REC Silicon - Letter from Hanwha to shareholders in REC Silicon ASA

23 Jun 2025 08:00 CEST

Moses Lake, Washington USA June 23, 2025: REC Silicon ASA ("REC Silicon" or
the "Company") announces the receipt of a letter from Hanwha, the Company's
largest shareholder, which has been distributed to certain shareholders.

In the letter, Hanwha states that REC is in a challenging situation, both
operationally and financially and will in their view need substantial and
immediate support going forward. They also state that as the Company's largest
shareholder and creditor, Hanwha strongly believes that maintaining continuity
and stability at the board level is essential during this critical period for
REC Silicon. Finally, Hanwha states that while Hanwha supports the current
governance structure, any material change to the composition of the board may
require a reassessment of Hanwha's position and level of support going
forward.

The letter is attached hereto.

As stated in all recent stock exchange releases, including the latest issued
on June 20, 2025, REC Silicon does not have sufficient available cash to meet
debt service and other anticipated operating cash flow requirements for this
year without the continued support of the major shareholder, Hanwha, or
additional sources of capital. Therefore, it will soon require additional
financing either from Hanwha or from other sources of capital, none of which
have yet been finalised or guaranteed.

The Annual General Meeting of REC Silicon ASA will be held as a digital
meeting on June 25, 2025, at 13:00 CEST.

The deadline for electronic registration of attendance, alternatively advance
votes, as well as proxy of voting and instructions is June 23, 2025 at 16:00
(4 pm) CEST.

For further information see the Notice of Annual General Meeting 2025 or
https://recsilicon.com/investor-relations/

Contacts
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Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com

About REC Silicon
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REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity silicon gases to the solar and electronics industries worldwide.
We combine over 40 years of experience and proprietary technology with the
needs of our customers. Listed on the Oslo Stock Exchange (ticker: RECSI), the
Company is headquartered in Lysaker, Norway.

For more information, go to: www.recsilicon.com

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-06-23 08:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

649813_REC Silicon - Letter from Hanwha to shareholders in REC Silicon ASA.pdf
649813_Hanwha Letter To REC Shareholders 250623 Signed Rescanned.pdf