NORDIC HALIBUT Averøy,Norway ,03 February 2023 The Tingvoll municipality council has on02 February 2023 approved the zoning plan application from Nordic Halibut ("NOHAL" or "the Company") for the development of a land-based halibut facility at Torjulvågen, Tingvoll. The zoning plan specifies the use, conservation and design of land and surroundings of the area where NOHAL intend to develop and build a new land-based facility, targeting annual production of 1,25 million juveniles. With reference to previously communicated project timeline, the facility will be fully operative and produce 1,25 million juveniles from 2027. The approval of the zoning plan and the overall project progression in 2022 strengthens current timeline estimates for facility completion, with the potential for an advanced timeline present. The approval enables NOHAL to further realize phase two of the Company's ramp-up plan to 9.000 tonnes HOG within 2030. The facility, located in proximity to the established production HUB at Nordmøre, will significantly de-risk future production cycles as early-phase production will be spread across numerous locations throughout the production lifecycle. - We are really pleased that Tingvoll municipality continues to demonstrate its support to NOHAL's plans to create local jobs and value creation through the development of a new land-based halibut facility, says CEOEdvard Henden . The fit-for-purpose built facility will strengthen and further improve the internal biological competence and represent a platform for further progress in genetics. The Company's dedicated broodstock program and the advancements made in broodstock generations is the prerequisite for NOHAL's growth plan through increased robustness, growth rates and reduced lead time. The new facility at Torjulvågen will enable further biological improvement and increase the Company's competitive advantage. About the Torjulvågen facility: The new facility is planned to be divided into three 1.500m2 production units and all land-based production phases will be integrated at one location. Production capacity at the facility once fully operational will be 1.25 million juveniles per year. Coupled with NOHAL's already existing land-based infrastructure, the company will have the capacity to put over 2 million fish to sea per year, corresponding to a harvest volume of 9.000 tonnes HOG. The facility will be built with well-established and proven technology and will be based on a 100% flow-through system. The fjords surrounding Torjulvågen are deep, enabling NOHAL to access water of high quality and stable temperature perfectly suited for land-based halibut production without the need for advanced technological water treatment or heating. This makes the facility energy efficient in addition to minimizing technological risk throughout the production cycle. Further, NOHAL has as part of the Company's sustainability ambition designed the new land-based facility to be close to self-sufficient by utilizing its own renewable solar power installed at the roof-top of the production units. - The new land-based facility will for the first time in the company`s history be fit-for-purpose and designed for halibut farming specifically, without any legacy cost both in terms of location and technology. Utilizing Torjulvågen`s natural environment and water properties enables us to produce energy efficient and sustainable superfood at an industrial scale, says CEOEdvard Henden . For more information, please contact: CEOEdvard Henden , edvard@nordichalibut.no, +47 911 41 165, or CFOKenneth Meyer , kenneth.meyer@nordichalibut.no, +47 452 12 424 AboutNordic Halibut AS : Nordic Halibut is a leading farmer ofAtlantic halibut located inWestern Norway and with headquarters in Averøy, Nordmøre. The Company has a fully integrated and well-developed value chain from genetics to sales and has had a significant breakthrough in early phase production. A growth plan to expand production volumes is implemented with production target of 4.500 tonnes HOG within 2026 and 9.000 tonnes HOG within 2030. Nordic Halibut will create shareholder value by pursuing value accretive organic growth through increased production.
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