Rana Gruber ASA

Capital/Financing Update • Jan 30, 2023

Rana Gruber enters iron ore swap contracts

Rana Gruber enters iron ore swap contracts

Rana Gruber ASA has entered into Iron Ore 62% Fe, CFR China (TSI) swap contracts.

According to the swap contracts, Rana Gruber ASA has agreed to sell a total of 390,000mt from Q2-23 to Q1-24 at an average price of 121.47 USD/mt.

Volumes per quarter:

Q2-23: 90.000mt (avg. 123.83 USD/mt)

Q3-23: 120.000mt (avg. 122.07 USD/mt)

Q4-23: 120.000mt (avg. 120.35 USD/mt)

Q1-24: 60.000mt (avg. 119.00 USD/mt)

The swap contracts relate to physical shipments in Q1-23 to Q4-23.

Final financial settlement of these shipments will be connected with the swap contracts.

Total volume of iron ore swap contracts after today is:

Q1-23: 150.000mt (avg. 137.58 USD/mt)

Q2-23: 180.000mt (avg. 134.53 USD/mt)

Q3-23: 120.000mt (avg. 122.07 USD/mt)

Q4-23: 120.000mt (avg. 120.35 USD/mt)

Q1-24: 60.000mt (avg. 119.00 USD/mt)

Contact

CEO, Gunnar Moe

+47 941 47 650

Gunnar.moe@ranagruber.no

CFO, Erlend Høyen

+47 902 02 741

Erlend.hoyen@ranagruber.no

About Rana Gruber ASA

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 300 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.