Vow Green Metals AS

Capital/Financing Update • May 2, 2025

Vow Green Metals AS: Update on financial position

Vow Green Metals AS: Update on financial position

Reference is made to the announcement by Vow Green Metals AS ("VGM") on 17 April 2025 where it was stated that the proceeds from VGM's sale of shares to Obligo are expected to fulfill the company's cash runway for the next 12 months.

As part of VGM's negotiations with DNB Bank ASA and Eksfin as lender and guarantor under VGM Operatør's NOK 344 million facility, VGM will, subject to closing of the Obligo transaction, undertake a restricted cash obligation of NOK 35 million as security for VGM Operatør and its Hønefoss project. This is caused by an increase in the projected costs for the Hønefoss project in the amount of approximately NOK 20 million. Total estimated CAPEX for the scope for phase I at the Hønefoss project has increased from NOK 541 million to NOK 558 million.

The restricted cash obligation and cost increase mean that the proceeds from the Obligo transaction will provide the Company with cash runway until September 2025, which may be extended to December 2025 if VGM's partners in VGM Operatør undertake additional NOK 10 million of the restricted cash obligation.

For further questions, please contact:

Jan Halvard Aas Møller, CFO

Vow Green Metals AS

Tel: + 47 901 15 375

Email: jan.moller@vowgreenmetals.com

Cecilie Jonassen, CEO

Vow Green Metals AS

Tel: +47 954 20 126

Email: cecilie.jonassen@vowgreenmetals.com

About VGM:

Vow Green Metals’ strategy is to be a leading producer of biocarbon and other carbon-neutral products that enable 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 largest shareholder and technology partner, Vow ASA, which provides access to competence and capabilities acquired through decades of industrial innovation. Read more: www.vowgreenmetals.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial on 2 May 2025 at 18:40 CEST.