Gigante Salmon AS

Report Publication Announcement • Oct 24, 2023

Gigante Salmon: Publication of Q3 Report

Gigante Salmon: Publication of Q3 Report

Bodø, Norway, 24 October 2023

Gigante Salmon has today published the quarterly report for the third quarter of 2023. The group is still in the execution phase, and through Q3 the total investments have increased to NOK 385 260 kNOK, from NOK 260 074 kNOK for Q2 2023. The operating profit for Q3 was NOK - 652 kNOK.

In Q3 and up to the reporting date, the company has strengthened its financing by 300 MNOK, through a long-term leasing agreement with SpareBank 1 Finans Nord-Norge (100 MNOK) and a private placement on 11 October (200 MNOK).

- We are leaving a content-rich quarter behind us, particularly financially. Strengthened financing ensures that we can complete the plant at Lille Indre Rosøy with increased quality and robustness, says CFO Rune Johansen.

From Q3 we report the following highlights:

• Onshore power for phase I established

• Feed, housing and work fleet anchored and operational

• Risers and sieve boxes for water-intake phase I installed

• Preparations, groundwork and installations in technical area for phase I in completion

• All positions in planned operating organisation filled

• Plan audit completed and forecast updated

EVENTS AFTER BALANCE SHEET DATE:

• New financing: agreement on partial financing through leasing concluded with SpareBank 1 Finans Nord-Norge (100 MNOK)

• New financing: private placement carried out on 11 October; fully subscribed with gross proceeds of NOK 200 MNOK

In connection with the Q3 2023 Report, Gigante Salmon is pleased to invite you to a digital management presentation at 10:00 CET. The presentation will be held by CEO Helge E. W. Albertsen and CFO Rune Johansen, and will finish off with a Q&A session where you may submit questions in writing. The presentation will be held in Norwegian.

Link to webcast:

https://gigantesalmon.no/investor/websendinger/#/gigante-salmon/quarterly-earning-reports-2023/9e824zq0

For further information, please contact:

Helge E. W. Albertsen, CEO

Phone: +47 480 47 613

E-mail: helge@gigantesalmon.no

Rune Johansen, CFO

Phone: +47 988 44 724

E-mail: rune@gigantesalmon.no

The full Q3 2023 report is attached to this stock exchange announcement, and published on the company's website: https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

About 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, i.e. sea lice and escapes as well as reduced mortality, emissions, feed waste and impact on nearby surroundings.

See www.gigantesalmon.no for more information on the company.