Vow Green Metals AS

Investor Presentation • Apr 8, 2024

Company presentation

8 April, 2024

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THE COMPANY'S SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

Executive summary

EFFECTIVE CO2 REDUCTION	PRODUCTION ONGOING	KEY PROJECTS PORTFOLIO	2030 AMBITION	ABATEMENT POTENTIAL BY 2030
5 tons of CO2 reduced per ton biocarbon used1	Industrial scale production with 2,500 ton capacity2	Ongoing projects with production capacity of >50,000 tons of biocarbon	Realizing projects with 500,000 ton pa. total production capacity	~2.5 million tons of fossil CO21 Equivalent to 6 percent of Norway's annual emissions1

INVESTMENT HIGHLIGHTS

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Massive addressable market in Europe with demand for 56 million tons of fossil coal annually³ – high willingness to pay for sustainable reduction materials

Long-term offtake secured for the large-scale project at Hønefoss with supply agreement for 15,000 tons of biocarbon signed with Elkem, one of the world's leading providers of advanced silicon-based materials

Commercially de-risked market with metallurgical producers racing to secure access to biocarbon as first-movers have already signed longterm biocarbon offtake agreements in the Nordics

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Vow Green Metals' production facilities offers surplus energy and is not heavily dependant on grid capacity, making the concept a welcomed addition to any industrial hub seeking energy symbiosis

Industrial-scale production and R&D facility in place to deliver initial volumes of biocarbon to established partners and produce samples and develop recipes to mature new markets and new offtake partners

Opportunity to realize more than 200,000 ton biocarbon production capacity with FIDs from 2024 to 2028 requiring ~7 bn NOK in gross investment⁴

Investment case thoroughly scrutinized by expert panel of governmental enterprise Siva and energy company Vardar in relation to their recent investment ~252 MNOK in Vow Green Metals and Hønefoss project SPV

Unique access to proven and proprietary technology and IP – Vow Green Metals' large-scale process concept recently passed 3rd party technology verification conducted by Afry

Recent developments

Major milestones reached in all key projects

• First biocarbon production form the early production line completed in November
• Engineering of the large-scale plant to fit process equipment for both phases in one construction stage completed
• Viken Park project progressing according to plan with the commencement of a pre-study for a plant with potential production capacity of 30,000 tons

Building fruitful partnerships

• Long-term supply agreement for 15,000 tons of biocarbon signed with Elkem in January 2024
• Regional energy producer Vardar committed to a strategic investment of NOK 100 million in Vow Green Metals split equally between the project company for the local large-scale project at Hønefoss and the listed parent company
• Governmental enterprise Siva will invest NOK ~152 million in Vow Green Metals' large-scale biocarbon production at Hønefoss with the signing of a forward contract for the purchase of buildings and infrastructure, and related leaseback agreement

Building the organization

• Vow Green Metals has strengthened its metallurgical competence with two new hires and bolstered the Company's ability to develop projects and maintain efficient operations of its plants with four new hires including operative staff and managing director of biocarbon production in Norway
• Jan Halvard Aas Møller was appointed new CFO of Vow Green Metals in December 2023, effective from February 2024.

Pyrolyzing biomass to produce three renewable products

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1

Profit drivers 2 )

က Industrial progress

4 ) Proven technology

5 ) About Vow Green Metals

Large addressable market with strong demand

Reduction materials; A 56 million ton European market¹

56 million ton

Fossil coal is used as reduction materials in the European metallurgical industry¹

SiO² + C → Si + CO²

The Carbon is used as a reduction agent in several other metallurgical verticals such as iron/steel, Chrome, Manganese etc

• Reduction materials are needed to produce metals from metal ores
• Coal is used in most processes today as it has historically been a cheap and accessible source of carbon
• Increasing cost of CO2 emissions and push to reach net zero has metallurgical companies actively searching for renewable alternatives
• Many metallurgical industries does not have alternatives to carbon, meaning biocarbon is the only renewable option

15 million ton market potential from Silicon industry alone³

Fossil emissions from Silicon production²

• Currently, the metallurgical industry is mainly based on fossil reduction materials
• Close to 1 million ton fossil coal and coke used by metal producers in Norway annually
• Biocarbon can directly substitute fossilbased reduction agents
• Reduction materials account for 94% of fossil CO2 emissions from Silicone and Ferrosilicon production in Norway

