Proximar Seafood Production Update: Biomass Reaching 735 tonnes and First Harvest

07 Oct 2024 10:29 CEST

Bergen/Yokohama, 7 October 2024: Proximar Seafood AS (“Proximar” or the
"Company") is announcing its fifth production update following the successful
initiation of production of Atlantic salmon in its Oyama-facility in Japan in
October 2022 and trial-harvest on 30 September 2024.

At the end of Q3 2024, the Company had a standing biomass of 735 metric tonnes,
more than doubling from the 360 metric tonnes at the end of Q2 2024.

“We are very pleased to see the positive development in our biomass continuing
through the third quarter of 2024. The water quality remains good although the
turbidity is still an issue. Our first batch is above 5 kg on average, and we
remain on track for daily harvesting from late October.”, says Joachim Nielsen,
CEO of Proximar.

The Company has currently 18 batches and approximately 1.9 million individuals
in production. The targeted long-term harvest level for Proximar is 5 300 tonnes
(HOG) per year in Phase 1.

As communicated in the Q2 report in August, Proximar has experienced turbidity
issues in the grow out. As a precautionary measure, feeding has been somewhat
reduced during the last months, which has impacted growth. Following recent
measures, turbidity has improved. Furthermore, the ozone system is now installed
and will be put into operation shortly. The ozone is expected to have a positive
effect on the turbidity, also based on experience from other facilities.

On 30 September, the Company harvested ~1.2 tonnes of fish from its first batch.
The fish has been distributed to supermarkets primarily in the Greater Tokyo
area. On the same day, the new brand and logo “Fuji Atlantic Salmon” was
released.

“We are very excited to have completed the trial-harvest last week” says Joachim
Nielsen, CEO of Proximar. “The harvested salmon averaged ~4 kg HOG with 100%
superior quality, and Proximar confirms that the price achievement aligns with
the company’s expectations of premium prices compared to the import price to
Japan of Norwegian Atlantic salmon”, continues Mr. Nielsen.

Please see attached for further production details. The next update will come as
part of Proximar’s Q3 2024 report, which will be released on 15th November 2024.

For more information, please contact:
Joachim Nielsen, CEO, +81 70 28 11 98 98, jn@proximar.com

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch of eggs in October 2022 and carried out its
first harvest on 30 September 2024. The Company is marketing and selling its
fish under the brand of Fuji Atlantic Salmon. Proximar's location, near one of
the world's most important fish markets, implies significant advantages, both in
terms of reduced cost, carbon footprint and freshness.

More information:
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629126_Proximar Production Update Q3 2024.pdf