Bodø, Norway, 23 April 2024

Reference is made to the stock exchange announcement dated 19 March 2024,
regarding updated cost increase for completion of production facility in Rødøy,
of approximately MNOK 350 beyond the previous investment estimate. As previously
announced, Gigante Salmon AS (the "Company") intends to cover the cost increase
through a combination of equity and debt financing.

The Company is pleased to announce that the Company has successfully received a
commitment for a loan of MNOK 120 from SpareBank 1 Nord-Norge. The loan
commitment is supported by Export Finance Norway (Eksfin). Further, Gigante
Havbruk AS (the Company's largest shareholder) has confirmed that it supports an
equity financing of the Company for a total subscription amount up to MNOK 130.

The Company raised MNOK 100 more than the at the time identified capital need in
its private placement completed in October 2023. Thus, with the MNOK 100 from
the private placement in October 2023, debt financing of MNOK 120 from SpareBank
1 Nord-Norge and a contemplated equity financing with an indication of interest
from Gigante Havbruk AS to invest MNOK 130, Gigante Salmon AS has a structured
plan to cover the approximately MNOK 350 cost increase for the construction work
in Rødøy.

The Company's board of directors has engaged Sparebank 1 Markets (the "Manager")
to act as financial advisor in connection with the contemplated equity
financing. Together with the Company the Manager expects to initiate discussions
with key shareholders and investors and that an equity financing will be
feasible to complete in second quarter of 2024. Any transactions as described
above remains subject to market conditions and necessary corporate resolutions.

For further information, please contact: 

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