Icelandic Salmon AS

Another milestone reached: Authorities advertise licence to be issued of 10,000-tonnes of salmon in Ísafjarðardjúp

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

Bíldudalur, 29th of February 2024

Arnarlax, a company wholly owned by Icelandic Salmon, has been informed that the

Icelandic Food and Veterinary Authority (MAST) and Environment Agency of Iceland

(UST) have advertised a licence to be issued to Arnarlax of a salmon farming

license in Ísafjarðardjúp.

The license will be for 10,000 tonnes maximum allowed biomass of sterile salmon.

"This announcement marks another a significant milestone for us. It has been a

long process, and we are glad to see our application now moving forward towards

the finishing line. We are excited about the future and ready to utilize this

opportunity for further sustainable growth," says CEO Bjørn Hembre.

The license is under consultation until 2.4.2024 on MAST and UST's

homepages: https://www.mast.is/ (https://www.mast.is/is/um-

mast/frettir/frettir/tillaga-ad-rekstrarleyfi-arnarlax-ehf-til-fiskeldis-i-

isafjardardjupi) and https://ust.is/. During the consultation period, comments

and feedback is invited, and may result in modifications or withdrawal of the

license. The formal and final decision will follow up to four weeks after the

end of the consultation period.

With this new 10,000-tonnes license, Arnarlax will have a total license capacity

of 33,700 tonnes, divided into 23,700 tonnes of fertile salmon in Arnarfjörður,

Patreks and Tálknafjörður, and 10,000 tonnes of sterile salmon in Ísafjörður.

Arnarlax will provide further updates once the consultation period is ended and

the final decision on the license has been reached.

For further information, please contact:

CEO Bjørn Hembre

Tel: +354 620 1936

CFO Jónas Heiðar Birgisson

Tel: +354 414 0609

About Icelandic Salmon:

Icelandic Salmon is dual-listed company, both at the Euronext Growth in Oslo and

Nasdaq First North in Iceland. The company is the 100% owner of Arnarlax ehf,

the leading farming company in Iceland with their head office in Bildudalur. The

company is fully integrated, from egg to the fish is delivered to customers in

the market, with control over all parts of the value chain.

AI Terminal