Mo I Rana, 14. May 2025:  Rana Gruber ASA reports first quarter of 2025 results,
with progress on strategic projects, cash control and continued commitment to
shareholder returns.  

Highlights from the quarter:
- Stable and high concentrate prodoction
- Cash cost was maintained at USD 55 per tonnes, within the communicated target
range
- Promising initial results for the Fe67 project
- Board of directors has decided to distribute NOK 47.1 million/DPS of NOK 1.27,
for Q1-2025. 

Financial Performance:
Net profit for the first quarter was NOK 130.1 million (adjusted net profit of
NOK 78.5 million). Revenues increased compared to the first quarter of 2024, as
the negative impact from last year's price reductions has been minor this year.
Cash cost development remained relatively stable quarter on quarter. The slight
increase observed, both in absolute terms and compared to the fourth quarter,
was primarily driven by maintenance activities.

In the first quarter, concentrate production reached 473 000 tonnes, in line
with the 478 000 tonnes produced in the same period of 2024. Magnetite
production was 39 000 tonnes, up from 24 000 tonnes produced in the first
quarter of 2024. The reduction in magnetite production compared to the end of
2024 reflects natural variations in our deposit. Nevertheless, we remain
confident that full-year magnetite production will be in line with the targets
communicated at our Capital Markets Update in November. 

"When we introduced our cash cost target of USD 50-55 per tonnes, it was based
on our conviction that delivering consistently within this range is critical to
navigating volatile markets. Sustainable cost reduction is challenging and
requires continuous strengthening of operational capabilities. While our cash
cost performance in the previous quarter demonstrated an exceptionally strong
response to external factors, we acknowledge that quarterly results may
fluctuate somewhat. The first quarter of 2025 reflects a higher cost level,
still fully aligned with our strategic ambitions. Nevertheless, our clear goal
remains to consistently deliver in the lower range of our communicated target
over time.", says Gunnar Moe, CEO.

For the seventeenth quarter in a row Rana Gruber distribute dividends to our
shareholders and the board of directors has decided to distribute NOK 47.1
million/ DPS of NOK 1.27. This shows our commitment to deliver return to our
shareholders and ability to create profitability over time.

Please find enclosed the report and the presentation for the first quarter of
2025. The financial results will be presented by CEO Gunnar Moe and CFO Erlend
Høyen, 14. May at 08.00 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/RG_Q1_25

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 AS on 14 May 2025 at 07:00 CEST.