Norsk Titanium offers Operational & Financial Update

Oslo, 23 April 2024: Norsk Titanium AS (Euronext: NTI, OTCQX: NORSF), a global leader in additive manufacturing for aerospace-grade structural titanium components using its patented Rapid Plasma Deposition® technology, provides operational & financial update after the signing of a landmark sales agreement with Airbus Aerostructures.

“The signing of the Master Supply Agreement with Airbus Aerostructures signifies the start of a new phase for Norsk Titanium, as the focus in our dialogue with Airbus shifts from qualification and development activities to transitioning of parts into serial production,” says Norsk Titanium’s CEO Carl Johnson. “The Airbus Aerostructures supply agreement and other similar agreements provide a unique platform for driving revenue growth”, Johnson added.

Norsk Titanium now has 21 parts in serial production with multiple customers, increasing annual recurring revenue to approximately USD 6 million. At the end of 2023 the company had 11 parts in serial production, representing an annual recurring revenue of approximately USD 4 million per year. By the end of the first half of 2024, the number of parts in serial production is expected to increase to approximately 30, representing an annual recurring revenue of approximately USD 10 million at full rate. At the end of 2024, more than 60 parts are expected to be in serial production, securing an annual recurring revenue of approximately USD 50 million. The expected growth in annual recurring revenue offers increasing visibility toward the longer-term revenue target of USD 150 million by 2026.

The company is currently printing and delivering parts to four large tier-1 suppliers (Leonardo, Spirit Aerosystems, Airbus Aerostructures, and GKN Aerospace) who manufacture assemblies for major commercial aerospace OEMs. Average part mass for delivery to our commercial aerospace customers continues to increase with new part transitions, doubling to 17 kg in the first half of 2024. Delivery to our industrial customers is also growing consistently with the delivery of approximately 15 units per month by the end of the first quarter.

The company targets revenue of USD 15 million in 2024. Delays experienced early in the year in contract negotiations and product development timelines have impacted initial delivery schedules, but the company remains engaged on a growing pipeline of customer-funded development activities. Norsk Titanium is still in the early stages of commercialization of its leading RPD® metal 3D printing technology. Reported revenue for the full year 2023 was USD 2.5 million, with an EBITDA-loss of USD 23.3 million and a loss before tax of USD 26.7 million for 2023. With commercial progress already achieved so far this year the company expects to be reaching a commercial inflection point in 2024. The company’s annual report for 2023 will be published on 24 April.

In February 2024, Norsk Titanium completed a rights issue which provided the company with approximately USD 18 million in gross proceeds. Shareholders subscribing for shares in the rights issue were also granted warrants to be exercised between 10 - 21 June and 18 - 29 November. Subject to all relevant warrants being exercised at the maximum subscription price, the company may receive additional proceeds of approximately USD 17 million.

The company is hosting a Capital Markets Update and site visit at its Norwegian headquarters at Eggemoen, outside Hønefoss, Norway on Thursday, 25 April from 0930 to 1200 CET. The company will facilitate bus transportation from Aker Brygge. Please refer to the invitation released on 8th of April.

For more information, please contact:

Carl Johnson, 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

Important notice: 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. About Norsk Titanium: Norsk Titanium is a global leader in metal 3D printing, innovating the future of metal manufacturing by enabling a paradigm shift to a clean and sustainable manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®) technology and installed production capacity to generate annual revenues of approximately USD 300 million, Norsk Titanium offers cost-efficient 3D printing of value-added metal parts to a large addressable market. RPD® technology uses significantly less raw material, energy, and time than traditional energy-intensive forming methods, presenting customers with an opportunity to better manage input costs, logistics, and environmental impact. RPD® printed parts are already flying on commercial aircraft, and Norsk Titanium has gained significant traction with large defense and industrial customers. For the latest news, go to www.norsktitanium.com or follow us on LinkedIn. Forward Looking Statements Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice, and the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.