Significant commitments to reduce emissions (excerpt)⁴

Elkem aims to replace 40% of its fossil coal consumption with biocarbon by 2031	ArcelorMittal has set a European carbon emissions reduction target of 35%
Ferroglobe target to use biocarbon to reduce CO2 emissions by 40% by 2030	Eramet is committed to a 40% reduction in CO2 emissions by 2035
Wacker want to reduce CO2 emissions by 50% in 2030 and become net-zero by 2045	SSAB is targeting a CO2 reduction of 35% by 2032
Outukumpu's target is to reduce emissions by 42% per ton of stainless steel by 2030	Thyssenkrupp is targeting a 30% reduction of CO2 by 2030

Biocarbon will improve yield while reducing fossil CO2 emissions – enabling sustainable production of key materials

Significantly improved yield by using biocarbon¹ Cost of CO2 emissions increasing² Yield +8 pp EU ETS IEA est. OECD avg • Researchers have found that using biocarbon as reduction material will improve yield significantly in Silicon and Ferrosilicon production

• Large financial impact as utilization is increased, reducing specific cost of raw materials, electricity and overhead per ton metal produced

Alternative cost for Silicon producers estimated to be >1,200 EUR/ton fixed carbon

Alternative cost for Silicon producers Comments

	Fixed carbon	Product A	Product B
Fixed carbon	100%	90%	70%
Price (EUR/ton)	1,250	1,125	875
Price (NOK/ton)	13,750	12,375	9,625

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2

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Fossil alternative

• Very specific low-ash coal
  • Nearly all coal sourced from a couple of mines in Columbia
  • Only a share of the coal from these mines are suitable as reduction material, and the remaining volumes are sold as thermal coal
  • As coal power plants are phased out, demand and price for thermal coal will decrease, thus price for reduction material will increase
• Medium and long-term cost delivered to Europe expected to be 636 EUR/ton fixed carbon
  • 350 EUR/ton at 55% fixed carbon
  • Since only fixed carbon is contributing to the reduction of metal, the willingness to pay is for tons of fixed carbon delivered

CO2 emissions

• 6.14 tons of CO2 is emitted per ton fixed carbon
  • 1 ton coal at 55% fixed carbon will emit 3.44 ton CO2
  • I.e., 6.14 ton CO2 per ton fixed carbon
• At a price of 100 EUR/ton CO2, this corresponds to 614 EUR/ton fixed carbon

Improved yield

• Biocarbon has shown to improve Silicon yield from Quartz, resulting in:
  • Increased revenue from Silicon
  • Reduced production cost per ton Silicon (quartz, electricity, anode, reduction materials, etc.)
• Elkem has shown that yield can improve by several percentage points, representing a significant value

Significant revenue potential with a large and growing demand for bio-oil

Markets			Potential customers (excerpt)	Expected NOK/ton	Status
	Asphalt	Using bio-oil to replace fossil bitumen as binder in asphalt	Norwegian and Nordic asphalt producers	~20,000	Collaboration
	Refinery	Used as feedstock by refineries to make bio-fuels, etc.	Traditional oil refineries Feedstock to green fuel producers	~10,000	Dialogues
	Shipping	Replacing fossil fuel oil currently used by ships	Shipping companies Bunker oil producers and traders	~10,000	Dialogues
	Energy	Replacing e.g. fossil heavy oil currently used by energy customers	Energy demanding industries (e.g. pulp & paper, chemicals, district heating, etc.)	~7,500	Dialogues
	Speciality	Replacing fossil alternatives in speciality products	Paint and tars Chemicals Traders	TBC	Dialogues

Bio-oil represent a significant revenue for pyrolysis plants with many interested potential industrial offtakers Pyrolysis plants with capacity of 200,000 tons biocarbon will simultaneously produce >100,000 ton bio-oil

10 Note: Company analysis, interviews with selected potential customers; Assumed 5-7.5 NOK/kg CO2 for asphalt in Norway, refineries and shipping in line with MGO (Argus, >1000 USD/ton including CO2 effect), 1 NOK/kWh energy

Strategic approach to securing feedstock

Feedstock sourcing

Wood biomass sourced from by-products and waste streams

Feedstock	Access
Sawmill by-products Sawdust, wood chips, bark, etc.	Location adjacent to sawmills Biocarbon plant as strategic long-term offtaker of side streams Partner with forest owners and/or forest managers. Enabling higher value creation for forest owners, value creation on all species
Forestry by products Energy wood, hardwood, GROT, pulpwood etc.
Wood waste Construction and demolition wood, municipal solid waste	Partnerships with long-term offtake, enabling investments for waste managers. Increasing waste recycling

Access to Norwegian feedstock¹

As feedstock for the process VGM will use wood-biomass, mainly by-products from sawmills and forestry, and recycled wood waste.

From 2016-2020 Norwegian forests in total grew by 21 million m3 with an outtake of 14 million m3.

