Atlantic Sapphire

Major Shareholding Notification • Oct 7, 2024

Atlantic Sapphire: Disclosure of holdings

Atlantic Sapphire: Disclosure of holdings

Reference is made to previous stock exchange notices published by Atlantic Sapphire ASA (trading symbol "ASA") (the "Company") regarding the Company's rights offering (the "Rights Offering").

Nokomis Capital, LLC has today, 7 October 2024, been allocated 982,649,748 new shares in the Rights Offering. Upon issuance of these shares, Nokomis Capital, LLC will hold 982,649,748 shares in the Company, representing 15.05% of the outstanding shares and voting rights in the Company. Nokomis Capital, LLC has consequently crossed above the 15% reportable threshold of the outstanding shares and voting rights in the Company.

The aforementioned shares and votes are held by Nokomis Capital, LLC in capacity of fund manager of the following funds: 759,136,093 shares are held on behalf of Nokomis Capital Master Fund, L.P. and 223,513,655 are held on behalf of Star V Partners, LLC. Nokomis Capital, LLC has no rights to further shares or votes relating to shares outstanding in the Company.

The information above is subject to the disclosure requirements in section 4-2 of the Norwegian Securities Trading Act.

Further, Nokomis Capital, LLC have, in connection with the Rights Offering, been allocated and will at completion of the Rights Offering hold 1,293,449,874 warrants, each warrant giving the holder the right to subscribe one new share (subject to applicable anti-dilution adjustments) in the Company. In accordance with article 5 of the articles of association of the Company, Nokomis Capital, LLC hereby discloses that these warrants represent 9.23% of the Company's share capital as if all 7,486,500,058 outstanding warrants issued by the Company are exercised (and 19.81% of the Company's registered share capital excluding any shares issued for outstanding warrants and other dilutive instruments).