Rana Gruber ASA

Quarterly Report • Aug 24, 2022

INTERIM REPORT SECOND QUARTER AND FIRST HALF 2022

CEO Gunnar Moe comments: STABLE PRODUCTION AND ZERO INJURIES

The second quarter of the year was characterised by a stable production and a continued positive trend for our safety KPI's. Covid-related restrictions in China reduced the short-term demand for iron ore, which led to lower market prices compared to the historically high prices of the corresponding period last year.

All the activities of our operations were conducted with no related injuries. This shows again that our tailored safety measures have been successful.

As planned, annual care and maintenance of the mine and processing plant took place during the quarter. We also started the development of the next mining level (L91), which provides the foundation for long term stable production.

In the quarter, we conducted our first in-house exploratory core drilling, which was previously conducted by external providers. We have also started the process of insourcing the development of new mine tunnel infrastructure. The first step of this process is the order of related machinery and recruitment of key personnel.

Despite market uncertainties associated with Covid-related restrictions in China and the geopolitical situation in Europe and East Asia, the outlook for Rana Gruber remains positive. With our stable production level, strong employee culture, strategic off-take agreement with Cargill, vast resources, investments in strategic projects, and solid financial position, we are well positioned for the time ahead.

Gunnar Moe CEO Rana Gruber ASA

REVIEW OF THE SECOND QUARTER AND FIRST HALF OF 20221

SECOND QUARTER HIGHLIGHTS

• Revenues came in at NOK 294.4 million (NOK 685.3 million)2 .
• Adjusted net profit amounted to NOK 79.9 million (NOK 247.4 million).
• The board of directors decided to pay out a quarterly dividend of NOK 1.51/share, implying a pay-out ratio of 70.0 per cent.
• EVENTS AFTER THE QUARTER
• The company entered into a fixed freight rate contract securing rates of USD 22.5/mt for 300 thousand mt per quarter for the fourth quarter of 2022 and the first two quarters of 2023.

KEY FINANCIAL FIGURES (IFRS)

Amounts in NOK million,

except where indicated otherwise	Q2 2022	Q2 2021	Change (%)	H1 2022	H1 2021	Change (%)	FY 2021
Revenues	294.4	685.3	(57.0)	810.0	1 194.7	(32.2)	1668.4
EBITDA	80.5	521.4	(84.6)	364.1	848.1	(57.1)	937.3
EBITDA margin (%)	27.3	76.1	(49pp)	45.0	71.0	(26pp)	56.2
Net profit	158.2	198.2	(20.2)	178.0	371.5	(52.1)	592.0
Adjusted net profit	79.9	247.4	(67.4)	190.6	366.2	(48.0)	N/A
Cash cost	197.2	179.4	9.9	424.7	366.8	15.8	775.3
Cash cost per mt produced (NOK)	500	449	11.6	530.0	451	17.5	469.0
EPS (NOK)	4.27	5.30	(19.5)	4.80	9.94	(51.7)	15.86
Adjusted EPS (NOK)	2.15	6.62	(67.5)	5.14	9.80	(47.5)	N/A
Equity ratio (%)	49.9	48.5	1.4pp	48.5	51.1	(2.6pp)	51.5

The interim reports of 2022 are based on the IFRS, in contrast to the NGAAP-based interim reports of 2021. The historical figures included in this report have therefore been restated in accordance with the IFRS. For description of relevant financial reporting principles of the IFRS and effects resulting from the

transition from NGAAP to IFRS, please see the interim report for the fourth quarter of 2021 or the annual report for 2021.

Quarterly financial figures are unaudited.

• The historical results included in this report therefore differ from the results communicated last year.
• 2 Information in parentheses refers to the corresponding period in the previous year.
• Production of iron ore concentrate remained stable and amounted to 393 thousand mt (399 thousand mt).
• Annual care and maintenance of the mine and processing plant was successful.
• Operations were conducted with no related injuries.

¹ This interim report is based on the IFRS, in contrast to the interim report for the corresponding period last year, which was based on NGAAP.

PRODUCTION

Amounts in thousand metric tons,

except where indicated otherwise	Q2 2022	Q2 2021	Change (%)	H1 2022	H1 2021	Change (%)
Production concentrate	393	399	(1.5%)	799	810	(1.4%)
Production hematite	370	376	(1.6%)	753	760	(1.0%)
Production magnetite	23	23	(0.7%)	46	50	(7.9%)
Production Colorana	1.2	1.2	(1.1%)	2.8	2.6	6.8%
Production ore	1 204	1 156	4.1%	2 475	2 556	(3.2%)
Production underground (ore)	646	658	(1.7%)	1 363	1 384	(1.5%)
Production open pit (ore)	558	498	11.9%	1 112	1 172	(5.2%)
Production open pit (waste rock)	1 190	1 055	12.8%	2 393	2 123	12.8%
Volumes sold
Volume hematite	400	333	20.1%	783	713	9.8%
Volume magnetite	24	22	7.2%	44	51	(12.7%)
Volume Colorana	1.4	1.5	(5.8%)	2.9	3.0	(3.9%)

The production in the quarter totalled 393 thousand mt (399 thousand mt) of iron ore concentrate, which is in accordance with the planned production and indicates a stable production level. Hematite concentrate amounted to 370 thousand mt (376 thousand mt) of the produced volume. In addition, 23 thousand mt (23 thousand mt) of magnetite concentrate and 1.2 thousand mt (1.2 thousand mt) of Colorana were produced.

As planned, annual care and maintenance of the mine and processing plant took place during the quarter. This resulted in the replacement of various wearing parts, and preparations for the installation of new processing equipment to bring the company closer to the goal of increasing the average iron content in the hematite products from ~63 to ~65 per cent.

In the second quarter, the company started the development of the next mining level (L91), which provides a solid foundation for continued stable production, and is expected to be in operation in 2024.

The company also conducted its first in-house exploratory core drilling, which was previously handled by external providers. The purpose of the core drilling is to determine the properties of the rock masses in order to increase the resource and reserve bases. The company expects to be able to provide updates on this work in the first half of 2023.

Finally, the company started the process of insourcing the development of new mine tunnel infrastructure. The first step of this process is the order of related machinery, which is expected to arrive in 2023, and the recruitment of key personnel. Both of these activities have been initiated.

