Mineral resource base

NORNICKEL BOASTS A UNIQUE MINERAL RESOURCE BASE OF TIER 1 ASSETS IN RUSSIA, ON THE TAIMYR AND KOLA PENINSULAS AND IN THE ZABAYKALSKY REGION. NORNICKEL’S CONTINUED FOCUS ON REPLACING AND EXPANDING ITS RESOURCE BASE IS ESSENTIAL TO ITS LONG-TERM DEVELOPMENT.

> 75  years
of resources at the current production rate
Mineral resources and ore reserves
norilsk and kola divisions as of 01.01.2022Data regarding the mineral resources and ore reserves of the deposits of the Taimyr and Kola peninsulas were classified according to the Australasian Code for Reporting of Mineral Resources andOre Reserves (JORC code), created by the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, and the Minerals Council of Australia, subject to the terminology recommended by the Russian Code for Public Reporting of Exploration Results, Mineral Resources, Mineral Reserves (NAEN Code). Proven and probable ore reserves are included in mineral resources. In 2021, SRK Consulting (Russia) completed an estimate of mineral resources and ore reserves using its own methodology.
Ore mln t
Metal grade
Contained metal
Ni
%
Cu
%
Pd
g/t
Pt
g/t
Au
g/t
6PGM
g/t
Ni
kt
Cu
kt
Pd
koz
Pt
koz
Au
koz
6 PGM
koz.
Total proven and probable reserves
1,293
0.67
1.20
3.16
0.88
0.17
4.20
8,711
15,459
131,579
36,587
7,266
174,668
Total proven and probable reserves
1,824
0.74
1.20
3.15
0.88
0.18
4.19
13,456
21,963
184,859
51,394
10,553
245,631
Total inferred resources
995
0.58
0.97
2.43
0.66
0.14
3.20
5,784
9,609
77,778
21,239
4,559
102,349
NORILSK DIVISION
Proven and probable reserves
1,219
0.68
1.25
3.36
0.93
0.18
4.45
8,247
15,229
131,511
36,542
7,245
174,554
Proven reserves
Talnakh ore field, including
656
0.63
1.24
3.10
0.83
0.18
4.06
4,143
8,146
65,333
17,471
3,816
85,633
rich
55
2.68
2.97
5.59
1.16
0.15
7.31
1,477
1,638
9,905
2,058
262
12,969
cuprous
62
0.75
2.57
6.51
1.71
0.40
8.33
464
1,584
12,894
3,383
793
16,494
disseminated
539
0.41
0.91
2.45
0.69
0.16
3.24
2,202
4,924
42,534
12,031
2,760
56,171
Norilsk-1 deposit (disseminated ore)
39
0.25
0.34
3.21
1.23
0.13
4.71
99
134
4,072
1,559
169
5,974
Probable reserves
Talnakh ore field, including
419
0.90
1.59
3.96
1.05
0.21
5.20
3,775
6,677
53,356
14,119
2,895
70,035
rich
76
2.75
3.73
7.38
1.68
0.32
9.55
2,101
2,852
18,113
4,126
784
23,447
cuprous
51
0.70
2.59
5.93
1.55
0.39
7.57
359
1,333
9,800
2,569
649
12,513
disseminated
291
0.45
0.86
2.72
0.79
0.16
3.64
1,315
2,492
25,442
7,424
1,461
34,075
Norilsk-1 deposit (disseminated ore)
104
0.22
0.26
2.61
1.01
0.11
3.85
229
271
8,750
3,394
366
12,912
Measured and indicated resources
1,514
0.75
1.38
3.79
1.05
0.21
5.03
11,323
20,923
184,388
51,093
10,381
244,801
Talnakh ore field, including
1,368
0.80
1.49
3.83
1.02
0.22
5.03
10,914
20,419
168,462
44,948
9,717
221,349
rich
119
3.43
4.33
8.62
1.81
0.31
11.14
4,073
5,136
32,893
6,919
1,171
42,502
cuprous
113
0.90
3.08
7.64
2.02
0.48
9.80
1,017
3,489
27,804
7,353
1,750
35,677
disseminated
1,136
0.51
1.04
2.95
0.84
0.19
3.92
5,825
11,793
107,765
30,676
6,796
143,170
Norilsk-1 deposit (disseminated ore)
147
0.28
0.34
3.38
1.30
0.14
4.97
409
504
15,926
6,145
664
23,453
Inferred resources
854
0.57
1.07
2.83
0.77
0.16
3.72
4,897
9,172
77,603
21,123
4,502
102,043
Talnakh ore field
842
0.58
1.08
2.82
0.76
0.16
3.69
4,868
9,134
76,231
20,581
4,451
100,002
rich
47
3.17
5.06
9.69
2.03
0.49
12.26
1,489
2,377
14,627
3,064
740
18,508
cuprous
68
0.67
2.11
5.45
1.45
0.35
7.05
457
1,442
11,951
3,181
761
15,462
disseminated
727
0.40
0.73
2.12
0.61
0.13
2.83
2,922
5,315
49,653
14,337
2,950
66,032
Norilsk-1 deposit (disseminated ore)
12
0.25
0.32
3.55
1.40
0,133
5.29
30
38
1,371
542
51
2,041
KOLA DIVISION (DISSEMINATED ORE)
Proven and probable reserves
74
0.62
0.31
0.03
0.02
0.01
0.05
464
230
68
45
21
114
Proven ore reserves
37
0.58
0.25
0.03
0.02
0.01
0.05
217
94
34
25
10
60
Probable reserves
37
0.67
0.37
0.03
0.02
0.01
0.05
247
136
34
20
11
54
Measured and indicated resources
310
0.69
0.34
0.05
0.03
0.02
0.08
2,133
1,040
471
301
172
830
Inferred resources
141
0.63
0.31
0.04
0.03
0.01
0.07
887
437
175
116
57
306
Mineral resources and ore reserves zabaykalsky division as of 01.01.2022In 2021, CSA Global completed an estimate of mineral resources of the Bystrinskoye deposit in line with the JORC Code based on an updated resource model, which reflects both complexity and diversity of the deposit’s ore types.
Ore
mln t
Contained metal
Cu
mln t
Au
mln oz
Ag
mln oz
Fe
mln t
TOTAL
Proven and probable reserves
281
2
6
28
42
Measured and indicated resources
274
2
6
32
49
Inferred resources
61
0.2
1
5
8

