Salmon Evolution ASA — Regulatory Filings 2023

Apr 29, 2023

Salmon Evolution ASA: Update on operational status at Indre Harøy

Salmon Evolution ASA: Update on operational status at Indre Harøy

As disclosed in the trading update on 11 April 2023, Salmon Evolution ASA

("Salmon Evolution" or the "Company", OSE: SALME) is planning to start

harvesting of batch 2 at Indre Harøy in May with the entire batch planned

harvested during the second quarter.

The Company is currently experiencing increased mortality levels in selected

fish groups. As per 29 April 2023 the aggregated mortality level for each batch

ranges from 0.3% - 7.9%. The reason for the increased mortality is relating to

gill health, suspected to be caused by external pathogens.

The Company is investigating the root cause and taking precautionary steps to

mitigate the situation, including increased UV dosage on intake water. The

facility is otherwise operating under stable conditions with relevant water

quality parameters at normal levels.

Summary of biomass situation:

· Batch 2: Current biomass is estimated to more than 800 tonnes (LW) with an

average weight of approximately 4 kg (LW). Harvesting is planned to commence

shortly with the full batch expected to be harvested by early June at the

latest.

· Batch 3: Currently split into two fish groups with an average weight of

around 1.6 kg (LW).  One of the fish groups is currently experiencing increased

mortality.

· Batch 4: Currently split into two fish groups. Low accumulated mortality,

but at increased levels for the smallest group.

· Batch 5: Normal feeding and low mortality levels.

The Company plans to stock five additional batches during 2023 of which the next

two batches are planned stocked during the second quarter. Depending on the

future performance of the existing batches and any potential decisions to

commence early harvest at suboptimal weights, expected timing for phase 1 steady

state production volume may be delayed from late Q3 2023 to late Q4 2023.

As to the financial impact of the situation, batch 2 is still expected to

generate substantial revenues upon harvest and sale. Furthermore, any harvest of

fish at suboptimal weights is also expected to generate revenues.

For further information, contact:

Trond Håkon Schaug-Pettersen

CEO, Salmon Evolution

+47 911 91 327

Odd Frode Roaldsnes

CCO, Salmon Evolution

+47 918 05 687

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation, and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

announcement was published by Hans Petter Mortveit, Finance Manager in Salmon

Evolution ASA, on 29 April 2023 at 17:35 (Oslo time).