PRODUCT AREAS

	Hematite		Magnetite		Colorana, special products
	Q2 2022	Q2 2021	Q2 2022	Q2 2021	Q2 2022	Q2 2021
Revenues (NOK million)	247	645	28	25	13	11
Volume sold (mt)	399 505	332 542	24 069	22 445	1 441	1 529
Revenues per mt (NOK)	619	1 939	1 155	1 116	9 160	7 175
Cash cost per mt (NOK)*	482	432	482	432	6 554	5 593
Cash margin per mt (NOK)	136	1 506	673	684	2 607	1 581
Margin per mt (%)	22.1%	77.7%	58.3%	61.3%	28.5%	22.0%
Production (mt)	369 679	375 571	23 187	23 340	1 189	1 202

* For hematite and magnetite concentrates, the cash cost is not separated.

The volumes sold in the quarter were larger than in the comparable period last year, due to higher shipping frequency and solid tonnage in the period.

The hematite production yielded a margin of 22 per cent (78 per cent), and the magnetite production a margin of 58 per cent (61

per cent). The reduction in margins is a consequence of lower market prices for iron ore combined with increased freight rates, inflationary pressure on wages, higher input costs (related to e.g. diesel, explosives, and steel), and expansion of the company's personnel for administration and development work.

DEVELOPMENT PROJECTS

The company made good progress with its strategic initiatives in the beginning of the year, as described in the interim report for

the first quarter. The company will revert with further updates by the end of the year.

HSE

There were no injuries leading to absence from work in the second quarter of the year, which represents a continuation of the positive trend from the previous quarters. Once again, this confirms that the company's tailored safety measures have been successful and provide a healthy work environment at Rana Gruber.

FINANCIAL REVIEW

Amounts in NOK million,
except where indicated otherwise	Q2 2022	Q2 2021	Change (%)	H1 2022	H1 2021	Change (%)
Revenues	294.4	685.3	(57%)	810.0	1194.7	(32%)
Raw materials and consumables used	(86.5)	(73.6)	18%	(173.2)	(152.9)	13%
Other costs	(110.7)	(105.9)	5%	(251.4)	(213.9)	18%
Change in inventory	(16.7)	15.6	(207%)	(21.2)	20.2	(205%)
EBITDA	80.5	521.4	(85%)	364.1	848.1	(57%)
Depreciation	(40.0)	(40.4)	(1%)	(79.9)	(82.3)	(3%)
EBIT	40.5	481.0	(92%)	284.3	765.8	(63%)
Net financial income/(expenses)	162.3	(225.3)	(172%)	(56.1)	(289.4)	(81%)
Pre tax profit	202.8	255.7	(21%)	228.2	476.5	(52%)
Tax	(44.6)	(57.5)	(22%)	(50.2)	(105.0)	(52%)
Net profit	158.2	198.2	(20%)	178.0	371.5	(52%)
Adjustments*	(100.4)	63.1	(259%)	16.2	(6.7)	(343%)
Tax on adjustments	22.1	(13.9)	(259%)	(3.6)	1.5	(343%)
Adjusted net profit	79.9	247.4	(68%)	190.6	366.3	(48%)
EPS	4.27	5.30	(20%)	4.80	9.94	(52%)
Adjusted EPS	2.15	6.62	(67%)	5.14	9.80	(48%)

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

PROFIT AND LOSS

Total revenues for the second quarter came in at NOK 294.4 million (NOK 685.3 million). The revenues were impacted by the market prices for iron ore, which were almost halved from the same period last year. They were also impacted by freight rates being higher than in the second quarter of 2021, as freight rates are part of the pricing mechanism (rather than being recorded as costs).

Revenues

Amounts in NOK million

The cash costs ended at a total of NOK 197 million (NOK 179 million), and correspondingly NOK 500/mt produced (NOK 449/mt produced). This is an improvement vis-à-vis the previous quarter, which had total cash costs of NOK 227.5 million and NOK 558/mt produced. The high costs were due to inflationary pressure on wages, higher input costs (related to e.g. diesel, explosives, and steel), and expansion of the company's personnel for administration and development work.

These factors affected the operating profit (EBITDA), which decreased by 85 per cent compared to the second quarter of 2021 and ended at NOK 80.5 million (NOK 521.4 million).

EBITDA

Amounts in NOK million

Net financial items in the period consist mainly of unrealised gains related to the hedging of iron ore established in forward contracts entered into in 2021.3 In addition, net financial items include interest expenses and gains from currency hedges.

In sum, this resulted in a net profit of NOK 158.2 million (NOK 198.2 million), which corresponds to earnings per share (EPS) of NOK 4.27 (NOK 5.30).

The adjusted net profit for the quarter amounted to NOK 79.9 million (NOK 247.4 million), which gives an adjusted EPS of NOK 2.15 (NOK 6.62).

According to the company's dividend policy, the adjusted net profit shall constitute the IFRS based net profit after tax, adjusted for unrealised gains and losses from the portfolio of hedging positions related to iron ore, USD, and freight. The relevant hedging positions are those which impact the shipments initiated in the quarter of reporting and concluded in the subsequent quarter, in this case shipments initiated in the second quarter and concluded in the third. The board also has power of attorney to adjust for extraordinary events which do not count as being part of the company's core business. This part of the dividend policy was developed to enable more accurate evaluations of the company's performance, excluding accounting effects from fluctuations in factors which the company does not control and extraordinary events not being part of the company's core business.

For the second quarter, the net profit was adjusted relative to the unrealised gain from the hedging of iron ore and the unrealised gain from the hedging of USD.

The board decided to pay out dividends per share (DPS) of NOK 1.51 (NOK 3.86 in 2021 based on NGAAP).

FINANCIAL POSITION AND LIQUIDITY

Amounts in NOK million, except where indicated otherwise	Q2 2022	Q1 2022	Change (%)	Q4 2021	Change (%)
Total assets	1 226	1 095	12%	1 130	9%
Total equity	612	531	15%	582	5%
Equity ratio (%)	49.9%	48.5%	1.4pp	51.5%	1.6pp
Cash and cash equivalents	378	219	73%	264	43%
Interest bearing debt	127	121	5%	114	11%

The interest-bearing debt towards financial institutions consists of lease and rent obligations. Apart from this, the company has no long-term debt towards financial institutions. The company has an unused credit facility of NOK 100 million.

