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.