GreenFirst Encouraged by Progress Toward Near-Term Stability for Kap Paper and the Regional Forestry Sector

NORTH BAY, Ontario--(BUSINESS WIRE)--GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) welcomes encouraging signs of progress as the Government of Canada and the Province of Ontario work toward a path forward to support near-term stability for Kap Paper Inc. and the broader forestry sector in Northeastern Ontario.

Kap Paper has publicly shared that discussions with both levels of government are progressing well and that a restart plan is being developed. While details are still being finalized, the positive momentum provides hope for workers, contractors, and communities across the region.

With this encouraging progress, GreenFirst is preparing to resume operations at its Kapuskasing, Hearst and Cochrane mills during the week of October 6, helping to protect jobs and maintain critical supply chain connections while partners continue working toward a long-term solution.

“We thank both the Government of Canada and the Province of Ontario for their constructive engagement and support for the forestry sector,” said Joël Fournier, GreenFirst's CEO. “This collaboration is essential to sustaining jobs, strengthening communities, and building a long-term future for the regional forest economy. While important details are still being worked out, these positive developments give us the confidence to prepare for a restart of our sawmill operations.”

GreenFirst will continue to monitor the outcome of ongoing discussions and will remain closely engaged with Kap Paper, municipal leaders, and both levels of government as plans move forward to stabilize and modernize the regional forestry supply chain.

About GreenFirst

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.