After dividend distributions for the first quarter of the year, the company's equity ratio was 49.9 per cent (48.5 per cent in the first quarter).

Total cash holdings at the end of the quarter were NOK 378 million.

CASH FLOW

The total cash flow from the operations amounted to NOK 272.7 million (NOK 379.3 million).

The capex for the period totalled NOK 29.8 million (NOK 40.6 million), of which NOK 22.8 million was development capex, NOK 4.0 million was related to maintenance, and NOK 3.0 million was related to the expansion of office buildings.

Of financing activities, NOK 77.5 million (NOK 108.4 million) was pay-out of dividends and NOK 5.8 million was payment of the principal portion of the lease liabilities.

In sum, the total cash flow for the quarter was positive by NOK 159.6 million (positive NOK 211.4 million).

MARKET AND HEDGING POSITIONS

The market prices for iron ore fell through the quarter and ended at almost half of the extraordinarily high prices for the same period last year. The decrease is largely caused by Chinese authorities imposing Covid-related restrictions, which reduced the short-term demand for iron ore.

The management continuously assesses the company's portfolio of hedging positions based on dialogue with and input from customers, partners, industry experts, and analysts. The hedging positions shall contribute to a stable and solid cash flow, enabling future investments and a predictable and attractive

pay-out strategy. As stated in the company's hedging policy, hedging positions can cover a maximum of 50 per cent of the annual production volumes, and can be divided into positions for a duration of two years.

At 30 June, the company had multiple hedging positions related to both prices of iron ore and USD. The total hedging positions of iron ore held by the company cover 520 000 mt at an average price of USD 142.7/mt. Please see note 10 in the interim financial statements for further information about the hedging portfolio.

RISK AND UNCERTAINTIES

Rana Gruber is subject to several risks which may affect the company's operations, performance, finances, and share price. These risks are monitored by the corporate management and reported to the board on a regular basis. Sources of uncertainty include the geopolitical situation in Europe and East Asia, the European energy market, and challenges with the global

supply chain. For the upcoming reporting period, the company also faces risks related to lockdowns in China reducing global demand for iron ore, higher input costs, and higher freight rates.

For a more detailed description of potential risks, please see an overview in the annual report for 2021.

SHARE INFORMATION

At 30 June, the company had 5885 shareholders. The 20 largest shareholders held a total of 58 per cent of the shares.

The company deleted 306 908 treasury shares on 27 May 2022. Following the share capital reduction, the share capital is now divided into 37 085 092 shares.

The share traded between NOK 62.31 and 44.90 per share in the quarter, with a closing price of NOK 44.90 per share on 30 June 2022.

Pursuant to the company's adjusted dividend policy, the company aims to distribute 50–70 per cent of the adjusted net profit as quarterly dividends. As mentioned, the adjusted net profit shall constitute the IFRS based net profit after tax, adjusted for unrealised gains and losses from the company's portfolio of hedging positions related to iron ore, USD, and freight, which does not impact the shipments concluded in the quarter. The board also has power of attorney to adjust for extraordinary events which do not count as being part of the company's core business.

The board has the flexibility to utilise approximately 30 per cent of the estimated dividend payments to repurchase Rana Gruber shares for subsequent redemption and reduce the dividend payments correspondingly. Any buyback program to achieve the same purpose for future quarters will be announced separately.

The board has decided that a dividend of NOK 1.51 per share will be paid out for the second quarter. This will be paid out at or around 7 September.

Ex. Date	Dividend (NOK/share)
26 August 2022	1.51
16 May 2022	2.09
15 February 2022	1.51
09 December 2021	2.50
12 November 2021	1.05
30 August 2021	3.86
18 May 2021	2.90

OUTLOOK

Iron ore is essential to build modern societies and the long-term outlook remains positive. In the short-term, the market demand may be more volatile due to the handling of Covid-19 in China. The potential imposition of restrictions – in combination with China being the main global demand driver – may reduce the global demand.

For Rana Gruber, it is likely that high input costs will continue to affect the costs of the operations. Even if governments manage to reduce the global inflation, sources of uncertainty include the geopolitical situation in Europe and East Asia, the European energy market, and challenges with the global supply chain. Still, progress with the long-term strategic projects is expected to contribute to solid product margins.

In the third quarter, the company will continue the process of insourcing the development of new mine tunnel infrastructure. This is expected to reduce costs and improve margins over time. It is also expected to give more cash flow predictability, since the company will avoid business cycles in the construction industry. In addition, the insourcing of workstreams will contribute to operational stability, since the company will have more influence on the terms and conditions of the workers needed.

Rana Gruber's production in the remaining quarters is expected to remain at a stable level comparable to that of the previous year.

With stable production, vast resources, strategic offtake agreement with Cargill, a solid financial position, and investments in strategic projects, the outlook for Rana Gruber remains positive.

RESPONSIBILITY STATEMENT BY THE BOARD OF DIRECTORS AND CEO

The board of directors and CEO have considered and approved the condensed consolidated financial statements for the period 1 January to 30 June 2022. We confirm that, to the best of our knowledge, the condensed financial statements for the abovementioned period:

• have been prepared in accordance with International Financial Reporting Standards (IFRS)
• provide a true and fair view of the company's assets, liabilities, financial position, and overall result for the period viewed in its entirety

We also confirm that the interim report:

• includes a fair review of any significant events that occurred during the above-mentioned period, and their effect on the financial performance
• provides an accurate picture of any significant related parties' transactions, and principal risks and uncertainties faced by the company

Mo i Rana, 23 August 2022, the board of directors and CEO of Rana Gruber ASA

Morten Støver Kristian Adolfsen Frode Nilsen Hilde Rolandsen Ragnhild Wiborg Chair Director

