NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN,
HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. 

Oslo, 26 January 2026 

Reference  is made to  the stock exchange  announcement published on 21 December
2025 regarding  the transaction agreement between Drakkar BidCo AS (the
"Offeror"), a wholly owned company of Champion Iron Limited ("Champion"), and
Rana Gruber ASA ("the "Company") for  the  Offeror  to,  subject  to  certain 
conditions,  launch  a recommended  voluntary cash tender  offer for all  issued
and outstanding shares (the  "Shares") in the Company at a price of NOK 79 per
share as further regulated in the transaction agreement (the "Offer"). 

The Offer is unanimously recommended by the board of directors of the Company
(the "Board"). 

The offer document for the Offer (the "Offer Document") was approved on 26
January 2026 by the Norwegian Financial Supervisory Authority ("NFSA") in its
capacity as take-over supervisory authority. The terms and conditions of the
Offer are set out in the Offer Document, and the Offer is only capable of being
accepted pursuant to the Offer Document. 

Key terms of the Offer: 

- Offer Price: NOK 79 per Share, subject to any adjustments as set out in the
Offer Document (the "Offer Price").

- Offer Period: From and including 27 January 2026 to 24 February 2026 at 16:30
(CET), subject to any extensions at the sole discretion of the Offeror. The
Offer Period will in no event be extended beyond 7 April 2026. 

- Receiving Agent: Clarksons Securities AS

The Offer Price represents: 

- A premium of 12.9% to the closing trading price for the Shares on 19 December
2025 of NOK 70.0