Yokohama, Japan / Bergen, Norway 23 February 2024 - Proximar today reported its
fourth quarter 2023 results. The first fish were transferred to the post-smolt
grow-out facility in December, marking an important milestone on the company's
schedule for the first harvest in Q3 2024. 

"We are transitioning from construction to an operational phase with harvest of
the first fish expected in 3Q this year. 2024 will be a pivotal year for our
company, and we are looking forward to supplying fresh Atlantic salmon to
Japanese consumers, lifting the company from investing to solid revenue
streams", says Joachim Nielsen, CEO of Proximar Seafood.

Standing biomass at the end of the quarter was 39.8 metric tonnes, up from 11.5
metric tonnes at the end of Q3. The next significant operational step is
expected in April when production will be initiated in the second of four
modules in the post smolt grow-out building.

"We are pleased to see the standing biomass increase at pace, whilst the growth
of the fish remains according to expectations. Fish health and safety remain our
key priority going forward, and we are very happy to have a highly skilled team
in place to deliver on our plans", Nielsen continues. 

Highlights of fourth quarter 2023:

o Transition from construction to the operational phase, with total biomass at
40 metric tonnes by the end of Q4 2023.
o Transfer of first fish to the post-smolt grow-out facility in December.
o Successfully raised NOK 140 million through a private placement (an additional
NOK 25 million was raised in a subsequent offering Q1 2024).
o Ramp-up of the organization to prepare the company for harvesting and the
production phase, now totaling 33 employees of which 30 located in Japan.

A robust market for Atlantic salmon in Japan
The market for Atlantic salmon in Japan has over time been showing positive
growth and robustness. High salmon prices in Japan towards the end of 2023 have
eased the demand and resulted in a decrease in consumption. The underlying trend
is nevertheless positive, and demand for Atlantic salmon is expected to continue
growing going forward.  

Proximar has an off-take agreement in place with its Japanese sales and
distribution partner Marubeni for all its volumes produced from the facility,
targeting 5,300 tonnes/year in steady state. 

"The demand for high quality Atlantic salmon is strong, and with the high cost
of transportation and distribution of salmon imported from overseas, Proximar is
attractively positioned to offer fresh and locally produced Atlantic salmon of
the highest quality to the Japanese market. Proximar is the first producer of
Atlantic salmon in Japan, years ahead of competition", Nielsen comments. 

Tank breach being analyzed
Proximar experienced an incident with a tank breach post-quarter in February,
which resulted in a loss of 50,000 fish or approximately 5% of its total
individuals in the production. The fish was planned harvested towards the end of
4Q 2024 and will impact the harvested volumes for 2024 by approx. 250 tonnes.
However, the loss will have limited impact on the company's overall harvesting
plan volumes in the medium term (2024/2025). 

"We're proud of our team working effortlessly as we grow our biomass towards the
first harvest later this year. Although we've experienced issues with the tank
breach following the quarter end, initiatives have been made to prevent similar
incidents. This remains our number one priority", Nielsen concludes. 

Investigations have been ongoing since the incident, and the company is
assessing several initiatives to prevent similar events from happening,
including strengthening the tank foundation through reinforcing the sand/soil
masses around the center module and strengthening the tank floor. The estimated
cost of this is approx. NOK 5 million.  

Proximar Seafood will host a webcast presenting the results for the fourth
quarter of 2023, 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/2023/proximar-q4-2023 

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 considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The information was
published on February 23 at 07:00 by Ole Christian Willumsen, CFO.