Bergen, Norway/Yokohama, Japan - 20 January 2023

Proximar Seafood announces that the first batch of juveniles (Atlantic salmon)
has been successfully transferred to the start feeding department and started to
take feed. This marks a breakthrough for Proximar's production team, after the
first eggs were successfully inserted in the company's hatchery in Oyama, Japan
in October 2022. 

"The successful transfer of our first juveniles to start feeding is an important
milestone for us and according to our production plan. I am excited to see the
progress and development in the next coming months," says Charlotte Okstad,
Hatchery & Nursery Manager of Proximar Seafood. 

The batch will stay in the first feeding for approximately two months, before
the next transfer to the nursery. [Please see here for updated photos:
www.proximarseafood.com/news/first-batch-of-eggs-to-start-feeding]

New milestones in 2023
The equipment installation is ongoing in the nursery area and will be
commissioned in early March, while the grow-out building is scheduled to be
completed in the third quarter this year. 

Project CAPEX is in-line with previous communication at levels around NOK
200/kg, based on target production capacity. With more than 80 per cent of the
civil works finished and 95 per cent on fixed price contracts, Proximar has a
strong visibility of the construction costs. The hatchery and nursery building
is now completed, with the last part of equipment installed by Aqua Maof.

"The quality of works is the best I have seen in my 11 years of experience with
RAS. I am convinced that the low complexity design of Aqua Maof is a huge
advantage in terms of operational risk. The combination of strong technology and
our highly competent team provides confidence in reaching our production goals,"
says Dharma Rajeswaran, COO of Proximar.

Successful track-record in Poland 
Proximar remains confident that the Aqua Maof solution will deliver according to
expectations. Aqua Maof's facility in Poland has now marked approximately five
years of successful production of Atlantic salmon.

So far, 36 cohorts of salmon have successfully reached an average size of 4-5 kg
with a survival rate of ~93 per cent in post smolt phase. The production has
shown consistent results, with growth from egg to harvest size (4-5 kg) in
approximately 22 months at stocking densities of around 85 kg/m3. 

The average volumes achieved is around 300 tonnes per year and the fish is being
sold in Poland and across Europe. Recently the taste and quality was backed by a
major taste panel with very positive feedback. 

"We follow this facility and performance closely and are impressed by the Aqua
Maof solution's ability to maintain consistent and adequate water quality. Even
at very high densities the solution from Aqua Maof has demonstrated its
capability. Water quality is the basis for good growth performance, and this
combined with the low complexity and simple design makes us very confident in
delivering on our plans," says Dharma Rajeswaran, COO of Proximar.

For more information, please contact: 
Joachim Nielsen, CEO, +81 70 2811 9898, jn@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 in October 2022. Through land-based fish
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.