Gigante Salmon AS: Publication of Q1 Report - Initiated first harvest

06 May 2025 07:00 CEST

Bodø, 6 May 2025

Gigante Salmon AS report for the first quarter is published today. The fish have
shown positive development throughout the quarter, and the standing biomass at
the end of the period was 1,070 tonnes.

The facility construction is in the final phase, with two out of three
production basins completed, on track for the planned ramp-up to full annual
capacity of approximately 16,000 tonnes HOG by 2028.

"Completing another production basin is a milestone, but even more gratifying is
the fact that we have now delivered the first salmon grown in our facility,"
says CEO Kjell Lorentsen.

Gigante Salmon AS has initiated harvesting from the trial production, expecting
a total volume of approximately 550 tonnes HOG.

Key highlights from Q1:
• Standing biomass at the end of the period: 1,070 tonnes
• Certification achieved in accordance with the GlobalGAP standard
• Production basin B completed and testing initiated
• In production basin C, all walls have been cast; the casting of partition
walls is in its final stage
• All marine and diving operations completed

The company's facility in Rødøy comprises three production basins, of which one
is in operation and another is ready for production start. The facility is
located in an area with favourable seawater temperatures and close proximity to
aquaculture infrastructure and competence.

As reported in the previous quarterly report, the project’s progress has been
slowed by inclement weather. Delays normally result in increased costs, and the
company continuously monitors cost development. We continue to expect that costs
will slow during the final phase of construction. To manage the liquidity risk
in the final phase, a shareholder loan of up to NOK 50 million will be
established with the main shareholder, Gigante Havbruk AS. This will be entered
into on terms equivalent to the company's other financing.

The company plans to release 2.2 million smolt during the third quarter.

In connection with the Q1 2025 Report, Gigante Salmon is pleased to invite you
to a management presentation today at 14:30 CET. The presentation will be held
by CEO Kjell Lorentsen and CFO Rune Johansen, at Seafood Expo Global in
Barcelona, stand 5G501. The presentation can also be joined as a webcast, link:

https://gigantesalmon.no/investor-2/websendinger/#/gigante-salmon/quarterly-earn
ing-reports-2025/5e87m5cc

The presentation will be held in Norwegian.

The full Q1 2025 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

645339_GIGA_Q1_2025_Presentation.pdf
645339_GIGA_Q12025_Report.pdf