Miami, FL, August 24, 2023

Please find attached the Atlantic Sapphire ASA interim financial statements for
the First Half 2023 and an Operational Update. 

The documents will be made available at
www.atlanticsapphire.com/investor-relations.

A recorded presentation of the highlights of the First Half 2023 Report and
Operational Update is available here: https://vimeo.com/857366277
The presentation is also attached and available on the Company's webpage. 

Key events in the First Half of 2023 were:

- Focus on heavy infrastructure upgrades and operational improvements
- Approximately 2,100t RLW of gross biomass gain and harvest volume of 870t HOG
- Decrease in revenue driven by lower volume, partially offset by higher sales
prices
- Consistent price achievement of ~USD 12/kg HOG on premium fish
- Increase in overall cost per kg of biomass produced compared to H1 2022
- Internal reorganization of the company initiated to streamline the
organization and strengthen operational resources
- US Phase 2 construction currently focused on design and optimizing quality and
cost of the project, limiting actual capital expenditures for the project to a
minimum
- Extension of the debt facilities with DNB to April 2025 and a USD 55m Private
Placement successfully completed

As announced in the H1 2023 trading update released on the 8th of August 2023,
the Company has experienced lower than expected biomass gain in Q3 2023 to date.
This indicates a lower revenue in H2 2023 compared to what the Company expected.
The cause has been identified as elevated water temperatures which will be
addressed by installing additional chiller capacity scheduled in September 2023.
 
While the Company has taken action to mitigate the cause of the reduced biomass
growth, the expected reduction in revenue has resulted in an estimated reduction
in cash flow from operations in H2 2023 of approximately USD30 million and an
estimated breach of the USD 15 million minimum liquidity covenant under the
current debt facility during Q3 2023 (no assumed draw on the RCF facility). As a
consequence, DNB Markets and Arctic Securities have been engaged to explore
potential funding routes in this respect to ensure a sufficiently large cash
buffer. 
 
The largest existing shareholders represented on the Board of Directors,
including Nordlaks, EW Group and Strawberry, have already indicated their
continued financial support in the event of a funding round.

For further information, please contact:

Johan E. Andreassen 
CEO

or 

Karl Øystein Øyehaug 
CFO

investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the
Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA 
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire has
been operating its innovation center in Denmark since 2011 with a strong focus
on R&D and innovation to equip the Company with the technology and procedures
that enable the Company to commercially scale up production in end markets close
to the consumer. 

In the US, the Company has identified and obtained the requisite permits to
construct its Bluehouse® in the ideal location in Homestead, Florida, just south
of Miami. The Company has completed Phase 1 construction, which provides the
capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The
Company completed its first commercial harvest in the US in September 2020.
Atlantic Sapphire is currently constructing its Phase 2 expansion, which will
bring total annual production capacity to 25,000 tons, and has a long-term
targeted harvest volume of 220,000 tons.