Atlantic Sapphire

Earnings Release • Jan 4, 2024

Atlantic Sapphire ASA: Q4 2023 Trading Update

Atlantic Sapphire ASA: Q4 2023 Trading Update

Miami, FL, January 4, 2024

Atlantic Sapphire ASA (together with its subsidiaries, the “Company”) harvested a total volume of approximately 310t HOG in the three months ended December 31, 2023, while the net biomass gain for the same period was approximately 1,100t RLW. The standing biomass as of December 31, 2023 was estimated to be just above 3,000t RLW.

Since the Q3 2023 Operational Update, the Company has continued to monitor the maturation levels of the biomass closely. The Company has since seen higher levels of maturation in the fish groups that are expected to be harvested in H1 2024, which may impact price achievement and the ability of these fish groups to achieve the same biological performance as seen in June 2023. The other fish groups not impacted by the Q3 2023 temperature issues continue to perform as expected.

The Company will release its full Q4 2023 Operational Update (the “Operational Update”) in February 2024. The Operational Update will include further details on operational performance and focus areas in Q4 2023 and to date.

For further information, please contact:

Johan E. Andreassen

CEO

or

Karl Øystein Øyehaug

CFO

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 has been operating its innovation center in Denmark since 2011 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 has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, 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.