Norsk Titanium AS: Preliminary Results of 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, 20 February 2024: Reference is made to the previous stock exchange announcements from Norsk Titanium AS (the "Company") regarding the partially underwritten rights issue of between 221,343,874 and 273,639,404 new shares in the Company (the "Offer Shares") at a subscription price of NOK 0.82225 (the "Rights Issue"). In addition, the subscribers in the Rights Issue will be allocated one warrant for every two Offer Shares allocated to them and paid by them in the Rights Issue (the "Warrants").

The subscription period for the Rights Issue expired at 16:30 hours (CET) today, on 20 February 2024.

Preliminary results indicates that the Company has received subscriptions for 232,537,556 Offer Shares in the Rights Issue.

The final allocation of the Offer Shares and the Warrants will take place on 21 February 2024 in accordance with the allocation criteria set out in the Company's prospectus dated 5 February 2024 (the "Prospectus").

The final result of the Rights Issue will be published shortly thereafter, and letters regarding allocation of the Offer Shares and Warrants and the corresponding subscription amount to be paid by each subscriber, are expected to be distributed on or about 21 February 2024.

The due date for payment of the Offer Shares is 23 February 2024.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Anne Lene Gullen Bråten, Director Finance of Norsk Titanium AS, at the time and date stated above in this announcement.

For more information, please contact:

John Andersen, Chairman of Norsk Titanium AS

Email: John.Andersen@scatec.no

Tel: +47 90 17 40 80

Carl Johnson, President & CEO Norsk Titanium AS

Email: Carl.Johnson@norsktitanium.com

Tel: +1 518 324 4010

Ashar Ashary, CFO Norsk Titanium AS

Email: Ashar.Ashary@norsktitanium.com

Tel: +1 518 556 8966

For information about the Rights Issue, please contact Carnegie AS (the "Manager"): +47 22 00 93 40