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 second quarter and first half

Record high sales volume of Hematite in one quarter

A well-planned maintenance stop was completed in second quarter, with focus on the Fe65 and increased magnetite production.

Increased cash cost due to extensive maintenance work, increased removal of waste rock, costs related to operations on public holidays, an unexpected failure of one of our conveyor belt in the mine, as well as the favorable financial positions last year on electricity hedges.

Fourteen quarter in a row with dividends. Board of directors decided to pay out a quarterly dividend of NOK 2.23/share

547.5 NOK million Revenues

421

mt Produced

648 NOK/mt Cash cost

2.23 NOK/share Dividend

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People and environment

- Our number one assets

Extensive maintenance work carried out without any injures and completed on time

Extend the timeline for full electrification and focus instead on a more gradual reduction of carbon emissions from todays 7.17 kg per ton concentrate produced.

Safety focus to be maintained and prioritised to secure a safe working environment

Production

- The strong production trend continues

Revenue - high volumes and increased prices

* Mainly consisting of onward billing of freight costs related to magnetite shipments, as well as minor sales of equipment and services.

Cost from operations

- Reduced production drives cash cost per mt. produced

Financial performance - 14 consecutive quarters with dividends

Amountsin NOK million (Except where otherwise stated)

	Q2 2024	Q2 2023	Change (%)
Revenue	547.6	348.8	57.0 %
Raw materials and consumables used	-98.4	-101.4	-2.9 %
Other costs	-174.3	-141.0	23.6 %
Change in inventory	-69.7	-12.7	450.4 %
EBITDA	205.2	93.7	119.0 %
Depreciation	-41.5	-42.2	-1.8 %
EBIT	163.7	51.5	218.1 %
Net financial income/(expences)	-8.0	84.9	-109.4 %
Pre tax profit	155.7	136.4	14.2 %
Tax	-34.3	-30.0	14.2 %
Net profit	121.5	106.4	14.2 %
Adjustments*	-20.4	-0.3	-6024 %
Tax on adjustments	-4.5	0.1	-6024 %
Adjusted net profit	137.4	106.1	29.5 %