Salmon Evolution ASA — Regulatory Filings 2022

Nov 8, 2022

Salmon Evolution ASA: Proof of concept - First harvest successfully completed

Salmon Evolution ASA: Proof of concept - First harvest successfully completed

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

pleased to announce that it on 7 November 2022 successfully completed its first

harvest from batch 1.

"Having successfully completed the first harvest is a historic milestone for

Salmon Evolution. In just 7 months we have grown our salmon from 300 grams to

harvest weight, clearly demonstrating proof of concept as to our approach to

land-based salmon farming. Salmon Evolution is all about creating optimal living

conditions for the salmon, which in turn sets the basis for excellent biological

performance and long-term profitability", says Trond Håkon Schaug-Pettersen,

Interim CEO and CFO in Salmon Evolution.

The operation started on 3 November when about 30,000 salmon were transferred

from Indre Harøy to Salmon Evolution's nearby processing partner Vikenco where

the fish has been resting in their holding cage over the weekend. The whole

process went according to plan and minimal mortality was registered during the

fish transfer process. The harvest will be spread over a couple of days and the

first group was harvested yesterday.

"We are extremely excited to have completed our first harvest which will give us

valuable insight into how we operate our facility. Although batch 1 already has

been a major success, we are confident that as we learn more and more, we will

be able to continuously improve our operations and maximize the output from the

farm while at the same time upholding the highest quality standards", says

Ingjarl Skarvøy, Chief Operating Officer in Salmon Evolution.

The salmon from this harvest has been sold to a selected group of customers both

in Norway and abroad, providing them with the opportunity to test the product

and verify the quality ahead of the Company's planned ramp-up in harvest volumes

over the coming quarters.

"Finally we have the opportunity to share our salmon with the market. We are

experiencing strong interest in our product and very much look forward to work

alongside our customers and partners in promoting a new standard of salmon with

no compromises on water quality, fish welfare, environmental responsibility and

product quality", says Odd Frode Roaldsnes, Chief Commercial Officer in Salmon

Evolution.

The rest of batch 1 is planned harvested during the fourth quarter.

Please see News - salmonevolution.no (https://salmonevolution.no/news/) for more

information and pictures.

For further information, contact:

Trond Håkon Schaug-Pettersen

Interim CEO | CFO, Salmon Evolution

+47 911 91 327

Ingjarl Skarvøy

COO, Salmon Evolution

+47 901 16 803

Odd Frode Roaldsnes

CCO, Salmon Evolution

+47 918 05 687

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