Andfjord Salmon

Earnings Release • Nov 17, 2021

Andfjord Salmon operational update: First pool filled, test of pool functions and laminar water flow

Andfjord Salmon operational update: First pool filled, test of pool functions and laminar water flow

17.11.2021 08:00:01 CET | Andfjord Salmon | Non-regulatory press releases

? First pool filled to maximum water level. ? Solid technical test results ?

Next step is testing of laminar water flow

The first pool was technically ready to be filled with water a few months ago.

However, the extensive test programme's primary purpose is testing pool

functions with seawater, various equipment and components such as power

adapters, sensors and the filtration system for discharge water.

"The test period, which was initiated several weeks ago, is a step-by-step

process to obtain knowledge and understanding of how the pool and the equipment

respond to seawater - both within and outside the pool. We are very pleased with

the test results so far," says Martin Rasmussen, CEO of Andfjord Salmon AS.

As a part of the extensive test programme, the water level in Andfjord Salmon's

first pool reached its highest level this week. Going forward, the pool will be

tested at different fill stages, with further equipment testing conducted in the

coming weeks.

"We have tested the pool for several weeks and so far everything looks great. We

have filled the pool step-by-step and tested the discharge function throughout.

This week, the water is at peak level," says Rasmussen.

Laminar water flow

Testing of the laminar water flow, which is the heart of Andfjord Salmon's

patented flow-through technology, is the next step. A flow-through system with

laminar water flow reduces energy consumption and associated costs significantly

as there is no need to lift, filter or heat the seawater. Simply because the

seawater is clean and holds a perfect temperature as it is sourced directly from

the Atlantic gulf stream that enters Andfjorden, which is adjacent to Andfjord

Salmon's facility. In addition, the water intake is at a level where lice and

algae do not exist.

Further pools

The pool, which is 20 metres deep, will hold more than 1,000 tonnes of salmon.

The plan is to release smolt in the second quarter next year. However, the

ongoing test phase is also part of the preparations for the forthcoming

expansion of additional fish farming pools at Kvalnes.

"The knowledge we acquire through the testing of the first pool will be highly

beneficial for the forthcoming construction and utilisation of our other pools

at Kvalnes. The key advantage of an extensive test period for the first pool is

that we can reduce time, costs and execution risk when developing the next

pools," concludes Martin Rasmussen.

CONTACTS

* Bjarne Martinsen, CFO, Andfjord Salmon AS, +4797508345,

bjarne.martinsen@andfjord.no

* Martin Rasmussen, CEO, +47 975 08 665, martin@andfjord.no

ABOUT ANDFJORD SALMON

About Andfjord Salmon AS

Andfjord Salmon has developed an innovative and sustainable aquaculture concept

for shore-based farming of Atlantic salmon, based on a flow-through farming

concept. The company's ambition is to build the world's most sustainable

aquaculture facility of its kind. The facility is escape-proof, lice-free and

its highly filtered effluent avoids polluting marine life.

Located at Kvalnes on the island of Andøya on the Arctic Archipelago of

Vesterålen, Norway, the company's first facility is currently under

construction. The company holds a license to produce 12 600 tonnes (HOG) for

land-based farming of Atlantic salmon and has secured rights to land for a

planned expansion of an additional 77,400 tonnes (HOG) production capacity.

Further expansion is subject to the zoning of the land and granting of licenses.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.

www.andfjordsalmon.com - http://www.andfjordsalmon.com/

The information in this announcement is subject to disclosure requirements under

the EU Market Abuse Regulation and Euronext Growth listing rules. The

information was submitted for publication by the contact person set out above.

ATTACHMENTS

EN Andfjord Salmon operational update.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/980/1280/EN%20Andfjord%20Salmon%2

0operational%20update.pdf

NO Andfjord Salmon operasjonell oppdatering.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/980/1281/NO%20Andfjord%20Salmon%2

0operasjonell%20oppdatering.pdf