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 first quarter

Strong operational performance both in mine and in processing plant

Reduced iron ore prices from strong levels in fourth quarter.

One planned shipment was delayed due to Easter and port capacity issues, pushing it to the second quarter.

Thirteen quarter in a row with dividends. Board of directors decided to pay out a quarterly dividend of NOK 1.29/share

470 mt Produced 1.29 NOK/share Dividend 573 NOK/mt Cash cost 285 NOK million Revenues

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People and environment - Our number one assets

One production-related less severe incident in the quarter leading to short absence from work.

Environment and sustainability report for 2023 published. Improving our positions as a front runner related to carbon emissions with 7.17 kg per ton concentrate produced.

Positive feedback from "The Norwegian Railway Directorate" related to electrification of "Nordlandsbanen" from Mo i Rana to the mine area.

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

Production

- The strong production trend continues

Revenue

- Lower iron ore prices and one delayed shipment

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

Cost from operations

Increased mainly due to higher activity and normalization of electricity cost

Financial performance - 13 consecutive quarters with dividends

Amountsin NOK million (Except where otherwise stated)

	Q1 2024	Q4 2022	Change (%)
Revenue	285,1	493,0	-42.2 %
Raw materials and consumables used	-106,2	-102,0	4.2 %
Other costs	-168,8	-143,9	17.3 %
Change in inventory	45,7	-20,8	-319.7 %
EBITDA	55,7	226,3	-75.4 %
Depreciation	-44,7	-39,7	12.7 %
EBIT	11,0	186,6	-94.1 %
Net financial income/(expences)	161,0	-61,7	-360.8 %
Pre tax profit	172,0	124,9	37.7 %
Tax	-37,8	-27,5	37.7 %
Net profit	134,2	97,4	37.7 %
Adjustments*	-84,6	69,2	-222.2 %
Tax on adjustments	18,6	-15,2	-222.2 %
Adjusted net profit	68,2	151,4	-55.0 %