Kraken Robotics Minehunting Systems Operational with the Royal Danish Navy

ST. JOHN’S, NEWFOUNDLAND, 28 February 2024 — Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce the completion of all deliveries and the successful sea acceptance of all systems for its mine-hunting sonar equipment under the Royal Danish Navy Minehunting sonar upgrade program. This contract was signed in September 2020, following a competitive bidding process. Under the contract with the Danish Ministry of Defence Acquisition and Logistics Organization (DALO), Kraken has delivered four complete turnkey mine-hunting systems, with each system consisting of a KATFISH™ towed Synthetic Aperture Sonar, Tentacle® Winch and Autonomous Launch and Recovery System (ALARS), topside command and control equipment, and remote operation and monitoring capability for standoff mine-hunting operations.

Starting in 2022, the KATFISH mine-hunting systems were integrated onboard the Royal Danish Navy’s optionally uncrewed surface vessels (USVs), the MSF-class. Kraken worked closely with MCM Denmark operators and workshop technicians as well as skilled local Danish shipyard, JOBI, to install Kraken’s DNV design approved Autonomous Launch and Recovery System (ALARS) onto the MSF-class in parallel with the MSF-class planned mid-life refit. Kraken also integrated the KATFISH system with Saab’s Command and Control (C2) software, providing operators with a seamless experience for mission planning and mission monitoring. The inclusion of Kongsberg’s Maritime Broadband Radio (MBR) enables the complete system to operate remotely, streaming full resolution sonar imagery in real-time at ranges exceeding line of sight.

In 2023, Kraken also entered in a 7-year sustainment contract with DALO, with options for two further 7-year extensions, for a total possible 21 years of sustainment. The sustainment program includes regularly scheduled maintenance, repair, and overhaul as well as provision of training and spare parts, and the delivery of regular capability enhancements through software updates. Throughout 2024, Kraken will also be delivering additional spares, including spare towcables and two spare KATFISH towbodies.

Kraken has developed and delivered extensive training programs with the MCM Denmark team, including Onboard Operator, Onboard Maintainer, and Depot Maintainer training certification programs. As of 2024, the Royal Danish Navy will have completed their first full year of KATFISH operations, with an undisclosed large number of operational hours.

Commander (Navy) K.P. Hansen, Commanding Officer of MCM Denmark said: “Our operators have been extremely pleased with the performance of the KATFISH system, including the ability for safe automated remote launch and recovery. The addition of this valuable high-resolution, high-speed seabed survey tool to our MCM toolbox has provided our operators with an invaluable capability in seabed warfare. Our mission to provide safety and security in Danish waters has been bolstered by this capability, and we look forward to many years of successful operations with the Kraken systems.”

The Head of the Maritime Division within DALO, Captain (RDN) Jakob Damgaard Rousøe noted in February 2024: “The process of integrating the Kraken KATFISH sonar into the Danish MCM forces is coming to an end and it is anticipated that the MCM capacity will reach Full Operational Capability (FOC) within the first half of 2024. An extremely extensive and close coordinated work has been put into the system integration from all stakeholders. This have resulted in many days and hours onboard the small MCM drones at the Naval base in Frederikshavn. I have followed the work closely and I am very pleased with the overall result. A very impressive sensor providing very detailed images that will increase the detection and classification probability of mine like echoes significantly. Well done to all”.

ABOUT KRAKEN ROBOTICS

Kraken Robotics Inc. (TSX:PNG) is a marine technology firm specialising in advanced sonar and optical sensors, underwater batteries, and robotic systems for unmanned underwater vehicles (UUVs). Launched in Canada in 2012, with what started as an eight-person team a decade ago has now evolved into a 250-person organization with employees based in North America, South America, and Europe, with plans to expand further across the globe.

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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