Atlantic Sapphire

Investor Presentation • Aug 20, 2024

H1 2024 Operational Update

August 20, 2024

IMPORTANT INFORMATION AND DISCLAIMER (1/2)

IMPORTANT INFORMATION

THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA, OR AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES IN ANY JURISDICTION.

This presentation (the "Company Presentation") has been prepared by Atlantic Sapphire ASA (the "Company"). In this Company Presentation, references to the "Company", the "Group", "we", "our", "us", or similar terms refer to the Company and its consolidated subsidiaries, except where context otherwise requires.

This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the Company Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This Company Presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

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Information provided on the market environment, developments, trends and on the competitive situation is based on data and reports prepared by third parties and/or the Company based on its own information and information derived from such third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data.

This Company Presentation is current as of 20 August 2024. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation contains several forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. In particular, this Company Presentation contains forward-looking statements such as with respect to the Company's potential future revenues and cash flows, the Company's equity and debt financing requirements and its ability to obtain financing in a timely manner and at favourable terms. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. All forward–looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this Company Presentation and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.

IMPORTANT INFORMATION AND DISCLAIMER (2/2)

The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. This Company Presentation does not constitute an offer of, or an invitation to purchase, any securities.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS COMPANY PRESENTATION IS BEING FURNISHED ONLY TO INVESTORS THAT ARE "QUALIFIED INSTITUTIONAL BUYERS" ("QIBs"), AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS PRESENTATION DOES NOT CONTAIN OR CONSTITUTE AN OFFER OF, OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR, SHARES OF THE COMPANY TO ANY PERSON IN THE UNITED STATES. THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

01 Operational update

Summary of company highlights

Positioned to be a key salmon producer in the world's largest market

• All permits and licensing in place to take a significant share of the >600,000 tons p.a. US salmon market¹
• Significant competitive advantages by being uniquely close to US consumers
• Atlantic Sapphire has been producing salmon for six years and has an extensive local retail network

Production stabilized, to be further optimized and scaled

• Strong operational performance since infrastructure improvements from October 2023
• New initiatives to secure improved utilization of Phase 1
• Final preparations ongoing for Phase 2 investment decision and contracting

Economies of scale to be unlocked with added volume

• Company set to materially improve price achievement from Q4 2024
• Cost base to significantly benefit from improved utilization of Phase 1
• Company expected to generate USD >100m in EBITDA with the addition of Phase 2²

New management team with strong focus on building value

• New management in place with ~50 years of combined salmon farming experience
• Clear plan in place to optimize Phase 1 – capital required to unlock
• Strong focus on building further scale with addition of Phase 2

1) Source: MOWI Salmon Industry Handbook 2024

Stage 1: Proof of concept	Stage 2: Resiliency and Efficiency	Stage 3: Phase 2 Investment Decision
•	•	•
Produce harvest weight size fish (3+ kg HOG)	Implement bottle-neck removal capex items until mid-2025	Refine detailed design
•	•	•
High share of premium quality	Increase feeding rate / improve FCR	Value engineering
•	•	•
Stable farming conditions	Cost efficiency plan	Full economic assessment and financing
•	•	•
Stable feeding and growth performance	Build biomass to adapt to feeding level	Investment decision
	• Positive cash flow towards end-2025	• Construction resumption

Stage 1: Improvements positively impacting overall biomass

Harvest weight is expected to increase as biomass has been adjusted to current feeding levels

Stage 1: Stable performance on key operational parameters since October 2023

Monthly mortality rates (% of fish) Monthly average water temperatures (C^o 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24

)

• Significant improvement in mortality following the completion of the installation of new chillers in Q4 2023
• Industrialization strategy implemented with focus on facility capacity, improving bottlenecks, and knowledge-based improvements
• New operational protocol implemented from October 2023
• Technical service operations shifting from retro active to preventive maintenance
• Stable water quality and temperature achieved after October 2023
• New rental chiller capacity was brought online from October 2023, immediately resolving prior issues with elevated temperatures
• Since the new chiller bank was installed, the company have achieved stabilized water temperatures (in line with target temperatures) and have seen a drastic decrease in mortality and increase in production
• Improved on redundancy and cooling efficiency (chiller capacity + intake heat exchanger)

