Oslo, Norway, 15 May 2024: Reference is made to the stock exchange announcement
by Norsk Titanium AS (the "Company") on 29 April 2024 regarding a private
placement of new shares to be issued by the Company (the "Private Placement"). 

Scatec Innovation AS has agreed to lend existing and unencumbered shares in the
Company, already being traded on Euronext Growth Oslo, to the managers for the
Private Placement. Borrowed shares will be used for settlement towards investors
having been allocated shares in the Private Placement and redelivered to Scatec
Innovation AS upon registration of the share capital increase pertaining to the
Private Placement. 

Pursuant to the share lending arrangement, the managers have borrowed a total of
56,296,370 shares from Scatec Innovation AS to settle tranche 2 of the Private
Placement. Scatec Innovation AS is a company closely associated with John
Andersen, who is the chairman of the Company's board of directors. Please see
the attached notification of trade for information regarding the lending of
shares in the Private Placement by a close associate of a primary insider.

The board of directors will resolve the share capital increase pertaining to the
issuance of shares when the authorisation to do so, as resolved by the annual
general meeting, is registered in the Norwegian Register of Business
Enterprises, expected take place on or about 15 May 2024. The shares allocated
to investors in tranche 2 of the Private Placement will be tradable subject to
the resolution by the board of directors to issue the shares in tranche 2. The
shares allocated in tranche 2 cannot be traded before the resolution by the
board of directors has been made.

For more information, please contact: 

Ashar Ashary, CFO Norsk Titanium AS 
Email: Ashar.Ashary@norsktitanium.com 
Tel: +1 518 556 8966

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.