Rana Gruber ASA: Rana Gruber Enters into Fixed Freight Rate Agreements

13 Dec 2024 16:00 CET

For 2026, Rana Gruber has entered into fixed freight rate agreements of 21.00
USD/mt for 60.000 mt per month, totaling 720.000 mt for the period.

Total volume of fixed freight rate agreements after today is:
December 24: 60.000 mt (avg. 22.3 USD/mt)
Q1-25: 90.000 mt per month (avg. 22.35 USD/mt)
Q2-25: 90.000 mt per month (avg. 23.00 USD/mt)
Q3-25: 60.000 mt per month (avg. 23.40 USD/mt)
Q4-25: 60.000 mt per month (avg. 23.40 USD/mt)
2026: 60.000 mt per month (avg. 21.00 USD/mt)

After this agreement Rana Gruber has secured a total of 1.680.000 mt for 2024,
2025 and 2026 at the average of 22.10 USD/mt.

Rana Gruber is subject to fluctuations in the freight market through a deduction
of freight costs in the realized price of hematite products, and these positions
will help reduce the volatility in Rana Gruber's cash flow going forward.
Unrealized effects will be recognized in other financial gains/(losses) in the
P&L. Positions that are not relevant for the quarter will be adjusted in the
adjusted net profit, similar to positions related to iron ore and FX going
forward.

For more information, please contact:
Gunnar Moe, Chief Executive Officer: +47 941 47 650
Erlend Høyen, Chief Financial Officer: +47 902 02 741

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 370 employees and a
production capacity of 1.8 million metric tons of iron ore concentrates.

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