Heat oil in medium stock or sauce pot. Sauté shallots, fennel, and asparagus for 5–7 minutes or until soft. Add arborio rice and cook for another minute. Add white wine, bring to boil, and boil until wine is mostly evaporated, about 2–3 minutes.
Add a quarter of the hot fish stock. Bring back to boil, then reduce to simmer, stirring regularly, until most of broth has evaporated. Stir in preserved lemon and salt.
Continue adding broth in 1/4 cup stages, stirring regularly as rice absorbs broth and begins to swell and become creamy in texture (20–25 minutes). Stir continuously for creamier rice.
Once rice has absorbed all the stock, fold in butter until completely melted. Then carefully add salmon, peas, and parmesan. Stir in the remaining broth if rice seems too dry. Salt to taste.
Beverage pairing: Sauvignon Blanc or a citrusy IPA