Rana Gruber achieved record high production in the third quarter of 2023, and
pays out NOK 3.23 per share as dividend. 

Rana Gruber produced 503 thousand metric tons iron ore concentrate in the
quarter. This represents a significant increase and marks the strongest
production quarter in the company's history. What's particularly satisfying is
that we manage to maintain high quality even as production volume increases, and
we are taking further steps towards Fe65.

The revenues came in at NOK 470.1 million, up from NOK 230.5 million in the
third quarter of 2022. The increase is explained by higher realised prices,
increased sales volumes, and currency effects from a weakened Norwegian krone.
Together with a total cash cost of NOK 228.7 million, this resulted in an
increased operating profit (EBITDA), which ended at NOK 251.2 million.

The adjusted net profit amounted to NOK 171.2 million, up from NOK 55.4 million
in the third quarter of 2022, and the board of directors decided to pay out
dividends per share of NOK 3.23. 

"The third quarter marks a milestone in Rana Gruber's history with the highest
quarterly production ever recorded. At the same time, we continue to generate
value to our shareholders and pay out 70 per cent of the adjusted net profit as
dividends - for the eleventh quarter in a row," says Gunnar Moe, CEO of Rana
Gruber.

Please find enclosed the report for the third quarter and the presentation for
both the third quarter and capital markets update. 

The financial results will be presented by CEO Gunnar Moe and CFO Erlend Høyen,
15 November, 09.00 a.m. CET, followed by a capital markets update. 

Both presentations will be held at Haakon VIIs gate 2 in Oslo. 
They will also be made available via a live webcast through the following link: 
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20231115_10

Recordings of both the presentation for the third quarter and the capital
markets update event will eventually be available on
https://ranagruber.no/investors/

For more information, please contact:
CEO, Gunnar Moe
+47 94147650
Gunnar.moe@ranagruber.no 

CFO, Erlend Høyen
+47 90202741
Erlend.hoyen@ranagruber.no 

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.

This information is subject to the disclosure requirements pursuant to Section
5-12 in the Norwegian Securities Trading Act.

This stock exchange announcement was published by Vegard Nerdal, IR at Rana
Gruber AS on 15 November 2023 at 08:00 CET.

Click here for more information

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