Bergen/Yokohama, 30 September 2025: Proximar Seafood AS ("Proximar" or the
"Company") is announcing its ninth production update following the initiation of
production of Atlantic salmon in its Oyama-facility in Japan in October 2022 and
one year after the first trial-harvest on 30 September 2024. 

As of 29 September 2025, the Company had a standing biomass of 1,389 metric
tonnes, up from 1,294 metric tonnes at the end of Q2 of 2025. Including the
harvested biomass in the quarter of 429 metric tonnes LW, gross biomass growth
was 524 tonnes.

Proximar currently has 21 batches and approximately 2.2 million healthy salmon
in production.

During the quarter, the company harvested 356 tonnes (HOG), bringing the total
harvest YTD to approximately 1,000 tonnes HOG. In the last quarter, growth was
negatively impacted by an increased number of starvation days due to the
transfer of fish to the final module that has been put into operation. In
addition, the feeding system is not yet fully optimized. Several enhancements
have been implemented, demonstrating improved performance, while further
adjustments are still in progress to achieve additional gains. 

The salmon achieved an average net selling price of NOK 64/kg in the third
quarter. The average price achievement was impacted by larger share of
below-market size fish of 3 kg, weak spot market prices for Atlantic salmon and
weaker Japanese yen to the Norwegian krone.

However, NOK 94/kg was achieved (net to Proximar) for the fish of 3 kg+, which
still shows a solid price premium compared to imported salmon from Norway in the
quarter. The average weight of the fish harvested was ~2.33 kg (HOG), with 99.2%
superior quality.

"The production growth and harvest in the third quarter were affected by
extensive fish transfers and some issues related to the feeding system and feed
distribution. On the positive side, we continue to see low mortality and high
superior share in our harvest. With all modules up and running and improved
conditions, we therefore expect growth rates to increase and gradually bring the
harvested fish back to a market size of 3 kg+. Price realization for this
category is solid, and we remain optimistic about our earnings potential going
forward," says Joachim Nielsen, CEO of Proximar.

Please see attached for further production details. The next update will come as
part of the Company's Q3 2025 report, which will be released on 14 November
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 2024 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.