Conifex Provides Corporate Update

Conifex Timber Inc. (“Conifex”) announced that the Supreme Court of British Columbia (the “BCSC”) issued its decision in respect of Conifex’s previously filed petition seeking judicial review of the Lieutenant Governor in Council of British Columbia’s Order in Council 692/2022 (the “OIC”). The OIC directed the British Columbia Utilities Commission to issue orders relieving the British Columbia Hydro and Power Authority of its obligation to supply service respecting cryptocurrency mining projects for a period of 18 months. In its decision, the BCSC declined to make an order quashing and setting aside the OIC as unauthorized or otherwise invalid.

Conifex is disappointed by, and disagrees with, the BCSC’s decision. Conifex continues to believe that the provincial government is missing out on several opportunities available to it to improve energy affordability, accelerate technological innovation, strengthen the reliability and resiliency of the power distribution grid in British Columbia, and achieve more inclusive economic growth.

Conifex is considering its position in relation to the judgment, including potentially appealing the ruling, along with other legal avenues which it may pursue thereafter.

For further information, please contact:

Kenneth A. Shields
Chairman and Chief Executive Officer
(604) 216-2949 or media@conifex.com

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.

Source: Conifex Timber Inc.