Director

Director

Director

Director Director

Lasse O. Strøm Johan Hovind Thomas Hammer Gunnar Moe

Director

Chief executive officer

INTERIM FINANCIAL STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME

Amounts in NOK thousand	Notes	Q2 2022	Q2 2021	H1 2022	H1 2021
Revenue	5	294 359	685 254	810 012	1 194 688
Changes in inventories		(16 668)	15 618	(21 204)	20 224
Raw materials and consumables used		(86 507)	(73 570)	(173 249)	(152 918)
Employee benefit expenses		(64 936)	(59 263)	(137 520)	(122 972)
Depreciation	7, 8	(39 976)	(40 436)	(79 855)	(82 293)
Other operating expenses		(45 760)	(46 603)	(113 901)	(90 909)
Operating profit/(loss)		40 512	481 000	284 283	765 820
Financial income		2 603	1 342	3 132	1 342
Financial expenses		(2 384)	(3 387)	(4 357)	(5 365)
Other financial gains/(losses)	6	162 078	(223 280)	(54 888)	(285 329)
Financial income/(expenses), net		162 297	(225 325)	(56 113)	(289 352)
Profit/(loss) before income tax		202 809	255 675	228 170	476 468
Income tax expense		(44 618)	(57 499)	(50 197)	(105 000)
Profit/(loss) for the period		158 191	198 176	177 973	371 468
Other comprehensive income from items that will not be reclassified to profit or loss:
Actuarial gains and losses		-	(364)	-	(486)
Tax on items not reclassified to profit or loss		-	80	-	107
Net other comprehensive income/(loss)		-	(284)	-	(379)
Comprehensive profit for the period		158 191	197 892	177 973	371 089
Earnings per share (in NOK): Basic and diluted earnings per ordinary share		4.27	5.30	4.80	9.94

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Amounts in NOK thousand	Notes	30 June 2022	31 March 2022	31 December 2021
ASSETS
NON-CURRENT ASSETS
Mine properties	8	277 969	286 775	303 768
Property, plant, and equipment	7	162 391	155 450	153 416
Right-of-use assets		125 897	122 462	114 284
Other non-current financial assets		-	-	1 500
Total non-current assets		566 257	564 687	572 968
Current assets
Inventories		78 437	87 988	89 215
Trade receivables	9	38 051	176 058	63 087
Other current receivables		31 645	40 463	36 802
Derivative financial assets	9, 10	133 170	7 670	103 247
Cash and cash equivalents		378 242	218 590	264 363
Total current assets		659 545	530 769	556 714
Total assets		1 225 802	1 095 456	1 129 682
EQUITY AND LIABILITIES Equity
Share capital		9 271	9 348	9 348
Share premium		92 783	92 783	92 783
Other equity		509 684	428 924	479 680
Total equity		611 738	531 055	581 811
Liabilities
Lease liabilities		89 662	86 771	82 601
Deferred tax liabilities		80 548	35 931	30 351
Provisions		15 000	15 000	15 000
Other non-current liabilities		3 868	3 867	1 553
Net defined benefit liabilities		2 282	1 815	975
Total non-current liabilities		191 360	143 384	130 480
Trade payables		107 634	110 685	119 115
Lease liabilities (current portion)		36 864	33 766	31 107
Current tax liabilities		112 354	129 003	145 653
Derivative financial liabilities	9, 10	64 775	104 280	7 680
Other current liabilities		101 077	43 283	113 836
Total current liabilities		422 704	421 017	417 391
Total liabilities		614 064	564 401	547 871

Total equity and liabilities 1 225 802 1 095 456 1 129 682

Mo i Rana, 23 August 2022, the board of directors and CEO of Rana Gruber ASA

Morten Støver Kristian Adolfsen Frode Nilsen Hilde Rolandsen Ragnhild Wiborg Chair Director

Director

Director

Director

Director Director

Lasse O. Strøm Johan Hovind Thomas Hammer Gunnar Moe Director

Chief executive officer

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Amounts in NOK thousand	Notes	Q2 2022	Q2 2021	H1 2022	H1 2021
Cash flow from operating activities:
Profit before income tax		202 809	255 676	228 171	476 468
Adjustments for:
Movements in provisions, pensions, and government grants		467	-	1 307	-
Depreciation of tangible assets	7, 8	39 977	40 436	79 855	82 293
Unrealised loss/(gain) on derivative financial instruments	6	(165 005)	57 237	27 172	14 045
Net interest income/expense		1 354	894	2 797	3 863
Working capital changes:
Change in inventories		9 551	(2 698)	10 778	(15 768)
Change in receivables and payables		201 565	28 369	9 766	71 768
Income tax paid		(16 649)	-	(33 299)	-
Interests received		1 031	1 342	1 560	1 342
Interests paid		(2 385)	(1 948)	(4 357)	(5 205)
Net cash flow from operating activities		272 715	379 308	323 750	628 806
Cash flow from investment activities:
Expenditures on mine development	8	(14 099)	(12 621)	(21 076)	(34 043)
Expenditures on property, plant, and equipment	7	(15 747)	(27 972)	(27 116)	(36 890)
Cash receipt from repayment of loans		-	-	-	133 939
Net cash flow from investing activities		(29 846)	(40 593)	(48 192)	63 006
Cash flow from financing activities:
Acquisition of treasury shares Payment of principal portion of lease liabilities		-	- (10 770)	(14 163)	(2 776) (17 524)
Cash repayments of amounts borrowed		(5 710)	(8 122)	(13 634)	(201 417)
		-		-
Cash receipts from amounts borrowed		-	-	-	65 360
Dividends paid		(77 508)	(108 437)	(133 883)	(135 937)
Net cash flow from financing activities		(83 218)	(127 329)	(161 680)	(292 294)
Net increase/(decrease) in cash and cash equivalents		159 651	211 386	113 878	399 518
Cash and cash equivalents at the beginning of the period		218 590	213 127	264 363	24 994
Cash and cash equivalents at the end of the period		378 241	424 513	378 241	424 512

STATEMENT OF CHANGES IN EQUITY

	Share	Share	Treasury	Retained	Total
Amounts in NOK thousand	capital	premium	shares	earnings	equity
Balance at 1 January 2021	9 348	92 783	-	276 565	378 696
Profit for the year	-	-	-	363 406	363 406
Other comprehensive income	-	-	-	(379)	(379)
Total comprehensive income	-	-	-	363 027	363 027
Dividends paid	-	-	-	(108 437)	(108 437)
Acquisition of treasury shares	-	-	(2 776)	-	(2 776)
Balance at 30 June 2021	9 348	92 783	(2 776)	531 155	630 510
					-
Balance at 1 January 2022	9 348	92 783	(2 835)	482 515	581 811
Profit for the year	-	-	-	177 974	177 974
Other comprehensive income	-	-	-	-	-
Total comprehensive income	-	-	-	177 974	177 974
Dividends paid	-	-	-	(133 883)	(133 883)
Issue of ordinary shares	-	-	-	-	-
Acquisition of treasury shares	-	-	(14 163)	-	(14 163)
Share capital reduction	(77)		16 998	(16 921)	-
Balance at 30 June 2022	9 271	92 783	-	509 685	611 738

NOTES TO THE INTERIM FINANCIAL STATEMENTS

Note 1: GENERAL INFORMATION

The accompanying interim financial statements for the period ending 30 June 2022 contain the financial statements of Rana Gruber ASA. The comparable financial statements for the period ending 30 June 2021 contain the financial statements of Rana Gruber ASA and its subsidiary Rana Gruber Minerals AS. The two group entities were merged in December 2021.

