Vow Green Metals AS

Investor Presentation • Feb 15, 2024

SECOND HALF-YEAR 2023 PRESENTATION

14 February, 2024

>

The formula to unlock emissions reduction at industrial scale

SiO² + C → Si + CO²

The formula to unlock emissions reduction at industrial scale

SiO² + C → Si + CO²

Valorizing biomass and biomass waste streams

Main developments

Major milestones reached in all key projects

• First biocarbon production form the early production line completed in November
• Engineering of the large-scale plant to fit process equipment for both phases in one construction stage completed
• Viken Park project progressing according to plan with the commencement of a pre-study for a plant with potential production capacity of 30,000 tons

Building fruitful partneships

• Governmental enterprise Siva will invest NOK ~152 million in Vow Green Metals' large-scale biocarbon production at Hønefoss with the signing of a forward contract for the purchase of buildings and infrastructure, and related leaseback agreement
• Regional energy producer Vardar committed to a strategic investment of NOK 100 million in Vow Green Metals split equally between the project company for the local large-scale project at Hønefoss and the listed parent company
• Long-term supply agreement for 15,000 tons of biocarbon signed with Elkem in January 2024

Building the organization

• Vow Green Metals has strengthened its metallurgical competence with two new hires and bolstered the Company's ability to develop projects and maintain efficient operations of its plants with four new hires including operative staff and managing director of biocarbon production in Norway
• Jan Halvard Aas Møller was appointed new CFO of Vow Green Metals in December 2023, effective from February 2024.

Financials for Second-half 2023

Key figures

Financial review second-half 2023

• EBITDA for second half 2023 negative of 14.5 MNOK. FY23 of negative 23.9 MNOK (unaudited)
  • Employee expenses
  • Other operating expenses
  • Follum related expenses of 8.7 MNOK capitalised
  • Total assets of 183.2 MNOK, of which
  • 126.2 MNOK is process equipment under construction for the Follum plant, net of Enova grant of 7.8 MNOK
  • Cash position of 41.3MNOK

Good progress in all key projects in the second half of 2023

• Early production line Hønefoss (phase 1 and 2) Viken Park
• Capacity: 2,500 tons p.a. Planned operation: Q1 2024 Location: Hønefoss, Norway Partners: Vow ASA, Treklyngen industripark
• First biocarbon successfully produced
• Starting ramp-up of operations in February 2024
• Key improvements discovered and implemented providing significant synergies to the large-scale project, including faster ramp-up, operational knowledge and more
• First operators has started and started recruiting of more production personnel

Capacity: 20,000 tons p.a. (10,000 first phase) Planned operation (phase 1): H1 2025 Planned operation (phase 2): H1 2026 Location: Hønefoss, Norway Partners: Vow ASA, Vardar Varme, Lindum, Treklyngen industripark

• Joint infrastructure project completed
• The interaction phase for civil works and process equipment installation started (Feb 2024)
• Execution of civil works is expected to start up in April this year.
• Most process equipment for phase 1 already delivered at site
• Main study for phase 2 initiated and proceeding according to plan

Capacity: 30,000 tons p.a. Planned FID: H2 2024 Location: Fredrikstad, Norway Partners: Vow ASA, Viken Park and unnamed companies at Viken Park

• Feasibility study completed
• Pre-study for a plant with 30,000 tons of biocarbon production capacity initiated
• Feedstock and energy offtake LoI's in place
• The regulatory plan for the area has been processed in Fredrikstad municipality and is currently out for consultation

VikenPark project progressing according to plan

Viken Park industrial area Concept and progress

• Set to become one of the largest and most innovative industrial areas in Europe
• Key focus to optimize industrial symbiosis and energy utilization with excess energy used by adjacent industry

• Great logistics with proximity to E6, Borg Harbour and Rolvsøy freight terminal. The regulatory plan for the area has been processed in Fredrikstad municipality and is currently out for consultation

• The concept has a planned production capacity of 30,000 tons of biocarbon p.a. using the dual energy source C.H. Evensen reactor, provided by Vow ASA

• Pre-study to further map the potential for stable feedstock supply, local energy offtake and industrial synergies is ongoing and expected to be completed during 1H, 2024
• Strategic partnerships entered with LoI's for local feedstock supply, CCU and energy offtake signed

Significant industrial players with up to NOK 252 million investment in Vow Green Metals

Siva to invest NOK ~152 million in Vow Green Metals' large-scale biocarbon production at Hønefoss

Vardar with strategic investment of up to NOK 100 million in Vow Green Metals

"This is the starting point of the scaling of a new green industry"

Jan Christian Vestre Minister of Trade and Industry

The commercial marketfor biocarbon in the Nordics is maturing with new long-term supply agreements signed

Long-term supply agreement for 15,000 tons of biocarbon p.a. signed with Elkem

"Replacing fossil carbon sources with biocarbon in our smelting operations is a key potential for reducing our fossil CO2 emissions, and this supply agreement with VGM is part of our efforts to develop competitive sourcing of biocarbon."

Inge Grubben-Strømnes Senior Vice President of Silicon Products

The VGM technical and operations team visiting Envigas' production facility in Bureå, Sweden, earlier in November

Standardization efforts progressing to ensure speed and scale

Improved safety

Standardized processes capturing lessons learned

Reduced cost

Streamlined and efficient processes enabling cost-reduction

Reduced lead-time

Accelerated project development, procurement and installation

Implications for future production plants Vow Green Metals' standardized factory module

Building an organization with strong competence and experience across three critical functions

High-grading the global pipeline of large-scale biocarbon production plants

Maturing key leads

• Industrial parks
  • Pyrolysis gas as backbone of energy production at site
• Pulp and paper
  • Biocarbon plant adjacent to P&P production
  • Producing steam to replace natural gas consumption
• Sawmills
  • Sourcing wood chips from adjacent sawmill, delivering excess energy for drying
• District heating
  • Delivering excess energy to district heating, replacing use of biomass fuel not compliant with RED3

Pipeline

Norway: 210,000 tons Nordics: 90,000 tons Europe: 220,000 tons Other: 100,000 tons

Total pipeline

620,000 tons

Vow Green Metals add value to biocarbon investment portfolios

The value of reducing emissions is massive – enabling profitable biocarbon at competitive price levels

Clear ambitions for 2024

2024 PRIORITIES

STAYING AHEAD OF THE CURVE AS THE LEADING PRODUCER OF BIOCARBON AND CARBON-NEUTRAL PRODUCTS

FORGING A NEW ERA FOR THE METALLURGICAL INDUSTRY