Rana Gruber ASA

Earnings Release • May 14, 2025

Mo i Rana, 14 May 2025

Disclaimer and important information

This presentation has been prepared by Rana Gruber ASA (the "Company") solely for information purposes.

The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statements included in this presentation contain various forward-looking statements that reflect management's current views with respect to future events and financial and operational performance.

The words "believe," "expect," "anticipate," "intend," "may," "plan," "estimate," "should," "could," "aim," "target," "might," or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realised. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. Past performance information included in this Presentation or in such other written or oral material is not an indication of future performance and the actual returns on investments may differ materially from the returns indicated herein.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

For APM definitions, please refer to the appendix to the condensed interim financial statements. Quarterly figures are unaudited.

Strengthening Our Position in a Volatile Market

Continues the strong production trend from last year

Cash cost at USD 55 per tonnes, within the communicated target range

Initial R&D results for Fe67 are promising, strengthening confidence in the ambition to become a high-grade producer

The Board of Directors resolved to distribute a quarterly dividend of NOK 1.27 per share..

People and environment

Our number one assets

One minor injury was recorded, resulting in a short absence from work in the quarter. Safety focus to be maintained and prioritised to secure a safe working environment

Sustainability report published in March. Reduced carbon footprint to 6 .14 kg per ton iron ore concentrate from 7 .17 kg in 2023.

Production

Continuing the strong production trend from previous quarters

Revenue

Iron Ore Prices Remain Stable Amid Global Volatility

* Mainly consisting of onward billing of freight costs related to magnetite shipments, as well as minor sales of equipment and services.

Cost from operations

Slight Uptick in Cash Costs Driven by Planned Maintenance

Financial performance

Resilient Financial Performance and Consistent Dividends Despite Market Volatility

Amounts in NOK million
(Except where otherwise stated)	Q1 2025	Q1 2024	Change (%)
Revenues	400,6	285,1	40,5 %	EPS
Raw materials and consumables used	-104,8	-106,2	-1,3 %	NOK	3.51 (3.62)
Other costs	-166,6	-168,8	-1,3 %
Change in inventory	50,9	45,7	11,4 %
EBITDA	180,1	55,7	223,3 %	EPS adj.
Depreciation	-58,4	-44,7	30,6 %	NOK	2.12 (1.84)
EBIT	121,7	11,0	1004,9 %
Net financial income/(expences)	45,3	161,0	-71,9 %
Pre tax profit	167,1	172,0	-2,9 %	Dividend
Tax	-36,8	-37,8	-2,9 %	NOK pr share	1.27 (1.29)
Net profit	130,3	134,2	-2,9 %
Adjustments*	-66,4	-84,6	-21,5 %
Tax on adjustments	14,6	18,6	-21,5 %
Adjusted net profit	78,5	68,2	15,1 %

* For explanation, please see the appendix to the interim financial statements.

Change in cash

Reduced cash mainly due to working capital, investments and dividends

*The operating cash flow is before changes in working capital and taxes.

Financial position 31 March 2025 (31 December 2024)

*The interest-bearing debt consists of lease and rent obligations. The company has an unused credit facility of NOK 100 million.

Key takeaways

Stable production and increasing magnetite volumes securing a more stable cash flow going forward

Committed to Delivering on Cash Cost Target of USD 50–55 per ton.

Strong balance sheet, solid partners and a competent organization to handle volatile markets

Solid track record over 60 years, and on track to deliver iron ore concentrate of 65% and increased magnetite production.

17 consecutive quarters of dividends payments – almost NOK 1.5 billion in total since listing in February 2021

Cost breakdown last 12 months

Amounts in NOK million (Except where otherwise stated)	Cost item	Total cost	Share of total
Mining	Open pit	236.1	22.1%
	Load and haul/crushing	98.5	9.2%
	Drilling and blasting	67.9	6.4%
	Mine administration and maintenance	56.2	5.3%
	Mine planning and development	17.9	1.7%
Processing	Processing	128.9	12.1%
	Colorana	36.9	3.5%
	Loading/Ship handling	38.7	3.6%
Support/administration	Insurance, SG&A	158.7	14.9%
	IT, infra, lab and facility services	77.3	7.2%
Tech Support	Tech support	77.5	7.3%
Train	Train	72.4	6.8%
Total		1 067.3	100%