Rana Gruber ASA

Investor Presentation • Aug 29, 2023

Q2 2023 Results

CEO Gunnar Moe & CFO Erlend Høyen Mo i Rana, 29 August 2023

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.

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

Highlights Q2 2023

Continued strong production, with 9% YoY increase

Cash cost/mt of NOK 498 (NOK 500), equivalent to USD 46/mt

Summer maintenance stop executed successfully, without any incidents or damages

First electrically operated machine in underground mine successfully deployed

Dividend of NOK 2.00/share

349 NOK million Revenues

427

mt Concentrate

498 NOK/mt

Cash cost

2.00 NOK/share Dividend

| 3

Safety is top priority

No production-related injuries

Ongoing risk assessment of various machines together with third party (DNV) close to completion

Focus on safety to continue

Strategic projects on track

Governmental funding through Enova for 40% of additional costs for electric machines, compared to fossil-powered machines in underground mine

Remainder of capex to be covered by operational earnings and lease obligations

Further updates on strategic development projects Nov. 15

Continued strong production

Continued strong production, 9% YoY increase

Q2 production impacted by annual maintenance stop

Inventory expected to normalise in H2-23

Stable costs enabled by high production and focus on cost-efficiency

Stable cash cost/mt compared with Q2-22

High production and cost-efficiency enable lower cash cost/mt

Major driver is mining, followed by admin and processing

Increased revenues year-over-year

Hematite Magnetite

Hematite Magnetite

Hematite Magnetite Colorana Others

70% of adj. net profit distributed as dividends

– for ten consecutive quarters

Amounts in NOK million
(Except where otherwise stated)	Q2-23	Q2-22	Change (%)
Revenues	348.8	294.4	18.5
Raw materials and consumables used	-101.4	-90.9	11.6
Other costs	-141.0	-113.9	23.8
Change in inventory	-12.7	-16.7	-24.0
EBITDA	93.7	73.0	28.4
Depreciation	-42.2	-40.0	5.5
EBIT	51.5	33.0	56.1
Net financial income/(expences)	84.9	169.8	-50.0
Pre tax profit	136.4	202.8	-32.7
Tax	-30.0	-44.6	-32.7
Net profit	106.4	158.2	-32.7
Adjustments*	-0.3	-100.4	-99.7
Tax on adjustments	0.1	22.1	-99.5
Adjusted net profit	106.1	79.9	32.8

EPS adj. NOK 2.86 (2.15)

Dividend NOK pr share

2.00 (1.51)

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

Cash flow Q2-23 (Q2-22)

Free Cash Flow (FCF) NOK million 233 (243)

FCF/share NOK 6.28 (6.55)

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

Financial position 30 June 2023 (31 March 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

Continued strong production, successful maintenance stop, successful deployment of electric machine in underground mine, and dividend of NOK 2.00/share

Long-term market outlook remains positive

Strategic projects and partnership with Cargill provide promising foundation for further progress

Q&A

Contact: ir@ranagruber.no Next report: Q3 2023 – 15 November 2023