Proximar Seafood Production Update: Biomass Tripling and First Sales Agreement in Place

02 Jul 2024 07:00 CEST

Bergen/Yokohama, 2 July 2024: Proximar Seafood AS (“Proximar” or the "Company")
is announcing its fourth production update following the successful initiation
of production of Atlantic salmon in its Oyama-facility in Japan in October 2022.

At the end of Q2 2024, the Company had a standing biomass of 360 metric tonnes,
more than a tripling from the 112 metric tonnes at the end of Q1 2024.

“We are very pleased to see the positive development in our biomass continuing
through the second quarter of 2024. The water quality remains good which again
is reflected in our growth curves. We continue to see low natural mortality. Our
first batch is above 3.25 kg on average, and we remain on track for first
harvest in September. We continue to do sample testing for quality and taste,
and both internal and external feedback is very positive”, says Joachim Nielsen,
CEO of Proximar.

The Company has currently 15 batches and approximately 1.6 million individuals
in production. The targeted long-term harvest level for Proximar is 5 300 tonnes
(HOG) per year in Phase 1.


Furthermore, Proximar is pleased to inform that the first sales agreement has
been reached, securing a fixed price per kilogram for a larger part of the
harvested volumes for 2024.The price achievement is in line with our
expectations and benchmark, also reflecting a price premium compared to the cost
of imported Atlantic salmon from Norway.

The sales agreement is expected to cover approximately one third of the expected
harvesting volumes for 2024.

“We are very excited to conclude the commercial discussions on our first sales
agreement, achieving a sales price according to our expectations for a
significant part of our 2024 harvesting volume. This is a big milestone for us
and demonstrates our business model and significant cost advantage. We are also
very excited about the customer being a high-end chain with focus on seafood.
This also represents a large value for us in terms of branding and marketing. We
are very pleased with the efforts from Marubeni in the sales work, which is
clearly demonstrated through the reached agreement” says Joachim Nielsen, CEO of
Proximar.

In June, a sample fish of approx. 4.8 kg was provided to the customer for
tasting and quality check, with very positive feedback.

Marubeni is experiencing strong interest for the Proximar fish, and several
other discussions are ongoing.

Please see attached for further production details. The next update will come as
part of Proximar’s Q2 2024 report, which will be released on 23rd August 2024.

For more information, please contact:
Joachim Nielsen, CEO, +47 92 85 55 59, 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 its first
harvest in September 2024. Through land-based salmon farming, using high-quality
groundwater 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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622901_Proximar Production Update Q2 2024_Final.pdf