Mr. Kenneth Shields reports

CONIFEX PROVIDES CORPORATE UPDATE

The Supreme Court of British Columbia issued its decision in respect of Conifex's previously filed petition seeking judicial review of the Lieutenant Governor in Council of British Columbia's Order in Council 692/2022 (the OIC). The OIC directed the British Columbia Utilities Commission to issue orders relieving the British Columbia Hydro and Power Authority of its obligation to supply service respecting cryptocurrency mining projects for a period of 18 months. In its decision, the Supreme Court declined to make an order quashing and setting aside the OIC as unauthorized or otherwise invalid.

Conifex is disappointed by and disagrees with the Supreme Court's decision. Conifex continues to believe that the provincial government is missing out on several opportunities available to it to improve energy affordability, accelerate technological innovation, strengthen the reliability and resiliency of the power distribution grid in British Columbia, and achieve more inclusive economic growth.

Conifex is considering its position in relation to the judgment, including potentially appealing the ruling, along with other legal avenues which it may pursue thereafter.

About Conifex Timber Inc.

Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value-added lumber finishing and distribution. Conifex's lumber products are sold in the U.S., Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility at Mackenzie, B.C.

We seek Safe Harbor.