Mr. Joel Fournier reports

GREENFIRST ANNOUNCES ADJUSTMENTS TO HOLIDAY OPERATING SCHEDULE

Greenfirst Forest Products Inc. has made adjustments to its operating schedule in response to continued challenging market conditions in the softwood lumber sector.

Given current market conditions, Greenfirst will extend its holiday curtailment at three of its four sawmills -- Hearst, Kapuskasing and Cochrane -- resulting in a three-week shutdown from Dec. 22, 2025, to Jan. 9, 2026.

"Softwood lumber markets remain under significant pressure, and extending our holiday curtailment is a prudent step to better align production with current demand," said Joel Fournier, chief executive officer of Greenfirst.

Market conditions continue to be impacted by soft North American demand and the continuing effect of approximately 45-per-cent combined duties and tariffs on Canadian softwood lumber. These pressures have led to curtailments across the industry as producers work to balance supply with demand.

Greenfirst will continue to closely monitor market dynamics and will adjust production plans as necessary to support the long-term sustainability of its operations and the communities in which it operates.

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 six million hectares of FSC-certified (Forest Stewardship Council) public Ontario forestlands (FSC-C167905). The company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide Greenfirst with significant cyclical and secular advantages in building products.