Yokohama, 21 November 2024: Proximar Seafood AS ("Proximar" or the "Company")
experienced yesterday a breach in the support for the bio media filter of the C
module. The breach has not resulted in mortality. Measures have been taken to
maintain adequate water quality, and biological levels have been stable since
the incident.
 
Standing biomass in the C module is approximately 300 tonnes, and the company is
starting to move the fish to another operative module, expected to be completed
within the next week.  Startup of a new module, the D module, is moved forward
to compensate. 

Module C will not be operational until repairs are completed. Selected batches
of fish will be harvested somewhat earlier than planned to free up capacity in
the operative modules and secure adequate fish health until module C has been
repaired. The harvesting plan for 2024 and 2025 is expected to be lowered by
around 5 percent, compared to previously communicated 4 700 tonnes HOG. 

Proximar will also upgrade the other operative modules to avoid similar
incidents in the other three modules, however this is not expected to impact
production. Proximar has contacted the relevant insurance companies regarding
coverage for damages, repairs and relevant losses. The Company will revert with
updated information in its next trading update in early January 2025.

For further information, please contact:
Joachim Nielsen, CEO, +81 70 28 11 98 98, 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.