Statt Torsk ASA

Quarterly Report • May 28, 2021

Statt Torsk

Financial Report – First Quarter 2021 Oslo, 28. May 2021

Q1 2021 Summary

Quarterly highlights: Statt Torsk is on track

• Biomass development and operation build up according to plan
• Expansions of sea operations. Farm no 2 in operation and will be completed according to plan
• Secured financing through successful capital increase
• Market cooperation agreement signed

Quote from our CEO

«Statt Torsk's focus is on responsibility and products with a very small environmental footprint, based on sustainable production methods.»

CEO Message

Gustave Brun-Lie

CEO

Dear Shareholder

At Statt Torsk we have passed an important milestone. Our admission to trading at Euronext Growth was successful and has put the company in a good position for the coming years. We thank you for your confidence in us.

We are progressing well according to our plans to reach our goals.

A new branch of the seafood industry is now being built. Norway's long traditions in fisheries and seafood industry give us a solid base. Our experience, both as a company and team, secure that we will be an important part of the future of farmed cod.

We follow our step by step philosophy and lower the risk as we build a strong and solid company. Statt Torsk's focus is on

responsibility and products with a very small environmental footprint, based on sustainable production methods.

Together with our partner Lerøy Seafood we are in constant touch with the market, with focus on the uniqueness of our product both in quality as well as predictability.

We create value, jobs and an industry, in and for the local communities.

We have a lot of work ahead. Together with our employees, our partners and shareholders, we will succeed.

We are on our way!

Q1 2021 Financial update

• The Board of Directors decided to do a capital increase by raising 115 mNOK in new equity. The process was completed in April. The new equity puts the company in a satisfactory position to execute on the planned expansion.
• Statt Torsk prepared an application for admission to trading at Euronext Growth, and the company was successfully admitted to trading on 23. April 2021.
• We have signed and contracted for 3 feed barges and 1 work boat that will be delivered in 2021 and 2022, according to plan.
• No other major financial incidents derived from operational activities.

Q1 2021 Market update

• Statt Torsk has delivered production from the 2 pilots to the European market through Lerøy Seafood and their highly developed international distribution system.
• Based on these positive experiences, Statt Torsk has signed a 5 years partnership agreement with Lerøy Seafood covering marketing, sales and distribution.
• The partners have started cooperation on a product- and marketing strategy, including a sales plan.
• This plan acknowledges that we need to develop and mature the market for farmed cod, and that it will take time to establish the desired market-and price position.
• We plan to harvest approximately 800 tons this fall. This will give us further valuable experiences and feed-back from the market. We will utilize this when our production output increases considerably in the coming years.

Q1 2021 Operational update

• Entering 2021, we had 1 site at Stokkeneset in production. This facility launched a limited production volume in July 2020, which is planned for harvest and sales fall 2021. We expect to deliver 800 tons WFE from this batch.
• We are well ahead of the planned growth curve and are overall positive on the growth development. This has been achieved despite colder water than normal in Q1, which limit weight increase.
• Both feed factor and mortality rate are within expected development curves. Exact analysis cannot be done before harvest, but we are confident about the development.
• Our second location, Rekvika, was inaugurated in Q1 and operation started in March, with a batch of fingerlings from Nofima. Batch 2 will arrive this summer from Havlandet. Based on this we plan to have our first major production batch of approx. 3000 tons WFE ready for harvest and sales during fall 2022.
• We are continuously working on expanding our production capacity with new production locations. We have currently applied for 1 additional location, 2 is under preparations and 1 is under research.
• On 26 May 2021, the Norwegian Institute of Marine Research issued a report on cod farming, based on a mandate from the Norwegian Directorate of Fisheries dated 28 August 2020, on the knowledge on risk of impact on wild cod, especially genetic and ecological interactions and localization in relation to spawning and on-growing areas. We have reviewed the report, and it's our assessment that neither the report, nor the statements included therein will frustrate a continuation of our growth ambition, due to our limited environmental footprint and our sustainable production methods.
• We have a strong focus on sustainability and will monitor and report on important KPI´s such as feed conversation ratio, CO2 emission, mortality rate and other measurable impact on environment. We have staffed up the organization and will develop tools and routines.

