Conifex Provides Corporate Update

Conifex Timber Inc. (“Conifex”) provided an update to the resumption of operations at its power plant in Mackenzie, British Columbia.

Conifex is working with its engineers and external power consultants on available options to resume operations at the power plant. Conifex currently expects to resume power generation before the end of January 2021. Conifex has also commenced an insurance claim to recover, subject to customary deductibles, business interruption and repair and replacement costs.

Pursuant to the Normal Course Issuer Bid, announced on November 26, 2020, Conifex purchased 584,400 shares in December for cancellation.

Conifex also announced today that Jordan Neeser, its Chief Financial Officer, has resigned effective March 16, 2021 to pursue other opportunities. Conifex plans to provide an update on the appointment of a new Chief Financial Officer in conjunction with the release of its fourth quarter 2020 results scheduled for March 2, 2021.

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, Chinese, Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility at Mackenzie, BC.

Contact:

Kristen Stinson – Vice President & General Manager – (604) 216-6835

Source: Conifex Timber Inc.