Yokohama, 25 December 2024: Proximar Seafood AS ("Proximar" or the "Company")
experienced yesterday a breach in the support for the bio media filter of the B
module. The breach has not resulted in mortality and measures have been taken to
maintain adequate water quality. Biological levels have been stabilized since
the incident, and water conditions are maintained at adequate levels for the
fish.
 
As no mortality is seen, the impact at the present stage of the incident will
primarily be related to delayed growth due to a temporary reduction in feeding.
Standing biomass in the B module is approximately 620 tonnes, and the Company is
planning to move the fish to the D module which has just been completed.

The incident is equivalent to the one experienced in the C module in November,
which indicates deficiencies in the materials used for the support. This will be
further investigated.

Proximar is in contact with its insurance company and has ordered the needed
materials to complete the repairs as soon as possible. Installation work will
start as soon as the material is received.

The support for the biofilter in the D module has already been reinforced.
However, the biofilter needs to be matured, which will limit the feeding in the
module for approx. one month.

Prior to the incident, Proximar was experiencing good growth conditions and
feeding according to plan. Turbidity was also reduced to satisfactory levels
following the successful ramp-up of the ozone system in Q4. 

The Company will revert with updated information in its next trading update in
early January 2025.

For further information, please contact:
Joachim Nielsen, CEO, +47 92 85 55 59, jn@proximar.com
Ole Chr. Willumsen, CFO, +47 48 21 34 29 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 carried out its
first harvest on 30 September 2024. Proximar's brand and logo (Fuji Atlantic
Salmon) were officially launched in October at our partner Marubeni
Corporation's head quarter in Tokyo. Through land-based salmon farming, using
high-quality groundwater secured close to Mount Fuji, the company produces 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.