Salmon Evolution ASA: Q3 2023 Operational update

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is experiencing strong biological performance at Indre Harøy with good growth and normal mortality levels across all fish groups.

As per 30 September 2023 the Company had an all-time high standing biomass of around 2,100 tonnes (LW), up 101% since 30 June 2023. Net biomass production for the third quarter totalled 1,290 tonnes LW and the Company has seen a steady increase throughout the quarter, resulting in a quarterly run rate of around 1,600-1,700 tonnes LW as per end of September, equivalent to around 70-75% of steady state volumes.

Batch 8 was stocked during the quarter and the Company plans to stock two additional batches in Q4, supporting further increase in biomass production and steady state production volumes of 7,900 tonnes HOG p.a. by year-end.

The Company harvested 185 tonnes HOG during the third quarter, after pushing some of the planned volumes to the fourth quarter to optimize harvest weights and price realization. For the fourth quarter the Company is planning to increase harvest volumes significantly.

“We are very pleased with the continued strong biological performance. During the third quarter we saw both all-time high biomass production and standing biomass. Coupled with production costs trending in the right direction on back of higher production, and a historically strong salmon market, we very much look forward to the fourth quarter and our significant ramp-up in harvest volumes,” CEO of Salmon Evolution, Trond Håkon Schaug-Pettersen said.

Please see attached presentation for further details.

For further information, contact:

Trond Håkon Schaug-Pettersen  

CEO, Salmon Evolution                                

+47 911 91 327                

Trond Vadset Veibust

CFO, Salmon Evolution                                

+47 480 90 595                

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