Mineral Reserves and Resources Statement

Data for Norilsk Nickel’s mineral resources and ore reserves as of December 31, 2007, are based on the results of an independent technical audit performed by Micon International Co Ltd (Micon) between March and October 2008. The audit was conducted in accordance with the principles of the Joint Ore Reserves Committee (JORC) Code of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia, at all of the deposits on the Taimyr and Kola peninsulas as well as in Australia, Botswana and South Africa.

Russia

Approximately 280,500 tonnes of nickel and 492,000 tonnes of copper in ore were mined at the Taimyr peninsula deposits in 2008, while underground exploration work increased the proved and probable reserves by 270,200 tonnes of nickel and by 334334334,200 tonnes of copper. Approximately 70% of this increase came from advance exploration work at the Severny-2 rich-ore field of the Oktyabrsky deposit.

Deposits on the Taimyr Peninsula (Norilsk-1, aTalnakh and Oktyabrsky) offer a vast potential and should help to maintain reserves at the required level through exploration efforts at both the current operations and the unexploited deposits. The reserves of rich and cuprous ore from current mines will be replaced mainly with inferred resources on the flanks until rich-ore fields and disseminated-ore horizons are brought online. The work to open new rich-ore fields at Talnakh will substantially increase the quantity and quality of the indicated balanced reserves in the near future.

As for the Kola Peninsula, the main objective is to conduct a detailed exploration of the deep horizons at the existing Zhdanovskoe deposit, audit its reserves using the new industry approach, and develop it as part of the Severny-Gluboky deposit. At the beginning of 2008, after mining, exploring and re-evaluating the resources at Zhdanovskoe, Micon confirmed the proved and probable reserves at 106.8 million tonnes. All of the ore is concentrated in a well-developed block, with a cut-off grade of 0.5% of nickel and located at a depth of up to 44440 meters.

The only changes to the reserves in 2008 at the existing deposits on the Kola Peninsula were due to mining and operating losses. The proved and probable reserves decreased by 50,800 tonnes of nickel and 21,800 tonnes of copper.

The reserve deposits at the Pechengsk ore field contain ca. 148.1 million tonnes of nickel resources. Final exploration activities and operations will be launched there as soon as this becomes economically viable.

When copper and nickel ore are added up, the Kola Peninsula deposits have approximately 500 million tonnes of measured and indicated resources and more than 220 million tonnes of inferred resources. This will enable Kola MMC to sustain output over the medium term. If deemed necessary, the current exploration activities will be carried out on a permanent basis.

Minerals resources and ore reserves of Taimyr and Kola peninsula as of December 31, 2007

Stillwater Mining  

The ore reserves of Stillwater Mining Company are located in the J-M Reef deposit in the Beartooth Mountain Range in the central and southern areas of the US state of Montana.

As of December 31, 2008, Stillwater Mining Company’s proved reserves totaled approximately 4.98 million tons of ore, with average palladium and platinum contents of 0.5757 ounces per ton1, giving a total of 2.83 million ounces of palladium and platinum . The tonnage of proved ore reserves increased by 3.7% compared to prior year.

Meanwhile, the probable reserves totaled approximately 3333.2 million tons1 of ore, with average palladium and platinum contents of 0.5353 ounces per ton1, giving a total of 17.6363 million ounces of palladium and platinum. The tonnage of probable reserves was down 5.6767% compared with prior year.

Stillwater Mining Company’s proved and probable ore reserves changed compared to prior year due to the following reasons:

• an increase in proved ore reserves following the exploration drilling;
  
• a decrease in proved ore reserves due to mining;
  
• a decrease in probable ore reserves due to a partial reclassification to the proved ore reserves category;
  
• an increase in ore reserves due to the exploration of the resource base; and
  
• a change in volume of ore reserves due to an adjustment of reserve estimates and amendments to the mining plan.

Ore reserves of the J-M Reef deposit (Montana) as of December 31, 2008

Notes:
⁽¹⁾ Ton (or short ton) is the weight measure used in US reporting. It equals 907.18 kg.
⁽²⁾Expressed as palladium plus platinum in-situ ounces at a ratio of around 3.5555 parts Pd to 1 part Pt.
⁽³⁾ In calculating ore reserves, Stillwater Mining Company has used the trailing 12-quarter combined average PGM market price of US$566566566.91 per ounce, which consists of US$34342.21 per ounce for palladium and US$1,34340.93 per ounce for platinum.
⁽⁴⁾ Subtotal and total figures may differ to the sum of individual numbers due to rounding. Certain values may in some instances vary slightly from previously published values.
⁽⁵⁾ Average mining and processing losses of around 17.3% must be deducted to arrive at the estimated recoverable ounces.
⁽⁶⁾ Ore and metal reserves figures are in accordance with the results of the reserve audit performed by Behre Dolbear & Company Inc. on December 31, 2008.

NORILSK NICKEL INTERNATIONAL

Minerals resources and ore reserves of NN international as of December 31, 2007

Definition of mineral resources and ore reserves as per the JORC Code

A “Mineral Resource” is a concentration or an occurrence of material of intrinsic economic interest, in or on the earth’s crust in such form, quality and quantity that there are reasonable prospects for its eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are subdivided in order of increasing geological confidence into Inferred, Indicated and Measured categories.

An “Inferred Mineral Resource” is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and has an assumed, but not verified, geological and/or grade continuity. It is based on information, gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, which is limited or of uncertain quality and reliability.

In geological terms, this mainly corresponds to the C2 category of the Russian classification system.

An “Indicated Mineral Resource” is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

In geological terms, this mainly corresponds to the C1 category of the Russian classification system.

A “Measured Mineral Resource” is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and/or grade continuity.

In geological terms, this mainly corresponds to the A+B categories of the Russian classification system.

An “Ore Reserve” is the economically mineable part of a Measured or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserves are subdivided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves.

A “Probable Ore Reserve” is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

In geological terms, this mainly corresponds to the C1 category of the Russian classification system.

A “Proved Ore Reserve” is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

In geological terms, this mainly corresponds to the A+B categories of the Russian classification system.

Hydrocarbons reserves

• Severo-Soleninskoye;
  
• Yuzhno-Soleninskoye; and
  
• Messoyakhskoye.
  

The gas produced is sold to Norilskenergo, a branch of Norilsk Nickel, as a raw material for heat and power generation and for the Company’s production needs.

The Pelyatka deposit is the largest of all gas condensate deposits that Norilsk Nickel is currently developing. The construction and improvement of deposit facilities is currently underway, which includes more than 200 complex technological facilities at various stages in the production chain, from gas and gas condensate extraction to its preparation for shipment to customers. The development occupies more than 22 hectares of land and has more than 180 kilometers of gas and gas product pipelines.

The following activities were performed in 2008 at the Pelyatka deposit:

• the gas condensate reserves were re-evaluated;
  
• the Rosnedra (“State Reserves Committee”) commission approved the technical plan for developing the Pelyatka gas condensate deposit;
  
• two exploration wells were drilled; and
  
• geophysical exploration and blasting was carried out at two wells;
  
• repairs were carried out at three wells;
  
• seismic exploration was conducted at than 195 kilometers.

The following activities are planned to be performed in 2009 at the Pelyatka gas condensate deposit:

• repairs of ten wells; and
  
• in-depth appraisal work to determine the characteristics of gas condensate fields at Pelyatka.

The total production volume by Taimyrgaz in 2008 was 1,14646 million cubic meters of natural gas and 49,000 tonnes of gas condensate.

Gas and Gas condensate reserves as of December 31, 2008

Gas and Gas condensate production