Rana Gruber achieved record high revenues and adjusted net profit for the fourth
quarter of 2023.  The board of directors decided to pay out a quarterly dividend
of NOK 4.27 per share. This marks the 12th consecutive quarter of dividends from
the company, with a total payout per share of NOK 12.36 for the financial year
of 2023.

Revenues for the fourth quarter came in at record high NOK 620.2 million, up
from NOK 382.8 million in the fourth quarter of 2022. The increase is driven by
higher realised prices, increased sales volumes, as well as currency effects
from a weakened Norwegian krone.

Together with a total cash cost of NOK 243.2 million, this resulted in an
increased operating profit (EBITDA), which ended at NOK 350.5 million. The
adjusted net profit amounted to NOK 226.1 million, up from NOK 158.1 million in
the fourth quarter of 2022. 

For the financial year net profit came inn at NOK 490 million and adjusted net
profit came in at NOK 655 million. For Rana Gruber 2023 therefor stands out as
one of the best financial results in the company's nearly 60-year history.

"The fourth quarter is a solid end to a remarkable year for Rana Gruber.
Production reached record high volumes in 2023 and we have at the same time
achieved a steady increase in quality on our main product, Hematite. We expect
the strong production and quality trend to continue," says Gunnar Moe, CEO of
Rana Gruber.

Rana Gruber has recently completed the analysis of the exploration drilling
which was performed in the Ørtfjell area during the summer of 2023. The results
were successful and enables a one year extension of the open pit activities in
the Ørtfjell area. This extension will give Rana Gruber additional time to
develop more cost-efficient production strategy for the Steinsundtjern deposit.

The production volumes in the quarter were as announced in the production update
in January, 453 thousand metric tons. This represents a slight decrease from 461
thousand metric tons produced in the same quarter in 2022, due to a longer
planned maintenance stop than the year before. This stop was a crucial part of
the strategic project to increase the magnetite production going forward.

-----
Please find enclosed the report and the presentation for the fourth quarter of
2023.
The financial results will be presented by CEO Gunnar Moe and CFO Erlend Høyen,
15 February at 08.00 a.m. CET. 
The presentation and a following Q&A session will be made available as a webcast
which can be reached through the following link: 
https://bit.ly/ranaQ4-23

A recording of the presentation and Q&A session will be available on
https://ranagruber.no/investors/

For more information, please contact:
CEO, Gunnar Moe
+47 941 47 650
Gunnar.moe@ranagruber.no

CFO, Erlend Høyen
+47 902 02 741
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 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 AS on 15 February 2024 at 07:00 CET.

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