Norsk Titanium AS: Exercise Price in the First Exercise Period for the Warrants Issued in Connection with the Right 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, 7 June 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, of which 114,519,363 Warrants were issued to subscribers in the Rights Issue, and 50,000,000 Warrants to Buntel AB as part of its underwriting commission in the Rights Issue. 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 1.068925).

Based on the criteria above, the exercise price per New Share in the First Exercise Period is NOK 1.068925 (the "Exercise Price").

The Warrants may be exercised in two periods: (i) 10 – 21 June 2024 (the "First Exercise Period"), and (ii) 18 – 29 November 2024. The 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 each exercise period to facilitate the settlement of the exercised Warrants. The Warrants will thus be tradeable from 4 March 2024 to 17 June 2024 at 16:30 hours (CEST), and (ii) following the settlement of the First Exercise Period, until 25 November 2024 at 16:30 hours (CET). As of 26 November 2024, the Warrants will no longer be tradable.

If all the Warrants are exercised, the Company expects to raise additional gross proceeds of up to approx. NOK 175 million (equivalent to approx. USD 16.5 million). If not all the Warrants are exercised, the gross proceeds will be reduced corresponding to the proportion of Warrants that are not exercised.

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.