Miami, August 31, 2025

Highlights from the first half of 2025
o	H1 2025 revenue nearly doubled to USD 21.5m vs. H1 2024, reflecting a nearly
doubling in average prices and harvest weights 
o	Record biological performance with 97% superior share, low mortality, stronger
feeding and steady biomass gain 
o	EBITDA loss narrowed to USD -30.7m from USD -46.6m in H1 2024
o	Revised business plan improves capital efficiency, lowers risk and accelerates
path to breakeven with first positive EBITDA expected in late 2026
o	2025 harvest volume expected at ~5,400 tons HOG, up ~25% vs. 2024
o	2026 volume expected at ~7,000 tons with further optimization of Phase 1
thereafter to reach ~7,500-8,500 tons and $3-5 EBITDA/kg
o	Phase 1 validation to unlock high-margin, value-accretive Phase 2 expansion
targeting EBITDA of $4-6/kg on ~25,000 tons

Subsequent events
o	Atlantic Sapphire ASA (the "Company", and together with its consolidated
subsidiaries, the "Group") intends to raise a new Convertible Loan of USD 31-35
million, which together with certain adjustments to the Company's bank debt
financing with DNB Bank ASA, is estimated to fund the Company through to
break-even for Phase 1 of the Group's Homestead Bluehouse.
o	In connection with the contemplated new Convertible Loan of USD 31-35 million,
certain large existing shareholders represented on the Board of Directors have
indicated their strong support to underwrite USD 25 million. The Company has
further received commitments from certain other existing investors to invest
approximately USD 7 million in the Convertible Loan, such that the total amount
of indicative support and pre-commitments totals approximately USD 32 million.

Comment from CEO Pedro Courard
"The first half of 2025 marked a decisive shift for Atlantic Sapphire.
Operations are now stable, biological performance is at record levels, and
financial results are improving. With harvest weights nearly doubled, superior
share consistently high, and prices of $12/kg for our premium BluehouseTM
product, our platform is now demonstrating its full potential.
We have finalized a revised business plan requiring only USD 3 million of
additional capex, with materially lower operating costs. Positive EBITDA is
expected by the end of 2026 and will continue improving thereafter. To support
this last phase of Phase 1 optimization, we are preparing a flexible financing
solution structured to fully fund Atlantic Sapphire through to breakeven of
Phase 1 and has the strong backing of our main owners."

Operational and Financial Review
Harvest volumes in the first half of 2025 reached 2,486 tons HOG, a 4% increase
versus the same period last year. Average harvest weights for the first half of
2025 improved to 2.86kg, with Q2 average harvest weight at 3.1kg, while the
average sales price increased to $8.67/kg, up 88% and 86%, respectively, versus
H1 2024. Biological indicators - including superior share, mortality, feed
conversion, and biomass gain - continued to strengthen, reflecting disciplined
SOP execution and systematic removal of bottlenecks.
Revenue nearly doubled year-on-year to USD 21.5 million, driven by improved
price achievement and higher volumes. Operating costs decreased despite legacy
system constraints, and the operating loss was reduced by USD 13.9 million
compared to H1 2024. Net cash flows from operations and investments were
significantly lower compared to the previous year, supported by improved
operational performance and reduced Phase 2 spend respectively. The equity ratio
stood at 66.7% at period end, with all covenants under the amended credit
facility in compliance.
Phase 2 construction remains paused, with activities limited to design,
engineering, and optimization. 

Revised Business Plan
The updated plan targets ~7,000 tons of harvest volume in 2026, rising toward
7,500-8,500 tons thereafter. Compared to the previous plan, capex has been
reduced to USD 3 million and is focused on high impact projects related to CO2
removal, water treatment, and energy efficiency. Substantially lower operating
costs on the back of improved staffing, energy efficiency, increased volumes and
operational discipline are expected to result in an EBITDA cost of $10/kg in the
near-term. EBITDA breakeven is expected in late 2026, with Phase 1 seen
generating $1-2/kg of EBITDA in the near-term, with $3-5/kg feasible in an
optimized Phase 1 environment. 
More information about the Revised Business Plan and the contemplated financing
round (as described below) can be found in the H1 2025 presentation.

