Rana Gruber has today published the production update for the fourth quarter of
2023.
The concentrate production of the fourth quarter was 452.000 metric tons, down
from 460.000 metric tons last year. This is a strong quarter, despite the 5-day
scheduled maintenance stop conducted in the fourth quarter this year to
implement improvements to the magnetite circuit and minor upgrades for the Fe65
project.

In 2024, the production reached 1.817.000 tons, up from 1.728.000 tons last
year. This marks the strongest production year in the company's history.

Volume sold of hematite was 406.000 metric tons, which corresponds to seven
shipments.
The last of these seven shipments left Mo i Rana on January 2, 2024.
Approximately 2/3 of the cargo was loaded by the end of the year and will be
recognized as revenue in the fourth quarter. The remaining 1/3 of the cargo will
be recognized as revenue in the first quarter of 2024.

Final settlement of these shipments will be in January (2), February (2) and
March (3).
As previously announced, two shipment was sent to Asia. Final settlement for
these shipments will be in January and March.

About Rana Gruber
Rana Gruber is a Norwegian iron ore producer established in 1964, with
operations based on more than 200 years of mining experience. The company's
products are based on natural mineral resources, which are processed and
exported to customers worldwide. Key customers include steel producers and
participants in the chemical industry. The company has about 300 employees and a
production capacity of 1.8 million metric tons of iron ore concentrates.

Contact
CEO, Gunnar Moe
+47 941 47 650
Gunnar.moe@ranagruber.no 

CFO, Erlend Høyen
+47 902 02 741
Erlend.hoyen@ranagruber.no

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