Andfjord Salmon

Earnings Release • Jul 4, 2024

Andfjord Salmon: Strong progress at Kvalnes

Andfjord Salmon: Strong progress at Kvalnes

4.7.2024 08:00:00 CEST | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS (Andfjord Salmon) today reports faster than expected

progress for the development of the waterways that will provide fresh seawater

to the pools at the company's land-based aquaculture facility at Kvalnes,

Andøya, Norway.

Since Andfjord Salmon reported its first quarter results on 29 May 2024, the

tunnel construction at the Kvalnes site has progressed at an impressive rate,

increasing the completion rate from 38 to 57 percent in just one month.

The waterways, including inlet and outlet tunnel, is designed to support a

future production of 40,000 tonnes of salmon at Kvalnes.

"Construction of the waterways is underground work that exposes us to ground

conditions. To make 20 percent progress in such a short time period is important

as it helps to de-risk one of the most challenging parts of the Kvalnes

build-out," says Martin Rasmussen, CEO of Andfjord Salmon.

In this first phase of the Kvalnes build-out, Andfjord Salmon is completing four

new pools, increasing total production capacity to 8,000 tonnes HOG by 2025. The

company aims to achieve a total production capacity of 40,000 tonnes HOG at

Kvalnes through gradual volume increases between 2025 and 2030. The initial

phase includes developing shared infrastructure such as waterways and a harbour

area to support future production.

Work on the two other ongoing workstreams - harbour area and concrete pools -

are progressing as planned. The harbour area workstream is currently at 42

percent completion, up from 36 percent on 29 May 2024.

The concrete pools workstream has reached 12 percent completion, up from 8

percent at the end of May, as installation of steel reinforcements and

foundation work is moving ahead as scheduled.

CONTACTS

* Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,

bjarne.martinsen@andfjord.no

* Media: Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665,

martin@andfjord.no

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord

Salmon is developing the world's most sustainable and fish-friendly aquaculture

facility of its kind. Through a proprietary flow-through system, Andfjord Salmon

combines the best from ocean and land-based salmon farming. In its first

production cycle, the company achieved an industry-leading survival rate of 97.5

percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and

required 1 kWh to produce one kilo of salmon. Andfjord Salmon has identified a

roadmap towards a production capacity of 40,000 tonnes HOG at Kvalnes, Andøya,

and set a long-term ambition to reach 90,000 tonnes HOG across Kvalnes, Breivika

and Fiskenes at Andøya. For more information, see www.andfjordsalmon.com -

http://www.andfjordsalmon.com/.

ATTACHMENTS

Andfjord Salmon Operational Update July 2024.pdf -

https://kommunikasjon.ntb.no/ir-files/17847566/18172775/4739/Andfjord%20Salmon%2

0Operational%20Update%20July%202024.pdf