Atlantic Sapphire

Report Publication Announcement • Jul 11, 2022

Atlantic Sapphire ASA: Update on Reporting

Atlantic Sapphire ASA: Update on Reporting

Miami, FL, July 11, 2022

In line with Atlantic Sapphire ASA’s (“Atlantic Sapphire” or the “Company”) strategy to deliver a high level of transparency in its external communication with investors and key stakeholders during the critical ramp-up period for its US Phase 1 operation, the Company has since October 2021 published and presented a monthly report with key operational metrics.

Following the completion of the US Phase 2 financing on June 28, 2022 and stable operational performance since the middle of 2021, the Company has decided to start reporting its key operational KPIs on a quarterly basis going forward. Atlantic Sapphire management is fully focused on delivering US Phase 1 “steady state” production and constructing a high-quality US Phase 2 project within budget.

Atlantic Sapphire will publish its next operational update in conjunction with its First Half 2022 report on August 26, 2022.

In other updates, the new filleting line is now in operation. The Company expects it will have an immediate positive impact on processing cost, fillet yield and quality control.

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.