Norsk Titanium AS: Preliminary result of the Subsequent Offering

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, 5 June 2024: Reference is made to the stock exchange announcement published by Norsk Titanium AS (the "Company") on 23 May 2024 regarding the commencement of the subscription period (the "Subscription Period") in the subsequent offering (the "Subsequent Offering") of up to 11,000,000 new shares in the Company (the "Offer Shares") at a subscription price of NOK 2.50 per share.

The Subscription Period expired today, 5 June 2024, at 16:30 hours (CEST). The Company has been informed by the Managers (as defined below) that at the end of the Subscription Period, and based on a preliminary count, valid subscriptions had been received for a total of approximately 24,314,460 Offer Shares.

The final number is expected to be ready, resolved by the Company and allocated on 6 June 2024 in accordance with the timeline for the Subsequent Offering, as set forth in the national prospectus prepared therefor. Further announcements in respect of the Subsequent Offering and the Offer Shares will be made in due course.

The due date for payment of the Offer Shares is on or about 11 June 2024. Subject to due payment of the Offer Shares by the subscribers, the share capital increase relating to the Subsequent Offering is expected to be registered with the Norwegian Register of Business Enterprises on or about 13 June 2024 and the Offer Shares will thereafter be delivered to the VPS accounts of the subscribers to whom they are allocated, expected on or about 14 June 2024. First day of trading of the Offer Shares on Euronext Growth Oslo is expected on or about 17 June 2024. A separate announcement will be made when the share capital increase has been registered.

Carnegie AS is acting as sole global coordinator and joint bookrunner and Arctic Securities AS is acting as joint bookrunner (together, the "Managers") in connection with the Subsequent Offering. Advokatfirmaet Selmer AS is acting as legal advisor to Norsk Titanium.

For more information, please contact:

Ashar Ashary, CFO Norsk Titanium AS
Email: Ashar.Ashary@norsktitanium.com
Tel: +1 518 556 8966

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.