Rana Gruber CMD and Q3 2025: Delivers on Fe65 milestone and executes on ambition to produce high-grade iron ore by 2029

12 Nov 2025 08:00 CET

Oslo, 12 November 2025 – Rana Gruber, Norway’s only iron ore supplier, today
presents the financial results for the third quarter of 2025 and outlines its
strategic direction at its annual Capital Markets Day in Oslo.

The headline of Rana Gruber’s capital markets day 2025 is the ambition to
produce high-grade iron ore (Fe67) by 2029. Having recently achieved its
previous Fe65 target, the company has demonstrated its ability for consistent
product quality improvements and laid a strong foundation to unlock further
value through high-grade production.

“Supplying high-grade iron ore to the steel industry is the most important
contribution we can make to help meet emissions targets. Reaching a stable
production of concentrates at 65 per cent is a significant milestone for us.
Building on this achievement and supported by our vast resource base, efficient
operations, and strong customer relationships, we are well-positioned to take
the next step and deliver high-grade iron ore to meet growing market demand,”
said Gunnar Moe, CEO of Rana Gruber.

Iron ore is essential for steelmaking, but traditional methods are highly carbon
intensive. New low-emission technologies require high-grade iron ore to operate
efficiently and sustainably. As the steel industry accelerates its transition to
greener production, Rana Gruber is uniquely positioned to play a pivotal role in
this transformation.

Rana Gruber is producing iron ore concentrate of 65 percent iron content
The company has now completed its Fe65 project, successfully producing iron ore
concentrates with 65 per cent iron content. Since 2020, Rana Gruber has
successfully lifted iron content from around 62 per cent to 65 per cent, while
simultaneously increasing production volumes. This is a significant step that
strengthens its competitive position in the global iron ore market and improves
profitability through higher price realisation.

“Very few iron ore producers manage to increase both product quality and
production volumes at the same time – but we’ve done exactly that. While global
iron ore quality is declining, we have steadily improved our product and scaled
up production. The investment to reach Fe65 has already been paid back in full,”
added Moe.

Strategic roadmap
Rana Gruber has defined a clear strategic roadmap focused on long-term value
creation. The company’s key strategic priorities include:
- Execute on high-grade iron ore production, targeting iron content around 67
per cent by 2029 to capture growing demand for high-grade products
- Maintain both operational and cost efficiency, combined with ongoing
improvements in product quality to realise higher prices and optimise
profitability
- Unlock the full potential of the resource base and leverage operational
flexibility, following years of extensive exploration and rigorous planning
- Maintain a strong balance sheet to support cash flow generation and preserve
the flexibility to pursue attractive strategic projects
- Provide attractive shareholder returns in line with the dividend policy to pay
out 50-70% of adjusted net profit quarterly

Since listing on Euronext Oslo Børs in 2021, Rana Gruber has delivered solid
value creation, distributing almost NOK 1.6 billion through dividends and share
buybacks.

Q3 2025 results released: Stable, high production with increased quality and
higher price achievement
Rana Gruber today also reported strong third-quarter results, driven by solid
production and higher volumes of magnetite. Sales increased compared to the same
period last year, supported by high realised prices for both hematite and
magnetite. Rana Gruber maintained a robust financial position and reduced cash
cost year-on-year, demonstrating strong operational efficiency and cost
discipline.

Highlights:
- Strong production of 472,000 mt with increased magnetite output versus
previous quarters
- Cash cost at NOK 556/mt, down 4.7% vs. Q3 2024
- Final Fe65 equipment installed to enhance quality, recovery, and process
stability, lifting the iron content
- Board of Directors declared a quarterly dividend of NOK 1.60 per share,
corresponding to a payout ratio of 70% for the quarter

Rana Gruber’s management will present the financial results on today at 09:00
CET in connection with the Company’s Capital Markets Day. Please find enclosed
the materials relating to the third quarter financial reporting as well as the
Capital Markets Day presentation.

The presentation will be held at Haakon VIIs gate 2 in Oslo. We welcome
investors, analysts and other stakeholders to participate. The presentation will
also be available to view online.

You can watch the event live following this link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20251112_1

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.

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 ASA on 12 November 2025 at
08:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

659393_Q3 2025 Rana Gruber print.pdf
659393_CMD 2025_ Presentation.pdf