Rana Gruber ASA

Capital/Financing Update • Oct 25, 2024

Rana Gruber ASA: Rana Gruber Enters into Fixed Freight Rate Agreements

Rana Gruber ASA: Rana Gruber Enters into Fixed Freight Rate Agreements

For the first quarter of 2025, Rana Gruber has entered into fixed freight rate agreements of 20.25 USD/mt for 30.000 mt per month, totaling 90.000 mt for the period.

Total volume of fixed freight rate agreements after today is:

Q1-25: 90.000 mt per month (avg. 22.35 USD/mt)

Q2-25: 60.000 mt per month (avg. 23.40 USD/mt)

Q3-25: 60.000 mt per month (avg. 23.40 USD/mt)

Q4-25: 60.000 mt per month (avg. 23.40 USD/mt)

After this agreement Rana Gruber has secured a total of 810.000 mt for 2025 at the average of 23.05 USD/mt.

Rana Gruber is subject to fluctuations in the freight market through a deduction of freight costs in the realized price of hematite products, and these positions will help reduce the volatility in Rana Gruber's cash flow going forward. Unrealized effects will be recognized in other financial gains/(losses) in the P&L. Positions that are not relevant for the quarter will be adjusted in the adjusted net profit, similar to positions related to iron ore and FX going forward.

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.