The consolidated financial statements for the year ended 31 December 2021 are available at www.ranagruber.no.

Note 2: BASIS FOR THE PREPARATION

These interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting" as adopted by the European Union (the "EU") and additional requirements in the Norwegian Securities Trading Act. This interim financial report does not include all information and disclosures required by International Financial Accounting Standards ("IFRS") for a complete set of annual financial statements. Accordingly, this report should be read in conjunction with the annual report for the year ended 31 December 2021.

These interim financial statements are unaudited.

The accounting policies applied by the group in these interim financial statements are the same as those applied by the group in its financial statements for the year ended 31 December 2021. Because of rounding differences, numbers or percentages may not add up to the sum totals. In the interim financial statements, the first half year (H1) is defined as the reporting period from 1 January to 30 June.

All amounts are presented in NOK thousands (TNOK) unless otherwise stated.

Significant assumptions and estimates

The preparation of financial statements requires the management and the board of directors to make assessments and assumptions that affect recognised assets, liabilities, income and expenses, and other relevant items, such as contingent liabilities. For further information concerning these, please refer to the annual report of 2021.

Note 3: SIGNIFICANT CHANGES, EVENTS, AND TRANSACTIONS IN THE CURRENT REPORTING PERIOD

The board has decided that a dividend of NOK 1.51 per share will be paid for the second quarter. The dividend will be paid out at or around 7 September.

Based on a competitive bidding process, Rana Gruber decided to award the contractor Leonhard Nilsen & Sønner AS (LNS) a contract for the first phase of development of the next mining level (L91).

Rana Gruber ASA's annual general meeting decided on 22 March 2022 to reduce the company's share capital by NOK 76 727 from NOK 9 348 000, through cancellation of 306 908 of the company's own shares, each with a nominal value of NOK 0.25. The creditor notice period for the share capital reduction expired on 12 May 2022 with no objections received, and the share capital reduction has in the second quarter been registered in the Norwegian Register of Business Enterprises.

The financial position and performance of the group was not particularly affected by any significant events or transactions, other than those mentioned above, during the second quarter of 2022.

Note 4: PROFIT AND LOSS INFORMATION

Income tax expense

Income tax expense is recognised based on the management's estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the current quarter is 22 per cent, which is the same as the tax rate used for the comparable period last year.

Seasonality of operations

The mining operations of the group is not significantly affected by any seasonality fluctuations, and the production output for the current quarter has been in line with the management's operational production estimates.

Note 5: REVENUE

Revenue from sources other than contracts with customers stem primarily from the fair value changes in the value of the trade receivables due to the provisional price mechanisms. For further information, please see note 6 in the 2021 consolidated annual report. The following breakdown of revenue from contracts with customers presents a disaggregation by major product line:

Amounts in NOK thousand	Q2 2022	Q2 2021	H1 2022	H1 2021
Sales of hematite	393 178	428 581	747 542	1 020 703
Sales of magnetite	27 812	25 055	51 818	56 510
Sales of Colorana	13 191	10 974	25 898	22 764
Total revenue from contracts with customers	434 181	464 610	825 258	1 099 977
Effect from provisionally priced receivables	(145 867)	216 556	(27 663)	87 620
Other income	6 044	4 088	12 417	7 091
Total revenue	294 358	685 254	810 012	1 194 688

Note 6: OTHER FINANCIAL GAINS AND LOSSES

Amounts in NOK thousand	Q2 2022	Q2 2021	H1 2022	H1 2021
Net gain/(loss) from financial assets at fair value through profit or loss - derivatives on exchange rates	(97 370)	(13 054)	(81 646)	(21 436)
Net gain/(loss) from financial assets at fair value through profit or loss - derivatives on iron ore prices	232 557	(224 105)	3 100	(282 109)
Net gain/(loss) from financial assets at fair value through profit or loss - derivatives on interest rates	-	974	-	1 650
Net foreign exchange gains/(losses)	26 890	12 905	23 658	16 566
Total other financial gains and losses	162 077	(223 280)	(54 888)	(285 329)

Note 7: PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment Amounts in NOK thousand	Land and bulidings	Machinery and plants	Operating equipment etc.	Total
Year ended 31 December 2021
Opening net book amount (1 January 2021)	16 803	110 844	7 044	134 691
Additions	34 037	22 947	1 658	58 642
Depreciation charge	(4 093)	(33 735)	(2 089)	(39 917)
Closing net book amount (31 December 2021)	46 747	100 056	6 613	153 416
At 31 December 2021
Cost	87 205	611 866	57 037	756 108
Accumulated depreciation and impairment	(40 458)	(511 810)	(50 424)	(602 692)
Net book amount (31 December 2021)	46 747	100 056	6 613	153 416
Period ended 30 June 2022 (YTD)
Opening net book amount (1 January 2022)	46 747	100 056	6 613	153 416
Additions	13 408	11 548	2 160	27 116
Depreciation charge	(2 702)	(14 200)	(1 239)	(18 141)
Closing net book amount (30 June 2022)	57 453	97 404	7 534	162 391
At 30 June 2022
Cost	100 613	623 414	59 197	783 224
Accumulated depreciation and impairment	(43 160)	(526 010)	(51 663)	(620 833)
Net book amount (30 June 2022)	57 453	97 404	7 534	162 391

Property, plant, and equipment (Q1)	Land and	Machinery	Operating
Amounts in NOK thousand	bulidings	and plants	equipment etc.	Total
Period ended 31 March 2022
Opening net book amount (1 January 2022)	46 747	100 056	6 613	153 416
Additions	7 814	2 263	1 292	11 369
Depreciation charge	(1 325)	(8 010)	-	(9 335)
Closing net book amount (31 March 2022)	53 236	94 309	7 905	155 450
At 31 March 2022
Cost	95 019	614 129	58 329	767 477
Accumulated depreciation and impairment	(41 783)	(519 820)	(50 424)	(612 027)
Net book amount (31 March 2022)	53 236	94 309	7 905	155 450