As such, the Company will utilize sustainable feedstock and enter the secondary market for the biomass. As a stable and predictable offtaker with proximity to the feedstock source VGM companies are expected to be preferred customers.

All feedstock will be sustainably sourced and in accordance with the EU's Renewable Energy Directive. To produce 200,000 ton biocarbon, about 800,000 dry ton feedstock is needed (corresponding to ~2 million fm3). In Norway alone, increasing harvests and utilizing un-used sidestreams (i.e. GROT) has a potential of ~8 million fm3 pa. Additionally, ~4 million fm3 are exported and ~2 million fm3 are residues from sawmills.

European industrial wood production²

European wood waste potential³

11 Note: GROT (Grener og Topper, Eng: Branches and tops) are currently not being utilized by Norwegian forestry industry; 1) Prosess 21, Norsk institutt for skog og landskap 2014, SSB 2019 tbl. 03895; Norsk institutt for bioøkonomi 2018; 2) Bioenergy Europe – Pellets Statistical Report 2021; 3) Eurostat 2018

1 Products and market

2 Profit drivers

က Industrial progress

4 ) Proven technology

5 ) About Vow Green Metals

Vow Green Metals AS add value to biocarbon investment portfolios

Ownership structure Majority owner in first plant, seeking partners in new plants

VGM will be an active owner in the first plant at Hønefoss, while seeking partners investing in >50% in new plants

Strong revenue streams for Vow Green Metals expected

Comments

Development revenue

• Development revenue from new projects from originating and developing new projects
• VGM takes initial risk and provides access to a profitable market with massive potential where barriers to entry are high
• Revenue as a share of Capex

Revenue from franchise and service agreements

• VGM provides essential and specialized services to each SPV
• Includes product development, process optimization, commercial contracts, access to IP, shared services and more
• Calculated as a share of revenue from SPV

Leasing of Early Production Line

• Leasing production facility to associated entities
• SPVs having access to production facility and product development lab and competence
• Potential for testing new recipes, feedstock etc.

Product sales from Early Production Line

• Production of materials to customers
• Qualifying new products with different recipes and/or feedstock

Consolidated earnings

• Share of profit from direct ownership in Hønefoss plant

Products and market 1

2 ) Profit drivers

3 ) Industrial progress

4 ) Proven technology

About Vow Green Metals 5 )

Good progress in all key projects in first half of 2024

Early production line Hønefoss (phase 1 and 2) Viken Park

• Project data
• Capacity: 2,500 tons p.a. Planned operation: In commissioning and producing Location: Hønefoss, Norway
• Partners: Vow ASA, Treklyngen industripark
• Currently in commissioning and ramping up production
• Key improvements discovered and implemented providing significant synergies to the large-scale project, including faster ramp-up, operational knowledge and more
• First operators has started and recruiting of more production personnel started

Capacity: 20,000 tons p.a. (10,000 first phase) Planned operation (phase 1): H1 2025 Planned operation (phase 2): H2 2025 Location: Hønefoss, Norway

Partners: Vow ASA, Vardar Varme, Lindum, Treklyngen industripark

• Joint infrastructure project completed
• The interaction phase for civil works and process equipment installation started (Feb 2024)
• Execution of civil works is expected to start up in May this year.
• Most process equipment for phase 1 already delivered at site
• Main study for phase 2 initiated and proceeding according to plan

Capacity: 30,000 tons p.a. Planned FID: H2 2024 Location: Fredrikstad, Norway Partners: Vow ASA, Viken Park and unnamed companies at Viken Park

• Feasibility study completed
• Pre-study for a plant with 30,000 tons of biocarbon production capacity initiated
• Feedstock and energy offtake LoI's in place
• The regulatory plan for the area has been processed in Fredrikstad municipality and is currently out for consultation

Status update

Investment opportunity of ~7 bn NOK to realize 200,000 ton biocarbon production capacity by 2028

Production capacity Financials Comments

• Potential to realize projects with a combined production capacity of 200,000 tons by 2028
• Early Prod. Line in 2024
• Follum phase 1 in 2025
• Follum phase 2 in 2026
• Viken Park in 2026
• Two new projects in 2027
• Three new projects in 2028
• Significant potential beyond 2028; Target to realize a portfolio of plants with a combined production capacity exceeding 500,000 tons pa. by 2030:
  • Industrial parks with access to feedstock
  • Co-location with sawmills supplying feedstock and utilizing excess energy
  • Industry with large thermal energy demand
  • Focusing on Nordics and Europe, large potential in North America

Financials for the combined SPV portfolio:

