REC Silicon

Report Publication Announcement • May 11, 2021

REC Silicon - First quarter 2021 results

REC Silicon - First quarter 2021 results

Oslo, Norway - May 11, 2021: REC Silicon ASA (REC Silicon) reported first

quarter 2021 revenues of USD 28.1 million versus USD 36.0 million in the fourth

quarter of 2020 and EBITDA of USD 4.0 million versus USD 1.9 million in the

prior quarter.

REC Silicon reported a cash balance of USD 131.5 million on March 31, 2021

compared to USD 134.9 million on December 31, 2020.

The Company reported EBITDA contributed by the semiconductor materials segment

of USD 10.8 million for the first quarter compared to USD 8.0 million in the

first quarter 2020 and USD 11.7 million for the fourth quarter of 2020. The

decrease in EBITDA compared to the prior quarter was primarily the result of

lower silicon gas sales volumes of 781 MT for the first quarter compared to 881

MT for the prior quarter.

"The demand for semiconductor polysilicon and silicon gas has strengthened over

the last quarters and we expect this trend to continue. Limited shipping

availability over the Pacific has created some problems in fulfilling orders,

but we are confident it will gradually be resolved. The PV polysilicon market

has strengthened over the last months, but unfortunately, REC Silicon is not

able to supply this market due to the trade dispute with China. However, plans

to develop an "ultra-low-carbon footprint" PV value chain continue in

collaboration with other solar companies and the US Government. REC Silicon is

also in negotiations with several "Silicon Anode" companies concerning silane

supply contracts from our Moses Lake facility. REC Silicon is confident that the

Moses Lake facility will be restarted in 2023 with probable demand from both the

PV and the Silicon Anode market," said Tore Torvund, CEO.

For more information, please see the attached first quarter 2021 report and

presentation.

The company will host conference call to present the results at 8:00am CET.

Following the presentation, it will be opened for questions from the audience.

The presentation will be in English.

To join the videoconference, use the following link.

https://channel.royalcast.com/landingpage/hegnarmedia/20210511_5/

Audiocast participants need to register to post questions.

For further information, please contact:

James A. May II, Chief Financial Officer

Phone: +1 509 989 1023

Email: james.may@recsilicon.com

Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no

About REC Silicon

REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity polysilicon and silicon gas to the solar and electronics industries

worldwide. We combine over 30 years of experience and proprietary technology

with the needs of our customers, with annual production capacity of more than

20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on

the Oslo Stock Exchange (ticker: RECSI), the Company is headquartered in

Lysaker, Norway.

For more information, go to: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.