Vow Green Metals AS

Investor Presentation • Feb 28, 2025

Second half-year 2024 presentation

28 February, 2025

1

Main developments

Key highlights

• First shipment of product delivered to customer for qualification
• Loan agreement for the large-scale Hønefoss facility ("VGM Operatør AS") with DNB, 50 percent guaranteed by Eksfin, of NOK 344 million was signed in July
• Construction work at the large-scale Hønefoss facility progressed throughout the second half of 2024. Installation of process equipment commenced in October with mechanical completion of several larger installations in December, including the pyrolysis reactors
• Vardar acquired an additional 8 percent stake in the large-scale Hønefoss facility, holding a total of 33 percent of the shares in the project with Vow Green Metals holding the remaining 67 percent of the shares
• Vow Green Metals announced the Eiktyr project, a large-scale 30,000 tons project as part of a circular green industry cluster at Orkland, central Norway
• Zoning plan for the Viken Park project approved by the city council in December 2024. A minority of the city council have notified that they will appeal against the decision. Processing of such appeal is expected to be completed by the end of Q2 2025
• The Company is in the process of securing long-term financing, as announced in the first half of 2024. Please see H2 2024 report for more information

Subsequent events:

• 100 percent offtake secured from the Hønefoss facility with biocarbon supply agreement for the remaining 25 percent production capacity signed with Finnish stainless steel giant, Outokumpu
• As announced on February 18, 2025, the Company secured bridge financing with a short-term loan of 15 MNOK with DNB ASA and the extension of the duration of a 5 MNOK revolving credit facility with Sparebank 1 Sør-Norge ASA

Valorizing biomass and biomass waste streams

3

100 percent offtake secured from the large-scale Hønefoss production facility with reputed metallurgical companies

«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

Global leader in advanced silicon-based materials European market leader in sustainable stainless steel

«Efforts to replace fossil coke with economically viable biomass-based alternatives is a key element to reduce our direct emissions. With this offtake agreement, Outokumpu is interested in supporting the further market development of high purity biocarbon»

Timo Huhtala General Manager Outokumpu EvoCarbon

The large-scale Hønefoss project progressing with buildings and infrastructure largely in place

Construction work progressing with strong backing from industrial, financial and governmental partners

• MNOK 344 green loan agreement signed July 2024, DNB as financer with 50% guarantee from Eksfin securing full financing of the first phase, and buildings needed for second phase expansion
• Sale-leaseback agreement of MNOK 152 signed with Siva, covering buildings and related infrastructure
• Long-term supply agreement for 75 percent of the production capacity signed with Elkem
• Three-year supply agreement for the remaining 25 percent of the production capacity signed with Outokumpu
• Enova support of MNOK 80.7 secured

The pyrolysis hall is shaping up with mechanical completion of several larger installations

Installation of process equipment progressing

• Installation of process equipment commenced in October following the handover of areas between the civil works and process installation project scopes
• Mechanical completion of several larger installations during Q4, 2024
• All pyrolysis reactors successfully installed in December 2024

Building a competence hub for biobased industry with a 2,500 tons facility in operations, and a laboratory in place

De-risking large-scale projects while accelerating commercial efforts Reducing time and cost with laboratory at Hønefoss in place

• 2,500 tons early production line in operation with the same technology as the in the first phase of the large-scale facility at Hønefoss significantly de-risking the project
• Producing biocarbon at industrial scale to deliver volumes to established partners, and product samples to mature new markets and relationships with industrial offtakers
• First shipment of product delivered to customer for qualification
• Additional pilot equipment in place at Hønefoss to increase capacity on product development efforts

• Laboratory established to accelerate product development and reducing the need for a third-party lab facility significantly reducing time and cost
• Several test instruments installed, including muffle furnaces to analyze volatiles and ash content, tumbler for durability testing, pellet crush force tester, viscosity measurement, moisture analyzer and more
• Close collaboration with national development and testing center, Future Materials, providing access to additional equipment and competencies

Large-scale projects Viken Park and Eiktyr under development totaling ~60,000 tons of production capacity

Project data

Capacity: 30,000 tons p.a. Planned FID: 1H 2025 Location: Fredrikstad, Norway Partners: Vow ASA, Viken Park, Carbon Centric and other stakeholders within the industrial park project Est. tot. CAPEX: EUR 90-100 million

Status update

• Pre-study for core technology completed together with technology partner Vow ASA
• Pre-study with Carbon Centric for CCU and energy offtake is ongoing
• Zoning plan approved by the city council in December 2024. A minority of the city council have notified that they will appeal against the decision. Processing of such appeal is expected to be completed by the end of Q2 2025

Capacity: 30,000 tons p.a. Planned FID: 2H 2025 Location: Orkland, Norway Partners: Elinor Batteries, Norsk e-Fuel, Norsk Industriutvikling, Vala Bio and Green Move Est. tot. CAPEX: EUR 90-100 million

Project data Status update

• Feasibility study completed
• Pre-study phase for a 30,000 tons of production capacity plant initiated
• Signed collaboration agreement for joint green industry development and energy and residual products utilization
• Initial studies on the potential industrial symbiosis at Eiktyr Industrial Park completed, indicating significant synergies

Financials for the second half of 2024

Key Figures

Profit and Loss	Unaudited	Unaudited	Unaudited	Audited
(Amounts in MNOK)	H2-2024	H2-2023	2024	2023
Statement of income
EBITDA	(17.7)	(14.5)	(23.9)	(23.9)
Profit for the period	(24.2)	(16.4)	(26.0)	(26.0)
Balance sheet				Audited
(Amounts in MNOK)				2023
Total non-current assets			353.2	136.8
Total current assets			83.1	46.4
Total assets			436.4	183.2
Total equity			188.0	100.0
Total non-current liabilities			175.5	50.6
Total current liabilities			72.9	32.6
Total equity and liabilities			436.4	183.2

Key figures (in MNOK) Financial review second half of 2024

• Vow Green Metals recorded an operating loss (EBITDA) for the second half 2024 of NOK 17.7 million. The operating loss is related to employee- and other operating expenses
• Expenses for salary, social security tax, and pension cost for second half of 2024 amounted to NOK 15.7 million, of which NOK 8.7 million of employee expenses was capitalized or been reclassified as internal projects
• Other operating expenses for the second half of 2024 amounted to NOK 10.8 million and consists of legal, audit, consulting fees, internal project costs and other general expenses
• Profit before tax for the last six months of 2024 was a net loss of NOK 24.2 million
• Total non-current assets as of 31 December 2024 were NOK 353.2 million and consist mainly of the development of the Hønefoss project and recognized lease contract for the production equipment (the "early production line")
• Total assets were NOK 436.4 million with cash and cash equivalents of NOK 70.5 million
• Total equity of NOK 188.0 million (equity ratio of 43%)
• The Company is in the process of securing long-term financing, as announced in the first half of 2024. Please see H2 2024 report for more information

FORGING A NEW ERA FOR THE METALLURGICAL INDUSTRY