• Estimated total Capex for realizing 200,000 ton biocarbon production capacity ~7 bn NOK²
  • At 60% debt financing, ~2.8 bn NOK equity is needed
• Run-rate revenues from these plants in normal operation exceeding 3 bn NOK
  • Including revenue from 200,000 ton biocarbon and >100,000 ton bio-oil
• Double digit project IRR Expected potential for at least 60% debt financing

1 Products and market

Profit drivers 2 )

က Industrial progress

4 Proven technology

About Vow Green Metals 5 )

Technology and concept verified by Afry in a 3rd party review

PROCESS STEP	TECHNOLOGY	AFRY 3.PARTY REVIEW
Overall concept	Process with no chemical additives in the pyrolysis, flexible operational window	Feasible process concept, attainable capacity
Drying of feedstock	Dryer technology used in wood pellets production	Best option
Pyrolysis	Technologies with flexible energy source (electricity and self-generated gas)	Best option (rotary kiln)
Pyrolysis gas handling	Condensing of pyrolysis gas, adjustable set points	Good option
Biochar and binder mixer	Mixer technology chosen to make sure sufficient mixing of material with binder	Best option
Product agglomeration 20	Off-the self technology chosen, used in conventional pellets production	Best option

Standardization efforts progressing to ensure speed and scale

Improved safety Standardized processes capturing lessons learned

Reduced cost Streamlined and efficient processes enabling cost-reduction

Reduced lead-time Accelerated project development, procurement and installation

Scalability to meet supply

Vow Green Metals can scale its standardized factory module to optimize production to meet available feedstock in the vicinity. This allows for full flexibility when sizing the factories.

The relatively low consumption of electricity in the standardized factory allows for situating production sites without requiring expansion of the power grid.

Implications for future production plants Vow Green Metals' standardized factory module

Accessing state-of-the-art technology from industrial technology and solutions provider Vow ASA

Access to leading technology

• Strong industrial backing from technology partner through at cooperation agreement between the companies
• World-leading solutions in converting biomass and waste into valuable resources and generate clean energy for a wide range of industries
• Building on decades of industrial heritage from a wide range of subsidiaries.
• Technology installed in more than 50 countries worldwide
• Proven technology: Scalable, standardized, patented and thoroughly documented solutions
• Subsidiary CHE has delivered Rotary tube furnaces from the 1960's with operating temperatures ranging from 600°C to 1000°C; Customers are companies like Hydro, Kværner, Elkem, Rana Gruber and Silgrain

Etia has delivered pyrolysis systems to VGM's competitor Envigas and to other relevant biomas upgraders such as Circular Carbon, NSR, PMI

Offering an electricity powered solution,

Etia became part of Vow in 2019

C.H. Evensen has developed, designed and produced industrial furnaces and equipment for a variety of heat treatment processes since 1937. The company has more than 4000 installations in more than 50 countries worldwide.

Offering one of the largest pyrolysis reactors available in the market today, CHE became part of Vow in 2022

1 Products and market

2 ) Profit drivers

က Industrial progress

4 ) Proven technology

5

Listed company with active owners

About Vow Green Metals Shareholders

• Vow Green Metals (VGM) was demerged from Vow ASA and listed at Euronext Growth Oslo in 2021 under the ticker VGM and has more than 5,100 shareholders
• We build, own and operate Biocarbon production plants at an industrial scale
• VGM team with extensive experience from process industry and through a cooperation agreement supported by the technology company Vow ASA with project and technology competence (~300 employees)

Listed at Euronext Growth with more than
5,100 owners

INVESTORS TOP 15	SHARES
VOW ASA	30,4%
INGERØ REITEN INVESTMENT COMPANY AS	18,8%
EXPROCO LIMITED	6,0%
DALER INN LIMITED	6,0%
BADIN INVEST LIMITED	5,4%
CLEARSTREAM BANKINGS S.A.	3,2%
TRETHOM AS	2,6%
NORDNET LIVSFORSIKRING AS	2,2%
FONDSAVANSE AS	1,8%
CITIBANK EUROPE PLC	1,3%
AVANZA BANK AB	0,8%
NORDNET BANK AB	0,7%
VICAMA AS	0,6%
THE BANK OF NEW YORK MELLON SA/NV	0,4%
J.P. MORGAN SE	0,4%
TOTAL TOP 15	80,6%

Active and passionate ownership

Contribute with experienced and dedicated people to support management in executing strategy. Investor in Vow since 2017 and represented on the Board of Directors

World leading solutions in converting biomass and waste into valuable resources and generate clean energy for a wide range of industries

Vow solutions are scalable, standardised, patented, and thoroughly documented, and their capability to deliver is well proven

