Canfor completes forest tenure transfer to McLeod Lake Indian Band and Tsay Keh Dene Nation

Press Release

VANCOUVER, BC, Sept. 9, 2024 – Canfor Corporation (TSX: CFP) announced today the completion of the subdivision and sale of its Forest License in the Mackenzie Timber Supply Area (TSA) equally to the McLeod Lake Indian Band and the Tsay Keh Dene Nation.

“Building on our long-standing relationships, Canfor is pleased to have reached this arrangement that will expand the Nations’ participation in the forest economy and stewardship of forest resources in the region,” said Stephen Mackie, Executive Vice President North American Operations. “We believe this agreement will support improved fibre access in the TSA and generate significant economic benefits for local and regional communities.”

Total proceeds from this tenure sale and the previously announced disposition of associated Mackenzie sawmill assets are $69 million.

About Canfor Corporation.

Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 70% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.

Media Contact: Mina Laudan, VP, Corporate Affairs, (604) 661-5225, communications@canfor.com; Investor Contacts: Pat Elliott, CFO and SVP, Sustainability, (604) 661-5441, Patrick.Elliott@canfor.com; Dan Barwin, Director, Corporate Finance, (604) 661-5390, Daniel.Barwin@canfor.com

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