Atlantic Sapphire

Report Publication Announcement • Jul 11, 2024

Atlantic Sapphire ASA: Q2 2024 Trading Update and Invitation to Presentation of H1 2024 Financial Statements and Operational Update

Atlantic Sapphire ASA: Q2 2024 Trading Update and Invitation to Presentation of H1 2024 Financial Statements and Operational Update

Miami, FL, July 11, 2024

Atlantic Sapphire ASA (along with its subsidiaries the “Company”) has harvested a total volume of approximately 1,245t HOG in the three months ending June 30, 2024 (Q1 2024: 1,150t). During the same period, the net biomass gain was approximately 1,550t RLW (Q1 2024: 1,200t). Standing biomass at the end of the period was 2,930t RLW (Q1 2024: 2,870t).

In the second quarter, biological development progressed favorably with stable water quality and temperatures. Realized average harvest weight in the quarter was 1.55 kg HOG with a price achievement in the range of last quarter. Average harvest weight and realized price was affected by having too many fish in the tanks with the current feeding capacity. A number of mitigating actions have been initiated.

The Company will provide more financial details in its first half 2024 report. The first half 2024 Operational Update for Atlantic Sapphire ASA (the “Operational Update”) will be published on Tuesday, August 20, 2024, at approximately 10:30 am ET / 16:30 CET.

Atlantic Sapphire ASA invites investors and analysts to a webcast, where management will present the Operational Update, followed by a Q&A session. The webcast will take place on Tuesday, August 20, 2024, at 11:00 am ET / 17:00 CET.

Please use the following link to access the webcast: https://tinyurl.com/mr7m8ufp

All participants will be muted during the webcast. If you would like to ask a question during the Q&A session, please use the Q&A chat function.

For further information, please contact:

Gunnar Aasbø-Skinderhaug

Deputy CEO / CFO

gunnar@atlanticsapphire.com

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a long-term targeted harvest volume of 220,000 tons.