Bergen/Yokohama, 7 January 2025: Proximar Seafood AS ("Proximar" or the
"Company") is announcing its sixth production update following the successful
initiation of production of Atlantic salmon in its Oyama-facility in Japan in
October 2022 and trial-harvest on 30 September 2024.

At the end of Q4 2024, the Company had a standing biomass of 1,058 metric
tonnes, up from 735 metric tonnes at the end of Q3 2024.

Proximar has currently 20 batches and approximately 2.0 million individuals in
production. The targeted long-term harvest level for Proximar is 5 300 tonnes
(HOG) per year in Phase 1 and based on the performance of the system and
biology, the Company remains on track to reach the target utilization in 2027.

During the quarter, the Company harvested 28 tonnes (HOG), achieving an average
net selling price of NOK 123. The feedback has been very positive and confirms
good quality and taste.

The average weight of the harvested fish was ~4.17 kg (HOG), with 99.9% superior
grade fish.

"We are very pleased about a fantastic start of sales and very well received
fish in the market. The price achievement and feedback clearly show how Fuji
Atlantic Salmon has been positively received in the Japanese market. The
feedback on the quality and taste is very positive, and we are looking forward
to supplying more volumes as we now enter 2025", says Joachim Nielsen, CEO of
Proximar.

The deviation of ~50 tonnes harvest volume from previous guidance in the Q3 2024
report is related to postponing volumes from December 2024 to January 2025,
following priorities related to handling of the biofilter incident in November.

As communicated in separate stock messages, Proximar has experienced two
biofilter incidents in Q4 2024. There have been no abnormal mortalities in
either of these incidents, but feeding has been reduced to maintain water
quality. On a positive note, the implementation of the ozone system has solved
the issues with high turbidity in the water. However, the reduced feeding
following the turbidity issues and biofilter incidents has impacted growth rates
accordingly. Apart from reduced feeding, mortality remains low, and fish health
continues to be good.

Prior to the biofilter incidents, feeding had been resumed at normal levels and
performance was good. 

"As for the biological performance and water quality, we remain optimistic on
our production going forward. Unfortunately, we experienced two incidents in Q4
related to construction- and material weakness. However, our team has resolved
these challenges without any mortality, which is impressive. We are now taking
measures to repair the damages and will also review the rest of our facility to
address any weaknesses and take necessary action where needed.", says Mr.
Nielsen.

Please see attached for further production details. The next update, including
an updated forecast of the 2025 harvest volumes, will come as part of the
Company's Q4 2024 report, which will be released on 28th February 2025. 

For further 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 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.