Rana Gruber ASA

Investor Presentation • Nov 10, 2022

Q3 2022 Results

CEO Gunnar Moe & CFO Erlend Høyen Oslo, 10 November 2022

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.

The financial results of this presentation are based on the IFRS in contrast to the NGAAP-based result of the presentation for the corresponding period last year. The historical results included in this presentation therefore differ from the results communicated last year.

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

Highlights Q3 2022

Record high production of 469 thousand mt

Cash cost/mt decreased to NOK 435

Progress with strategic development projects

Record high production

Historical production of iron ore concentrate (thousand mt)

Production by product type (%)

Colorana production (1,1' mt)

Record high production as a result of continuous improvement in entire operations

Volumes sold were moderate compared to volumes produced

Development of the next mining level continued

Zero injuries

No injuries leading to absence from work since Q4 2020

Tailored safety measures have been successful

Increase in revenues and EBITDA explained by fall in iron ore prices in Q3-21

Cash cost reduction due to high production and focus on cost efficiency

*Adjusted for larger one-off costs

Dividends of NOK 1,05 per share after Q3 2022

Development in cash cost/mt Amounts in NOK million (Except where otherwise stated) (NOK/mt produced)	Q3-22	Q3-21
Pre-tax profit	64.9	272.2
Unrealised gain/(loss) from hedging positions	6.2	232.9	Unrealised gain/losses from hedging of iron ore and USD
Adjusted pre-tax profit	71.1	39.4	Excluding effects from shipments Q3
Ordinary income tax	(14.3)	(59.9)
Tax on adjustments	(1.4)	(51.2)
Adjusted net profit	55.4	30.7
Adjusted EPS (NOK)	1.49	0.81
DPS (NOK)	1,05	1.05 (NGAAP)

Cash flow and financial position

Amounts in NOK million (Except where otherwise stated)	Q3-22	Q3-21	Amounts in NOK million (Except where otherwise stated)	30.09.2022	30.09.2021	Change (%)
Net cash flow from operations	69.6	200.2	Total assets	1 333	1 226	9
			Total equity	606	612	(1)
Net cash flow from investing activities	(46.4)	(42.4)	Equity ratio (%)	45.5	49.9	(4.4pp)
Net cash flows from financing activities	(62.7)	(155.0)	Cash and cash equivalents	339	378	(10)
Total cash flow	(39.5)	2.7	Interest-bearing debt*	132	127	4

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

Key takeaways and outlook

Record high production, reduced costs per ton, and progress with strategic projects

Long-term market outlook remains positive despite short-term uncertainties

Investments in strategic projects to be financed with earnings from operations and lease obligations

Contact: ir@ranagruber.no Next report: Q4 2022 – 15 February 2022

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