Gigante Salmon AS

Capital/Financing Update • Mar 22, 2023

GIGANTE SALMON AS: Opening of construction loan

GIGANTE SALMON AS: Opening of construction loan

Bodø, Norway, 22 March 2023

Gigante Salmon Rødøy AS has begun drawing on the long-term construction loan provided by Sparebank1 Nord-Norge. The NOK 204 million loan was granted on 21 Feb 2022 and is guaranteed by Eksfin.

Financing for construction of the Rødøy facility comes from the NOK 222 million Gigante Salmon Rødøy AS raised ahead of its 2021 IPO, the Sparebank1 Nord-Norge construction loan, a leasing agreement in the amount of NOK 40 million related to the residential and work fleet, as well as NOK 65 million in previously contributed equity.

Progress on the Rødøy facility is moving forward according to plan, and production is expected to begin in September. Production will start as soon as the first basin is complete, as indicated in our timeline. Work on the other two basins will continue alongside production activities and is due to be completed in mid-2024.

Limiting production to a single basin initially will provide us with valuable insight and experience with the finalisation of construction.

For more information, please contact:

Helge E W Albertsen, CEO

Telephone: +47 480 47 613

E-mail: helge@gigantesalmon.no

Kristian Lorentsen, acting CFO

Telephone: +47 979 51 239

E-mail: kristian@gigante.no

About Giant Salmon

Gigante Salmon is a salmon-farming firm that is seeking to begin land-based operations on the islet of Lille Indre Rosøy in Rødøy in the Helgeland district of central Norway. Our salmon-farming concept is based on a flow-through system that combines the advantages of conventional and land-based operations.

Visit www.gigantesalmon.no for more information.