Mr. Joel Fournier reports

GREENFIRST ANNOUNCES THE TEMPORARY CURTAILMENT OF SOME OF ITS OPERATIONS

Greenfirst Forest Products Inc. has temporarily curtailed certain operations in order to reassess its options, following Kap Paper's decision to begin an orderly idling of operations at its Kapuskasing paper mill.

The announced idling of Kap Paper -- Greenfirst's primary customer for wood byproducts -- significantly worsens the challenge of managing these residual materials in Ontario. This marks the fourth pulp and paper mill to close in the province over the past two years. The two remaining pulp and paper mills in Western Ontario cannot, on their own, absorb the full volume of chips and biomass generated by sawmill operations across the province. These tough times have been exacerbated by tariffs and resulting economic uncertainty.

Employees of Greenfirst have been informed that, effective Oct. 6, 2025, the company will reduce sawmill operations at its Kapuskasing, Hearst and Cochrane facilities for the equivalent of one week. The curtailment at the Kapuskasing sawmill could extend beyond this period, given the site's location and the additional challenges it may face.

This measure will be reassessed as the situation evolves and in light of broader challenges currently affecting the forestry sector, including:

• Elevated duties and tariffs on lumber exports to the United States;
• Ongoing uncertainty in lumber markets;
• Currently low lumber prices.

Kiln and planer mill operations will continue as scheduled, without interruption; only sawmill operations will be affected by this temporary curtailment. In total, approximately 140 direct employees will be impacted by this decision.

"We are navigating a period of significant uncertainty, marked by the idling of Kap Paper and challenging market conditions. We are doing everything possible to protect our operations, support our employees and work with governments to find viable solutions for Greenfirst's future," said Joel Fournier, Greenfirst's chief executive officer.

Greenfirst remains committed to keeping its employees, shareholders and other stakeholders informed as the situation develops.

About Greenfirst Forest Products Inc.

Greenfirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The company owns four sawmills located in rich wood baskets proudly operating over 6.1 million hectares of FSC-certified public Ontario forestlands (FSC-C167905). The company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provides Greenfirst with significant cyclical and secular advantages in building products.