Andfjord Salmon

Earnings Release • Feb 17, 2023

Andfjord Salmon: Operational update

Andfjord Salmon: Operational update

17.2.2023 08:00:01 CET | Andfjord Salmon | Non-regulatory press releases

Both growth rate and survival rate continue to be strong for the salmon in

Andfjord Salmon's first pool at Andøya, Norway. Biological conditions for the

first six months in the pool have also been documented by independent research

body Nofima.

As of 16 of February 2023, the average weight of the salmon in Andfjord Salmon's

first pool has reached 1,850 grams. Survival rate remains high at 98.3 percent,

almost eight months after smolt release.

Further, a welfare documentation report written by scientists at the Norwegian

food research institute Nofima concludes that "overall, the welfare of fish in

the system for the first six months of the documentation project has been good

in relation to e.g., the Laksvel scoring scheme for input and outcome-based

indicators for salmon". Åkerblå has been responsible for examination and

documentation of fish health and their findings state fish health has been good.

Regarding the growth of the fish, Nofima writes: "The growth has been higher

throughout the period than that indicated for fish in this weight and

temperature range (4 to 14°C) by reference growth tables. It is also in the

upper range of values reported in several previous studies, overall".

In connection with the documentation report, Nofima has investigated a large

number of operational welfare indicators for the salmon, including water quality

and the salmon's physical environment, fish behaviour, and an auditing of

further fish health parameters is currently underway.

"We are delighted that the report shows that we have managed to create a

fish-friendly environment for the salmon, which translates to healthy growth and

high survival rate. Our ambition is that consumers should be able to taste that

the salmon has lived a good life in our pool," says Martin Rasmussen, CEO of

Andfjord Salmon.

Andfjord Salmon will provide more insight into the key findings from the Nofima

report when the company presents its fourth quarter and full-year financial

results on 16 March 2023.

Andfjord Salmon targets first harvest mid-2023.

CONTACTS

* Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,

bjarne.martinsen@andfjord.no

* Media: Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665,

martin@andfjord.no

ABOUT ANDFJORD SALMON

Located at Kvalnes on the island of Andøya on the Arctic Archipelago of

Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable

aquaculture concept for land-based farming of Atlantic salmon, based on a

flow-through technology solution. The company's ambition is to build the world's

most sustainable and fish-friendly aquaculture facility of its kind. Andfjord

Salmon AS is listed on Euronext Growth under the ticker ANDF.

www.andfjordsalmon.com - http://www.andfjordsalmon.com