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

Executive Summary

• GreenFirst reports encouraging progress in government discussions aimed at stabilizing Kap Paper Inc. and the broader Northeastern Ontario forestry sector.
• The company plans to resume operations at its Kapuskasing, Hearst, and Cochrane sawmills during the week of October 6, 2025, pending final details.
• Management will continue monitoring negotiations and remain engaged with stakeholders to support jobs and supply‑chain continuity.

Key Details

• Government of Canada and Ontario Province are working on a “path forward” to provide near‑term stability for Kap Paper Inc., a key partner in the region’s forestry sector.
• Kap Paper has indicated that a restart plan is being developed, though specific terms remain under negotiation.
• GreenFirst intends to restart production at three of its sawmills—Kapuskasing, Hearst, and Cochrane—in the week beginning October 6, 2025, contingent on final agreements.
• The restart aims to protect jobs, maintain critical supply‑chain links, and support local communities while a longer‑term solution is pursued.
• CEO Joël Fournier emphasized the importance of constructive government engagement for sustaining employment and modernizing the regional forest economy.
• GreenFirst will continue close monitoring of discussions and remain actively engaged with Kap Paper, municipal leaders, and both levels of government as plans evolve.

Notable Quotes

“We thank both the Government of Canada and the Province of Ontario for their constructive engagement and support for the forestry sector… While important details are still being worked out, these positive developments give us the confidence to prepare for a restart of our sawmill operations.” – Joël Fournier, CEO, GreenFirst Forest Products Inc.