23.5.2025 08:00:00 CEST | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon Group AS (Andfjord Salmon) is pleased to announce the successful
completion of the outlet waterway at its land-based salmon farming facility at
Kvalnes on the island of Andøya, Norway. The final breakthrough has established
a direct connection between the outlet tunnel and Andfjorden.

The outlet exit point is located 70 metres below sea level. The breakthrough was
safely achieved through controlled blasting of the remaining 6-7-metre bedrock
separating the outlet tunnel from the fjord.

"I am proud to report that the breakthrough and the subsequent filling of
approximately 1 kilometer tunnel infrastructure were executed precisely
according to plan, without any incidents. This represents a significant
milestone in our efforts to advance the Kvalnes facility toward operational
readiness," said Martin Rasmussen, CEO of Andfjord Salmon.

The inlet waterway, which will deliver fresh, oxygen-rich Arctic seawater to all
pools at the facility, is also completed, and the final breakthrough to
Andfjorden is scheduled for June/July 2025.

"The inlet tunnel reaches a depth of approximately 50 metres below the surface -
well below the zone where salmon lice and harmful algae typically reside.
Through our proprietary flow-through system, continuous access to clean,
deep-sea water is a key enabler for recreating a natural and healthy salmon
habitat on land. This underpins our ambition of delivering strong biological
performance," Rasmussen added.

In parallel with the waterway infrastructure, Andfjord Salmon is completing four
pools and developing a new harbour area at the site. Both workstreams are
progressing as on schedule.

Earlier this year, Andfjord Salmon announced an optimized build-out plan at
Kvalnes that will increase production capacity by approximately 20%, from 8,000
tons to up to 11,000 tons (HOG + post-smolt) in Phase 1. This is made possible
through more efficient pool utilization, a new fish logistics system designed
for fish welfare, and reinforced concrete construction that enhances water flow
efficiency. As a result, the expected total production capacity under the
company's existing license will rise from 19,000 tons to 23,700 tons.

CONTACTS

 * Investors: Bjarne Martinsen, CFO, Andfjord Salmon Group AS, +47 975 08 345,
   bjarne.martinsen@andfjord.no 
 * Media: Martin Rasmussen, CEO, Andfjord Salmon Group AS, +47 975 08 665,
   martin@andfjord.no 

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord
Salmon is developing the world's most sustainable and fish-friendly aquaculture
facility of its kind. Through a proprietary flow-through system, Andfjord Salmon
combines the best from ocean and land-based salmon farming. In its first
production cycle, the company achieved an industry-leading survival rate of 97.5
percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and
required 1 kWh to produce one kilo of salmon. For more information, see 
www.andfjordsalmon.com - http://www.andfjordsalmon.com.