Experienced management and key personnel

Cecilie Jonassen, CEO

• Extensive operational experience within the production of Pulp and Paper valorising biomass
• Previously held the position as Director of Operations Support in Norske Skog, where she has held various positions in Germany and Norway since 2005
• MSc Chemical Engineering

Jan Halvard Aas Møller, CFO

• Started in Feb 2024, comes from position as CFO in Biozin, a company facilitating the production of renewable products from biomass
• Extensive experience in finance and accounting from managerial and executive positions in audit/consulting, shipping, production, and project dvp.
• Master in Audit and Accounting

Dr. Trond Forseth, CTO

• 22 years exp. in process engineering and mgt. positions pulp & paper industries.
• 9 years prod. mgt. & development of 3D printing Titanium, meth. & machines.
• Experience plan & build prod. plant
• Extensive experience in production mgt., quality systems, product & process dev., quality control, cost red. & efficiency improvement programs.
• PhD Chemical Engineer

Gudmund Jenssen, MD Biocarbon Production

• Extensive operational and development experience from the Pulp and Paper industry valorising biomass
• Previously held the position as Head of Development at Norske Skog Saugbrugs, working with among other biocarbon and carbon capture
• MSc Chemical Engineering

Charlotte Lindstad, Product Manager

• 28 years of experience in production of Si and FeSi at Elkem AS. Various positions as process engr., and mgt. production, project, quality & development.
• Extensive experience production, quality systems, quality control, cost red. & efficiency imp, development of international standards
• MSc Metallurgy

Håkon Nøstvik, VP Commercial

• Strong experience in developing growth strategies for industrial scale-ups, implementing commercial strategies and comprehensive market analysis from his time as a management consultant.
• MSc Industrial Economics and Technology Management

Topi Vaarala, Process Manager

• 5 years experience as plant metallurgist at gold mine Agnico Eagle Finland Oy
• 3 years of experience as process design engineer and engineering manager at Sweco, European engineering consultancy company
• MSc Process Engineering Metallurgy

Cathrine Adolfsen, VP Projects

• More than 20 years experience from Paper and Packaging industry
• Project portfolio includes industry greenfield projects and R&D projects
• Experience from start-up and ramp-up of new production sites
• MBA. BSc in Chemical Engineering

Mathias Nilsen Reierth, Director Corporate Affairs and Commercial

• More than 15 years of experience covering broad spectrum of corporate affairs, strategy and commercial management with background from management consulting and journalism
• Recent positions within green industry and energy sector in some of Norway's leading companies
• MSc Economics and Business Administration

Peder Poulsson, Director Project

Finance

• 17 years of experience in various finance positions, from business development, investor relations to project finance in mining industry, media, renewable energy and cable systems manufacturing.
  • MSc International Economics, Finance and Management

Experienced and active Board of directors

Narve Reiten Chairman

Mr. Reiten is the founder of Reiten & Co and holds extensive investing and operational experience in the Nordic market. Mr. Reiten holds a Master of Business and Economics degree from BI Norwegian Business School and is a Certified Financial Analyst (CFA) from the Norwegian School of Economics (NHH). Mr. Reiten currently sits on the Board of Directors of Vow ASA (Chairman), Con-Form AS and Navamedic ASA. In addition, he has held several Board positions in private companies.

Kari Stine Tærum Board member

Ms. Tærum has broad experience from various positions within the renewable sector, including senior engineering roles, Operations Manager and Head of Production in REC Solar (previously Elkem Solar). Ms. Tærum is also bringing more than 15 years of experience from the cellulose industry. She holds a degree in pulp technology from the Norwegian Institute of Technology and Science and a degree in analytical chemistry from the Agder District College.

Line Tønnessen Board member

Ms. Tønnessen holds the position as Investment Director in Reiten & Co and is engaged in a range of Reiten & Co's investments. Tønnessen currently sits on the Board of Directors of Observe Medical ASA. She has a strong analytical and corporate finance background and holds an MBA in Finance from the Norwegian School of Economics (NHH) and is a Certified Financial Analyst (CFA).

Trude Sundset Board member

Ms. Sundset has more than 30 years of experience from working within the energy sector, with a specific focus on technology, environment, and climate issues. She is currently CTO at Hydro a leading aluminum and renewable energy company. Her extensive management experience includes business development, field development in the oil and gas sector and research management and development. Sundset has held various leading positions in Equinor and has been the CEO of Gassnova – the Norwegian state enterprise for CCS. Sundset holds a Master of Science degree in Technology Physical Chemistry from the Norwegian University of Science and Technology.

FORGING A NEW ERA FOR THE METALLURGICAL INDUSTRY