Atlantic Sapphire

Regulatory Filings • Aug 30, 2021

Atlantic Sapphire ASA: Update on the supply situation of liquid oxygen to the US Bluehouse facility

Atlantic Sapphire ASA: Update on the supply situation of liquid oxygen to the US Bluehouse facility

Miami, FL, August 29, 2021

Reference is made to the First Half 2021 Operational Update published on August 26, 2021, and the current, Covid-19 related liquid oxygen (“LOX”) shortage in the US. In response to the shortage in the US market and potential negative effects on the operations of Atlantic Sapphire ASA (“the Company”), management took precautionary measures both to reduce its oxygen consumption and to engage in alternative supply sources, in order to avoid putting its biomass health at risk.

Over the weekend, the Company has been able to source additional LOX deliveries by cooperating with Miami-Dade County (“MDC”) to pick up non-medical grade LOX, produced at MDC’s wastewater treatment plants, for use by the Company and for delivery to a chemical plant supplied by MDC.

In addition to the MDC source of LOX, as well as its current supplier, the Company is also expecting deliveries from a third supplier later in the week.

The non-medical grade LOX received is not certified for human consumption, and therefore does not compete with demand from hospitals, while being equally suitable for salmon.

As part of the Company’s measures to be independent of COVID-related supply-chain shortages, the Company has also contracted its own LOX truck with certified drivers. As a result, the Company will not only be picking up LOX from MDC’s wastewater treatment plants but also assist the county with supply of LOX to other municipal water treatment utilities across the state of Florida. Atlantic Sapphire ASA is committed to being a responsible partner to the community in which it operates and is proud to help whenever possible.

Water quality in the farm is excellent and the Company has over the weekend carefully restarted feeding of fish across its fresh- and salt-water systems.

Mayor Levine Cava and her Miami-Dade County staff and Congressman Gimenez, together with logistics support from Crowley, have been incredibly supportive in helping us navigate the current situation. The Company will have to continue to monitor this shortage and its effects over the coming days in weeks, however we have had positive developments in the LOX delivery pipeline since the release of our Operational Update.

Onsite production of oxygen has always been part of the Grand Master Plan of the Company for cost saving and redundancy reasons. This is viable at scale, but was not part of the Phase 1 construction project because the supply of LOX has historically been reliable in the US. The Company does not see oxygen supply as a barrier to future expansion efforts.

Management invites all interested parties to a video conference call today, Monday August 30, 2021, at 11:00am EST / 17:00 CEST to update on the situation and answer any questions.

Please use the following link to access the video conference call: https://bit.ly/3Dx7xhY

or the following call-in details:

Conference ID: 420 605 619#

+1 786-598-2978 United States, Miami

+1 347-630-9328 United States, New York

+47 21 40 21 39 Norway, Oslo

+44 20 3794 0298 United Kingdom, London

+45 32 72 47 39 Denmark, Copenhagen

+46 8 505 329 62 Sweden, Stockholm

+41 43 210 57 10 Switzerland, Zurich

All participants will be on mute during the presentation. If you would like to ask a question during the Q&A session, please unmute yourself if using the link or by pressing “*6” if you are calling in.

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 has secured the key US water permits to produce up to 90,000 tons onsite, and has a targeted harvest volume in 2031 of 220,000 tons.