Gigante Salmon: Publication of Q1 2023 Report

26 Apr 2023 07:00 CEST

Bodø, Norway, 26 April 2023

Gigante Salmon has today published the quarterly report for the first quarter of
2023, and the project execution in Rødøy is making good progress.

The group is still in the execution phase, and the sales revenue in the first
quarter was similar to last year 0 MNOK . The operating result for the period
was – 1.2 MNOK.

Gigante Salmon AS has a good financial position, with long-term financing
granted for both the execution and operational phases, as well as working
capital of NOK 140 million for the build-up of biomass.

- We are pleased to report that the investment and progress in Gigante Salmon
Rødøy is going as planned and look forward to the first release of smolt in
September, says CFO Rune Johansen.

Main attention is now focused on the final details of the detail engineering
work, and the following main points are reported from the first quarter:

• Insurance agreement with Gjensidige Forsikring. Includes project execution,
plant facilities and biomass for the operational phase.
• Opening of long-term construction loan from Sparebank1 Nord-Norge, guaranteed
by Eksfin – Export Finance Norway.
• Start of concrete work for walls and floors in production basin 3.
• Delivery and supply of inlet fiberglass pipelines onshore/landside.

In connection with the Q1 2023 Report, Gigante Salmon is pleased to invite you
to a digital management presentation at 10:00 CET. The presentation will be held
by CEO Helge E. W. Albertsen and CFO Rune Johansen, and will finish off with a
Q&A session where you may submit questions in writing. The presentation will be
held in Norwegian.

Link to webinar:
https://gigantesalmon.no/investor/websendinger/#/gigante-salmon/quarterly-earnin
g-reports-2023/1e294l8t

For further information, please contact:

Helge E. W. Albertsen, CEO
Phone: +47 480 47 613
E-mail: helge@gigantesalmon.no

Rune Johansen, CFO
Phone: +47 988 44 724
E-mail: rune@gigantesalmon.no

Kristian Lorentsen, acting CFO
Phone: +47 979 51 239
E-mail: kristian@gigante.no

The full Q1 2023 report is attached to this stock exchange announcement and
published on the company's website:
https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

About Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøya in Rødøy, Norway. The
company’s aquaculture concept is based on a flow-through system, combining the
benefits of conventional and land-based aquaculture while simultaneously
eliminating issues associated with conventional, sea based, farming, i.e. sea
lice and escapes as well as reduced mortality, emissions, feed waste and impact
on nearby surroundings.

See www.gigantesalmon.no for more information on the company.

More information:
Access the news on Oslo Bors NewsWeb site

588505_Presentation_Q1_2023_GIGA.pdf
588505_QuarterReport_Q1_2023_GIGA.pdf