Oslo, Norway 27 May 2024: Reference is made to the stock exchange announcement
by Norsk Titanium (the "Company") on 24 May 2024 regarding the registration of a
share capital increase pertaining to the second 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 second
tranche consists of 56,296,370 Offer Shares ("Tranche 2"). 

As further explained in the stock exchange announcements on 15 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 2 was lent to the managers on 15 May
2024. Following the registration of Tranche 2, the managers have redelivered a
total of 56,296,370 shares to Scatec Innovation AS, which corresponds to the
number of Offer Shares allocated to the investors in Tranche 2. 

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.
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.