Norsk Titanium AS: New Share Capital in Rights Issue and Warrants Registered

Oslo, Norway, 29 February 2024: Reference is made to the stock exchange announcement by Norsk Titanium AS (the "Company") on 21 February 2024 regarding the final results of the partially underwritten rights issue of 229,038,787 new shares in the Company (the "Offer Shares") raising approx. NOK 188.3 million (equivalent to approx. USD 18 million) in gross proceeds (the "Rights Issue"). The subscribers in the Rights Issue were allocated one warrant for every two Offer Shares allocated to them and paid by them in the Rights Issue (the "Warrants"). The Rights Issue resulted in the issuance of 114,519,363 Warrants.

The share capital increase relating to the Rights Issue and the issuance of Warrants are now registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 41,329,200.16 divided into 516,615,002 shares, each with a nominal value of NOK 0.08. Each share represents one vote in the Company's general meeting.

The Offer Shares and the Warrants are expected to be delivered to investors and be tradable on or about 1 March 2024 and on or about 4 March 2024, respectively. Trading in the Offer Shares on Euronext Growth Oslo with ordinary T+2 settlement may accordingly commence now.

For more information, please contact:

John Andersen, Chairman of Norsk Titanium AS

Email: John.Andersen@scatec.no

Tel: +47 90 17 40 80

Carl Johnson, President & CEO Norsk Titanium AS

Email: Carl.Johnson@norsktitanium.com

Tel: +1 518 324 4010

Ashar Ashary, CFO Norsk Titanium AS

Email: Ashar.Ashary@norsktitanium.com

Tel: +1 518 556 8966

For information about the Rights Issue, please contact Carnegie AS (the "Manager"): +47 22 00 93 40

This information is published in accordance with the requirements of the Continuing Obligations for companies listed on Euronext Growth Oslo and section 5-12 of the Norwegian Securities Trading Act.