Oslo, 8 May 2025: Norsk Titanium AS (Euronext: NTI, OTCQX: NORSF), a global
leader in additive manufacturing for aerospace-grade structural titanium
components using its patented Rapid Plasma Deposition® (RPD®) technology,
provides an operational update summarizing first quarter developments.

o	Limited revenue of USD 0.6 million in seasonally slow Q1, up from USD 0.4
million in Q1 2024
o	No new parts transitioned to serial production in the quarter
o	Continuing discussions with Airbus Aerostructures on a third production order
under the Master Supply Agreement signed last year, but decision process delayed
to H2 2025 
o	Temporary pause in industrial orders due to semiconductor slowdown
o	Targets of 120 parts in serial production and USD 70-90 million in estimated
ARR by year-end remain attainable, but the timing of transition impacts revenue
in 2025 
o	Customer delays postpone projected revenue and increase the timing risk
related to the 2026 revenue target of USD 150 million 
o	Proactively managing financial position to remain fully funded to execute the
business plan

Although progress in Q1 was slower than expected, the company's targets of 120
parts in serial production and USD 70-90 million in estimated annual recurring
revenue (ARR) by year-end remain attainable. This is grounded in a maturing of
the portfolio of qualified aerospace parts, as well as an anticipated broadening
of the industrial customer base. Customers in both commercial aerospace and
defense have identified adequate part numbers that show an attractive business
case sufficient to warrant transition to RPD® and meet our ARR goals.  The
business development team continues to work with these customers to accelerate
their transition timelines by proposing alternate part transition strategies and
identifying shortages caused by legacy manufacturing capacity constraints that
Norsk Titanium can address. Nevertheless, Norsk Titanium acknowledges the
increasing risks to 2025 revenue as timing of parts transition is pushed into
the second half of 2025. 

Carl Johnson, CEO of Norsk Titanium, comments, "While the timing of certain
programs has shifted, our value proposition continues to resonate within our
targeted end markets. We are actively engaged with Airbus and other key
customers to drive new parts into serial production and expect to see those
efforts being rewarded in the second half of the year. The long-term outlook and
value creation opportunity for Norsk Titanium remain strong."

The anticipated demand growth in the aerospace market remains a cornerstone of
Norsk Titanium's growth strategy. At the 9th Annual Manufacturing Forum in
Berlin in March, Airbus Aerostructures reconfirmed their intention both to
significantly expand the size and complexity of parts produced using Directed
Energy Deposition (DED) and to start deploying titanium wire additive
manufacturing across all aircraft programs starting in 2026. Norsk Titanium
already supplies Airbus with the first fatigue critical and largest primary
structure additively manufactured part in commercial aviation. Other customers
in aerospace and defense have publicly indicated a similar commitment to expand
the use of DED in a variety of applications. 

Norsk Titanium entered into a long-term Master Supply Agreement with Airbus
Aerostructures to support A350 production in April 2024. The company has
delivered titanium serial production parts under two production orders and is
continuing discussions with Airbus Aerostructures on new serial production parts
that could be part of a third production order. The decision on third production
order size and scope is now expected in the second half of 2025, but an award is
still expected to significantly contribute to parts in serial production and ARR
growth in 2025 and 2026.

The company continues to look to transition additional parts from Boeing, which
has been limited by Boeing's ongoing restructuring of operations. Other
development efforts with customers such as Safran Landing Systems show progress
towards further penetration of the aerospace market in large landing gear
structures. 

Changes in the timing of US government funding caused delays in the prime
contractor's procurement schedule, impacting progress in the defense sector.
Multiple parts for manned and unmanned aircraft were expected to transition in
early 2025 but are now shifting to later this year. 

In the industrial sector, a key customer's demand forecast has decreased,
temporarily pausing orders for parts scheduled to be delivered on a monthly
basis. Production is expected to resume in the fourth quarter of 2025 at
previous rates. 

To broaden its customer base and diversify its revenue mix, the company is
actively targeting new industrial segments beyond semiconductor applications,
where customers can benefit from the advantages of DED without lengthy approval
cycles. These efforts are led by Boyd Adams, the company's recently hired Chief
Commercial Officer, who brings extensive experience in our target end markets
from FRISA, a global leader in customized forging solutions. Boyd is
spearheading the strengthening of our global sales team to better support these
initiatives.  

Financial Review and Outlook

As per March 31, 2025, Norsk Titanium and its customers had successfully
transitioned 54 parts into serial production, with estimated ARR of USD 12.2
million. Revenue in the first quarter 2025 amounted to USD 0.6 million, up from
USD 0.4 million in the same period the year before.
 
The company's cash balance stood at USD 15.8 million as of March 31, 2025, down
from USD 22.8 million at the end of 2024. The average monthly cash burn of USD
2.3 million was in line with expectations. Spending remains disciplined, with
resources being allocated to commercial activities.

While the company confirms that its 2025 year-end targets for 120 parts in
serial production and estimated ARR of USD 70-90 million remain attainable,
there is increased risk to the timing of revenue due to shifts in customer
schedules. In particular, recent delays to expected production order decisions
in aerospace and a pause in industrial demand have pushed several key
transitions into the second half of the year and postponed 2025 revenue
generating activity. These factors also materially increase the timing risk
associated with the company's previously communicated 2026 revenue target of USD
150 million.

Norsk Titanium is proactively managing its financial position to adapt to
rapidly changing market dynamics. The company continues to negotiate a working
capital facility, as well as a term loan facility, with a combined availability
of up to USD 15 million. Based on current forecasts and prudent cost management,
the company expects to remain fully funded. The company has strengthened its
commercial sales team and is actively pursuing market opportunities in aerospace
while diversifying into industrial markets and remains confident in its ability
to achieve long-term growth and success.

For more information, please contact: 

Carl Johnson, CEO Norsk Titanium AS 
Email: carl.johnson@norsktitanium.com 
Tel: +1 518 324 4010 

Ashar A Ashary, CFO Norsk Titanium AS 
Email: Ashar.Ashary@norsktitanium.com 
Tel: +1 518 324 4010

Important notice: 
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Anne Lene Gullen Bråten, VP Finance of
Norsk Titanium AS, at the time and date stated above in this announcement. 

About Norsk Titanium: 
Norsk Titanium is a global leader in metal 3D printing, innovating the future of
metal manufacturing by enabling a paradigm shift to a clean and sustainable
manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®)
technology and installed production capacity to generate annual revenues of
approximately USD 300 million, Norsk Titanium offers cost-efficient 3D printing
of value-added metal parts to a large addressable market. RPD® technology uses
significantly less raw material, energy, and time than traditional
energy-intensive forming methods, presenting customers with an opportunity to
better manage input costs, logistics, and environmental impact. RPD® printed
parts are already flying on commercial aircraft, and Norsk Titanium has gained
significant traction with large defense and industrial customers.
 
For the latest news, go to www.norsktitanium.com or follow us on LinkedIn. 

Forward Looking Statements:
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date and are
subject to change without notice, and the Company and its affiliates expressly
disclaim any obligation or undertaking to update, review or revise any statement
contained in this announcement whether as a result of new information, future
developments or otherwise.