Reference is made to the announcement made on 30 June 2023 regarding the
drop-down demerger plan (the "Drop-down") and transfer of part of  Vow Green
Metals AS's ("Vow Green Metals") business (the "Follum Business") to a separate
wholly owned subsidiary of Vow Green Metals.

The demerger of the Follum Business has now been registered as completed in the
Norwegian Register of Business Enterprises and the Follum Business has been
transferred to the intermediary company VGM Hjelpeselskap AS. The share capital
of Vow Green Metals has been reduced trough a reduction of the nominal value per
share, and the new share capital of Vow Green Metals is NOK 429.590,4392 divided
by 165.227.092 shares.

Further, VGM Hjelpeselskap AS will be merged with VGM Operatør AS by way of
triangular merger, before opening of the market on Euronext Growth (Oslo)
tomorrow, on 17 October 2023. After the merger, the share capital of Vow Green
Metals will increase to 1.073.976,098 consisting of 165.227.092 shares, as
before the demerger of the Follum business. A separate announcement will be made
when the merger is registered as completed in the Norwegian Register of Business
Enterprises.

Note: The Follum Business to be transferred includes assets, rights and
obligations related to the Follum project. At the completion of the Drop-down,
Vow Green Metals' ownership of the Follum Business will be indirectly through
VGM Operatør AS - a wholly owned subsidiary. The number and nominal value of the
shares in Vow Green Metals will remain unchanged after the completion of the
Drop-down demerger plan.

For further information, please contact:  

Cecilie Jonassen, CEO, Vow Green Metals AS 
Tel: +47 954 20 126 
Email: cecilie.jonassen@vowgreenmetals.com 
 
Peder Poulsson, Director Finance and Project Controlling, Vow Green Metals AS
Tel: +47 950 26 311
Email: peder.poulsson@vowgreenmetals.com

About Vow Green Metals  
Vow Green Metals' strategy is to be a leading producer of biocarbon and other
carbon-neutral products that enable the green transition in hard-to-abate
industries. We are on a mission to accelerate the world's transition to
renewable materials by offering green alternatives to replace fossil reduction
agents in the metallurgical industry. The core of our business is to build, own
and operate biocarbon production plants using state-of-the-art pyrolysis
technology to turn biomass and biomass waste-streams into our core product,
biocarbon. Our biocarbon production process also creates other valuable products
like bio-oil and bioenergy. With our standardized solutions, unique access to
proprietary technology, and a growing global pipeline of projects, we are
upholding our first-mover position in a growing market where speed and scale
will be determining factors. Vow Green Metals is building a new biocarbon
industry on the shoulders of its main owner and technology partner, Vow ASA,
which provides access to competence and capabilities acquired through decades of
industrial innovation.


This  information is subject to the  disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.