Property, plant, and equipment (Q2) Amounts in NOK thousand	Land and bulidings	Machinery and plants	Operating equipment etc.	Total
Period ended 30 June 2022
Opening net book amount (1 April 2022)	53 236	94 309	7 905	155 450
Additions	5 594	9 285	238	15 117
Depreciation charge	(1 377)	(6 190)	(609)	(8 176)
Closing net book amount (30 June 2022)	57 453	97 404	7 534	162 391

Note 8: MINE PROPERTIES

Mine properties	Exploration and	Producing
Amounts in NOK thousand	evaluation assets	mines	Total
Year ended 31 December 2021
Opening net book amount (1 January 2021)	-	346 344	346 344
Additions	8 539	58 472	67 011
Depreciation charge	-	(109 587)	(109 587)
Closing net book amount (31 December 2021)	8 539	295 229	303 768
At 31 December 2021
Cost	8 539	914 276	922 815
Accumulated depreciation and impairment	-	(619 047)	(619 047)
Net book amount (31 December 2021)	8 539	295 229	303 768
Period ended 30 June 2022 (YTD)
Opening net book amount (1 January 2022)	8 539	295 229	303 768
Additions	12 908	8 168	21 076
Depreciation charge	-	(46 875)	(46 875)
Closing net book amount (30 June 2022)	21 447	256 522	277 969
At 30 June 2022
Cost	21 447	922 444	943 891
Accumulated depreciation and impairment	-	(665 922)	(665 922)
Net book amount (30 June 2022)	21 447	256 522	277 969

Mine properties (Q1)	Exploration and	Producing
Amounts in NOK thousand	evaluation assets	mines	Total
Period ended 31 March 2022
Opening net book amount (1 January 2022)	8 539	295 229	303 768
Additions	2 000	4 977	6 977
Depreciation charge	-	(23 969)	(23 969)
Closing net book amount (31 March 2022)	10 539	276 237	286 776
At 31 March 2022
Cost	10 539	919 253	929 792
Accumulated depreciation and impairment	-	(643 016)	(643 016)
Net book amount (31 March 2022)	10 539	276 237	286 776

Mine properties (Q2) Amounts in NOK thousand	Exploration and evaluation assets	Producing mines	Total
Period ended 30 June 2022
Opening net book amount (1 April 2022)	10 539	276 237	286 776
Additions	10 908	3 191	14 099
Depreciation charge	-	(22 906)	(22 906)
Closing net book amount (30 June 2022)	21 447	256 522	277 969

Note 9: FINANCIAL ASSETS AND LIABILITIES

9.1. Financial assets

	30 June	31 March	31 December
Amounts in NOK thousand	2022	2022	2021
Debt instruments measured at amortised cost:	447 938	325 971	325 196
Other current receivables	31 645	40 463	36 802
Trade receivables not subject to provisional pricing mechanism (amortised cost)	38 051	66 918	22 531
Other non-current financial assets	-	-	1 500
Cash and cash equivalents	378 242	218 590	264 363
Debt intruments measured at fair value through profit or loss:	-	109 140	40 736
Trade receivables subject to provisional pricing mechanism (fair value)	-	109 140	40 736
Derivatives (measured at fair value through profit or loss):	133 170	7 670	103 247
Foreign exchange forward contracts	-	7 670	-
Iron ore forward contracts	133 170	-	103 247
Total financial assets	581 108	442 781	469 179

9.2. Financial liabilities

	30 June	31 March	31 December
Amounts in NOK thousand	2022	2022	2021
Liabilities measured at amortised cost	212 579	157 835	234 504
Trade payables and other current liabilities	208 711	153 968	232 951
Other non-current liabilities	3 868	3 867	1 553
Derivatives (measured at fair value through profit or loss):	64 775	104 280	7 680
Foreign exchange forward contracts	64 775	-	7 680
Iron ore forward contracts	-	104 280	-
Total financial liabilities	277 354	262 115	242 184

9.3. Fair value hierarchy

The fair value hierarchy contain the following levels:

• Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.
• Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the counter derivatives) is determined using valuation techniques that maximise the use of

observable market data and rely as little as possible on entityspecific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included in level 2.

■ Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

The following table presents the fair value of those assets and liabilities that are measured at fair value in the financial statements at each reporting date:

At 31 December 2021

Amounts in NOK thousand	Level 1	Level 2	Level 3	Total
Financial assets valued at FVPL:
Trade receivables subject to provisional pricing mechanism	-	40 736	-	40 736
Derivatives (assets)	-	103 247	-	103 247
Total financial assets measured at fair value	-	143 983	-	143 983
Financial liabilities valued at FVPL:
Other liabilities subject to provisional pricing mechanism		-		-
Derivatives (liabilities)	-	(7 680)	-	(7 680)
Total financial liabilities measured at fair value	-	(7 680)	-	(7 680)
At 31 March 2022
Amounts in NOK thousand	Level 1	Level 2	Level 3	Total
Financial assets valued at FVPL:
Trade receivables subject to provisional pricing mechanism	-	109 140	-	109 140
Derivatives (assets)	-	7 670	-	7 670
Total financial assets measured at fair value	-	116 810	-	116 810
Financial liabilities valued at FVPL:
Derivatives (liabilities)	-	(104 280)	-	(104 280)
Total financial liabilities measured at fair value	-	(104 280)	-	(104 280)
At 30 June 2022
Amounts in NOK thousand	Level 1	Level 2	Level 3	Total
Trade receivables subject to provisional pricing mechanism	-	-	-	-
Derivatives (assets)	-	133 170	-	133 170
Total financial assets measured at fair value	-	133 170	-	133 170
Financial liabilities valued at FVPL:
Other liabilities subject to provisional pricing mechanism	-	(38 380)	-	(38 380)
Derivatives (liabilities)	-	(64 775)	-	(64 775)

Total financial liabilities measured at fair value - (103 155) - (103 155)

Trade receivables subject to the provisional pricing mechanisms belong to level 2. The fair value of the provisionally priced trade receivables uses the forward prices of iron ore at the stipulated settlement date. This is an observable price with an active market, which is applied to the pricing formula for the agreements. For further information, please see note 6 in the 2021 consolidated annual report.

