Atlantic Sapphire

Earnings Release • Oct 17, 2022

Atlantic Sapphire ASA: Update On Expected Revenue

Atlantic Sapphire ASA: Update On Expected Revenue

Miami, FL, October 16, 2022

Reference is made to the First Half 2022 Report and the Operational Update released on August 26, 2022. Atlantic Sapphire ASA (the “Company”) expected a higher price achievement for its harvested fish in the second half of 2022 compared to the average realized price for its harvested fish in the first half of 2022. Due to above normal and increasing mortality in certain systems, fish from these systems have been harvested earlier and at a lower average weight than originally planned. The Company's average harvest weight in the second half of 2022 is therefore expected to be around 2 kg HOG. The Company still expects to receive an average premium price of approximately USD 12 per kg for its Bluehouse Salmon (superior 3kg+ fish). The revenue for the second half of 2022 is estimated to be around the same level as in the first half of 2022.

The Company continues to investigate the cause of the above normal mortality in certain fish systems to be able to take further corrective actions and minimize future mortality. As highlighted in the August 2022 Operational Update, the Company is in the process of upgrading the farm infrastructure (including the intake water pre-cooling system) to ensure temperature stability and improved biological performance.

The Company’s harvest guidance of 800,000 – 1,000,000 fish in the second half of 2022 remains unchanged and the biomass gain and harvest volume expectations for 2023 are not impacted by the early harvest.

The Q3 2022 Operational Update will be released on or about November 15, 2022, when the Company will share more details on its operational performance.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug

Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

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 targeted harvest volume in 2031 of 220,000 tons.