Stage 1: Strong biomass growth improvement across recent batches

9

Stage 1: Proof of concept

Stage 1 complete and validation of the phase 1 plant achieved when the following operational targets are attained

• Producing large salmon
  • 4 consecutive weeks of average of 3.0 kg HOG or more salmon harvested
  • Biological FCR below 1.3 for harvested fish
  • 75% of harvest is superior grade
• Stable farm operating conditions over 12 months
  • Monthly average water quality of <14^oC
  • Monthly mortalities <1%

Stage 2: Feeding restrictions to be unlocked through de-bottlenecking

• Monthly feeding levels have increased since October 2023 as a result of the investments made into de-bottlenecking and optimizing feeding activities
• The feeding capacity of the facility has been limited by bottlenecks and downtime in the water treatment capacity, which was the root cause for the Company having to harvest out fish at small sizes during Q2 (as announced on 11 July 2024)
• With new management team in place, the focus has been to optimize production and remove bottlenecks to realize the potential of Phase 1
• Bottleneck removal components scheduled from November 2024 until June 2025 will allow for a gradual increase in daily feeding levels
• Building the right biomass along the way, especially in Q3 2025 when feeding capacity is increasing
• Daily feeding levels achieved during 2025 will allow for an estimated annualized harvest volume of up to 8,000t HOG

Key comments Quarterly feeding rate (kg)

Stage 2: Investment period to improve resiliency and efficiency of existing operations

Fine tuning of the facility, achieving operational excellence

• The feeding capacity of the facility has been limited by bottlenecks and downtime in the water treatment capacity, and the Company therefore initiated mitigating actions to reduce number of fish to the current levels (as announced on 11 July 2024)
• New management identified what is expected to be needed to complement and complete efforts initiated in October 2023 – planned to result in a fully utilized Phase 1
• In addition to Phase 1 de-bottlenecking, the Company sees strong benefits from completing a new water well to continue the Phase 2 progress and improve Phase 1 performance
• Removing of bottlenecks and reduction of unscheduled downtime will allow for increased feeding and derisking of Phase 1

Items will be implemented system by system - first remove bottlenecks in pre-ongrowing, then the ongrowing sections one after the other

…to be completed by new management in the period ahead for full utilization of Phase 1

Stage 1 complete and validation of the phase 1 plant achieved when the following operational targets are attained

• Refine detailed design to incorporate lessons learned from proof of concept (stage 1)
• Bid and proposal activity, value engineering to optimize
• Full economic assessment of investment case
• Final investment decision and completion of financing
• Initiation of construction

02 Financial update

Summary of first half 2024

• Stable biological situation, but challenging financial situation
• Lower feeding volumes than estimated has led to lower biomass and lower fish weight
• Low sales price achieved
  • Harvest mature fish in Q1, low sales price expected
  • Harvest small fish in Q2 and into Q3, lower sales price than estimated
• Low sales price has given low revenue and significantly lower cash flow from operations
• Lower average fish weight in inventory (biomass) has given lower draw on RCF due to lower borrowing base

H1 2024 key highlights and figures

Overview of key figures Commentary

Unaudited (USD 1,000)	30 June 2024	30 June 2023	31 Dec 2023
Operating revenue	11,196	8,058	13,995
EBIT	(47,901)		(43,703) (126,188)
EBIT %	-427.84%	-542.36%	-901.66%
EBITDA	(39,873)		(36,375) (112,349)
Net loss	(52,011)		(48,377) (133,758)
Earnings per share
Retrospectively adjusted basic earnings per share	(0.53)	(2.01)	(3.28)
Retrospectively adjusted diluted earnings per share	(0.53)	(2.01)	(3.28)
Non-IFRS measures
EBIT	(47,901)		(43,703) (126,188)
Add back:
Depreciation and amortization	8,028	7,328	13,839
Fair value adjustment on biological assets	(6,746)	2,917	14,095
EBITDA, pre-fair value adjustment on biological assets	(46,619)	( 33 , 458 )	(98,254)
Add back:
Impairment of non-current assets			35,000
EBITDA, adjusted *	(46,619)	( 33 , 458 )	(63,254)
Total assets	328,447	365,654	342,258
Capital expenditures	6,003	14,551	21,399
Net interest-bearing debt	22,631	20,991	4,895
Equity share	80.60%	83.29%	82.73%

