17/10/2022 - Atlantic Sapphire ASA: Atlantic Sapphire ASA: Update On Expected Revenue

Atlantic Sapphire ASA: Update On Expected Revenue

Issuer

Atlantic Sapphire ASA

Miami, FL, October 16, 2022

Reference is made to the First Half 2022 Report and the Operational Update
released on August 26, 2022. Atlantic Sapphire ASA (the "Company") expected a
higher price achievement for its harvested fish in the second half of 2022
compared to the average realized price for its harvested fish in the first half
of 2022. Due to above normal and increasing mortality in certain systems, fish
from these systems have been harvested earlier and at a lower average weight
than originally planned. The Company's average harvest weight in the second half
of 2022 is therefore expected to be around 2 kg HOG. The Company still expects
to receive an average premium price of approximately USD 12 per kg for its
Bluehouse Salmon (superior 3kg+ fish). The revenue for the second half of 2022
is estimated to be around the same level as in the first half of 2022.

The Company continues to investigate the cause of the above normal mortality in
certain fish systems to be able to take further corrective actions and minimize
future mortality. As highlighted in the August 2022 Operational Update, the
Company is in the process of upgrading the farm infrastructure (including the
intake water pre-cooling system) to ensure temperature stability and improved
biological performance.

The Company's harvest guidance of 800,000 - 1,000,000 fish in the second half of
2022 remains unchanged and the biomass gain and harvest volume expectations for
2023 are not impacted by the early harvest.

The Q3 2022 Operational Update will be released on or about November 15, 2022,
when the Company will share more details on its operational performance.

For further information, please contact:

Johan E. Andreassen
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug
Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic
Sapphire USA LLC

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire has
been operating its innovation center in Denmark since 2011 with a strong focus
on R&D and innovation to equip the Company with the technology and procedures
that enable the Company to commercially scale up production in end markets close
to the consumer. 

In the US, the Company has identified and obtained the requisite permits to
construct its Bluehouse® in the ideal location in Homestead, Florida, just south
of Miami. The Company has completed Phase 1 construction, which provides the
capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The
Company completed its first commercial harvest in the US in September 2020.
Atlantic Sapphire is currently constructing its Phase 2 expansion, which will
bring total annual production capacity to 25,000 tons, and has a targeted
harvest volume in 2031 of 220,000 tons.

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