Contemplated funding round to reach EBITDA break-even
As previously announced in the February 2025 update, the biomass adjustment
prioritizing increased harvest weights delayed the timing for EBITDA break-even.
While the Company is now seeing the positive results of those adjustments, the
Company recognizes the need for additional capital to realize the profitability
potential of Phase 1. As such, the Company is now contemplating the issuance of
a new convertible loan of USD 31-35 million (the "Transaction"). This, together
with certain amendments in the loan agreement with DNB Bank ASA, is estimated to
fund the capex and operations of the Company until reaching EBITDA break-even of
Phase 1, with a contingency.

Contemplated issuance of a new Convertible Loan:
In connection with the contemplated issuance of a new USD 31-35 million
Convertible Loan, the Company has received strong support to underwrite USD 25
million from its BoD Shareholders, being Nordlaks Holding AS (for a loan amount
of USD 11 million), Condire Management LP (for a loan amount of USD 11 million)
and Strawberry Capital AS (for a loan amount of USD 3 million). Certain other
existing shareholders have further committed to subscribe for approximately USD
7 million in the Convertible Loan, such that the total amount of indicative
support and pre-commitments totals approximately USD 32 million. The Company
will seek to complete the issuance of the Convertible Loan in the time to come
and will update the market in due course. 
To ensure necessary financing until the contemplated Convertible Loan is
completed, the Company has entered into a bridge loan agreement of USD 6 million
with the BoD Shareholders (the "Bridge Loan"). The Bridge Loan is expected to be
rolled over into the Convertible Loan (including PIK interest and origination
fee) upon completion of this transaction (the "Bridge Loan Rollover").
Further, the key terms of the contemplated Convertible Loan are expected to
include the following: 
o	Maturity: 5 years.
o	Interest rate: 10.00 per cent. per annum, payable-in-kind by capitalization to
the outstanding principal amount ("PIK Interest") semi-annually in arrears.
o	Conversion price: NOK 10.00, subject to customary anti-dilution mechanisms.
o	Conversion Period: Commencing one year after utilization date and ending on
tenth business day prior to Maturity Date or any earlier date fixed for
repayment of the Convertible Loan. 
o	Conversion incentive in a Qualifying Equity Raise: Upon any equity raise by
the Company with gross proceeds of at least USD 100,000,000 (a "Qualifying
Equity Raise"), each Lender that exercises its Conversion Rights within 20
business days following registration of such equity raise with the Norwegian
Register of Business Enterprises (Nw. Brønnøysundregistrene) shall be entitled
to receive one additional Share for every three Shares issued upon conversion,
credited as fully paid at no additional cost to such Lender.
o	Conversion of Existing Convertible Loan: The Company has agreed to exchange
Condire's Existing Convertible Loan in the principal amount of USD 20,000,000
plus accrued interest into the Convertible Loan at 80% of the outstanding
principal amount plus accrued interest at the time of exchange with the effect
that the Company's obligation under the Existing Convertible Loan will be nil
and the increased obligation under the Convertible Loan will be 80% of the
Existing Convertible Loan. Condire's participation in the Convertible Loan is
further conditional upon the general meeting of the Company approving the
exchange of the existing convertible loan into the new Convertible Loan.
o	Underwriting fee: Under certain conditions, the investors in the Convertible
Loan will receive a fee of 15% payable in kind and capitalized to outstanding
principal amount. 
o	Capitalized Amounts: In addition to the cash proceeds described above, the
following amounts will be capitalized to the principal of the Convertible Loan:
i) PIK Interest and origination fee of 10% accrued under the Bridge Loan