Bodø, Norway, 13 February 2024

As announced on 25 January 2024, Gigante Salmon has experienced challenges with
mortality related to the first release of smolt. The main challenges were with
the smolt received in the second delivery, and there is no indication that the
cause of the mortality is related to the facility itself.

The challenges have led to a reduction in production by approx. 300,000, or
nearly 50% of the release that was made in January. This corresponds to the
volume of the second smolt delivery.

Gigante Salmon has collaborated with the fish health services partner to
investigate the cause of the mortality and to implement mitigating measures. No
single factor has been identified, but rather a combination of several causes.
The smolt in the second delivery was of lower quality for several reasons; among
them, delayed delivery due to late start-up of the facility.

Other identified causes include recorded mortality already during loading onto
the wellboat, which may have resulted in lower water quality during
transportation, and this combined with bad weather during the period meant that
the second delivery spent longer in the boat than planned. There was also a low
sea temperature (3.8 degrees) at the time of release.

The facility itself is functioning well and as intended. Seawater is being
pumped in as planned and the water chemistry is good. The fish are doing well in
the longitudinal tanks, which are now operating with a water velocity of about
20 cm/s. We are gaining valuable experience for future production.

- If the fish isn't doing well, neither are we. Our employees are doing
everything they can to address the fish's health challenges. It is of little
consolation to us that this is not due to the design of the facility. We are
doing what we can to handle the situation, says CEO Helge E. W. Albertsen of
Gigante Salmon.

For further information, please contact:

Helge E. W. Albertsen, CEO 
Phone: +47 480 47 613 
E-mail: helge@gigantesalmon.no

Rune Johansen, CFO
Phone: +47 988 44 724
E-mail: rune@gigantesalmon.no

About Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøy in Rødøy, Norway. The company's
aquaculture concept is based on a flow-through system, combining the benefits of
conventional and land-based aquaculture while simultaneously eliminating issues
associated with conventional, sea based, farming, i.e. sea lice and escapes as
well as reduced mortality, emissions, feed waste and impact on nearby
surroundings.

See www.gigantesalmon.no for more information on the company.

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