RANA - Rana Gruber third quarter 2022 results

10 Nov 2022 07:00 CET

Mo i Rana, 10 November 2022 – The third quarter of the year was characterised by
record high production of iron ore concentrate, reduced costs per metric ton
produced, and good progress with the company’s strategic development projects.

The iron ore concentrate production totalled 469 thousand metric tons. This is
the largest amount produced in one quarter in the history of Rana Gruber. The
production increase was a result of continuous improvement in the entire
operations from the mine to the processing plant. While total costs remained
stable, the increased production volumes resulted in reduced costs per ton.

“Our record high production volumes are results of our continuous efforts for
optimisation of our production processes,” says CEO Gunnar Moe.

The company also progressed well with its strategic development projects.
“We are on track with our strategic projects. Before the end of 2024, we expect
to increase the minimum iron content in our hematite production to 65 per cent,
and to increase our magnetite production by 50 per cent. Before the end of 2025,
we expect to be the world’s first carbon free iron ore producer, Moe says.”

The revenues of the quarter increased by 17 per cent compared to the third
quarter of 2021 and came in at NOK 230.5 million. The operating profit (EBITDA)
ended at NOK 64 million, up from negative NOK 8.3 million in the comparable
period last year.

“The increase in revenues is largely explained by the fall in the prices for
iron ore during the third quarter of 2021. This also explains the improved
operating profit,” says Moe.

The adjusted net profit amounted to NOK 55.4 million, and the board decided to
pay out dividends per share of NOK 1,05

Please find enclosed the report and presentation for the third quarter of 2022.

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

Both events will take place at Hotel Continental, Stortingsgata 24/26 in Oslo.
They will also be made available via a live webcast through the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20221110_9/

Recordings of both the presentation for the third quarter and the capital market
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 10 November 2022 at 07:00 CET

More information:
Access the news on Oslo Bors NewsWeb site

575258_CMD Presentation.pdf
575258_Q3-22 Presentation.pdf
575258_Q3-22 Report.pdf