Metalloinvest becomes world leader in iron ore reserves

Moscow, Russia - 3 December 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, announces that following an evaluation of its iron ore reserves in accordance with international JORC 2012 standards, Metalloinvest has determined that its economically recoverable iron ore reserves amount to 15.4 billion tonnes, as of 1 January 2021.

The assessment was carried out with the involvement of a leading international consultancy-verifier, the British company SRK. The Competent Person's Report on Mineral Reserves and Resources (CPR) has been approved.

Nazim Efendiev, CEO of Metalloinvest, said: "The new reserve estimate indicates that Metalloinvest has become the world leader in terms of the size and life cycle of iron ore reserves among all mining and metallurgical companies. Over the 11 years since the previous assessment of reserves, our enterprises have mined around 1.7 billion tonnes of iron ore. Even though international iron ore standards have significantly tightened, we have managed to grow our reserves to become the largest in the world thanks to additional exploration of deposits, new geological models, improved planning of mining operations, improved quality of commercial products and the development of oxidised quartzite enrichment technology."

When assessing reserves, the three factors taken into consideration were the geological model of the deposits, the forecast volume of production of commercial iron ore, and the estimated long-term production of high value-added products (pellets and HBI/ DRI).

# # # #

If you have any questions, please contact us:

Artem Lavrischev
Investor Relations

E: ir@metalloinvest.com

T: +7 (495) 981-55-55, ext. 7243

Anton Troshin

Public Relations

E: pr@metalloinvest.com

T: +7 (495) 981-55-55, ext. 7629

Metalloinvest is a leading metals and mining company with the largest proven iron ore reserves on a JORC-equivalent basis
(15.4 billion tonnes). The company is the world's largest producer and supplier of merchant hot briquetted iron (HBI) products, a low-carbon raw material used to produce green steel; Metalloinvest holds a leading position in the production of pellets, iron ore concentrate and high-quality steel.

In H1 2021, revenue amounted to USD 5.1 bn; EBITDA - USD 2.9 bn. The company has 10+ years track record on public debt capital markets with high credit ratings: S&P (BBB-/stable), Fitch (BBB-/stable), Moody's (Baa3/stable), АCRА (AA+(RU)/positive).

Alisher Usmanov is the main beneficiary of the company (with a 49% stake) through Holding Company USM LLC.

Ticker (Bloomberg): METIN RU; official website: www.metalloinvest.com