GreenFirst Welcomes the Restart of Operations at One of Its Key Customers, Kap Paper Inc.

NORTH BAY, Ontario--(BUSINESS WIRE)--GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) welcomes the recent announcement of the restart of operations at Kap Paper Inc. (“Kap Paper”). This development highlights the strong collaboration between the federal and provincial governments and their shared commitment to supporting Northern Ontario communities and Canada’s broader forestry sector.

The resumption of operations at Kap Paper will play a key role in stabilizing the supply and use of sawmill residues across Northeastern Ontario, addressing a significant challenge currently facing the lumber industry. This development provides greater stability for GreenFirst and offers important support for the communities in Northeastern Ontario.

“I would like to thank both the provincial and federal governments for their commitment and support,” said Joël Fournier, GreenFirst’s CEO. “This decision brings stability to our communities and helps build a strong foundation for continued growth and improvement of our business in Northern Ontario.”

In addition to supporting the short-term restart of the mill, the Company has been informed that the federal government and Kap Paper leadership have also agreed to collaborate and explore a longer-term project aimed at transforming the paper mill into a more competitive and sustainable facility.

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.