NEWS

Vow Green Metals, a leading developer of production facilities for biocarbon and other carbon-neutral products, today announced that it has agreed on indicative terms for bank financing of the large-scale Hønefoss project with DNB, Norway's largest financial services group. The indicative term sheet includes a 50 percent loan guarantee from the governmental financial enterprise, Export Finance Norway (Eksfin). The loan amount will be in the range of NOK 330-350 million and the signing of the loan agreement is expected in May this year.

Together with equity investments from Vow Green Metals, Vardar, Enova and SIVA, the 10,000 tons first phase of the large-scale biocarbon facility under development at Hønefoss, including buildings and civil works for the 20,000 tons phase 2, is now fully financed. The remaining CAPEX for the second phase of the Hønefoss facility is expected to be financed during the second half of 2024 through governmental grant, additional debt facilities or equity capital.

Contractors for the civil works of the large-scale facility at Hønefoss have been selected and is expected to commence within days. Infrastructure and excavation work to prepare the plot for civil works was completed in December 2023.

DNB has been mandated as the structuring bank. ENDS

For further information, please contact:

Jan Halvard Aas Møller, CFO, Vow Green Metals AS.

Tel: + 47 901 15 375 Email: jan.moller@vowgreenmetals.com

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 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 considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Mathias Nilsen Reierth, Director of Corporate Affairs and Commercial, Vow Green Metals AS, on 25 April 2024 at CEST 07:00.