Norsk Titanium AS: Addendum to Bridge loan and strategic update

28 Sep 2023 08:44 CEST

Oslo, Norway, 28 September 2023: Reference is made to the stock exchange
announcement of 30 August 2023 regarding a bridge loan agreement entered into
between Norsk Titanium AS ("Norsk Titanium" or the "Company"), Scatec Innovation
AS and Norsk Titanium Cayman Ltd. of USD 2million (the "Loan"). The Company is
announcing today that the parties have entered into an addendum to increase the
size of the Loan to provide the Company with an additional USD 2 million (the
“Loan Addendum”). The net proceeds of the Loan Addendum will be used to extend
the Company's cash runway and enable the Company to continue exploring
opportunities to secure long-term financing.

The Loan Addendum provides an additional time frame for further efforts to
secure long term financing. Cost saving measures have been implemented to
preserve liquidity and, with the Loan Addendum, Norsk Titanium will have a cash
runway for current operations until the end of October 2023 at the current burn
rate. The terms and conditions of the Loan Addendum remain unchanged from the
original Loan.

The Company notes that no assurances can be given as to the outcome or timing of
the review process or ongoing discussions on funding. Should the process of
securing funding extend beyond the available cash runway, the Company may not be
able to financially support current operations and be required to implement
inter alia cost reducing measures and assess continued operations.


For more information, please contact:
John Andersen, Chairman of Norsk Titanium AS
Email: John.Andersen@scatec.no
Tel: +47 90 17 40 80

Mike Canario, President and CEO of Norsk Titanium
Email: Michael.Canario@norsktitanium.com
Tel: +1 518 324 4010

Ashar Ashary, CFO Norsk Titanium AS
Email: Ashar.Ashary@norsktitanium.com
Tel: +1 518 556 8966

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 700 MT of production capacity, 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.

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, Director Finance
of Norsk Titanium AS, at the time and date stated above in this announcement.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

Forward-looking statements

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.

This announcement contains statements regarding the prospects and growth
strategies of the Company. These statements are sometimes identified by the use
of the future or conditional tense, or by the use of forward-looking terms such
as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”,
“anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable,
the negative form of such terms and similar expressions or similar terminology.
Such information is not historical in nature and should not be interpreted as a
guarantee of future performance. Such information is based on data, assumptions,
and estimates that the Company considers reasonable. Such information is subject
to change or modification based on uncertainties in the economic, financial,
competitive or regulatory environments. The Company’s forward-looking statements
speak only as of the date of this announcement. Absent any applicable legal or
regulatory requirements, the Company expressly disclaims any obligation to
release any updates to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any change in events,
conditions or circumstances, on which any forward-looking statement contained in
this announcement is based.

The Company operates in a competitive and rapidly evolving environment; it is
therefore unable to anticipate all risks, uncertainties or other factors that
may affect its business, their potential impact on its business or the extent to
which the occurrence of a risk or combination of risks could have significantly
different results from those set out in any forward-looking statements, it being
noted that such forward-looking statements do not constitute a guarantee of
actual results.

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