Oslo, 12 March 2024

Elkem has initiated a waiver process with the lenders regarding the financial
covenants in its loan agreements. This process has now been successfully
concluded.

Elkem has two financial covenants in its loan agreements:

  · Interest Cover Ratio shall exceed 4.00:1.00, and
  · Equity Ratio shall be equal to or more than 30%.

The financial covenants are applicable to Elkem's EUR 1,000 million bank
facility and Schuldschein loans in the total amount of EUR 261 million.

The lenders have now granted a temporary waiver of the Interest Cover Ratio for
each of the quarters of 2024, and so that the applicable Interest Cover Ratio
shall exceed 3.00:1.00.

For further information, please contact:
Odd-Geir Lyngstad
VP Finance and Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com

About Elkem
Elkem is one of the world's leading providers of advanced silicon-based
materials shaping a better and more sustainable future. The company develops
silicones, silicon products and carbon solutions by combining natural raw
materials, renewable energy and human ingenuity. Elkem helps its customers
create and improve essential innovations like electric mobility, digital
communications, health and personal care as well as smarter and more sustainable
cities. With a strong track record since 1904, its global team of more than
7,400 people has a joint commitment to stakeholders: Delivering your potential.
In 2023, Elkem achieved an operating income of NOK 35.5 billion and CDP ratings
of A on Forests, and A- on Climate Change and Water Security. Elkem is listed on
the Oslo Stock Exchange (ticker: ELK), where the company is also included in the
ESG Index. www.elkem.com