Bodø, 19.03.24:

The board of directors of Gigante Salmon AS has today been informed about a new
cost increase for the construction work in Rødøy, of approximately MNOK 350. The
figures are still subject to control, quality assurance and dialogue with the
suppliers. After this increase, the total investment amount for the construction
work in Rødøy up until completion of the production site is estimated to amount
to approx. MNOK 995.

The cost increase will require new capital to the company. This work has been
initiated. The plan is that the cost increase will be covered through a
combination of equity and debt financing. In the private placement in October
2023, MNOK 100 more than the identified need at that time was raised.

The cost increase forecast is mainly due to longer construction time, including
costs for rigging and operation.

For further information, please contact: 

Helge E. W. Albertsen, CEO
E-mail: helge@gigantesalmon.no
Phone: +47 480 47 613

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

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.

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.