Yokohama, Japan / Bergen, Norway 16 May 2024 - Proximar today reported its first
quarter 2024 results. Stable and good growth conditions push the company towards
its first harvest of Atlantic salmon in September 2024.  
 
"Proximar is the first producer of Atlantic salmon in Japan, years ahead of the
competition. We continue to be on track for our first harvest in September this
year, supported by favorable biological conditions, stable water quality, and
good fish health", says Joachim Nielsen, CEO of Proximar Seafood. 
 
The operational activities are increasing in the post-smolt grow-out (PSG)
building as planned. The second module of the PSG will be put into operation
during Q2, with the remaining two to follow in H2 this year. 

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. 

Targeting annual production of 5300 tonnes  
The targeted long-term harvest level for Proximar is 5,300 tonnes (HOG) per year
in Phase 1, with a gradual ramp-up from the first harvest. Estimated harvest
volumes for 2024 and 2025 combined are expected to be around 4,700 tonnes (HOG).
The 2024 target harvest volume will be communicated closer to first harvest.
 
Standing biomass at the end of the quarter was 111.9 metric tonnes, up from 39.8
metric tonnes at the end of Q4 2023. By mid-May the biomass was 188 tonnes. 

"We are pleased to see the standing biomass increase at pace, whilst the growth
of the fish remains according to expectations. Despite some start-up related
problems resulting in mortalities, we remain confident in our targeted volumes.
Fish health and safety remain our key priority going forward. We have a strong
team in place and remain optimistic in terms of our production and first
harvest", Nielsen continues.

 
Highlights of the first quarter of 2024:

o Continuing to grow the fish stock, with total biomass at 111,9 metric tonnes
by the end of Q1 2024
o Increased operational activity in the post-smolt grow-out building, now with
multiple batches
o Raised 165 MNOK in a private placement and repair offering
o Extended the repayment date for the JAML loan until December 2025, according
to previous communication
o Further strengthening of the production team and well on-track with staffing
plan 
 
A robust market for Atlantic salmon in Japan
The market for Atlantic salmon in Japan has over time been showing positive
growth and robustness. The high salmon prices in Japan towards the end of 2023
and in the beginning of 2024 have eased somewhat but remain at high and
attractive levels. 

Proximar has a long-term off-take agreement with its Japanese sales and
distribution partner Marubeni Corporation for all its produced volumes. Marubeni
announced in March the launch of a dedicated Proximar division for boosting the
marketing and sales of Atlantic land-based salmon produced by Proximar. 

"We are ramping up our sales and marketing activities together with Marubeni, as
we progress towards the first harvest. I'm confident that our strategic
partnership with Marubeni provides unmatched access to the Japanese market,
strongly supported by a separate division and a dedicated team working with us",
Nielsen comments.  
  
 
Proximar Seafood will host a webcast presenting the results for the first
quarter of 2024, today at 09:00 CEST. The investor presentation will be hosted
by CEO Joachim Nielsen and CFO Ole Christian Willumsen. The presentation will be
held in English and questions can be submitted throughout the event. The
streaming event is available at
https://events.webcast.no/proximar/2024/proximar-q1-2024
 
For further information, please contact: 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 plans its first
harvest in Q3 2024. Through land-based salmon farming, using high-quality
groundwater 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.
 
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. The information was published on
May 16 at 07:00 by Ole Christian Willumsen, CFO.