Proximar Seafood Production Update: Biomass more than doubling to over 110 tonnes in Q1 2024

04 Apr 2024 08:46 CEST

Bergen/Yokohama, 4 April 2024: Proximar Seafood AS (“Proximar” or the "Company")
is announcing its third production update following the successful initiation of
production of Atlantic salmon in its Oyama-facility in Japan in October 2022.

At the end of Q1 2024, the Company had a standing biomass of 111.9 metric
tonnes, a more than doubling of the 40.7 metric tonnes at the end of Q4 2023.

“We are very pleased to see the continuation of the positive development in our
biomass also through the first quarter of 2024, despite the tank-incident that
we experienced in February. Throughout the quarter we have seen steady
performance and growth across all batches. The water quality remains stable and
good, again demonstrated in the growth curves and low natural mortality.
Following the maturation of the biofilters in the start-up phase of the grow-out
facility, feeding is back to normal levels and growth rates are picking up
according to plan. We remain on track for first harvest in the third quarter
this year”, says Joachim Nielsen, CEO of Proximar.

The Company has currently twelve 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. The next update will come as part of
Proximar’s Q1 2024 report, which will be released on 16th May 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.

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615022_Proximar Production Update Q1 2024.pdf