

For more details on the list of material topics and the procedure for determining them, please see the Determining Material Topics appendix. Quantitative indicators for material topics are disclosed for the Group’s specific operations in accordance with the Reporting Boundaries appendix.

Approval and external assurance

The reliability of data reported in accordance with the requirements of the GRI Standards and TCFD Recommendations was confirmed by an independent auditor. Public assurance has also been obtained for the Report.

This Report has been approved by the Management Board and the Board of Directors and recommended for approval by the Sustainable Development and Climate Change Committee.