• Approximately 2,750t RLW gross biomass gain and total harvest volume of 2,395t HOG for H1 2024
• Consistent price achievement on premium fish
• Overall cost per kg of biomass produced decreased compared to the same period in 2023
• Good biological development and operating conditions with low mortalities, improved growth per batch, stable water temperature, and stable water quality
• Further optimization towards US Phase 1 proven state through further fine-tuning of the facility for a safer production environment and improved biomass gain, while US Phase 2 construction currently kept at a minimum with a focus on the design and optimization of the overall project's quality and cost

H1 2024 financial statements

Consolidated statement of operations Commentary

Unaudited (USD 1,000)		30 June 2024	30 June 2023	31 Dec 2023
Revenue		11,196	8,058	13,995
Cost of goods sold	4	(46,902)	(36,432)	(67,141)
Fair value adjustment on biological assets	র্ব	6,746	(2,917)	(14,095)
Salary and personnel costs		(5,134)	(2,551)	(4,051)
Selling, general, and administrative costs	3	(5,826)	( 4 , 303 )	(7,984)
Other income, net	3	47	1,770	1,927
Impairment of non-current assets	5		-	(35,000)
Depreciation and amortization	5	(8,028)	(7,328)	(13,839)
Operating loss		(47,901)		(43,703) (126,188)
Finance income		701	747	1,516
Finance expense		(4,811)	(5,421)	(9,086)
Loss before income tax		(52,011)		(48,377) (133,758)
Income tax
Net loss		(52,011)		(48,377) (133,758)
Earnings per share:
Retrospectively adjusted basic earnings per share		(0.53)	(2.01)	(3.28)
Retrospectively adjusted diluted earnings per share		(0.53)	(2.01)	(3.28)

Consolidated Statement of Operations

• Harvest volume: 2,395t HOG in H1 2024 (870t in H1 2023)
• Cost of Goods Sold:
  • Y/Y increase of primarily driven by increased harvest volume and realization of COGS from such batches.
  • Y/Y mortality cost reduced to USD 0.9m (USD 7.2m in H1 2023)
• SG&A: Y/Y increase primarily driven by transition costs in management and increase in insurance costs

Cost Outlook (H2 2024 and Beyond)

• EBITDA: Expected to further approach break-even driven by increases in biomass gain, harvest volumes, and overall size and quality
• Maintenance: Continued shift from corrective to preventative maintenance will allow for stable systems and resulting operations
• Chillers: Continued use of additional chillers during summer season to maintain stable temperatures, with return to normal capacity upon the end of summer

