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 40,620,046 subscription rights, respectively. Furthermore, White Crystals Ltd., the Company's major shareholder, has exercised 65,855,883 subscription rights today. Norsk Titanium Cayman Ltd. will settle 3,534,591 of the subscription rights by cash consideration, whereas 11,125,107 subscription rights will be settled by a partial conversion of the bridge loan provided by Norsk Titanium Cayman Ltd to the Company on 30 August 2023, as further described in the stock exchange announcements on 30 August 2023 and 28 September 2023. Both Scatec Innovation AS and White Crystals Ltd. will settle their subscription rights by cash consideration. 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: 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