Yokohama, Japan/Bergen, Norway - 7 December 2023. Proximar Seafood AS (PROXI, or
the Company) publishes an updated investor presentation prepared for investor
meetings to address the funding requirement as communicated in the third quarter
report in November.

Proximar communicated a remaining funding requirement of ~ NOK 165m due to
higher expected operational costs, financing costs, and increased CAPEX. The
Company has since the third quarter report identified, subject to certain
conditions, debt solutions to cover parts of the funding requirement, and
consequently a remaining equity need of approximately NOK 85m, of which NOK 40m
is already committed by certain shareholders.

In addition, the Company is in a positive dialogue with a prospective new
high-quality long-term investor and has received an indication of interest from
such investor to participate with a meaningful amount in a potential new share
issue and the Company will, as a result, now initiate dialogues with other
existing shareholders and new investors.

"As the Company now assesses various funding options, it is comforting that the
business case has further strengthened this year following increased forward
prices for Atlantic salmon and higher transportation costs to Japan.
Simultaneously, the production is well on track to meet our volume targets",
says the CEO of Proximar, Mr. Joachim Nielsen.

The Company has engaged ABG Sundal Collier and Pareto Securities as financial
advisors in the process.

Attractive economics
The current Fishpool Forward Price for 2024, and the transport-related costs of
Atlantic salmon to Japan, translate to a relevant benchmark sales price of NOK
~145 / kg. In comparison, with the recently updated production cost estimates,
Proximar expects a production cost of around NOK 59/kg (EBITDA level). 

Hence, Proximar expects attractive economics from the start of harvest and going
forward, targeting to reach full utilization and production volumes of 5,300
tonnes/year in 2027. Proximar's business case remains robust and is
well-positioned to capitalize on the significant cost advantage of local
production.

"I am excited about the way Proximar is developing step-by-step towards the
first harvest in Q3 next year. We are looking forward to the upcoming transfer
of the first fish into our 25,000 m2 grow-out facility in December and see good
performance in our production, with batch 1 just passing 450 grams", continues
Mr. Nielsen. 

Highlights from the updated company presentation:
o	Proximar's land-based salmon facility in Japan is in operation, with 9 batches
currently in production
o	The fish in batch #1 is approx. 450 g, and the total biomass is approx. 30
tonnes
o	Proximar is several years ahead of the competition in Japan and will harvest
the first fish in Q3 2024
o	10-year sales and distribution agreement in place with Marubeni Corporation 
o	Industrial investors backing the company, including Grieg, Daimyo, Nutreco and
Marubeni
o	8.8 billion (approx. NOK 650 million) syndicated loan led by Mizuho Bank in
Japan
o	Remaining financing requirement of NOK 165 million for increased CAPEX,
OPEX/working capital and financing costs. Invested capital to date is NOK 1 560
million


For further information, please contact: 
Ole Christian Willumsen, CFO, Proximar Seafood AS Phone: +47 48213429 E-mail:
ocw@proximar.com 

About Proximar Seafood 
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch of eggs in October 2022 and plans first harvest
in Q3 2024. Through land-based salmon farming, using high-quality ground water
secured close to Mount Fuji, the company will produce fresh Atlantic Salmon,
harvested the same day. Proximar's location, near one of the world's most
important fish markets, implies significant advantages, both in terms of reduced
cost and carbon footprint.