Atlantic Sapphire ASA: First Half 2024 Report and Operational Update


Miami, 20 August 2024: 


Please find attached the Atlantic Sapphire ASA interim financial statements for
the First Half 2024 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 2024 Report and
Operational Update is available here: https://vimeo.com/1000799901
The presentation is also attached and available on the Company's webpage.

Key events in the First Half of 2024 were:

-	Stable farming conditions with stable water temperatures and water quality
-	Low mortalities and good biological performance
-	Harvest of 2,395t HOG with an average size of 1.4 kg HOG
-	Net biomass gain of 2,750t
-	The company has identified bottlenecks in the water treatment system, in
addition to unplanned downtime, which has restricted feeding volume 
-	Decreased sales price driven by sales of mature fish in Q1 and small fish in
Q2 

As announced in the Q2 2024 trading update released on 11 July 2024, the Company
has experienced low average harvest weight because of having too many fish in
the tanks given the current feeding capacity. Several measures have been taken
to increase the harvest weight. Short term, the company has reduced the number
of fish due to low mortalities and current limitations in feeding volume, to
allow the remaining fish to grow to a larger harvest weight. Medium term, the
Company has initiated bottleneck-removing initiatives to increase the feeding
capacity of the facility.  
As a consequence of low revenue in the first half and the need to improve the
performance of the facility through bottleneck-removing activities, and build
the feeding capacity, the company needs additional funding.  Arctic Securities
AS and DNB Markets, a part of DNB Bank ASA, have been engaged as managers in
connection with an upcoming fundraise consisting of a fully guaranteed Rights
Issue of up to USD 60 million and a Convertible Loan of minimum USD 20 million
directed towards Condire Management LP and potentially Nordlaks Holding AS.
Please refer to separate stock exchange notice for further details. 

For further information, please contact:

Pedro Courard
CEO

or

Gunnar Aasbo-Skinderhaug
Deputy CEO and 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
operated its innovation center in Denmark from 2011 until 2021 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 holds the requisite permits and patents to construct its
Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The
Company's Phase 1 facility is in operation, which provides the capacity to
harvest up to approximately 9,500 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.
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