GreenFirst Forest Products Inc.

Good morning, ladies and gentlemen, and welcome to Green First Q1 2026 earnings call. Please note that all lines are muted to prevent any background noise. During this conference call, Green First representatives will be making certain statements about future financial and operational performance, business outlook, and critical plans, capital plans. These statements may contain forward-looking information or forward-looking statements within the meaning of Canadian securities law. Such statements involve certain risks, uncertainties, and assumptions which may cause green first actual or future results and performance to be materially different from those expressed or implied in these statements. Additional information about these risks, factors, and assumptions is included in Green First MD&A and annual AIF, which can be accessed on the company's website or through CDAR+. After the speaker's remarks, there will be a question and answer session. Please submit your questions through the online portal. I will now pass the call over to Joël Fournier to begin the management presentation.

Thank you very much, Joanne, and good morning, everyone, and welcome to our first quarter 2026 running call.

I'm Joel Fournier, the Chief Executive Officer of Green First. Today, I'm joined by Peter Ferrante, our CFO, and Michel Lessard, our President. I would like to start this call by highlighting that we have maintained our excellent safety performance for Q1. Last year, we achieved record safety results at Green First, and these results continue to position us among the best in the industry. That reflects a strong and ongoing commitment to our safety culture. We finished the quarter with a negative EBITDA of $15.1 million. This loss is primarily due to weaker market conditions along with lower sales volume and production during the quarter. The market began the year at a low point in January, but improved steadily through the quarter, with price increasing from $422 to $487 by quarter end using the Western benchmark prices. Three of our mills took downtime in January due to market conditions. Their shipments were also negatively impacted by weather-related issues that limited rail car availability. In addition, we continue ramping up the new saw line at Chapleau, which affected production level during the quarter. During Q2 2026, it was also announced that the preliminary potential countervailing duty and empty dumping rate applicable starting in October are expected to be around 25% down from the 35% we are currently paying. In previous earning calls, We mentioned that we're working with the federal government to secure a $30 million loan to support the industry. Today, I'm pleased to announce that we received these funds in Q1, along with approximately $2.4 million in additional support from the provincial government for the CHIP program. Both will help strengthen their current and future liquidity position. We will continue to work closely with both federal and provincial governments