Salmon Evolution ASA — Regulatory Filings 2022

Jun 8, 2022

Salmon Evolution launches North America expansion and increases long term production target to 100,000 tonnes

Salmon Evolution launches North America expansion and increases long term production target to 100,000 tonnes

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

pleased to announce that it has initiated a process with the aim of expanding

its farming operations into North America and at the same time raising its

production capacity target to 100,000 tonnes HOG by 2032.

As part of this process, Salmon Evolution is currently evaluating identified

potential production sites in North America. The Company expects to use the

remainder of 2022 for such site selection and initial site verifications.

Further, it is expected that the pre-construction phase including regulatory

approval processes will take 2-3 years, allowing for construction start during

2025, upon which the plan is to build a full scale 31,500 tonnes HOG "Indre

Harøy" facility, drawing on the experiences learned in both Norway and Korea.

To facilitate this expansion, the Company has established a dedicated team of

both in-house and external resources. Additionally, the Company will establish a

US corporate structure under its full ownership.

Mr. Håkon André Berg, CEO of Salmon Evolution comments:

"Although starting in Norway, Salmon Evolution has always had global ambitions.

With the addition of North America into our portfolio, we will have an operating

platform on all the three major salmon consuming continents.

Over the coming 12 months we expect to demonstrate the operational viability of

our concept, solidifying Salmon Evolution's global leadership position within

the land-based salmon farming industry. Given the long lead times for this

industry, we see it as critical for our long-term value creation to build and

develop a tangible pipeline of high-quality projects."

The Company's strategy of pursuing accretive partnerships in overseas markets

remains unchanged. As the project develops, Salmon Evolution aims to engage in

partnership structures leveraging the Company's human capital and maximizing

shareholder value.

For further information, contact:

Håkon A. Berg

CEO, Salmon Evolution

+47 411 92 257

Trond Håkon Schaug-Pettersen

CFO, 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, the 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