H1 2024 Operations Represent the Continued Path to Stability and Steady State

H1 2024 financial statements

Consolidated statement of financial position Commentary

Unaudited (USD 1,000)	30 June 2024	30 June 2023	31 Dec 2023	Unaudited (USD 1,000)	30 June 2024	30 June 2023	31 Dec 2023
ASSETS				EQUITY AND LIABILITIES
Non-current assets				Equity
Property, plant, and equipment, net	274,718	310,740	275,599	Share capital	11,726	3,123	8,644
Right of use asset	1,717	2,187	1,971	Share premium	721,737	633,909	691,430
Restricted deposits	15,203	-	15,172	Employee stock options	4,781	4,500	3,959
Security deposits	1,437	1,448	1,353	Accumulated deficit	(466,178)	(328,786)	(414 , 167 )
Other investments	6	‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍	6	Accumulated translation differences	(7,336)	(8,185)	(6,726)
Trade and other receivables (non-current)	1,103	1,146	481	Total equity	264 , 730	304 , 561	283 , 140
Total non-current assets	294 , 184	315,527	294,582
				Non-current liabilities
Current assets				Borrowings (non-current)	37,894	44 , 600	37,603
Prepaid and other current assets	438	708	2,213	Lease liability (non-current)	1,474	1,955	1,729
Inventories, net	6,103	4,955	5,139	Total non-current liabilities	39,368	46,555	39,332
Biological assets	13,961	18,623	16,218
Trade and other receivables, net	3,376	1,617	1,155	Current liabilities
Restricted cash	415	615	415	Borrowings (current)	9,910		5,000
Cash	9,970	23,609	22,536	Lease liability (current)	471	433	450
Total current assets	34,263	50,127	47,676	Trade and other payables	13,968	14 , 105	14,336
				Total current liabilities	24,349	14,538	19.786
TOTAL ASSETS	328,447	365,654	342,258
				Total liabilities	63,717	61,093	59,118
				PAULTY ARIB LIABLE PER	000 119	AAP AP 1

• Operating Cash: USD 10.0m
• Restricted Deposits¹ : USD 15.2m
• CAPEX: USD 6.0m
  • Largely tied to US Phase 2 construction with USD 113.3m invested as of 30 June 2024, of which approximately:
    • USD 106.2m are infrastructure costs
    • USD 7.1m are project delivery costs
• Borrowings: USD
  • NIBD (incl. restricted deposits ¹ ): USD 22.6m
  • Term Debt: USD 40.9m drawn
  • RCF: USD 6.0m drawn, USD 11.4m available²
  • USD 100.0m in undrawn term (to be cancelled as part of the contemplated fundraise)³
• Equity: USD 264.7m
  • Driven by capital raise proceeds offset by accumulated losses
  • Private Placements:
    • 29 February 2024: NOK 369.0m (USD 35.0m)
    • Upcoming Capital Raise

1) The provisions of the amended 2020 Credit Facility replaced its financial covenant of a USD 15.0m minimum cash balance to holding a restricted deposit of USD 15.0m. In connection with the contemplated fundraise, DNB Bank has credit approved a reduction of the minimum liquidity to USD 10m (see p. 19 for more information)

2) Approximately USD 2.6m of the USD 20.0m RCF facility is currently utilized as a Letter of Credit for equipment leasing

3) As part of the contemplated capital raise, the Company and DNB Bank has jointly agreed to cancel the uncommitted and undrawn Phase 2 Delayed Term Loan, in order to remove commitment fees on the undrawn debt and improve liquidity (see p. 19 for more information)

H1 2024 financial statements

2024 H1 Key Financials by Segment Summary

Six months ended 30 June 2024 Unaudited (USD 1,000)	Denmark operations	US operations	Other and eliminations	Consolidated
Revenue from sale of salmon	-	11,196		11,196
EBITDA	(34)	(38,609)	(1,230)	(39,873)
EBITDA, pre-fair value adjustment	(34)	(45,355)	(1,230)	(46,619)
EBITDA, adjusted*	(34)	( 45 , 355	(1,230)	(46,619)
Pre-tax income (loss)	(59)	(52,806)	854	(52,011)
Total assets	1,369	321,264	5,814	328,447
Total liabilities	1,455	162,030	(99,768)	63,717
Depreciation and amortization	10	8,018	-	8,028
Capital expenditures	-	6,003		6,003

All Focus is on the US, Considering to Divest the Remaining Danish Assets

Atlantic Sapphire's Advantageous Location Unlocks Premium Pricing

• Under stable conditions, ~80-90% of total harvest is expected to be sold at the Bluehouse premium price, raising the average price achievement considerably
• Targeting ~USD 12/kg in average price achievement once in ramped up production
  • Stable deliveries over time to stable customer base
• Average price achievement in H1 2024 negatively affected by the high share of small and downgraded fish with prior maturation challenges
• Focus on new value-added and convenience product lines

