Q2 2022 Results 24 August 2022

CEO Gunnar Moe & CFO Erlend Høyen

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.

Rana Gruber in brief

About 300 employees

1.8 million mt annual production capacity, 444 million mt available

Three products: hematite, magnetite, and COLORANA®

One of the industry's lowest carbon emissions

Extraction of iron ore Rail transport to processing plant Isolation of hematite and magnetite Mining Transport Processing Company facts What we do

Our products and customers

Products		Key customers
Hematite	▪ Processed steel to cars, buildings, wind turbines, etc.	▪ Off-take agreement with Cargill, whose key customers are large European steel producers
Magnetite	▪ Water treatment, cosmetics, etc.	▪ Within the chemical industry, mostly European water purification industry
Colorana®	▪ Colorants, brake linings, magnetic stripes, chemical processes, etc.	▪ Within concrete, paint, plastics, the automotive industry, heat management, toner production, etc.

Highlights Q2 2022

Stable production of 393 thousand mt
Successful care and maintenance of the mine and processing plant
Operations conducted with no related injuries
Revenues of NOK 294.4 million
Adjusted net profit of NOK 79.9 million, DPS of NOK 1.51, pay-out ratio of 70%

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.

Stable production

Production by product type

Insourcing of workstreams

Exploratory core drilling
Development of new mine tunnel infrastructure
Expected to reduce costs, improve margins, give more cash flow predictability and operational stability

Financial figures: EBITDA impacted by lower prices, increased freight rates, and higher commodity prices

Historic hematite prices

This 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.

Adjustments in the income statement

Amounts in NOK million Except where otherwise stated	Q2-22	Q2-21
Pre-tax profit	202.8	255.7	Unrealised
Unrealised gain/(loss) from hedging positions	100,4	63.2	gain/losses from hedging of iron ore and USD Excluding effects from shipments in Q2
Adjusted pre-tax profit	102.4	318.8
Ordinary income tax	44.6	54.5
Tax on adjustments	22.1	13.9
Adjusted net profit	79.9	250.4
Adjusted EPS (NOK)	2.15	6.62
DPS (NOK)	1.51	3.86 (NGAAP)

For APM definitions, please refer to the appendix to the condensed interim financial statements.

Cash flow and financial position

Amounts in NOK million	Q2-22	Q2-21
Net cash flow from operations	272.7	379.3
Net cash flow from investing activities	(29.8)	(40.6)
Net cash flows from financing activities	(83.2)	(127.3)
Total cash flow	159.6	211.4

Amounts in NOK million Except where otherwise stated	30.06.2022	30.06.2021	Change (%)
Total assets	1 226	1 095	12
Total equity	612	531	15
Equity ratio (%)	49.9	48.5	1.4pp
Cash and cash equivalents	378	219	73
Interest-bearing debt*	127	121	5

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

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Rana Gruber ASA

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