On 18 December 2023, the Board of Directors of Vow Green Metals AS (the
"Company") approved an option-based incentive program for leading employees. The
total number of options granted under the program will be 4,320,000. 

The Board of Directors has today granted the 4,320,000 share options to
employees, under the program. Each option gives the right to subscribe for one
share in the Company. The strike price for the options is NOK 2.4050 (22.4
percent premium compared to closing share price as of 15 December 2023), equal
to the one year volume weighted average price of the Company prior to the award
date.

The options will vest over 3 years, with 1/3 at every anniversary. Of the
4,320,000 awarded share options, the following share options were granted to
primary insiders:

Cecilie Jonassen (CEO): 720,000 options
Jan Halvard Aas Møller (CFO): 480,000 options
Trond Forseth (CTO): 480,000 options
Håkon Nøstvik (VP Commercial and Strategy): 480,000 options
Gudmund Jenssen (Managing Director Operations Norway): 480,000 options
Peder Poulsson (Director, Project Finance): 480,000 options
Cathrine Adolfsen (Project Director): 480,000 options
Mathias Nilsen Reierth (Director of Corporate Affairs and Commercial): 240,000
options

Please see attached primary insider notifications forms.

ENDS

For further information, please contact: 
Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial, Vow Green
Metals AS 
Tel: + 47 988 05 724 
Email: mathias.reierth@vowgreenmetals.com 

About Vow Green Metals
Vow Green Metals' strategy is to be a leading producer of biocarbon and other
carbon neutral products that enables 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 of the disclosure requirements pursuant to the
Market Abuse Regulation (MAR) article 19 and section 5-12 of the Norwegian
Securities Trading Act.