Rana Gruber ASA

Capital/Financing Update • Oct 2, 2024

Rana Gruber enters iron ore swap contracts.

Rana Gruber enters iron ore swap contracts.

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

Rana Gruber ASA has agreed to sell a total of 345.000mt in the period from Q1-25 to Q4-25.

Prices and volumes:

- 30.000 mt per month in Q1-25 at an average price of 107.11 USD/mt (total of 90.000 mt).

- 55.000 mt per month in Q2-25 at an average price of 106.67 USD/mt (total of 165.000 mt).

- 15.000 mt per month in Q3-25 at an average price of 106.08 USD/mt (total of 45.000 mt).

- 15.000 mt per month in Q4-25 at an average price of 106.08 USD/mt (total of 45.000 mt).

The swap contracts relate to physical shipments in Q4-24 to Q3-25.

Final financial settlement of these shipments will relate to these swap contracts.

Total volume of iron ore swap contracts after today is:

Q4-24: 180.000MT (avg. 119.6 USD/mt)

Q1-25: 180.000MT (avg. 111.6 USD/mt)

Q2-25: 165.000MT (avg. 106.7 USD/mt)

Q3-25: 45.000MT (avg. 106.1 USD/mt)

Q4-25: 45.000MT (avg. 106.1 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 370 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.