Navoi Mining & Metallurgical Company (NMMC or “the Company”) is pleased to announce that international credit rating agency Fitch Ratings has upgraded NMMC’s issuer default rating (IDR) to ‘BB’. The ratings outlook is ‘Stable’.

Fitch raised NMMC’s Standalone Credit Profile (SCP) to 'bb+' in October 2024 following the Company’s successful debut US$1 billion dual-tranche notes offering, listed on the London Stock Exchange. The agency highlighted the further diversification of NMMC’s funding sources.

NMMC's rating increase reflects the Company’s solid financial foundation and its status as a major global low-cost gold producer, with a production output of 3.1 million troy ounces in 2024.

Link to the Fitch press release: https://www.fitchratings.com/research/corporate-finance/fitch-upgrades-four-natural-resource-uzbek-corporates-following-sovereign-upgrade-10-07-2025

Additional information about The Company is available at the website https://www.ngmk.uz/en

PRESS RELEASE

The Press Service of the Company