Q1 2021 Milestones

• January: Fry received
• January: Equity investment in Arctic Cod, 16,3%
• February: Agreement with Arctic Cod for future deliveries of fingerlings
• March: Market cooperation agreement with Lerøy
• March: Agreement with Havlandet on future deliveries of fry
• March: Agreement with Havlandet for possible JV of fingerlings facility in Florø
• March: Site 2 Rekvika in operation, batch 1

Q1 2021 Financial review

Statt Torsk Group Consolidated Income Statement

(All figures in NOK 1.000)	Note	Q1 2021	Q1 2020	Y2020
Revenue		0	0	5 081
Operating income		0	0	5 081
Cost of goods sold		170	19	7 491
Wages		1 282	260	1 211
Depreciation	2	252	225	988
Other operating expenses		1 297	112	816
Operating profit/loss		-3 001	-616	-5 425
Net financial items		0	-57	-525
Profit/loss before tax		-3 001	-673	-5 950

Statt Torsk Group Consolidated Statement of Financial Position

(All figures in NOK 1.000)	Note	Q1 2021	Q1 2020	Y2020
Assets
Non-current assets
Deferred tax		17	8	0
Plant and equipment	2	11 489	6 577	7 336
Investment in associates		1 038	0	0
Loan to associates		3 000	0	0
Total non-current assets		15 544	6 585	7 336
Current assets
Inventories	3	17 259	5 445	8 007
Receivables	4	22 059	2 390	13 722
Cash and cash equivalents		18 866	3 568	33 030
Total current assets		58 184	11 403	54 759
Total assets		73 728	17 988	62 095

Statt Torsk Group Consolidated Statement of Financial Position

(All figures in NOK 1.000)	Note	Q1 2021	Q1 2020	Y2020
Equity and Liabilities
Equity
Share capital		12 011	5 328	9 880
Additional paid-in capital		49 068	-6	51 183
Retained earnings		-3 001	-7 078	0
Total equity	5	58 078	-1 756	61 063
Liabilities
Non-current liabilites
Convertible loans		0	14 534	0
Other long term liabilites		0	4 363	0
Total other non-current liabilities		0	18 897	0
Current liabilites
Accounts payable		15 027	425	736
Other current liabilities		623	422	296
Total current liabilites		15 650	847	1 032
Total equity and liabilities		73 728	17 988	62 095

Statt Torsk Group Consolidated Statement of Cashflow

(All figures in NOK 1.000)	Q1 2021	Q1 2020	Y 2020
Cashflow from operating activities
Net result before tax	-3 001	-673	-5 950
Depreciation	252	225	988
Change in inventory and biological assets	-9 252	-545	-3 107
Change in receivables	-8 337	-1 582	-12 914
Change in accounts payable	14 291	378	689
Change in other items	-173	291	135
= Net cashflow from operating activities	-6 220	-1 906	-20 159
Cashflow from investing activities
Purchase of plant and equipment	-4 405	-5 361	-6 883
Investments in assosiated companies	-4 038	0	0
= Net cashflow from investing activities	-8 443	-5 361	-6 883
Cashflow from financing activities
New interest-bearing debt	0	4 363	0
Proceeds from issuing of share capital	499	1 970	55 570
= Net cashflow from financing activities	499	6 333	55 570
Net change in cash and cash equivalents	-14 164	-934	28 528
Cash and cash equivalents (opening balace)	33 030	4 502	4 502
= cash and cash equivalents (closing balace)	18 866	3 568	33 030

Statt Torsk Group Notes Q1 2021

Note 1 General information and Reporting principles

Reporting entity

Statt Torsk AS is registered and domiciled in Norway, head office in Stad on the west coast of Norway. The statements includes the 100% owned subsidiary Stokkeneset Reiarlag AS. Figures of 2020 are pro forma.

Reporting principles

The financial statments have been prepared in accordance with The Norwegian Accounting Act and generally accepted accounting principles in Norway. The financial information are not audited. Accounting principles used in 2021 are the same as used in the 2020 financial statements (NGAAP)

Bought and sold fry in the period are netted in the accounts, and does not appear as revenue.

Biological assets includes all directly attributable farm costs. Costs such as depreciation, adminstration and other common costs are not included in the book value. This principle will be used intil the market and a predictable price picture for wild farmed cod is established.

Deferred tax apply to the subsidiary. The parent company dos not book deferred tax assets.

For complete accounting principles, we refer to the Annual Accounts for 2020.

Statt Torsk Group Notes Q1 2021

Note 2 Fixed assets	Farm facilities	Vessels	Other equipment	Total
Acquisition cost as of 31.12.	5 128	5 060	61	10 249
Additions	4 405	0	0	4 405
Disposals	0	0	0	0
Accumulated depreciation as of 31.03	-2 855	-295	-15	-3 165
Book value as of 31.03	6 678	4 765	46	11 489

Note 3 Inventory and biological assets	Biologica l assets	Raw materials	Total
As per 01.01	7 840	167	8 007
Delivered fry, fingerlings and raw materials	6 088	2 615	8 703
Consumption of raw materials	1 579	-1 579	0
Direct production costs added	549	0	549
Book value as of 31.03	16 056	1 203	17 259

