Mr. Mans Johansson reports

VIDA TO INVEST IN BRUZA SAWMILL IN HJALTEVAD, SWEDEN

Vida AB, owned 70 per cent by Canfor Corp., will invest approximately 700 million Swedish kroner ($85-million) at its Bruza sawmill in Hjaltevad, expanding production from 175 million board feet to 240 million board feet. This major investment includes a new high-capacity planing mill equipped with the latest technology, a new boiler, wood drying kilns and a warehouse.

"I'm very happy that we've made this decision to increase our capacity in eastern Smaland, together with our sawmills in Vimmerby and Morlunda. This investment clearly demonstrates that we believe in wood as the material of the future, and in Hjaltevad as a place to grow our business," said Mans Johansson, chief executive officer of Vida and president of Canfor Europe.

Construction of the planing mill, which is being designed to efficiently process lumber for all of Vida's markets, will commence in spring 2024 and is expected to be in full production in 2026. Due to the increased capacity, Vida will grow its Bruza team as it introduces a second production shift. The planing mill will be supplied by C Gunnarssons Verkstads AB from Vislanda, Sweden, which has been supplying the European sawmill industry for over 60 years.

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, wood pellets, pulp and paper, 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, 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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