Mr. Paul Rivett reports

GREENFIRST ANNOUNCES REMINDER ON RIGHTS OFFERING AND PLANS TO HOST A CALL ON ITS STRATEGIC CAPITAL EXPENDITURE PLAN FOLLOWING THE RIGHTS OFFERING

Further to Greenfirst Forest Products Inc.'s press release of Oct. 31, 2024, detailing the rights offering, holders of Greenfirst shares as at the close of business on Nov. 7, 2024, are reminded the period during which the rights may be exercised under the rights offering will end at 5 p.m. Toronto time on Dec. 11, 2024, after which time unexercised rights will be void and of no value. Prior to Dec. 4, 2024, shareholders who are residents outside of the provinces and territories of Canada can find instructions on how to participate in the rights offering on Greenfirst's investor relations website. Shareholders are encouraged to contact Kathleen Skerrett at kskerrett@grllp.com or Parish Bhumgara at pbhumgara@grllp.com for assistance with the rights offering prior to the Dec. 4 and Dec. 11, 2024, deadlines.

Greenfirst will also host a conference call on Dec. 4, 2024, at 10 a.m. Eastern Time. The live webcast of the conference call can be accessed by telephone at 1-416-764-8658 or 1-888-886-7786. A replay of the webcast and presentation slides will be available on the Greenfirst website following the conference call.

The purpose of the call is to provide an overview of the company's strategic capital expenditure plan, aimed at driving growth in the lumber sector and advancing its objective of becoming Ontario's largest and most profitable lumber producer. The presentation will include comprehensive details on phase I of the strategic plan, which involves an approximate $50-million investment. During the call, investors will have the opportunity to engage with management and pose questions regarding the strategic plan. The strategic plan presentation slides are now available on Greenfirst's investor relations website.

This conference call follows the company's press release issued on Nov. 11, 2024, and the presentation delivered during the review of its third quarter 2024 financial results held on Nov. 13, 2024. Please visit Greenfirst's investor relations website to view the press release.

"As chairman of the board of directors and a significant investor in Greenfirst, it is encouraging to see management's commitment to maximizing the value of every capital dollar spent. We are optimistic about Greenfirst's future and support this impactful off-cycle capital expenditure initiative," stated Paul Rivett, chair of Greenfirst.

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