Proximar Production Update: Growth ahead of expectations

02 Oct 2023 12:00 CEST

Bergen/Yokohama, 2 October 2023: Proximar Seafood AS (“Proximar” or the
"Company") is announcing its first production update following the successful
initiation of production of Atlantic salmon in its Oyama-facility in Japan in
October 2022. At the end of Q3 2023, the Company had a standing biomass of 11,5
metric tonnes, up from 1,4 metric tonnes at the end of Q2.

“The fish is performing well and growing better than expected. This supports the
quality of our production facility and chosen technology, operational structure,
and fish farming competence. The water quality remains good and stable, which we
now see turning into good growth performance. This is very encouraging”, says
Joachim Nielsen, CEO of Proximar.

Proximar has based its salmon farming facility on the RAS-technology, which
already for several years has produced Atlantic salmon at AquaMaof’s site in
Poland. The company plans to issue production updates at the end of every
quarter going forward.

Targeting 5 300 tonnes (HOG) in Phase 1
The Company has currently seven batches in production, showing strong growth
curves ahead of expectations. First transfer of fish to the post smolt grow-out
facility is scheduled in Q4 2023, in accordance with plan. The targeted
long-term harvest level for Proximar is 5 300 tonnes (HOG) per year in Phase 1.

“We are very pleased to show the progress also in terms of biological
development. The performance of the system is stable and mortality is lower than
expectations. We’re very encouraged by this development, as Proximar continues
to prepare for first harvest in Q3 2024”, ends Mr. Nielsen.

Please see attached for further details. Proximar’s full Q3 2023 report will be
released on 10th Nov 2023.

For more information, please contact:
Ole Chr. Willumsen, CFO, +47 48 21 34 29, ocw@proximar.com
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
facility and production at the foot of Mount Fuji in Japan. The company inserted
its first batch of eggs in October 2022. Through land-based fish farming, using
high-quality ground water secured close to Mount Fuji, the company will produce
fresh Atlantic Salmon, harvested the same day. Proximar’s location, near one of
the world’s most important fish markets, implies significant advantages, both in
terms of reduced cost and carbon footprint.

More information:
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600668_Proximar Production Update Q3 2023.pdf