Gigante Salmon AS

Capital/Financing Update • Mar 19, 2024

Gigante Salmon AS: Updated cost estimate for completion of production facility in Rødøy

Gigante Salmon AS: Updated cost estimate for completion of production facility in Rødøy

Bodø, 19.03.24:

The board of directors of Gigante Salmon AS has today been informed about a new cost increase for the construction work in Rødøy, of approximately MNOK 350. The figures are still subject to control, quality assurance and dialogue with the suppliers. After this increase, the total investment amount for the construction work in Rødøy up until completion of the production site is estimated to amount to approx. MNOK 995.

The cost increase will require new capital to the company. This work has been initiated. The plan is that the cost increase will be covered through a combination of equity and debt financing. In the private placement in October 2023, MNOK 100 more than the identified need at that time was raised.

The cost increase forecast is mainly due to longer construction time, including costs for rigging and operation.

For further information, please contact:

Helge E. W. Albertsen, CEO

E-mail: helge@gigantesalmon.no

Phone: +47 480 47 613

Rune Johansen, CFO

E-mail: rune@gigantesalmon.no

Phone: +47 988 44 724

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Rune Johansen, CFO in Gigante Salmon AS, at the time and date stated above in this announcement.

Gigante Salmon:

Gigante Salmon is a land-based salmon farming company with its first production facility under construction on Lille Indre Rosøy in Rødøy, Norway. The company’s aquaculture concept is based on a flow-through system, combining the benefits of conventional and land-based aquaculture while simultaneously eliminating issues associated with conventional, sea based, farming. Visit www.gigantesalmon.no for more information.