Bodø, 21 May 2025

In connection with the trial production in Basin A, the company has identified
improvement measures that have been decided to implement in the final phase of
construction in Rødøy. Therefore, the development cost forecast increases beyond
previously established financing. There is still an expectation that costs will
slow during the final phase of construction.

As reported in the previous quarterly report, a shareholder loan of up to NOK 50
million will be established with the main shareholder, Gigante Havbruk AS,
entered into on terms equivalent to the company's other financing. It is
expected to be drawn on during June. The shareholder loan has a duration of 12
months.

Operational update:
This week, the company has continued harvest from the trial production in basin
A. Results to date mean that the company is updating the expected harvest volume
in the second quarter of 2025 to up to 650 tons HOG, compared to previous
expectation of around 550 tons HOG.

The harvest fish have an average weight of approximately 4 kg WFE, with 90%
superior quality.

"We are now finishing the harvest of our first production, and it is gratifying
to note a very good result. The facility is functioning as intended, and we have
produced an entire generation without problems with sea lice. Our skilled
employees have done what no one has done before: they have produced a
fantastically beautiful salmon in circular flow raceways on land", says CEO
Kjell Lorentsen.

The facility construction is in the final phase, with two out of three
production basins completed, on track for the planned ramp-up to full annual
capacity of approximately 16,000 tonnes HOG by 2028. The company plans to
release 2.2 million smolt during the third quarter 2025.

For further information, please contact:

Kjell Lorentsen, CEO
Phone: +47 911 22 688
E-mail: kjell@gigante.no

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

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. Visit www.gigantesalmon.no for
more information.

This information is subject to disclosure under the Norwegian Securities Trading
Act, §5-12.