Proximar Seafood Production Update: Biomass development in line with expectations

05 Jan 2024 14:23 CET

Bergen/Yokohama, 5 January 2024: Proximar Seafood AS (“Proximar” or the
"Company") is announcing its second production update following the successful
initiation of production of Atlantic salmon in its Oyama-facility in Japan in
October 2022.

At the end of Q4 2023, the Company had a standing biomass of 40,7 metric tonnes,
up from 11,5 metric tonnes at the end of Q3.

“We are very pleased to see the positive development in our biomass continuing
through the fourth quarter, in-line with our expectations. In December we also
transferred the first fish to our grow-out facility, which was another major
milestone. Ahead of this, we reduced temperatures in the nursery department to
lower growth rate and secure adequate flexibility for the timing of this
transfer. During start-up of the grow-out facility we have limited feeding
capacity until the biofilter is matured. The combination of this impacted growth
slightly. However, we remain on track for first harvest in the third quarter
this year”, 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 has currently ten batches in production. The targeted long-term
harvest level for Proximar is 5 300 tonnes (HOG) per year in Phase 1.

Please see attached for further details. Proximar’s full Q4 2023 report will be
released on 23rd February 2024.

For more information, please contact:
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com
Ole Chr. Willumsen, CFO, +47 48 21 34 29, ocw@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 plans first harvest
in Q3 2024. Through land-based salmon 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:
Access the news on Oslo Bors NewsWeb site

608071_Proximar Production Update Q4 2023.pdf