Derivatives belong to level 2. Fair value estimates have been determined based on present value calculations and other commonly used valuation techniques. The group's derivative instruments are primarily swap contracts where fair value estimates are based on

equating the present value of a fixed and a variable stream of cash flows over the maturity of the contract. These estimates are based on observable input related to volatility, discount rates, and current market values of the underlying assets to which the derivative instrument is related.

There were no transfers between levels of fair value measurements during the reporting period.

Fair values of financial instruments not measured at fair value are not materially different to their carrying values.

Note 10: DERIVATIVES

10.1. Foreign exchange rate derivatives

For the relevant reporting periods, the group held the following positions in relation to derivatives to cover its foreign exchange rate risks:

Foreign exchange derivatives by maturity:	Sell USD (thousand)	Floor FX rate (USD/NOK)	Cap FX rate (USD/NOK)	Fair value (thousand NOK)
Maturity within 3 months	36 000	8.58	9.27	(2 195)
Maturity within 3 to 6 months	30 000	8.58	9.38	(2 904)
Maturity within 6 to 9 months	6 000	8.52	9.43	(1 285)
Maturity within 9 to 12 months	6 000	8.52	9.55	(1 296)
Balances at 31 December 2021	78 000	8.57	9.35	(7 680)

Foreign exchange derivatives by maturity:	Sell USD (thousand)	Floor FX rate (USD/NOK)	Cap FX rate (USD/NOK)	Fair value (thousand NOK)
Maturity within 3 months	30 000	8.64	9.49	(785)
Maturity within 3 to 6 months	19 800	8.80	9.58	1 677
Maturity within 6 to 9 months	22 800	8.81	9.67	2 392
Maturity within 9 to 12 months	27 000	8.87	9.80	4 386
Balances at 31 March 2022	99 600	8.77	9.63	7 670

Foreign exchange derivatives by maturity:	Sell USD (thousand)	Floor FX rate (USD/NOK)	Cap FX rate (USD/NOK)	Fair value (thousand NOK)
Maturity within 3 months	19 800	8.80	9.58	(19 274)
Maturity within 3 to 6 months	22 800	8.81	9.67	(20 409)
Maturity within 6 to 9 months	21 000	8.92	9.72	(16 642)
Maturity within 9 to 12 months	12 000	8.99	9.85	(8 450)
Balances at 30 June 2022	75 600	8.87	9.69	(64 775)

10.2. Iron ore price derivatives

The group enters into forward swap derivative agreements to manage the risk of changes in iron ore prices by reference to the pricing index TSI Iron Ore CFR China (62% Fe Fines). The following positions were held by the group in relation to the iron ore derivative instruments:

Balances at 31 December 2021:

Weighted
		Fair value
(metric tons)	price (USD)	(thousand NOK)
120 000	118.70	17 522
120 000	118.70	17 522
660 000	136.29	103 247
360 000	133.81	43 278
240 000	134.90	37 055
30 000	156.75	11 060
30 000	156.75	11 853
	Quantity	average fixed

Balances at 31 March 2022

Balances at 31 March 2022		Weighted
	Quantity	average fixed	Fair value
	(metric tons)	price (USD)	(thousand NOK)
Derivatives already matured and recognised as other current receivables:	120 000	132.30	(19 196)
Matured iron ore derivatives*	120 000	132.30	(19 196)
Iron ore derivatives recognised as financial assets:	760 000	140.51	(104 280)
Maturity within 3 months	240 000	135.82	(48 649)
Maturity within 3 to 6 months	130 000	145.61	(15 032)
Maturity within 6 to 9 months	150 000	143.69	(16 402)
Maturity within 9 to 12 months	240 000	140.45	(24 197)

Balances at 30 June 2022	Weighted
	Quantity	average fixed	Fair value
	(metric tons)	price (USD)	(thousand NOK)
Derivatives already matured and recognised as other current receivables:	80 000	133.29	2 616
Matured iron ore derivatives*	80 000	133.29	2 616
Iron ore derivatives recognised as financial assets:	520 000	142.67	133 170
Maturity within 3 months	130 000	145.61	34 421
Maturity within 3 to 6 months	150 000	143.69	39 037
Maturity within 6 to 9 months	150 000	137.58	32 773
Maturity within 9 to 12 months	90 000	145.23	26 939

* Matured iron ore derivatives are accounted for in other current liabilities and other current receivables and are not subject to future fair value changes.

Note 11: RELATED PARTY TRANSACTIONS

Transactions with related parties
Amounts in NOK thousand	Party	Relationship	Q2 2022	Q2 2021	H1 2022	H1 2021
Purchase of open-pit production services	Leonhard Nilsen & Sønner AS	Significant influence over the group	(41 283)	(41 596)	(84 182)	(80 213)
Purchase of mine level services	Leonhard Nilsen & Sønner AS	Significant influence over the group	(5 213)	(5 112)	(5 213)	(25 593)
Sales of operations and maintenance services	Leonhard Nilsen & Sønner AS	Significant influence over the group	109	30	219	366
Sales of administrative services	Greenland Ruby/LNS Greenland AS	Significant influence over the group	294	667	351	976
Sales of administrative services	LNS Mining AS	Other related parties	618	600	1 236	1 200
Total related party profit or loss items			(45 475)	(45 411)	(87 589)	(103 264)

Note 12: COMMITMENTS

The following significant contractual commitments are present at the end of the reporting period:

Capital commitments

Amounts in NOK thousand	30 June 2022	31 March 2022	31 December 2021
Property, plant, and equipment	5 958	20 283	-
Leases	41 378	30 741	16 459
Total capital commitments	47 336	51 024	16 459

Rana Gruber has entered a contract with Leonhard Nilsen & Sønner AS (LNS) for the first phase of development of the next mining level (L91). They started the work in the second quarter of 2022. The contract includes development of access tunnels and infrastructure needed to develop level 91 for the Kvannevann underground mine

in the Ørtfjell area, where the production is expected to commence in 2024. Infrastructure development includes both areas for maintenance and water and ventilation handling solutions.

Note 13: EVENTS AFTER THE REPORTING PERIOD

The company entered into a fixed freight rate contract securing rates of USD 22.5/mt for 300 thousand mt per quarter for the fourth quarter of 2022 and the first two quarters of 2023.

