Vow Green Metals today announced results for the second half of 2023
demonstrating significant strategic achievements and progress in key industrial
projects. 

Main developments:
o	The early production line at Hønefoss: First biocarbon successfully produced
in November
o	Regional energy producer Vardar committed to a strategic investment of NOK 100
million in Vow Green Metals split equally between the project company for the
local large-scale project at Hønefoss and the listed parent company
o	Hønefoss large-scale phase 1 and 2 (20,000 tons in total): 
o	The project is progressing well with infrastructure and related excavation
work completed in December 
o	Governmental enterprise Siva will invest NOK ~152 million in Vow Green Metals'
large-scale biocarbon production at Hønefoss with the signing of a forward
contract for the purchase of buildings and infrastructure, and related leaseback
agreement
o	Additional agreement for the delivery of pyrolysis technology signed with
technology partner, Vow ASA. New total contract value is NOK 332 million
o	NOK 7,841,779 of the ENOVA grant was drawn in July 2023 (NOK 34,422,711
remaining for the large-scale facility at Hønefoss under the ENOVA grant) 
o	Viken Park (30,000 tons): Project moving forward according to plan with the
commencement of a pre-study for a plant with potential production capacity of
30,000 tons
o	Jan Halvard Aas Møller was appointed new CFO of Vow Green Metals in December
2023, effective from February 2024. In addition, Vow Green Metals has
strengthened its metallurgical competence with two new hires and bolstered the
Company's ability to develop projects and maintain efficient operations of its
plants with four new hires including operative staff and managing director of
biocarbon projects in Norway  
Subsequent events: 
o	Long-term supply agreement for the annual delivery of 15,000 tons of biocarbon
signed with Elkem 4 January 2024

"We are looking back at some extraordinary months, probably the most demanding
and rewarding half-year we have had so far. Thanks to our dedicated team we have
managed to reach significant strategic milestones, most notably the signing of
our first large-scale supply agreement, the entering of strategic financial
partnerships while at the same time ensuring industrial progress with a
successful first biocarbon production at Hønefoss," said Chief Executive Officer
of Vow Green Metals, Cecilie Jonassen.

"During the fall of 2023 we noted a shift in the interest for biocarbon from the
metallurgical industry with large contracts being signed by several key
industrial players in the Nordics. When building a new green industry, speed and
scale are determining factors. We believe in collaboration as one of the key
strategic levers to rapidly scale up the biocarbon industry and are happy to see
that commercial partnerships across value chains are bearing fruits,".

Second half 2023 financials 
Vow Green Metals recorded an operating loss for 2023 of NOK 23.9 million, with
employee- and other operating expenses being the material items. Employee costs
were NOK 18.2 million for the period, of which NOK 8.7 million were capitalized
as directly attributable to project under development, giving a net employee
expense of NOK 9.4 million recorded in the profit and loss statement. Other
operating expenses were NOK 14.5 million, of which NOK 8.8 million were to
consultants. Consultants were used as a transitory measure to cover key
positions. 
Total assets were NOK 183.2 million, of which NOK 126.2 million relates to the
biocarbon plant at Hønefoss. Cash and cash equivalents were NOK 41.3 million,
with an unused bank overdraft of NOK 10.0 million.
ENDS

The half-year 2023 report and presentation are attached, and also available on
www.vowgreenmetals.com/investors/results-and-presentations

Vow Green Metals' Chief Executive Officer, Cecilie Jonassen and Chief Financial
Officer, Jan Halvard Aas Møller will host an online presentation of the main
developments in the second half of 2023 today at 08:30 CET.
Webcast link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240215_21

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 to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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