Conifex Announces Delayed Restart at Power Facility and Second Quarter 2022 Results Guidance

Conifex Timber Inc. (“Conifex”) announced a delay in the resumption of operations at its power plant in Mackenzie, British Columbia following the previously disclosed dispatch period. In the course of annual maintenance of the power plant, damage to the plant’s turbine has been discovered. The boiler, generator and other long lead-time equipment have not been impacted.

Conifex is working with its contractors to assess the damages and the required work plan. Until such assessment and plan are completed, there can be no assurance as to when the power plant will recommence operations, however Conifex does not currently anticipate the power plant to be operational during the third quarter of 2022.

The delayed operational restart at the power facility is not expected to impact sawmill operations or Conifex’s power plant employees.

Conifex maintains property and business interruption insurance for the power plant and expects the property damage and business interruption will be covered by such insurance, subject to customary deductibles and limits.

Second Quarter 2022 Results Guidance

Conifex intends to release its second quarter 2022 results after the market closes on Tuesday, August 9, 2022. Conifex confirms its guidance from the first quarter 2022 management’s discussion and analysis that second quarter operating results are expected to be at least comparable to the results achieved in the first quarter of 2022. A conference call has been scheduled at 2:00 PM Pacific time / 5:00 PM Eastern time on the same day to discuss its financial results. For teleconference access, please dial 1-800-806-5484 (toll free in North America) or 416-340-2217 and use passcode 6816136#.

About Conifex Timber Inc.

Conifex and its subsidiaries’ primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. Conifex’s lumber products are sold in the United States, Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility at Mackenzie, BC.

Contact:

Winny Tang – CFO – (604) 216-2949

Source: Conifex Timber Inc.