Atlantic Sapphire

Earnings Release • Jul 8, 2021

Atlantic Sapphire ASA: Q2 2021 trading update

Atlantic Sapphire ASA: Q2 2021 trading update

Miami, FL, July 8, 2021

Atlantic Sapphire ASA (the “Company” or “Atlantic Sapphire”) announces its trading update for the quarter ended June 30, 2020.

Three months ended June 30, 2021:

Revenue per kg of total harvest - USA ~USD11/kg HOG

Revenue per kg for SUP 3kg+ - USA ~USD12/kg HOG

Revenue per kg of total harvest - Denmark ~DKK38/kg HOG

Revenue per kg for SUP 3kg+ - Denmark ~DKK50/kg HOG

In comparison:

Fish Pool commodity salmon price in Q2 2021 ~USD7.6/kg HOG

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Harvest volume – USA: 300t HOG

Biomass gain – USA: ~700t RLW

Harvest volume – Denmark: 250t HOG

Biomass gain – Denmark: ~200t RLW

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As described in the Company’s update presentation published on June 3, 2021, feeding was reduced in the US during Q2 2021 to focus on risk reduction and the implementation of risk mitigation measures. Harvest volumes were also reduced during Q2 to optimize the harvestable biomass for 2021. The product quality and price achievement has improved, driven by higher harvest weights and fewer downgrades as a result of maturation.

In Denmark, the two lead batches that have negatively impacted biomass gain in the first half of 2021 have been harvested out as of June 30, 2021.

The Company’s interim financial statements for the period ended June 30, 2021 will be released on August 27, 2021. The Company also expects to release an update on its strategic approach for future expansions in the US beyond Phase 2 in the second half of 2021.

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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.