Mr. Joel Fournier reports

GREENFIRST ANNOUNCES THE EXTENSION OF ITS ASSET BASED LENDING FACILITY WITH BANK OF MONTREAL

Greenfirst Forest Products Inc. has extended its asset-based lending facility with Bank of Montreal. The extension provides for a senior secured facility of $60-million combined with an accordion for an additional $65-million, and will provide Greenfirst with enhanced liquidity and financial flexibility to support its continuing growth and strategic initiatives through to September, 2028.

"We are excited about this extension of our asset-based lending facility, which provides us with the financial flexibility to pursue our recently announced $50-million strategic expenditures plan," said Joel Fournier, Greenfirst's chief executive officer. "As of the end of Q3 2024, $27-million was drawn on the facility. However, with over $53-million funds raised through the closing of the rights offering, the sale of the Kenora lands, and the sale of our 2021 and 2022 duties, we are now in a position to fully access the facility combined with cash on hand, putting us in an excellent position to move forward with our strategic initiatives, and brings us closer to achieving our goal of becoming a top-quartile lumber producer."

About Greenfirst Forest Products Inc.

Greenfirst 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). 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.

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