Mr. Don Kayne reports

CANFOR TO BUILD NEW STATE-OF-THE-ART MILL IN HOUSTON, BC

Canfor Corp. will be investing approximately $200-million to build a new state-of-the-art manufacturing facility in Houston, B.C. This low-cost, high-efficiency facility will have an annual production capacity of approximately 350 million board feet.

Don Kayne, president and chief executive officer, made the following statement today:

"I'm very pleased to be making this announcement in British Columbia, where Canfor has been proudly headquartered for 85 years. This project represents another significant investment by our company to strengthen our diversified operating platform and ensure that we can continue to deliver the high-value products that are in demand by our customers around the globe.

"This decision comes following a comprehensive evaluation of customer requirements and a careful evaluation of the availability of economic fibre in the region to support a successful investment. We believe we have the plan, the people and the know-how to build a best-in-class facility that showcases B.C. workers, suppliers and technology.

"Today's announcement underscores our ongoing commitment to British Columbia and the Houston community. It will strengthen our ability to provide our high-quality, sustainably produced forest products to the world, while providing good, family supporting jobs here in B.C. With this project, we will also be building on our long history of strong, collaborative relationships with indigenous nations in the area as we grow our business partnerships.

"Work will begin immediately on detailed project engineering and permitting requirements. Vendor and equipment selection will be finalized in early 2024, with demolition and site preparation scheduled for the spring. Planning, construction and commissioning of the new facility is expected to take between 28 and 32 months, depending on contractor availability and equipment lead times.

"We are very excited to be taking this important step to strengthen our manufacturing capacity and look forward to working with our partners to build a world-class facility that will supply our valued customers with the high-quality, low-carbon products that are in demand around the world."

About Canfor Corp.

Canfor is a global leader in the manufacturing of high-value, low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets, and green energy. Proudly headquartered in Vancouver, B.C., Canfor produces renewable products from sustainably managed forests, at more than 55 facilities across its diversified operating platform in Canada, the United States and Europe. The company has a 70-per-cent stake in Vida AB, Sweden's largest privately owned sawmill company, and also owns a 54.8-per-cent interest in Canfor Pulp Products Inc.

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