Rana Gruber ASA

Investor Presentation • Aug 27, 2025

Second quarter and first half 2025

Mo i Rana, 27 August 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.

Resilient in Turbulent Markets – Building Long-Term Competitiveness

Continues the strong production trend from previous quarters. As always reduced volumes in second quarter due to the annual maintenance stop

Cash cost at 611 NOK per tonnes, down 5,7% comparing to the same quarter in 2024.

Preparations at Stensundtjern are progressing according to plan, ensuring operational readiness for the transition from Ørtfjell open-pit mining to new production by year-end 2025.

Board approves Storforshei infrastructure investment – supporting future operations, with payback over Stensundtjern's lifetime

The Board of Directors resolved to distribute a quarterly dividend of NOK 0.66 per share.

People and environment

Our number one assets

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

Our annual maintenance stop covered nearly 400 work packages, involving both internal and external personnel, and was completed with zero incidents.

Production

Continuing the strong production trend from previous quarters

Revenue Continued Volatility Pressures Iron Ore Prices

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

Cost from operations

Cost discipline maintained – seasonal maintenance impacts OPEX

Financial performance

Resilient Financial Performance and Consistent Dividends Despite Market Volatility

Amounts in NOK million
(Except where otherwise stated)	Q2 2025	Q2 2024	Change (%)
Revenues	326,8	547,6	-40,3 %
Raw materials and consumables used	-106,7	-98,4	8,5 %
Other costs	-160,0	-174,3	-8,2 %
Change in inventory	32,4	-69,7	-146,5 %
EBITDA	92,5	205,2	-54,9 %
Depreciation	-60,3	-41,5	45,4 %
EBIT	32,2	163,7	-80,3 %
Net financial income/(expences)	31,6	-8,0	-496,6 %
Pre tax profit	63,8	155,7	-59,1 %
Tax	-14,0	-34,3	-59,1 %
Net profit	49,7	121,5	-59,1 %
Adjustments*	-19,3	20,4	-194,3 %
Tax on adjustments	4,2	-4,5	-194,3 %
Adjusted net profit	34,7	137,4	-74,8 %

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

Change in cash

Reduced cash mainly due to working capital, investments and dividends

Operating cash flow* Change in working … Payment of taxes Net operating cash … Investments Free cash flow Dividends Payment of lease … Change in cash

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

Financial position 30 June 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

Strong production despite planned maintenance

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.

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

Next presentation

Capital Markets Day – 12. November 2025

Cost breakdown last 12 months

Amounts in NOK million (Except where otherwise stated)	Cost item	Total cost	Share of total
Mining	Open pit	235.9	22.2%
	Load and haul/crushing	88.6	9.2%
	Drilling and blasting	74.3	7.0%
	Mine administration and maintenance	60.1	5.7%
	Mine planning and development	17.8	1.7%
Processing	Processing	127.8	12.0%
	Colorana	34.3	3.2%
	Loading/Ship handling	38.5	3.6%
Support/administration	Insurance, SG&A	162.3	15.3%
	IT, infra, lab and facility services	74.3	7.0%
Tech Support	Tech support	75.6	7.1%
Train	Train	71.8	6.8%
Total		1 061.3	100%