Mr. Patrick Goodfellow reports

GOODFELLOW INC. RENEWS ITS NORMAL COURSE ISSUER BID

Goodfellow Inc. has approved the notice filed by the company to renew its normal course issuer bid (NCIB) with respect to its common shares.

The notice provides that Goodfellow may, during the 12-month period commencing Nov. 20, 2025, and ending no later than Nov. 19, 2026, purchase up to 481,002 shares, representing approximately 10 per cent of the company's public float. As at Nov. 6, 2025, a total of 8,350,054 shares were issued and outstanding and the public float was 4,810,022 shares.

All shares purchased under the NCIB will be acquired on the open market, at times and in numbers to be determined by the company, at the prevailing market prices, plus applicable brokerage fees, through the facilities of the TSX, or other designated exchanges or Canadian alternative trading systems, and in accordance with the rules and policies of the TSX and applicable securities laws, and cancelled. The company may also seek issuer bid exemption orders from securities regulators allowing for purchases under private agreements, in which case purchases may also be made in accordance with such exemptions, at a discount to the market price.

The average daily trading volume of the Shares on the TSX for the six-month period commencing on May 1, 2025, and ending on Oct. 31, 2025, is 2,895. Accordingly, pursuant to the rules and policies of the TSX, daily purchases under the NCIB will be limited to 1,000 shares, except pursuant to certain prescribed exceptions, including a weekly block purchase of shares not owned by insiders of the company.

Goodfellow considers that the acquisition of shares for cancellation is a sound use of its funds. Decisions regarding the actual number of shares and timing of any purchases or other actions in connection with the NCIB will be made by Goodfellow based on various factors, including prevailing market conditions and the company's capital and liquidity positions.

Goodfellow has also renewed its automatic share purchase plan (ASPP) with a designated broker in connection with the NCIB. The ASPP allows for the purchase for cancellation of shares, subject to certain trading parameters, by its designated broker during times when Goodfellow would ordinarily not be active in the market due to applicable regulatory restrictions or self-imposed blackout periods. Outside these periods, shares may be repurchased by Goodfellow at its discretion under the NCIB.

There can be no assurances that Goodfellow will purchase all or any of the number of shares that are subject to the NCIB referred to in this news release. Goodfellow may also suspend or discontinue the NCIB at any time.

Under the company's current NCIB, which will expire on Nov. 19, 2025, the company had received approval from the TSX to purchase up to 493,102 shares. As at Nov. 6, 2025, Goodfellow had repurchased through the facilities of the TSX 111,100 shares under its current NCIB in the last 12 months at an average weighted price of $12.1781 per share.

About Goodfellow Inc.

Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern United States, Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow is a publicly traded company and its shares are listed on the Toronto Stock Exchange under the symbol GDL.

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