NEWS

Reference is made to the announcement by Vow Green Metals AS ("VGM") on 17 April 2025 where it was stated that the proceeds from VGM's sale of shares to Obligo are expected to fulfill the company's cash runway for the next 12 months.

As part of VGM's negotiations with DNB Bank ASA and Eksfin as lender and guarantor under VGM Operatør's NOK 344 million facility, VGM will, subject to closing of the Obligo transaction, undertake a restricted cash obligation of NOK 35 million as security for VGM Operatør and its Hønefoss project. This is caused by an increase in the projected costs for the Hønefoss project in the amount of approximately NOK 20 million. Total estimated CAPEX for the scope for phase I at the Hønefoss project has increased from NOK 541 million to NOK 558 million.

The restricted cash obligation and cost increase mean that the proceeds from the Obligo transaction will provide the Company with cash runway until September 2025, which may be extended to December 2025 if VGM's partners in VGM Operatør undertake additional NOK 10 million of the restricted cash obligation.

For further questions, please contact: Jan Halvard Aas Møller, CFO Vow Green Metals AS Tel: + 47 901 15 375 Email: jan.moller@vowgreenmetals.com

Cecilie Jonassen, CEO Vow Green Metals AS Tel: +47 954 20 126 Email: cecilie.jonassen@vowgreenmetals.com