The board of directors is not aware of any other events that occurred after the balance sheet date, or any new information regarding existing matters, that can have a material effect on the 2022 first half year interim financial report for the company.

APPENDIX: ALTERNATIVE PERFORMANCE MEASURES

The group reports its financial results in accordance with accounting principles IFRS as issued by the IASB and as endorsed by the EU. However, the management believes that certain alternative performance measures (APMs) provide the management and others with additional financial information that should be considered when assessing the group's ongoing performance. These APMs are non-IFRS financial measures and should not be viewed as a substitute for any IFRS financial measure. The management, the board of directors, and the long-term lenders regularly use supplemental APMs to understand, manage, and evaluate the business and its operations. These APMs are among the factors used in planning for and forecasting future periods, including assessment of financial covenants compliance.

Definition of APMS

EBIT is defined as the profit/(loss) for the period before net financial income (expenses) and income tax expense. The group has decided to present this APM because it considers it to be an important supplemental measure for prospective investors to understand the overall picture of the profit generation in the group's operating activities.

EBITDA is defined as the profit/(loss) for the period before net financial income (expenses), income tax expense, depreciation and amortisation. The group has presented this APM because it considers it to be an important supplemental measure for prospective investors to understand the overall picture of the profit generation in the group's operating activities.

EBIT margin is defined as EBIT in percentage of revenues. The group has presented this APM because it considers it to be an important supplemental measure for prospective investors to understand the overall picture of the profit generation in the group's operating activities.

EBITDA margin is defined as EBITDA in percentage of revenues. The group has presented this APM because it considers it to be an important supplemental measure for prospective investors to understand the overall picture of the profit generation in the group's operating activities.

Adjusted net profit is defined as profit for the period adjusted for the after tax net effects from unrealised fair value changes on derivatives with maturity within three months from the reporting date and extraordinary events not being part of the company's core business.

Equity ratio is defined as total equity in percentage of total assets. The group has presented this APM because it considers it to be an important supplemental measure for prospective investors to understand the portion of total assets that are financed from the owners' equity.

Cash cost is defined as the sum of raw materials and consumables used, employee benefit expenses, and other operating expenses. The group has presented this APM because it considers it to be an important supplemental measure for prospective investors to understand the overall picture of the costs of the production in the group's operating activities.

Cash cost per metric ton is defined as cash cost divided by metric tons of iron ore sold. Metric tons of iron ore are defined as metric tons of hematite and magnetite produced in the current period. The group has presented this APM because it considers it to be an important supplemental measure for prospective investors to understand the overall picture of the costs of the production in the group's operating activities.

Net interest-bearing debt is defined as the group's interest-bearing debt less cash and cash equivalents. Interest bearing debt consists of debt to credit institutions and financial leasing debt. Net interestbearing debt is a non-IFRS measure for the financial leverage of the group, a financial APM the company intends to apply in relation to its capacity for dividend distribution and/or for doing investments, when and if the company will be able to carry out its dividend distribution and/or investments policy.

Reconciliation of APMS

The table below sets forth reconciliation of EBIT, EBITDA, and EBITDA margin:

Amounts in NOK thousand	Q2 2022	Q2 2021	H1 2022	H1 2021
Profit/(loss) for the year	158 191	198 176	177 973	371 468
Income tax expense	44 618	57 499	50 197	105 000
Net financial income/(expenses) 1	(162 297)	225 325	56 113	289 352
(a) EBIT	40 512	481 000	284 283	765 820
Depreciation and amortisation	39 976	40 436	79 855	82 293
(b) EBITDA	80 488	521 436	364 138	848 113
(c) Revenues	294 359	685 254	810 012	1 194 688
EBIT margin (a/c)	14%	70%	35%	64%
EBITDA margin (b/c)	27%	76%	45%	71%

The table below sets forth reconciliation of adjusted net profit:

Amounts in NOK thousand	Q2 2022	Q2 2021	H1 2022	H1 2021
Profit before tax for the period	202 809	255 675	228 170	476 468
One-offs	-	-	15 000	-
Unrealised hedging positions iron ore	(154 380)	50 071	(38 781)	(28 105)
Unrealised hedging positions FX	53 956	13 054	40 016	21 436
Adjusted profit before tax	102 385	318 800	244 405	469 799
Ordinary income tax	(44 618)	(57 499)	(50 197)	(105 000)
Tax on adjustments	22 093	(13 888)	(3 572)	1 467
Adjusted net profit	79 860	247 413	190 636	366 266

The table below sets forth reconciliation of equity ratio:

Amounts in NOK thousand	30 June 2022	31 March 2022	31 December 2021
(a) Total equity	611 738	531 055	581 811
(b) Total assets	1 225 802	1 095 456	1 129 682
Equity ratio (a/b)	50%	48%	52%

The table below sets forth reconciliation of cash cost and cash cost per metric tons:

Amounts in NOK thousand	Q2 2022	Q2 2021	H1 2022	H1 2021
Raw materials and consumables used	86 507	73 570	173 249	152 918
Employee benefit expenses	64 936	59 263	137 520	122 972
Other operating expenses	45 760	46 603	113 901	90 909
(a) Cash cost	197 203	179 436	424 670	366 800
Metric tons of hematite produced	370	376	753	760
Metric tons of magnetite produced	23	23	46	50
Metric tons of Colorana produced	1.2	1.2	2.8	2.6
(b) Metric tons of iron ore produced	394	400	802	813
Cash cost per metric tons (a/b)	500	448	530	451

The table below sets forth reconciliation of net interest-bearing debt:

Amounts in NOK thousand	30 June 2022	31 March 2022	31 December 2021
Lease liabilities	126 526	120 537	113 708
Total interest-bearing debt	126 526	120 537	113 708
Cash and cash equivalents	(378 242)	(218 590)	(264 363)
Net interest-bearing debt	(251 716)	(98 053)	(150 655)

Rana Gruber ASA

Visiting address in Mo i Rana:

Rana Gruber AS and RG Mineral AS Mjølanveien 29, Gullsmedvik NO-8601 Mo i Rana Norway

Postal address:

Postboks 434 NO-8601 Mo Norway

T: (+47) 75 19 83 00

Investor relations: E: ir@ranagruber.no

www.ranagruber.no