Gigante Salmon : GIGA Q1 2024 Presentation

Q1 REPORT

2024

23rd April 2024

CEO Kjell Lorentsen

CFO Rune Johansen

Important information and disclaimer

This document is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from the united states of america, australia, canada, japan, hong kong or south africa or to any resident thereof or any other jurisdiction where such distribution is unlawful. This document is not an offer or an invitation to buy or sell securities.

About this presentation

This presentation (the "presentation") has been produced by gigante salmon as ("gigante salmon" or the "company") is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any financial instruments. By attending a meeting where this presentation is presented, or by reading this presentation, you (the "recipient") agree to be bound by the following terms, conditions and limitations.

Neither the delivery of this presentation nor any further discussions with the recipient or any other person shall, under any circumstances, create any implication that there has been no change in the affairs of the company since the date of this presentation. The company does not undertake any obligation to review or confirm, or to release publicly or otherwise to the recipient or any other person, any revisions to the information contained in this presentation to reflect events that occur or circumstances that arise after the date of this presentation. The company does not intend to update the information after its distribution, even in the event the information becomes materially inaccurate.

Forward looking information and statements

This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the company or assumptions based on information available to the company. Such forward-looking information and statements are solely opinions and forecasts which reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. None of the company or any of its representatives provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation.

No representation or warranty

The information contained in this presentation is furnished by the company and has not been independently verified. No representation or warranty (express or implied) is made as to the accuracy or completeness of any information contained herein. None of the company, any representative acting on behalf of the company, or any of its respective parent or subsidiary undertakings or any such person's directors, officers, employees, advisors or representatives (collectively the "representatives") shall have any liability whatsoever arising directly or indirectly from the use of this presentation or otherwise arising in connection therewith, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this presentation. The recipient acknowledges that it will be solely responsible for its own assessment of the company's business and the market, the market position and credit worthiness of the company. The recipient will be required to conduct its own analysis and accepts that it will be solely responsible for forming its own view of the potential future performance of the company, its business and the shares. The content of this presentation is not to be construed as legal, credit, business, investment or tax advice. The recipient should consult with its own legal, credit, business, investment and tax advisers as to legal, credit, business, investment and tax advice.

Health, Security, Environmental & Quality

HSE&Q

PROJECT EXECUTION

An overriding focus for all our activities is that the health of our colleagues and fish is crucial for our success: "If the fish are doing well, then we are doing well."

Important areas of responsibility for Gigante Salmon AS as the project's owner is undoubtedly health, environment, safety and quality.

None accidents with high potential of risk during

Q1 2024.

Highlights Q1 2024

THE FIRST QUARTER OF 2024

• Smolt delivery 21 January, production started in production basin nr. 3
• External construction management, including construction manager and HSEQ coordinator, hired
• Production basin 2 under construction and progressing according to plan
• CEO terminated after revision of plan and forecast
• Kjell Lorentsen acting CEO from 19 March

EVENTS AFTER BALANCE SHEET DATE:

• Kjell Lorentsen CEO from 23 April
• Liv Monica Stubholt recommended as new chairperson of the board by the company's nomination committee.
• Increased bank financing from SpareBank 1 Nord-Norge of MNOK 120 secured. The loan commitment is supported by Export Finance Norway (Eksfin).
• Affirmed support from main shareholder, Gigante Havbruk AS, with up to MNOK 130 in a new contemplated private placement to secure financing of increased CAPEX.
• Sparebank 1 Markets engaged to act as financial advisor in connection with the contemplated equity financing. Expected to be

completed by end of Q2.

Financing

The CAPEX increase of MNOK 350 compared to the last outlined CAPEX budget will be financed by the following three sources:

1. New equity (MNOK 130), Gigante Havbruk AS will support an equity financing for a total subscription amount up to MNOK 130.
2. Bank loan (MNOK 120) from SpareBank 1 Nord-Norge, with support from Export Finance Norway
3. Excess capital (MNOK 100) beyond the then identified need raised in the previous issue

Financing structure

MNOK

New equity	130

Bank loan	120

Excess capital		100
raised in previous
issue
		Financing

350

Capex Increase

The private placement is expected to be completed by end of Q2 2024.

