Norsk Titanium AS - Share Issue/Capital Change 2024

Norsk Titanium AS: Exercise of subscription rights by close associates to primary insiders and major shareholders

Oslo, Norway, 19 February 2024: Reference is made to the stock exchange announcement published by Norsk Titanium AS (the "Company") on 6 February 2024 regarding the receipt of subscription rights by certain primary insiders and close associates of primary insiders of the Company in connection with the commencement of the subscription period for the partially underwritten rights issue (the "Rights Issue"). Each subscription right gives the right to subscribe for and be allocated one offer share in the Rights Issue.

Today, Norsk Titanium Cayman Ltd and Scatec Innovation AS, both close associates to primary insiders of the Company, have exercised 14,659,698 and 40,559,036 shares subscription rights, respectively, at the subscription price in the Rights Issue. Furthermore, White Crystals Ltd., the Company's major shareholder, has exercised 65,855,883 subscription rights today, at the subscription price in the Rights Issue.

Norsk Titanium Cayman Ltd.'s total subscription of NOK 12 million includes a partial conversion of existing bridge loans provided to the Company in the amount of NOK 9.15 million plus interest. Scatec Innovation AS' total subscription of NOK 33.35 million includes a conversion of existing bridge loans provided to the Company in the amount of NOK 21.5 million plus interest. White Crystals Ltd.'s total subscription of NOK 54.15 million includes a conversion of existing bridge loans provided to the Company in the amount of NOK 21.9 million (no interest). Reference is made to the announcement of terms of the Rights Issue and the notice of the extraordinary general meeting dated 14 December 2023 for further information on the conversion of loans in the Rights Issue.

Norsk Titanium Cayman Ltd. is a company closely associated with Shan E-Abbas Ashary and Bart Van Aalst, who are both board members of Norsk Titanium Cayman Ltd. and board members of the Company. Scatec Innovation AS is a company closely associated with John Andersen, who is the chairman of the Company's board of directors and also the CEO of Scatec Innovation AS.

Please see the attached notifications of trade for information regarding the primary insiders' exercise of subscription rights in the Rights Issue.

This information is subject to the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

For more information, please contact:

John Andersen, Chairman of Norsk Titanium AS

Email: [email protected]

Tel: +47 90 17 40 80

Carl Johnson, President & CEO Norsk Titanium AS

Email: [email protected]

Tel: +1 518 324 4010

Ashar Ashary, CFO Norsk Titanium AS

Email: [email protected]

Tel: +1 518 556 8966