Norsk Titanium AS: Exercise price in the final exercise period for the Warrants issued in connection with the Rights Issue

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

Oslo, Norway, 15 November 2024: Reference is made to the stock exchange announcement by Norsk Titanium AS (the "Company") on 21 February 2024 regarding the results of the partially underwritten rights issue of 229,038,787 new shares in the Company raising approx. NOK 188.3 million (equivalent to approx. USD 18 million) in gross proceeds (the "Rights Issue"). The subscribers in the Rights Issue were allocated one warrant for every two shares allocated in the Rights Issue (the "Warrants").

As announced on 4 March 2024, the Company issued a total of 164,519,363 Warrants in the Rights Issue. Following the first exercise window for the Warrants in June 2024, the Company has 135,796,540 Warrants outstanding. Each Warrant gives the holder a right to subscribe for one new share in the Company (such new shares jointly the "New Shares") at an exercise price per share equal to the volume-weighted average price (VWAP) of the Company's shares on Euronext Growth Oslo in the three last trading days prior to the first date on which the holder can exercise the Warrant in each exercise period less 30%, but in any event (i) not lower than the nominal value (NOK 0.08) and (ii) not exceeding the subscription price in the Rights Issue plus 30% (i.e. NOK 1.06892).

Based on the criteria above, the exercise price per New Share in the final exercise period, being from 18 November 2024 at 09:00 (CET) to 29 November 2024 at 16:30 (CET), is NOK 1.06892 (the "Exercise Price").

The final exercise period for the Warrants will commence on 18 November 2024 at 09:00 (CET) and end on 29 November 2024 at 16:30 (CET). The outstanding Warrants are listed and tradeable on Euronext Growth Oslo under the ticker code "NTIS".

The trading in the Warrants will be suspended four days before the end of the exercise period to facilitate the settlement of the exercised Warrants. The Warrants will thus be tradeable until 25 November 2024 at 16:30 hours (CET). Warrants that are not exercised before the expiry of the final exercise period on 29 November 2024 at 16:30 hours (CET) or not sold before 16:30 hours (CET) on 25 November 2024 will have no value and will lapse without compensation to the holder.

As noted in the stock exchange announcement published on 14 November 2024, the Company has secured pre-commitments and additional commitment corresponding to minimum gross proceeds of NOK 113 million from the New Shares following the final exercise period. If all remaining Warrants are exercised, the total gross proceeds will be approx. NOK 145 million (equivalent to approx. USD 13 million).

For more information, please contact:

Ashar Ashary, CFO Norsk Titanium AS

Email: Ashar.Ashary@norsktitanium.com

Tel: +1 518 556 8966

For more information about the exercise of Warrants, please contact Carnegie AS (the "Manager"): Tel: +47 22 00 93 40.