Note 4 Receivables	Per 01.01	Per 31.03
Accounts payable	3 138	794
Prepayment farming facilities	3 982	7 295
Prepayment contract feeding barge	0	5 963
Fry to fingerlings	6 036	5 250
VAT	559	2 250
Other short term receivables	7	507
Total	13 722	22 059

	Share	Share	Not registred	Other
Note 5 Equity	capital	premium	capital	equity	Total
Equity as of 01.01.	9 880	11 183	40 000	0	61 063
New shares issued	2 131	38 368	-40 000		499
Share issue costs		-483			-483
Profit before tax				-3 001	-3 001
Equity as of 31.03	12 011	49 068	0	-3 001	58 078

Statt Torsk Group Board and CEO

Nicolas Brun-Lie (sign)

Chairman

Marianne Kveldstad (sign)

Board member

Bjug Borgund (sign) Board member/CFO

Øyvind Schanke (sign) Board member

Gustave Brun-Lie (sign) CEO

Statt Torsk AS Top 20 shareholders per 25.05.2021

Name	Holding	% of total
Orinoco AS	37 400 000	22,51 %
T.D. Veen AS	16 525 000	9,95 %
Medvode AS	14 994 693	9,03 %
Techbridge AS	14 597 065	8,79 %
Borgund Brygge AS	10 073 407	6,06 %
DnB NOR Bank ASA	8 097 730	4,87 %
Bjug A. Borgund AS	5 825 409	3,51 %
Bypass Consulting AS	4 646 750	2,80 %
Tigerstaden Marine AS	4 300 000	2,59 %
Alden AS	4 000 000	2,41 %
Brekke Holding AS	2 700 000	1,63 %
Secom AS	2 500 000	1,51 %
Frode Borgund	2 475 313	1,49 %
Lindvard Invest AS	2 400 000	1,44 %
Nersnæs AS	2 068 571	1,25 %
Ervik Havfiske AS	2 000 000	1,20 %
Mami Holding AS	1 820 000	1,10 %
Høvik Industriutvikling AS	1 560 000	0,94 %
Forte Norge	1 400 000	0,84 %
Ervik Capital AS	1 200 000	0,72 %
Top 20	140 583 938	84,63 %
Total number of shares	166 112 707	100,00 %

Definitions

Definitions and glossary

• Board Members: Members of the Company's Board of Directors
• Board of Directors: The Board of Directors of the Company
• CEO: The Group's designated chief executive officer
• CFO: The Group's designated chief financial officer
• COO: The Group's designated chief operating officer
• Company: Statt Torsk AS
• Group: The Company and its subsidiaries
• HSE: Health, Safety and Environment
• KPI: Key Performance Indicators
• Lerøy: Lerøy Seafood AS
• Management: The Company's senior management
• NGAAP: Norwegian generally accepted accounting principles for small enterprises in Norway, NRS 8
• Shares: The Company's 166,112,707 outstanding shares, each with a par value of NOK 0.10.
• VAT: Value Added Tax
• WFE: Whole Fish Equivalent

Disclaimer and important information

(General): By reading this presentation dated 28 May 2021 (the "Presentation"), or attending a meeting or an oral presentation held in relation thereto, you (the "Recipient") hereby acknowledge, agree and accept that you have read, and agree to be bound by the terms, conditions and limitations set out in this disclaimer. This Presentation has been produced by Statt Torsk AS (the "Company") solely for the purpose of presenting the Company's financial results for Q1 2021 to the market and the investors. The financial results are based on NGAAP and do not meet the requirements for a full quarterly report under IFRS and the results have not been audited. The Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the Presentation nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

(No representation or warranty / disclaimer of liability): To the best knowledge of the Company, the information contained in this Presentation is in all material respects in accordance with the facts as of the date hereof and contains no material omissions likely to affect its import. Please note that none of the Company or its affiliates, directors, officers, employees, advisors or representatives of any of the aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in this Presentation (including, but not limited to, projections, estimates, targets and opinions) is or can be relied upon as a promise or representation by the Company or any of the Representatives.

(Forward-looking statements / information from third parties): This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements in this Presentation are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company's ability to continue to obtain financing to meet its needs, changes in the political, social and regulatory framework in which the Company operates or in economic or trends or conditions. None of the Company or the Representatives provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments, and the Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results. Investments in the Company's shares involves inherent risk and prospective investors risk to lose all or parts of their investment. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading.

(No updates): This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Company with the Recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

(No investment advice): The contents of this Presentation shall not be construed as technical, financial, legal, business, investment, tax or other professional advice. The Recipient should consult its own professional advisers for any such matter. By attending or receiving this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.