Gigante Salmon AS

Earnings Release • Jan 21, 2025

Gigante Salmon AS: Publication of Q4 Report – On track to first harvest in Q2 2025

Gigante Salmon AS: Publication of Q4 Report – On track to first harvest in Q2 2025

Bodø, 21 January 2024

Gigante Salmon AS has today published the quarterly report for the fourth quarter of 2024. The quarter was marked by significant progress on construction of the two remaining basins, whilst the production from the first basin developed with good salmon growth. The company is on track to full production run-rate from 2026, with a gradual ramp up of harvesting towards the capacity of 16,000 tonnes HOG annually from 2028.

"It has been a year since we started test production, and the fish is growing well with average weight approaching 3 kilograms", says CEO Kjell Lorentsen and looks forward to first harvest during the second quarter 2025.

From Q4 we report the following highlights:

• The average weight of the first release of smolt is 2,700 grams, on track to begin harvesting in Q2 2025 as scheduled

• Shore power has been established and connected through a submarine cable

• All risers / seawater intakes completed

• Drainage channels cast

"2025 will be a pivotal year for Gigante Salmon, as we transition from the construction phase towards full scale production. The facility is designed to prioritise both fish welfare and economic efficiency and we make daily progress, strengthening our readiness for the full-capacity launch from 2026", adds Lorentsen.

The farming site on Lille Indre Rosøy in Northern Norway consists of three basins, one already in production. The location benefits from optimal sea temperatures and proximity to an aquaculture cluster providing access to infrastructure and competence.

Due to a prolonged period of bad weather, installation of surface cladding on floors has not been possible during Q4, 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'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. Construction of production pool 2 is expected to complete during Q1 and production pool 1 is to be completed during summer 2025.

The company expect to harvest approximately 550 tonnes HOG in Q2 2025, before an additional 2.2 million smolt will be released during Q3.

In connection with the Q4 2024 Report, Gigante Salmon is pleased to invite you to a digital management presentation at 09:00 CET. The presentation will be held by CEO Kjell Lorentsen and CFO Rune Johansen, and will finish off with a Q&A session where you may submit questions in writing. The presentation will be held in Norwegian.

Link to webcast: https://gigantesalmon.no/investor-2/websendinger/#/gigante-salmon/quarterly-earning-reports-2024/4e95j8zg

The full Q4 2024 report is attached to this stock exchange announcement, and published on the company's website: https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

A recording of the webinar in Norwegian will be made available on the company’s webpage.

For further information, please contact:

Kjell Lorentsen, CEO

Phone: +47 911 22 688

E-mail: kjell@gigante.no

Rune Johansen, CFO

Phone: +47 988 44 724

E-mail: rune@gigantesalmon.no

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.

This information is subject to disclosure under the Norwegian Securities Trading Act, §5-12.