Rana Gruber ASA

Investor Presentation • Nov 15, 2023

Third quarter 2023

CEO Gunnar Moe & CFO Erlend Høyen Oslo, 15 November 2023

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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 any officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

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

Highlights Q3 2023

Record high quarterly production

Cash cost/mt of NOK 453 (NOK 435), equivalent to USD 43/mt

Bane NOR fee hikes affecting ore transport now confirmed to be max. NOK 6 million in 2024, down from previous estimate of 15-20 million

Dividend of NOK 3.23/share – more than NOK 1 billion distributed as dividends over 11 consecutive quarters since listing in February 2021

Safety is top priority

No lost time injuries

The risk assessment of battery-operated equipment in the underground mine completed

Focus on safety to continue

Record high production

Production of iron ore concentrate Thousand mt

Record high quarterly production

High quality sustained in combination with increased volume

Inventory build-up due to strong production and a weak European steel market

Reduced cash cost from previous quarters

Improved cash cost/mt supported by high production volumes and cost efficiency

Major cost driver is mining, followed by R&D, IT and administration, and processing

More removal of waste rock due to higher activity in Nordmalmen area during summer

Improved market dynamics

70 per cent of adjusted net profit distributed as dividends

– NOK 1 billion in dividends distribution since listing in February 2021

Amounts in NOK million

(Except where otherwise stated)
	Q3 2023	Q3 2022	Change (%)
Revenues	470.1	230.5	104.0
Raw materials and consumables used	-101.7	-99.2	2.6
Other costs	-152.6	-116.9	30.5
Change in inventory	35.4	38.1	-7.1
EBITDA	251.2	52.4	379.0
Depreciation	-41.0	-38.8	5.7
EBIT	210.2	13.7	1438.1
Net financial income/(expenses)	-67.4	51.2	-231.7
Pre tax profit	142.7	64.9	120.0
Tax	-31.4	-14.3	120.0
Net profit	111.3	50.6	120.0
Adjustments*	76.8	6.2	1143.6
Tax on adjustments	-16.9	-1.4	1143.6
Adjusted net profit	171.2	55.4	209.0

EPS NOK 3.00 (1.36) EPS adj. NOK 4.62 (1.49) Dividend NOK pr share

3.23 (1.05)

* For explanation, please see the appendix to the interim financial statements.

Strong operational cash flow

Investments in strategic projects, L91 and dividends reduced cash position

*The operating cash flow is before changes in working capital and taxes.

Financial position

30 September 2023 (30 June 2023)

*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, with sustained quality level, and without injuries

11 consecutive quarters of dividends payments – NOK 1 billion in total since listing in February 2021

Long-term market outlook remains positive, supported by economic stimulus initiatives in China's property market

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Q&A

Contact: ir@ranagruber.no Next report: Q4 2023 – 15 February 2024