Yokohama, Japan/Bergen, Norway - 20 December 2023. Proximar Seafood AS (PROXI,
or the Company) is pleased to announce that the first fish of Atlantic salmon
have been successfully transferred from the nursery department to the post smolt
grow-out facility (PSG).

"It is a great milestone to finally initiate operations in the PSG facility. We
have been waiting with excitement for this day, and I am pleased to see that the
move into the new building has been successful. Our team has done a fantastic
job in preparing for this transfer", says Dharma Rajeswaran, COO of Proximar.
 
Following the completion of construction works in September, installation and
testing of the RAS-equipment has progressed swiftly in the first module of the
PSG, and the grow out-building has been prepared to receive the first batches in
accordance with the schedule. 

Installation of RAS-equipment in the remaining three modules will continue in
the coming months, aligned with the required capacity and production plan.

The fish now transferred were brought into Proximar's hatchery in 2022 and have
since then been through the first feeding and nursery department, before finally
being smoltified and transferred to the first operational module in the PSG this
week. During this period the fish has performed very well in terms of growth and
showing low mortality, demonstrating the good performance of the facility. The
fish will be harvested in Q3 2024.
 
"As the first commercial producer of Atlantic salmon in Japan, we are
enthusiastic about reaching this phase of the production with top tier fish from
our own smolt production. Given that the PSG facility is based on the same
technology as the nursery, we are confident that we will be able to continue to
provide Atlantic salmon with excellent fish welfare- and growth-conditions going
forward", says Joachim Nielsen, CEO of Proximar.
  
There are currently nine batches in operation in Proximar's Oyama facility, with
the tenth batch joining by the end of December. More biological details will be
provided in our production update in the first week of January 2024.

For more information, please contact: 
Joachim Nielsen, CEO, +81 70 2811 9898, 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 plans first harvest
in Q3 2024. Through land-based salmon 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.