3.12.2021 07:00:01 CET | Andfjord Salmon | Inside information Andfjord Salmon has successfully completed the extensive test programme of standard pool functions at the company's first pool. Next step is to initiate testing of the laminar water flow, which is the heart of Andfjord Salmon's flow-through technology. "The test process is providing the answers we wanted. Now we are preparing for an extensive test programme of the laminar water flow. We are entering a very exciting period for Andfjord Salmon," saysMartin Rasmussen , CEO of Andfjord Salmon. COMPLETE INLET PIPELINE AND POOL In the last few months, Andfjord Salmon has successfully finalised pool completion activities such as installation of water measurement systems, power switches and final section of the water intake filter. The outer section of the water inlet pipeline has also been successfully installed, meaning that Andfjord Salmon can now source fresh seawater from below the level where lice and algae live. In recent weeks, the first pool and inlet and outlet pipelines have undergone an extensive functional test programme. Its primary purpose has been testing of pool functions with seawater, plus various equipment and components such as power adapters, sensors and the filtration system for discharge water. The technical test results have been consistent and solid. TEST OF LAMINAR WATER FLOW Testing of the laminar water flow, which is the heart of Andfjord Salmon's patented flow-through technology, is the next step for the first pool at Kvalnes. Preparations have already started, and testing will be ongoing for the next couple of months. A flow-through system with laminar water flow reduces energy consumption and associated costs significantly as there is no need to lift, filter or heat the seawater. Simply because the seawater is clean and holds a perfect temperature as it is sourced directly from the nearby Andfjorden. KVALNES PHASE 2 In addition to the first pool (Phase 1), Andfjord Salmon has also progressed with further groundwork for the next pools at Kvalnes during the third quarter. Phase 1 and 2 represents a total production volume of approximately 12,600 tonnes HOG. Further, a recent land purchase agreement has enabled 50 percent volume expansion at Kvalnes, to 19,000 tonnes HOG at full production (Phase 3). During the third quarter, Andfjord Salmon has prepared the Phase 2 area for further excavation through conducting trial blasting. Q3 2021 INTERIM FINANCIAL RESULTS Andfjord Salmon is currently developing its first land-based salmon farming facility, which means that the company does not yet generate revenues. The company had an operating loss ofNOK 11.4 million in the third quarter of 2021 compared to a loss ofNOK 4.2 million in the same quarter last year. In the third quarter, some of Andfjord Salmon's largest shareholders granted the company aNOK 50 million unsecured shareholder loan at favourable terms (3% interest and two years' maturity). The loan secures funding for the extended test period of the first pool and Andfjord Salmon's patented flow-through technology solution in preparation for smolt release next year. As of30 September 2021 , Andfjord Salmon held cash or cash equivalents ofNOK 36.4 million . This figure does not includeNOK 25 million undrawn from the shareholder loan or aNOK 20 million undrawn credit facility. Neither does the figure includeNOK 11 million in available grants. PRESENTATION AT08:00 CET A presentation on updates to operations will be held at08:00 CET today. The presentation material is attached to this announcement. The webcast presentation can be accessed from this link: https://channel.royalcast.com/landingpage/hegnarmedia/20211203_1/ DISCLOSURE REGULATION This is information thatAndfjord Salmon AS is obliged to make public pursuant to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was submitted for publication, through the NTB Kommunikasjon service by the contact persons listed above. CONTACTS *Bjarne Martinsen , CFO,Andfjord Salmon AS , +4797508345, bjarne.martinsen@andfjord.no *Martin Rasmussen , CEO, +47 975 08 665, martin@andfjord.no ABOUT ANDFJORD SALMON AboutAndfjord Salmon AS Located at Kvalnes on the island of Andøya on the Arctic Archipelago of Vesterålen,Norway , Andfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming ofAtlantic salmon, based on a flow-through technology solution. The company's ambition is to build the world's most sustainable aquaculture facility of its kind.Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF. www.andfjordsalmon.com - http://www.andfjordsalmon.com/ The information in this announcement is subject to disclosure requirements under the EU Market Abuse Regulation and Euronext Growth listing rules. The information was submitted for publication by the contact person set out above. ATTACHMENTS Andfjord Salmon Q3 2021.pdf - https://kommunikasjon.ntb.no/ir-files/17847566/1039/1390/Andfjord%20Salmon%20Q3% 202021.pdf
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