Bodø, Norway, 17 January 2025

In Q3, the company reported estimated capex per kilogram of biomass of up to NOK
65, based on expected production of 16,000 tonnes. Due to a prolonged period of
bad weather, installation of surface cladding on floors has not been possible,
and completion of production pool 2 has been delayed. This has also affected the
progress of production pool 1 somewhat. 

Delays will normally result in increased costs. The company is in the process of
assessing progress and costs further to the delay. An updated cost estimate for
Q4 reporting is not expected to be presented, but costs are expected to be
gradually reduced in the final phase of the development project in Rødøy. The
company's assessment of costs for the project as a whole is that they will
increase somewhat from the estimate in the Q3 reporting, but be within
established financing.

For further information:

Kjell Arild Lorentsen, CEO
E-mail: kjell@gigante.no
Phone: +47 911 22 688

Rune Johansen, CFO 
E-mail: rune@gigantesalmon.no 
Phone: +47 988 44 724

Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøy in Rødøy, Norway. The Company's
aquaculture concept is based on a flow-through system, combining the benefits of
conventional and land-based aquaculture while simultaneously eliminating issues
associated with conventional, sea based, farming. Visit www.gigantesalmon.no for
more information.

Important notice:

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Rune Johansen, CFO in Gigante Salmon AS,
at the time and date stated above in this announcement. 

Neither this announcement nor anything contained herein constitutes a financial
promotion, or an invitation or inducement to acquire or sell securities in any
jurisdiction. This announcement is for information purposes only and is not to
be relied upon in substitution for the exercise of independent judgment. It is
not intended as investment advice and under no circumstances is it to be used or
considered as an offer to sell, or a solicitation of an offer to buy any
securities or a recommendation to buy or sell any securities of the Company. 

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Copies of this announcement are not being made and
may not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

This announcement contains statements regarding the prospects and strategies of
the Company. These statements are sometimes identified by the use of the future
or conditional tense, or by the use of forward-looking terms such as
"considers", "envisages", "believes", "aims", "expects", "intends", "should",
"anticipates", "estimates", "thinks", "wishes" and "might", or, if applicable,
the negative form of such terms and similar expressions or similar terminology.
Such information is not historical in nature and should not be interpreted as a
guarantee of future performance. Such information is based on data, assumptions,
and estimates that the Company considers reasonable. Such information is subject
to change or modification based on uncertainties in the economic, financial,
competitive or regulatory environments. The Company's forward-looking statements
speak only as of the date of this announcement. Absent any applicable legal or
regulatory requirements, the Company expressly disclaims any obligation to
release any updates to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any change in events,
conditions, or circumstances, on which any forward-looking statement contained
in this announcement is based.

The Company operates in a competitive and rapidly evolving environment