Salmon Evolution ASA — Earnings Release 2023

Apr 11, 2023

Salmon Evolution ASA: Q1 2023 Operational update - Batch 2 on track for Q2 2023 harvest

Salmon Evolution ASA: Q1 2023 Operational update - Batch 2 on track for Q2 2023 harvest

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is

pleased to announce that its production ramp up is proceeding according to plan.

The Company recorded all-time high biomass production in March with

approximately 320 tonnes in net biomass gain for the month. As per 31 March 2023

the Company's standing biomass was almost 1,500 tonnes LW, which represents a

doubling from 733 tonnes per 31 December 2022.

As per 31 March 2023 batch 2 consisted of 4 subgroups with an average weight of

~3.5 kg and with the largest group being ~3.7 kg. The Company currently expects

harvesting of batch 2 to start in early May with the entire batch being fully

harvested out by June. Mortality levels have remained low with batch 2 having an

accumulated mortality of 2.2% with ~1 month remaining until start of harvest.

In late February the Company also stocked batch 5 at Indre Harøy, consisting of

about 257,000 fish with an average weight of 230 grams. Batch 6 and 7 are

planned stocked during Q2 2023.

Please see attached presentation for further details.

For further information, please contact:

Trond Håkon Schaug-Pettersen

CEO, Salmon Evolution

+47 911 91 327

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a

production capacity of 100,000 tonnes HOG by 2032. The Company's core focus is

on extending the ocean's potential by transferring the best preconditions

offered by the sea to farm fish on land through its chosen hybrid flow-through

system technology (HFS). This secures a truly sustainable production process

with controlled and optimal growth conditions and limiting operational and

biological risk.

The Company's first production facility is strategically located at Indre Harøy

on the Norwegian west coast with unlimited access to fresh seawater, renewable

energy, established infrastructure, and an educated and experienced work force.

Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes

HOG at steady state. Fully developed, the Indre Harøy facility will have an

annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where

the parties will develop, construct and operate a land-based salmon farming

facility in South Korea with an annual production capacity of 16,800 tonnes HOG,

using Salmon Evolution's chosen HFS technology.

Furthermore, Salmon Evolution has initiated a process with the aim of

establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no