Gigante Salmon AS: Publication of Q4 Report – On track to first harvest in Q2 2025

21 Jan 2025 07:00 CET

Bodø, 21 January 2024

Gigante Salmon AS has today published the quarterly report for the fourth
quarter of 2024. The quarter was marked by significant progress on construction
of the two remaining basins, whilst the production from the first basin
developed with good salmon growth. The company is on track to full production
run-rate from 2026, with a gradual ramp up of harvesting towards the capacity of
16,000 tonnes HOG annually from 2028.

"It has been a year since we started test production, and the fish is growing
well with average weight approaching 3 kilograms", says CEO Kjell Lorentsen and
looks forward to first harvest during the second quarter 2025.

From Q4 we report the following highlights:

• The average weight of the first release of smolt is 2,700 grams, on track to
begin harvesting in Q2 2025 as scheduled
• Shore power has been established and connected through a submarine cable
• All risers / seawater intakes completed
• Drainage channels cast

"2025 will be a pivotal year for Gigante Salmon, as we transition from the
construction phase towards full scale production. The facility is designed to
prioritise both fish welfare and economic efficiency and we make daily progress,
strengthening our readiness for the full-capacity launch from 2026", adds
Lorentsen.

The farming site on Lille Indre Rosøy in Northern Norway consists of three
basins, one already in production. The location benefits from optimal sea
temperatures and proximity to an aquaculture cluster providing access to
infrastructure and competence.

Due to a prolonged period of bad weather, installation of surface cladding on
floors has not been possible during Q4, and completion of production pool 2 has
been delayed. This has also affected the progress of production pool 1 somewhat.


Delays will normally result in increased costs. The company's assessment of
costs for the project as a whole is that they will increase somewhat from the
estimate in the Q3 reporting, but be within established financing. Construction
of production pool 2 is expected to complete during Q1 and production pool 1 is
to be completed during summer 2025.

The company expect to harvest approximately 550 tonnes HOG in Q2 2025, before an
additional 2.2 million smolt will be released during Q3.

In connection with the Q4 2024 Report, Gigante Salmon is pleased to invite you
to a digital management presentation at 09:00 CET. The presentation will be held
by CEO Kjell Lorentsen 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 webcast:
https://gigantesalmon.no/investor-2/websendinger/#/gigante-salmon/quarterly-earn
ing-reports-2024/4e95j8zg

The full Q4 2024 report is attached to this stock exchange announcement, and
published on the company's website:
https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

A recording of the webinar in Norwegian will be made available on the company’s
webpage.

For further information, please contact:

Kjell Lorentsen, CEO
Phone: +47 911 22 688
E-mail: kjell@gigante.no

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

Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøy 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. Visit www.gigantesalmon.no for
more information.

This information is subject to disclosure under the Norwegian Securities Trading
Act, §5-12.

More information:
Access the news on Oslo Bors NewsWeb site

636820_GIGA_Q4_2024_Presentation.pdf
636820_GIGA_Q4_2024_QuarterReport.pdf