SUBSIDIARIES

N-MINING LIMITED is the sole participant of the affiliated companies engaged in subsoil use on the territory of the Russian Federation, namely:

• FIRST MINING-EXPLORATION COMPANY LLC

• SECOND MINING-EXPLORATION COMPANY LLC

• THIRD MINING-EXPLORATION COMPANY LLC

• FIFTH MINING-EXPLORATION COMPANY LLC

• SIXTH MINING-EXPLORATION COMPANY LLC

• SEVENTH MINING-EXPLORATION COMPANY LLC

• EIGHT MINING-EXPLORATION COMPANY LLC

• TYRSKAYA MINING-EXPLORATION COMPANY LLC

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