Vow Green Metals AS

Share Issue/Capital Change • Oct 16, 2023

Vow Green Metals AS: Drop-down demerger of Vow Green Metals’ Follum business completed

Vow Green Metals AS: Drop-down demerger of Vow Green Metals’ Follum business completed

Reference is made to the announcement made on 30 June 2023 regarding the drop-down demerger plan (the “Drop-down”) and transfer of part of Vow Green Metals AS’s (“Vow Green Metals”) business (the “Follum Business”) to a separate wholly owned subsidiary of Vow Green Metals.

The demerger of the Follum Business has now been registered as completed in the Norwegian Register of Business Enterprises and the Follum Business has been transferred to the intermediary company VGM Hjelpeselskap AS. The share capital of Vow Green Metals has been reduced trough a reduction of the nominal value per share, and the new share capital of Vow Green Metals is NOK 429.590,4392 divided by 165.227.092 shares.

Further, VGM Hjelpeselskap AS will be merged with VGM Operatør AS by way of triangular merger, before opening of the market on Euronext Growth (Oslo) tomorrow, on 17 October 2023. After the merger, the share capital of Vow Green Metals will increase to 1.073.976,098 consisting of 165.227.092 shares, as before the demerger of the Follum business. A separate announcement will be made when the merger is registered as completed in the Norwegian Register of Business Enterprises.

Note: The Follum Business to be transferred includes assets, rights and obligations related to the Follum project. At the completion of the Drop-down, Vow Green Metals’ ownership of the Follum Business will be indirectly through VGM Operatør AS – a wholly owned subsidiary. The number and nominal value of the shares in Vow Green Metals will remain unchanged after the completion of the Drop-down demerger plan.

For further information, please contact:

Cecilie Jonassen, CEO, Vow Green Metals AS

Tel: +47 954 20 126

Email: cecilie.jonassen@vowgreenmetals.com

Peder Poulsson, Director Finance and Project Controlling, Vow Green Metals AS

Tel: +47 950 26 311

Email: peder.poulsson@vowgreenmetals.com

About Vow Green Metals

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 main owner and technology partner, Vow ASA, which provides access to competence and capabilities acquired through decades of industrial innovation.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.