Nordic Aqua Partners- Preliminary FY22 results

07 Feb 2023 07:48 CET

Reference is made to the stock exchange notice dated 7 February 2023 relating to
the contemplated capital raise of approximately NOK 300 million. In connection
with the transaction the company hereby discloses preliminary unaudited results
for 2022.

· We are comfortable with the financial development of the company, and
ongoing projects are developing according to plan and budget. Biological
performance in the first phase of production has been solid, and we are on time
for first harvest in Q1 2024, says Chairman Ragnar Joensen in Nordic Aqua
Partners.

The Gaotang facility will be developed in three stages, combined representing
20,000 tonnes of annual production capacity. Construction of Stage 1 (4,000
tonnes) commenced in Q1 2021, with first harvest expected in Q1 2024.
Construction of stage 2 (4,000 tonnes) was originally scheduled for Q2 2024, but
with new capital in place from the contemplated private placement, start-up will
be advanced to Q4 2023, with first harvest Q4 2025. Start-up for capacity
expansion of the hatchery facilities for stage 3 will also be advanced, with
finalization now planned for Q4 2023. Timeline for stage 3 growth on facilities
will be decided at a later stage and will depend on necessary additional funding
being secured, including debt and equity.

The net proceeds to the Company from the Private Placement will be used to
accelerate the Company's project to expand the production capacity of Atlantic
salmon from 4,000 tonnes p.a. to 8,000 tonnes p.a. Total remaining project cost
to complete stage 1 and 2 is estimated to be NOK 725 million, and this will be
funded with secured liquidity, and cash flow from stage 1. The liquidity now
secured by the company is expected to last until completion.

· With this capital raise we have secured necessary funding to go forward with
stage 2 of the project. We are very pleased with getting new long-term strategic
shareholders onboard, supporting the company in becoming the first salmon
farming company to deliver live and locally farmed Atlantic salmon directly to
the Chinese consumer says Mr. Joensen.

China is the largest consumer and producer of seafood in the world and is
estimated to account for more than 50% of global consumption growth the next
eight years. Nordic Aqua Partners uses state-of-the-art technology and best
farming practices to meet the country's fast-growing appetite for high-quality
protein. The Gaotang facility is located in Xiangshan county, providing
excellent logistics to Greater Shanghai and the rest of China. Locally produced
salmon will save airfreight cost and import duties and significantly reduce
carbon footprint.

Attached hereto are preliminary figures for the full fiscal year ending 31
December 2022.

The document is also available on the company's website:
https://www.nordicaquapartners.com/.

The Company will provide further information on the 2022 results and the
company's long-term plan in conjunction with the release of the annual report,
scheduled for release on 20 April 2023.

For further information please contact:

Hjalti Hvítklett, CFO Nordic Aqua Partners

hjalti@nordicaquapartners.com

+298 221222

This information is subject to the disclosure requirements in section 5-12 of
the Securities Trading Act

More information:
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581491_Release.pdf
581491_NOAP_preliminary_FY22_financials.pdf