Proximar Seafood Production Update: Biomass Reaching 1,126 tonnes and harvested 322 tonnes (HOG) in Q1 2025

07 Apr 2025 10:11 CEST

Bergen/Yokohama, 7 April 2025: Proximar Seafood AS (“Proximar” or the "Company")
is announcing its seventh production update following the initiation of
production of Atlantic salmon in its Oyama-facility in Japan in October 2022 and
trial-harvest on 30 September 2024.

At the end of Q1 2025, the Company had a standing biomass of 1,126 metric
tonnes, up from 1,058 metric tonnes at the end of Q3 2024. Including the
harvested biomass in the quarter of 388 metric tonnes LW, gross biomass growth
was 456 tonnes.

As communicated in the Q4 2024 financial report, the reduced feeding following
the incidents has impacted growth rates and average harvest weight in the
quarter. However, the repair works is progressing as planned and the last
biofilter is expected to be operational in early May.

Proximar has currently 21 batches and approximately 2.1 million individuals in
production. The targeted long-term harvest level for Proximar is 5 300 tonnes
(HOG) per year in Phase 1 and based on the performance of the system and
biology, the Company remains on track to reach the target utilization in 2027.

During the quarter, the Company harvested 322 tonnes (HOG), which is in line
with Proximar’s expectation, and we continue to expect H1 harvest of approx. 800
tonnes. The fish achieved an average net selling price of NOK 104 / kg. However,
NOK 113 / kg was achieved for the for 3 kg+ fish, showing a solid price premium
compared to imported salmon from Norway.

The average weight of the harvested fish was ~3.05 kg (HOG), with 99.5% superior
grade fish.

“We are very pleased to observe how the Fuji Atlantic salmon continues to
experience great demand and price achievement. In the quarter, the fish has been
sold in several 5-star hotels in Japan. In addition, we announced the first
exports of the Fuji Atlantic salmon, into the Taiwanese market”, says Joachim
Nielsen, CEO of Proximar.

Please see attached for further production details. The next update, including
an updated forecast of the 2025 harvest volumes, will come as part of the
Company’s Q1 2025 report, which will be released on 16th May 2025.


For further 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 carried out its
first harvest on 30 September 2024. Proximar’s brand and logo (Fuji Atlantic
Salmon) were officially launched in October 2024 at our partner Marubeni
Corporation’s head quarter in Tokyo. Through land-based salmon farming, using
high-quality groundwater secured close to Mount Fuji, the company produces 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

643129_Proximar Production Update Q1 2025.pdf