4.7.2024 08:00:00 CEST | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS (Andfjord Salmon) today reports faster than expected
progress for the development of the waterways that will provide fresh seawater
to the pools at the company's land-based aquaculture facility at Kvalnes,
Andøya, Norway.

Since Andfjord Salmon reported its first quarter results on 29 May 2024, the
tunnel construction at the Kvalnes site has progressed at an impressive rate,
increasing the completion rate from 38 to 57 percent in just one month.

The waterways, including inlet and outlet tunnel, is designed to support a
future production of 40,000 tonnes of salmon at Kvalnes.

"Construction of the waterways is underground work that exposes us to ground
conditions. To make 20 percent progress in such a short time period is important
as it helps to de-risk one of the most challenging parts of the Kvalnes
build-out," says Martin Rasmussen, CEO of Andfjord Salmon.

In this first phase of the Kvalnes build-out, Andfjord Salmon is completing four
new pools, increasing total production capacity to 8,000 tonnes HOG by 2025. The
company aims to achieve a total production capacity of 40,000 tonnes HOG at
Kvalnes through gradual volume increases between 2025 and 2030. The initial
phase includes developing shared infrastructure such as waterways and a harbour
area to support future production.

Work on the two other ongoing workstreams - harbour area and concrete pools -
are progressing as planned. The harbour area workstream is currently at 42
percent completion, up from 36 percent on 29 May 2024.

The concrete pools workstream has reached 12 percent completion, up from 8
percent at the end of May, as installation of steel reinforcements and
foundation work is moving ahead as scheduled.

CONTACTS

 * Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,
   bjarne.martinsen@andfjord.no 
 * Media: Martin Rasmussen, CEO, Andfjord Salmon 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. Andfjord Salmon has identified a
roadmap towards a production capacity of 40,000 tonnes HOG at Kvalnes, Andøya,
and set a long-term ambition to reach 90,000 tonnes HOG across Kvalnes, Breivika
and Fiskenes at Andøya. For more information, see www.andfjordsalmon.com -
http://www.andfjordsalmon.com/.

ATTACHMENTS

Andfjord Salmon Operational Update July 2024.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/18172775/4739/Andfjord%20Salmon%2
0Operational%20Update%20July%202024.pdf