Stage 3: Strong focus on building scale with the addition of Phase 2

Management currently estimates total Phase 2 capex to around USD 350 - 400 million. USD 113 million is already invested as of H1 2024. The Phase 2 capex estimate is uncertain and a current estimate based on previous capex estimates, inflation assumptions and some design changes

• 1) Design capacity does not reflect current practical production capacity as one of twelve tanks is used for purging while only Phase 1 is operational
• 2) Total assets minus total liabilities
• 3) Extrapolated fixed EBITDA cost only including indirect cost
• 4) Illustrated EBITDA potential assumes 8,250-8,750 tons of practical capacity for Phase 1 at USD 1.5-2.0/kg EBITDA margin; and 25,000 tons of practical capacity for Phases 1 & 2 combined at USD 5/kg target margin

Contemplated transaction: Raising capital to fund investments and operations towards achieving positive EBITDA for phase 1

	Sources	USDm	USDm	Uses
1	Minimum liquidity covenant reduction	5	11	Well investment Phase 2
2	Gross proceeds rights issue	60	25	Phase 1 investments
3	Gross proceeds convertible loan	20	19	Working capital build up
	RCF draw-down and cash at hand1	9	29	Operational cash flow
			10	Financing costs and general corporate purposes
	Total Sources	94	94	Total Uses

• The company estimates the total funding need for Phase 1 to get EBITDA positive to be around USD 94m
  • Planned investments of USD 25m in Phase 1 to resolve bottlenecks in water treatment capacity, allowing the Company to increase feeding, thereby increasing biomass production. The increased production will require USD 19m in working capital towards steady-state harvesting
  • Additionally, USD 11m investments towards a Phase 2 well, enabling proper maintenance of existing Phase 1 wells
• Currently, the Company estimates that the current fundraise will be sufficient to fund the Company towards the end of 2025, whereby it is estimated that Phase 1 will be self-funding
• The fundraise, together with the amendments to the debt package will allow for the Company to continue to prove stable operations and optimize Phase 1 production, which will be key to unlock Phase 2 and the inherent value creation potential

Sources and uses until estimated EBITDA positive for Phase 1 Main terms of the contemplated transaction (extract, simplified)

1 Amendment of debt facility:

• No installments on Term Loan for remaining of 2024 and 2025
• Reduction in the minimum liquidity covenant of USD 5m
• Cancellation of uncommitted and undrawn Phase 2 Delayed Term Loan, removing commitment fees

2 Rights Issue:

3

• Fully underwritten, preferential subscriptions rights issue for existing shareholders of USD 60m
• Subscription price of NOK 0.10 per new share

Convertible Loan:

• Directed Convertible Loan of minimum USD 20m
  • In the case underwriters in the Rights Issue receive more than 19.99% ownership in the company post the contemplated transaction, the overshooting amount will be delivered as a Convertible Loan
• 6 years tenor
• 10% PIK interest p.a. or 8% cash interest at the Company's sole discretion
• Strike price corresponding to a premium of 30% to the subscription price in the Rights Issue. In the case of a QER² , the strike premium is reduced to 15%

Warrants (related to both Rights Issue and Convertible Loan):

• 0.5 tradeable Warrant for every underwritten offer share, 0.5 tradeable Warrant for every allocated offer share and 0.5 tradeable Warrant per share that would have been allocated as if the Convertible Loan proceeds had participated in the Rights Issue
• Each warrant gives the holder the right to subscribe for one new share in the Company at following premiums to the share price in the rights issue:
  • First 10 trading days of December 2025: 20%. First 10 trading days of December 2026: 30%. In conjunction to a QER² : 15%. If the daily VWAP exceeds 200% of the then-effective Warrant exercise price over any consecutive 20-trading-day period following a QER² , 15% for first 10 trading days of December 2025, and thereafter 30%

For complete information regarding the contemplated transaction, please see separate message published on NewsWeb

• 1) Cash at hand as of July 2024 of USD 3m
• 2) QER = Qualified Equity Raise: One or more equity raises following the Rights Issue where the Company in aggregate raises gross proceeds of at least USD 100m