Andfjord Salmon

Regulatory Filings • May 23, 2025

Andfjord Salmon: Successful completion of outlet waterway

Andfjord Salmon: Successful completion of outlet waterway

23.5.2025 08:00:00 CEST | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS (Andfjord Salmon) is pleased to announce the successful

completion of the outlet waterway at its land-based salmon farming facility at

Kvalnes on the island of Andøya, Norway. The final breakthrough has established

a direct connection between the outlet tunnel and Andfjorden.

The outlet exit point is located 70 metres below sea level. The breakthrough was

safely achieved through controlled blasting of the remaining 6-7-metre bedrock

separating the outlet tunnel from the fjord.

"I am proud to report that the breakthrough and the subsequent filling of

approximately 1 kilometer tunnel infrastructure were executed precisely

according to plan, without any incidents. This represents a significant

milestone in our efforts to advance the Kvalnes facility toward operational

readiness," said Martin Rasmussen, CEO of Andfjord Salmon.

The inlet waterway, which will deliver fresh, oxygen-rich Arctic seawater to all

pools at the facility, is also completed, and the final breakthrough to

Andfjorden is scheduled for June/July 2025.

"The inlet tunnel reaches a depth of approximately 50 metres below the surface -

well below the zone where salmon lice and harmful algae typically reside.

Through our proprietary flow-through system, continuous access to clean,

deep-sea water is a key enabler for recreating a natural and healthy salmon

habitat on land. This underpins our ambition of delivering strong biological

performance," Rasmussen added.

In parallel with the waterway infrastructure, Andfjord Salmon is completing four

pools and developing a new harbour area at the site. Both workstreams are

progressing as on schedule.

Earlier this year, Andfjord Salmon announced an optimized build-out plan at

Kvalnes that will increase production capacity by approximately 20%, from 8,000

tons to up to 11,000 tons (HOG + post-smolt) in Phase 1. This is made possible

through more efficient pool utilization, a new fish logistics system designed

for fish welfare, and reinforced concrete construction that enhances water flow

efficiency. As a result, the expected total production capacity under the

company's existing license will rise from 19,000 tons to 23,700 tons.

CONTACTS

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

bjarne.martinsen@andfjord.no

* Media: Martin Rasmussen, CEO, Andfjord Salmon Group 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. For more information, see

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