Gigante Salmon: Start of production and publication of Q4 Report

Bodø, Norway, 23 January 2023

Gigante Salmon has now started production in the first part of the Rødøy
facility, with a release of 640,000 smolt with an average weight of approx. 100
grams. The first delivery went very well, but in the second delivery there was
significant mortality. We will return with an update when the scope has been
clarified.

As previously announced, the start of production has been postponed compared to
the original plan. In order not to affect the further production plan for the
facility to an overly large extent, we have chosen to deploy fewer smolt than
originally planned to be deployed last autumn.

 - Our focus is now to ensure fish welfare in the best way, while also gaining
experience and secure good operations, says CEO Helge E. W. Albertsen.

Fish have been released in one of three production basins. The last two will be
completed through 2024, and the next smolt release is expected in Q3 2024.

Gigante Salmon has today published the quarterly report for the fourth quarter
of 2023. From Q4 we report the following main points:
o Additional financing in the amount of NOK 306 million secured
o Preparations, groundwork and installations in technical area for phase 1 and
phase 2 completed
o Organisational changes in advance of the start of operations and phase 2 of
development
o Filling of production basin 3 begun on 15 December

Events after balance-sheet date
o Release of fish in production basin 3 starting week 3 in 2024 
o Construction manager for phase 2 of the project hired
o On-going work towards completion of phase 1
o Preparations for start of phase 2
o Change of project design of production basins 1 and 2

The group is still in the execution phase, and through Q4 the total investments
have increased to NOK 506 018 kNOK, from NOK 385 260 kNOK for Q3 2023. The
operating profit for Q4 was NOK -984 kNOK.

In Q4, the company has strengthened its financing by 306 MNOK, through a
long-term leasing agreement with SpareBank 1 Finans Nord-Norge (100 MNOK), a
private placement on 11 October (200 MNOK) and subsequent offering on 15
November (6 MNOK).

- It is with great satisfaction that we leave behind us a content-rich fourth
quarter. We have strengthened the company's financing, we have completed several
installations, tested equipment and started production, says CFO Rune Johansen.

In connection with the Q4 2023 Report, Gigante Salmon is pleased to invite you
to a digital management presentation at 10:00 CET. The presentation will be held
by CEO Helge E. W. Albertsen and CFO Rune Johansen, and will finish off with a
Q&A session where you may submit questions in writing. The presentation will be
held in Norwegian.

Link to webcast:
https://gigantesalmon.no/investor/websendinger/#/gigante-salmon/quarterly-earnin
g-reports-2023/06e46klo

For further information, please contact:

Helge E. W. Albertsen, CEO 
Phone: [phone] 
E-mail: [e-mail] 

Rune Johansen, CFO
Phone: [phone]
E-mail: [e-mail]

The full Q4 2023 report is attached to this stock exchange announcement, and
published on the company's website:
https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

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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