Rana Gruber has today published the production update for the third quarter of
2024.

The concentrate production for the third quarter was 478,000 metric tons, below
last year's strong production of 503,000 metric tons. This is still above our
internal expectations and the deviation from last year must be seen as a natural
variation in a mining business. The robust magnetite production trend from
previous quarters continues and is expected to remain strong in the upcoming
quarters.

Volume sold of hematite was 403.000 metric tons and will be booked as revenue in
the third quarter. This corresponds to six shipments of approx. 60.000 metric
tons. In addition to the six shipments, one more shipment was initiated in the
second quarter and completed at the beginning of the third quarter.
Approximately 25,000 metric tons were recognized as revenue in the second
quarter, while the remaining 35,000 metric tons will be recognized as revenue in
the third quarter and settled based on the average September price.

Final settlement of the remaining six shipments will be September (1), October
(1), November (2) and December (2).

For more information about the numbers, see the attachment.

Rana Gruber ASA is pleased to invite investors, analysts, and other stakeholders
to a Capital Markets Day, Wednesday 13 November 2024 in Oslo. You can attend the
event in person or participate via a live webcast. If you plan to attend in
person, please use the following link for registration:
https://shorturl.at/UnNiY