Kjell Lorentsen

CEO

• Founder and long time CEO of Gigante Havbruk Group
• Has held leading positions in the fishery and aquaculture industry since the 70's.
• 6.5 years education in fishery and fishery economics.

Progress and milestones

The Norwegian Ministry of Fisheries lifted the requirement

for licenses for land-based aquaculture facilities in

Norway.

Gigante Havbruk began the	Entered into a lease
agreement with an option
work on land-based flow-	to purchase Indre Lille
through aquaculture facilities	Røsøy in Rødøy
and site searches.	Municipality, Nordland.
2016	2017

Construction of a flow-through canal, raceway, to optimize

water velocity, water exchange, and purification. A

2-year project.	The construction is
Commencement of	completed, and the facility
undergoes testing.
construction on Lille Indre
Rosøy.	Production commences
	with 0.6 million smolt in
Blasting and removal of rock	January, and 1,1 million
masses..	smolt In Q3.
2021	2024

The work related to the plan program and impact assessment begins with

Rødøy Municipality.

The plan program was approved at the end of the year.

2018

First harvest in Q2.

Release of 2.2 million smolt in Q3.

2025

Rødøy Municipality approves the rezoning from agricultural and natural

areas (LNF) to industrial use for land- based aquaculture.

An application is submitted to Nordland County Municipality for the

establishment of a land-based aquaculture facility with a capacity of

13,731 MAB or 20,000 tonnes of salmon.

2019

Release of 3.3 million smolt in Q3.

2026

The Norwegian Food Safety Authority (Mattilsynet) grants

permission for a production of 20,000 tonnes of salmon, with 13,731

MAB. For the first 24 months, the permission is limited to 3,600 MAB.

2020

Full production of 16,000 tonnes (HOG).

2028

Biological update

• The facility 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.
• Biomass 15.04.24: Average weight 151 grams. Net biomass approx. 24.5 tonnes WFE.

Updated project summary Rødøy

• Gigante Salmon is constructing a land-based salmon farming site on Lille Indre Rosøy which has a yearly production capacity of up to 16.000 tonnes HOG, based on a licensed MAB of 13,731 tonnes.
• Construction in two phases: Phase 1 covers a grow-out basin where smolt grows from 100 grams to 1 kg in 11 months. Phase 2 covers 2 production basins where salmon grows from 1 kg to harvest (4-7 kg). Phase 1 is completed Q1 2024 with subsequent smolt transfer.
• The design is basin walls/floor in concrete with liner, and water outlet in concrete channels. Extra area established by filling in sea. Increased automation and redundancy. High inflation on especially power supply/ distribution. Cost estimate for completion of production facility in Rødøy updated in March 2024. Total investment amount to approx. 995 MNOK.
• Financing round in Q2 2024 will cover capital needs to complete construction and working capital up to full production.

UPDATED PROGRESS PLAN

Contruction of	Construction second	Entire production
first basin	basin complete	plant completed
complete
Q1, 2024	Q2, 2024	Q4, 2024
1. gen.	2. gen.
smolt	smolt
released	released

THE PROJECT ECONOMICS REMAIN

STRONG AND HIGHLY COMPETITIVE:

PRODUCTION COSTS1	CAPEX
	NOK/kg HOG	NOK/kg HOG
		188
64
44

62

Phase 1

Full production

Phase 1

Full production

1. generation harvest	3. gen. smolt released,
complete	full production
Q2, 2025	Q3, 2025	Q4, 2025
1. gen.	2. gen. harvest
harvest		starts
starts

The date for completion of construction and testing is pushed from originally August 2023 to January 2024. Expected time to first harvest Q2 2025.

• Includes financials costs