Atlantic Sapphire

Business and Financial Review • Oct 11, 2023

Atlantic Sapphire ASA: Update on Water Temperatures and Q3 2023 Trading Update

Atlantic Sapphire ASA: Update on Water Temperatures and Q3 2023 Trading Update

Miami, FL, October 11, 2023

Reference is made to Company Update published on September 19, 2023 where Atlantic Sapphire ASA (together with its subsidiaries, the “Company”) outlined the operational challenges experienced in Q3 2023 due to elevated water temperatures and its plan to install additional chillers to get water temperatures across its Bluehouse facility to targeted levels.

The new chillers were delivered in the second half of September 2023 and have since been brought online. With the added water-cooling capacity, the Company has now brought temperatures across all growout systems down to approximately 14 degrees Celsius, which is in line with targeted levels. Having stable temperatures at the right level is a pre-requisite to achieve good biological performance.

The Company harvested a total volume of approximately 365t HOG in the three months ended September 30, 2023, while the net biomass gain for the same period was approximately 100t RLW. As described in the Company Update on September 19, 2023, the Q3 2023 biomass gain was negatively impacted by the operational challenges with high water temperatures in the quarter. The standing biomass as of September 30, 2023 was approximately 2,350t RLW.

The Company will release its full Q3 2023 Operational Update (the “Operational Update”) on November 1, 2023 after the close of the Oslo Stock Exchange and would like to invite all interested stakeholders to a presentation of the Operational Update shortly thereafter. A link to the webcast will be shared on November 1, 2023. The Operational Update will include further details on operational performance and focus areas in Q3 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.