Norsk Titanium AS: Redelivery of borrowed shares to close associate of primary insider

Oslo, Norway 7 May 2024: Reference is made to the stock exchange announcement by Norsk Titanium (the "Company") yesterday, on 6 May 2024 regarding the registration of a share capital increase pertaining to the first tranche of a private placement of 110,000,000 shares in the Company (the "Private Placement"), raising gross proceeds of NOK 275 million, equivalent to approx. USD 25 million. The first tranche consists of 53,703,630 Offer Shares ("Tranche 1"). As further explained in the stock exchange announcement on 2 May 2024 and 29 April 2024, 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 to be used for settlement towards investors having been allocated Offer Shares. The Offer Shares pertaining to Tranche 1 was lent to the managers on 30 April 2024. Following the registration of Tranche 1, the managers have redelivered a total of 53,703,630 shares to Scatec Innovation AS, which corresponds to the number of Offer Shares allocated to the investors in Tranche 1. 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 redelivery of shares. F or 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.