Gigante Salmon AS

Regulatory Filings • Jan 17, 2025

Gigante Salmon AS: Q4 update on construction in Rødøy

Gigante Salmon AS: Q4 update on construction in Rødøy

Bodø, Norway, 17 January 2025

In Q3, the company reported estimated capex per kilogram of biomass of up to NOK 65, based on expected production of 16,000 tonnes. Due to a prolonged period of bad weather, installation of surface cladding on floors has not been possible, and completion of production pool 2 has been delayed. This has also affected the progress of production pool 1 somewhat.

Delays will normally result in increased costs. The company is in the process of assessing progress and costs further to the delay. An updated cost estimate for Q4 reporting is not expected to be presented, but costs are expected to be gradually reduced in the final phase of the development project in Rødøy. The company's assessment of costs for the project as a whole is that they will increase somewhat from the estimate in the Q3 reporting, but be within established financing.

For further information:

Kjell Arild Lorentsen, CEO

E-mail: kjell@gigante.no

Phone: +47 911 22 688

Rune Johansen, CFO

E-mail: rune@gigantesalmon.no

Phone: +47 988 44 724

Gigante Salmon:

Gigante Salmon is a land-based salmon farming company with its first production facility under construction on Lille Indre Rosøy in Rødøy, Norway. The Company’s aquaculture concept is based on a flow-through system, combining the benefits of conventional and land-based aquaculture while simultaneously eliminating issues associated with conventional, sea based, farming. Visit www.gigantesalmon.no for more information.

Important notice:

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Rune Johansen, CFO in Gigante Salmon AS, at the time and date stated above in this announcement.

Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This announcement contains statements regarding the prospects and strategies of the Company. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as "considers", "envisages", "believes", "aims", "expects", "intends", "should", "anticipates", "estimates", "thinks", "wishes" and "might", or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that the Company considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments. The Company’s forward-looking statements speak only as of the date of this announcement. Absent any applicable legal or regulatory requirements, the Company expressly disclaims any obligation to release any updates to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions, or circumstances, on which any forward-looking statement contained in this announcement is based.

The Company operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted