Mo I Rana, 27. August 2024: Strategic initiatives approaching finalization,
initiation of production optimalisation

Highlights from the quarter:
o Record high sales volume of Hematite in one quarter.
o A well-planned maintenance stop was completed in second quarter, with focus on
the Fe65 and increased magnetite production. 
o Increased cash cost due to extensive maintenance work, increased removal of
waste rock, costs related to operations on public holidays, an unexpected
failure of one of our conveyor belt in the mine, as well as the favourable
financial positions last year on electricity hedges.
o Favourable hedging positions on iron ore reduce volatility in cash flow and
secures profitability.
o Fourteen consecutive quarter of dividend. Board of directors has decided to
distribute NOK 82.7 million/DPS of NOK 2.23, for Q2 2024.

Financial Performance:
Net profit for the second quarter was NOK 121 million (adj net profit of NOK 137
million). Strong shipment volumes impacted the revenues together with higher
realised prices than booked at the end of the first quarter. Total revenues for
the second quarter amounted to NOK 547.6 million (NOK 348.8 million). Second
quarter revenues this year have increased compared to last year due to increased
prices, positive lagged effects from the previous quarter, and higher volumes
sold for all the three products. 

"Signals from the European steel industry indicate challenging times ahead, with
low activity in the automotive and construction sectors. Despite these
challenges, Rana Gruber is well-positioned, thanks to our diversified customer
base and opportunities in Asia. Before summer, we attended the annual iron ore
conference in Vienna, where it was emphasized that high-grade iron ore will be
crucial for the steel industry's transition towards sustainability. This aligns
with our strategic goals and confirms that we are on the right path to securing
competitive strength and creating shareholder value in the future", says Gunnar
Moe, CEO.

Cash cost per metric ton produced in the second quarter is always at the higher
end of our cost curve due to reduced production and our annual maintenance stop.
At the same time, Rana Gruber consistently strives to maintain an optimal cash
cost position and acknowledges that the cost development over the last year has
been higher than anticipated. In response to this operational optimalisation
will be key going forward.

Rana Gruber remains strongly committed to distributing dividends to our
shareholders and the board of directors has decided to distribute NOK 82.7
million/ DPS of NOK 2.23. This continues the tradition of distributing dividends
upheld over the fourteen quarters since our public listing. 

Please find enclosed the report and the presentation for the second quarter of
2024. The financial results will be presented by CEO Gunnar Moe and CFO Erlend
Høyen, 27 August at 08.00 a.m. CEST.

The presentation and a following Q&A session will be made available as a webcast
which can be reached through the following link: https://bit.ly/RanaQ2Pres

A recording of the presentation and Q&A session will be available on
https://ranagruber.no/investors/

For more information, please contact: 
Gunnar Moe, Chief Executive Officer: +47 941 47 650 
Erlend Høyen, Chief Financial Officer: +47 902 02 741 

About Rana Gruber 
Rana Gruber is a Norwegian iron ore producer established in 1964, with
operations based on more than 200 years of mining experience. The company's
products are based on natural mineral resources, which are processed and
exported to customers worldwide. Key customers include steel producers and
participants in the chemical industry. The company has about 370 employees and a
production capacity of 1.8 million metric tons of iron ore concentrates.

This information is subject to the disclosure requirements pursuant to Section
5-12 in the Norwegian Securities Trading Act. This stock exchange announcement
was published by Vegard Nerdal, IR at Rana Gruber ASA on 27 August 2024 at 07:00
CEST.