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 CEOHelge 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 ofNOK 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 toNOK 506 018 kNOK, fromNOK 385 260 kNOK for Q3 2023. The operating profit for Q4 wasNOK -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 CFORune Johansen . In connection with the Q4 2023 Report, Gigante Salmon is pleased to invite you to a digital management presentation at10:00 CET . The presentation will be held by CEOHelge E. W. Albertsen and CFORune 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: +47 480 47 613 E-mail: helge@gigantesalmon.noRune Johansen , CFO Phone: +47 988 44 724 E-mail: rune@gigantesalmon.no 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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