Q4 2022 Operational update – Batch #1 fully harvested with very strong results

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is pleased to announce that batch #1 was fully harvested out during the fourth quarter with very strong results:

• Total batch #1 harvest volumes of ~340 tonnes HOG at an average weight of ~3.75 kg HOG (~4.5 kg LW)
• Harvest spread over ~1 month in 3 rounds from early November to early December – effective production cycle of around 7-8 months since stocking. Last harvesting round with less than 2% below 3 kg HOG and ~80% above 4 kg HOG
• Strong product quality confirmed through industry leading superior share of 96% for batch #1 as a whole
• Average realized price of NOK 75/kg and NOK 78/kg for Superior 3+ kg HOG

Furthermore, the production ramp up at Indre Harøy is continuing with December seeing all-time high biomass production with more than 175 tonnes despite batch #1 being fully harvested out early in the month.

As per 31 December batch #2 had reached 1.85 kg on average and now consists of two fish groups after being successfully graded on size in November with minimal registered mortality. Batch #2 remains on track for harvest during Q2 2023.

Early December the Company also completed its fourth smolt release consisting of 265,000 smolt, each with an average weight of around 260 grams. Going forward the Company expects to have “full size” batches stocked every second month with the next batch planned for February.

Please see attached presentation for further details.

For further information, contact:

Trond Håkon Schaug-Pettersen
Interim CEO | CFO, Salmon Evolution                                   
+47 911 91 327                

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a production capacity of 100,000 tonnes HOG by 2032. The Company’s core focus is on extending the ocean’s potential by transferring the best preconditions offered by the sea to farm fish on land through its chosen hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk. 

The Company’s first production facility is strategically located at Indre Harøy on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure, and an educated and experienced work force. Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes HOG at steady state. Fully developed, the Indre Harøy facility will have an annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution’s chosen HFS technology.

Furthermore, Salmon Evolution has initiated a process with the aim of establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no