In 2021, the Company updated the mineral resource estimate using 3D modelling data, which resulted in an increase of total reserves and resources by 225 mln t.

An updated resource model was also used to estimate the mineral resources of the Bystrinskoye deposit in line with the JORC Code.

Dynamics of reserves and mineral resources
ItemData on mineral resources and ore reserves are based on the JORC Code, excluding GRK Bystrinkoye’s deposits. The 2019 data include the Honeymoon Well project
2019
2020
2021
PROVEN AND PROBABLE RESERVES
Ore, mln t
757
743
1,293
Nickel, mln t
6.7
6.5
8.7
Copper, mln t
11.9
11.6
15.5
PGMs, Moz
120
118
175
MEASURED AND INDICATED RESOURCES
Ore, mln t
2,193
2,019
1,824
Nickel, mln t
15.2
13.8
13.5
Copper, mln t
23.2
23.0
22.0
PGMs, Moz
260
258
246
INFERRED RESOURCES
Ore, mln t
933
575
995
Nickel, mln t
7.4
4.5
5.8
Copper, mln t
8.0
7.9
9.6
PGMs, Moz
78
77
102
TOTAL
Ore, mln t
3,126
2,594
2,819
Nickel, mln t
22.6
18.3
19.2
Copper, mln t
31.2
30.9
31.6
PGMs, Moz
338
335
348

PROVEN AND PROBABLE RESERVES AT GRK BYSTRINSKOYE’S DEPOSIT AT YEAR-END 2021 WERE 281 MLN T, AVERAGE METAL CONTENT: CU – 0.6%, FE IN MAGNETITE CONCENTRATE – 14.9%, AND AU – 0.63 G/T.