Vow Green Metals AS

Earnings Release • Aug 24, 2023

Vow Green Metals AS: Half-year results 2023 – key milestones reached according to plan

Vow Green Metals AS: Half-year results 2023 – key milestones reached according to plan

Vow Green Metals today announced results for the first half of 2023 demonstrating significant industrial progress in key projects.

Main developments:

• Follum Early Production Line (2,500 tons): Process equipment delivered and most of the installation work completed in Q2 2023, well-placed for hot commissioning and first biocarbon production in third quarter 2023

• Follum Large-Scale Phase 1 (10,000 tons): Entered execution phase with the first shipment of Biogreen pyrolysis reactors delivered, clearing of the plot to prepare for groundwork completed, and infrastructure work commenced

• Follum Large-Scale Phase 2 (20,000 tons): Pre-study completed in June 2023, gate review passed, and main study initiated in August 2023 – accelerated process expected

• Viken Park (30,000 tons): Feasibility study completed, gate review passed, and pre-study initiated in August 2023

• Project pipeline expansion: 50,000 tons of biocarbon production capacity added in Q2, the pipeline is now totaling 620,000 tons, good progress with strategic equity partners

• Organizational growth: Six new hires in the first half of 2023, strengthening Vow Green Metals’ metallurgical expertise and operational capabilities

• Enova Grant: NOK 7.8 million drawn in July 2023, NOK 34.4 million remaining for the Follum Plant.

“In the first half of 2023 we have had a steady focus on achieving industrial progress across our portfolio of key projects, all of which are progressing according to plan. Keeping our priorities straight is key to ensure a rapid scaling of our business to serve the growing demand for biocarbon from the metallurgical industry,” said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

“The new hires made during the first half of 2023 mark a significant milestone as we advance into the operational phase this fall. These additions, which include leading metallurgical competence, represent a crucial step in ensuring that we are well-equipped to continue leading the way in forging the modern biocarbon industry.”

First half 2023 financials

Vow Green Metals recorded an operating loss for the second half of 2023 of NOK 9.4 million. The operating loss was related to employee- and other operating expenses. Net loss after net financial items for the period was NOK 9.5 million. Total non-current assets at the end of 2023 were NOK 105.3 million and consist of the ordering of process equipment for the Follum plant, offset by drawdown under the Enova grant. Total assets were 125.8 million, with a cash position of NOK 10.3 million (NOK 18.1 million when adjusted for the Enova grant received in July).

ENDS

The half-year 2023 report and presentation are attached, and is also available on www.vowgreenmetals.com/investors/results-and-presentations

Vow Green Metals’ Chief Executive Officer, Cecilie Jonassen, will host an online presentation of the main developments in the first half of 2023 today at 08:30 CEST, followed by a Q&A session.

Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20230824_1/

For further information, please contact:

Cecilie Jonassen, CEO, Vow Green Metals AS

Tel: + 47 954 20 126

Email: cecilie.jonassen@vowgreenmetals.com

About Vow Green Metals

Vow Green Metals’ strategy is to be a leading producer of biocarbon and other carbon neutral products that enables the green transition in hard-to-abate industries. We are on a mission to accelerate the world’s transition to renewable materials by offering green alternatives to replace fossil reduction agents in the metallurgical industry. The core of our business is to build, own and operate biocarbon production plants using state-of-the-art pyrolysis technology to turn biomass and biomass waste-streams into our core product, biocarbon. Our biocarbon production process also creates other valuable products like bio-oil and bioenergy. With our standardized solutions, unique access to proprietary technology, and a growing global pipeline of projects, we are upholding our first mover position in a growing market where speed and scale will be determining factors. Vow Green Metals is building a new biocarbon industry on the shoulders of its main owner and technology partner, Vow ASA, which provides access to competence and capabilities acquired through decades of industrial innovation.