OSLO, NORWAY - 15 February 2024 - Circa Group AS (stock symbol: CIRCA) announced
its fourth quarter results today and its intention to potentially launch a
process to secure additional financing for the company. A webinar will be held
at 08.30 CET (details below).

Circa continues to demonstrate progress on key work-streams related to
ReSoluteTM, FC6 and future plants, consistent with earlier quarterly
communications.

In manufacturing, progress continues at ReSoluteTM with continued efforts to
secure the Environmental Permit. Significant deliveries to the site have already
taken place.

The role of FC5 is unchanged and its performance is good. It provides conceptual
and operating verification support for the ReSoluteTM project. The FC5 operations
passed a customer initiated quality audit. We see possibilities to leverage
increased production volumes for additional customer deliveries from FC5.

FC6 plans are being investigated with multiple site alternatives, in France,
Thailand and Finland.

Product development activities have been focusing on customer technical support
to accelerate adoption of Circa's products in high value applications. LGO
derivatives activities remain an important part of the longer-term innovation
strategy for Circa as we observe increased interest from R&D partners in
different industries.

The main operational activity for the Group in the quarter has been related to
the ReSoluteTM plant and building the organization of the group in Europe. The
spend in Q4 2023 proceeds in line with the expected quarterly run rate. No
significant sales are expected prior to commissioning and start-up of the
ReSoluteTM plant.

Circa Group AS CEO Bertel Karlstedt said, "It is an honour to continue as the
CEO of Circa after Tony Duncan, whom I highly admire for his efforts and success
in taking Circa to where it is today. I am energized and enthusiastic about
leading this company, recognizing the opportunities and solutions that Circa can
bring to so many sustainability challenges of today, and the future."

Financing of current capital requirements
As noted in the Company's stock exchange notice on 17 August 2023, the Company
has had discussions with industrial, strategic and financial partners with the
aim of enhancing the longer-term liquidity of the Company. In order to secure
the liquidity required for the Company's current business plan, the Company is
now providing an update on the capital need and its intention to engage in
broader discussions with the aim of securing additional financing during H1
2024.

To adhere to the current business plan on the planned timeline, the Company
requires approximately EUR 40 million in new capital to cover the remaining
capex and opex related to the construction and commissioning of the ReSoluteTM
plant in North-East France. Capex is estimated to approximately 70% and opex is
estimated to account for the remaining 30%. A majority of the costs will be
incurred based on already signed contracts. For remaining project purchases the
market has shifted in favour of the Company since the last capex and opex
update. Further, current estimates include sufficient contingencies for key
items.

Subject to securing the required financing, Circa expects to have sufficient
funding to finance start of production at ReSoluteTM and be able to achieve
production at ReSoluteTM with a positive EBITDA contribution on a stand-alone
basis. As previously communicated, the Company has in place agreements with
customers which have already tested products from it's currently operating FC5
facility, and the Company plan that production at ReSoluteTM will take the
Company to a stage with proven production of high-quality products at a relevant
industrial scale, which is expected to further support securing commercial
agreements and financing of future plants. 

If the planned production is reached with a positive EBITDA contribution, the
Company will have increased flexibility to move ahead at its own pace into the
next phase of scaling. The company will have proven unit economics for larger
plants expected to be profitable on a stand-alone basis.

As part of the ongoing process to secure financing, the Company is pleased to
report that Finnvera, the official export credit agency of Finland, has
indicated that it will provide a loan of EUR 20 million, subject to the Company
providing a satisfactory third-party guarantee. If the Company obtains such a
guarantee, approximately half of the currently required financing will be
covered.

The Company is considering whether to launch a process to raise the remaining
capital required to fulfil the current business plan through a share issue. The
timing, structure and size of any such share issue is subject to, inter alia,
prevailing market conditions and required corporate resolutions. However, to
continue the current business plan as is, the Company needs to obtain additional
capital during H1 2024.

Please see the attached company presentation for more information. More
information about the potential share issue will be published in due course and
no assurance can be given that the Company will carry out any share issue. If a
share issue is proposed and the existing board authorization is not sufficient
to cover the amount of shares proposed to be issued, the Company may consider to
call for an extraordinary general meeting with the minimum notice time of two
weeks. Shareholders are therefore encouraged to follow the Company's public
communications in the upcoming period. 

The Company has engaged Pareto Securities AS to assist and advice in the
process.  

For further information, access the complete Q4 report:
https://circa-group.com/stock-announcements.

To join the Q4 results webinar please copy and paste this link into your web
browser: 

https://teams.microsoft.com/l/meetup-join/19%3ameeting_NmIzMjI5YjItZTQwNi00YzczL
WE2ZDUtOTE0NTZhZjQ4MWY5%40thread.v2/0?context=%7b%22Tid%22%3a%227fe83212-6533-49
bf-96c7-1c50525cb252%22%2c%22Oid%22%3a%22b5d8e996-8850-4133-9fce-bf140a9a7209%22
%7d


About Circa
Established in 2006, Circa Group converts sustainable, non-food biomass into
advanced bio-based chemicals with its proprietary FuracellTM process. Its
developing product portfolio includes flavours, biopolymers, and bio-solvents
including CyreneTM. By creating renewable chemicals from cellulose, Circa is
extracting value from non-food biomass and addressing a gap in the market by
providing bio-based, less carbon intensive alternatives, contributing to a more
circular economy.
https://circa-group.com

Investor Contact
Tone Leivestad
Chief Financial Officer
Circa Group AS
tone.leivestad@circa-group.com
Tel: +47 406 39 455

Media Contact 
Kathryn Sheridan
Sustainability Consult
ks@sustainabilityconsult.com 


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Tone Leivestad, CFO at Circa
Group AS, on 15 February 2024 at 7 CET.