Boarded. I would like to introduce John Baird, Director and Chairman of the Board and Chair of today's meeting. Mr. Baird, the floor is yours. Good afternoon. It's now 12:00 noon, and I would ask the meeting please come to order. I will be acting as Chairman for this meeting. I'm very pleased to extend a warm welcome to all of you today for Canfor Corporation's 43rd Annual General Meeting. Please ensure you remain connected to the Internet during the course of this meeting. If you need technical assistance, please see the section entitled "Voting Process and Meeting Technical Assistance" in the Management Information Circular respecting this meeting. This meeting has been convened as the Annual General Meeting of shareholders has been called for the principal purposes of receiving consolidated financial statements for the year ended December 31, 2024, together with the auditor's report and the report of the directors to shareholders, fixing the number of directors at 10, electing the directors for the coming year, and appointing the auditors for the coming year. I have asked Patrick Elliott, Chief Financial Officer and Corporate Secretary, to act as the Secretary of this meeting. I would now like to introduce to you the other directors of Canfor Corporation joining us at this meeting: Ryan Barrington -Foote, Sante Dahl, Peter Getsch, Conrad Knecht, Dallas Ross, Ross Smith, Frederick T. Stimson, William Stimson, Sandra Stewart, Diane Watts, and Susan Yurkovich. They have all worked diligently and effectively with the management team at Canfor, and we appreciate their wise counsel. On behalf of both the Board and the management of Canfor, I wish to extend our sincere thanks to Bill Stimson, Ross Smith, and Conrad Knecht, who are retiring from the Board and will not be standing for reelection. Conrad has been a director of Canfor since 2008 and served as Chairman of the Board from 2017- 2021. Ross has been a director since 2009 and has capably chaired our audit committee for many, many years. Bill has served on the Canfor Board since 2011 and also serves on the Canfor Pulp Board. We are grateful for your service as directors. At this time, it is a pleasure to introduce you to Ms. Cheryl Yaremko, who is a proposed nominee for the Board of Directors of Canfor. On behalf of the Board of Directors, I'm very pleased to acknowledge our appreciation for the contribution that all of the company's personnel have made during the past year. With the consent of the meeting, I hereby appoint TSX Trust Company to act as scrutineer for the meeting. I will now call upon Mr. Elliott to deal with the notice of this meeting. Mr. Chairman, a notice calling the meeting was mailed to all shareholders of the company entitled to receive such notice. TSX Trust Company has provided us with a certificate as to the mailing, and a copy of the certificate will be kept for the records of the meeting. Mr. Secretary, would you please summarize the preliminary scrutineer's report? We are pleased to report that there are 71 shareholders holding 100,480,282 shares represented in attendance online or by proxy at this virtual meeting, representing 84.86% of the total issued and outstanding shares of Canfor. As Chairman of the meeting, I adopt the preliminary scrutineer's report and declare the attendance at this meeting to be as they have set forth. I direct that, when delivered, the final scrutineer's report be kept with the records of this meeting. In accordance with the preliminary scrutineer's report, I declare a quorum to be present and the meeting to be duly constituted for the transaction of business. Based on the preliminary scrutineer's report, a sufficient number of proxies have been deposited with TSX Trust Company voting in favor of all resolutions in the circular in order to pass each item of business in this meeting. I propose that we deal first with the formal business requirements of the meeting. After the formal portion of the meeting has concluded, Susan Yurkovich, the company's President and Chief Executive Officer, will say a few words, and there will be a final opportunity for questions from registered shareholders and proxy holders, which can be submitted online. As this meeting is being held virtually, I would like to remind you that voting on all matters described in the Management Information Circular for the meeting will be conducted by electronic ballot. To allow sufficient time for voting, the polls for all matters being voted on will be opened following these introductory remarks and closed at the end of the formal portion of the meeting. Only registered shareholders and duly appointed proxy holders who have been properly logged in to the meeting will be able to vote at this meeting. I also remind you that if you are a registered shareholder and you have already voted by proxy, you do not need to vote again unless you want to change your vote. If you have to vote at the meeting, you may choose to vote on each resolution immediately or wait to cast your vote until the motion for an item is proposed. Once all items of business before the virtual meeting have been put forward, I will give registered shareholders and proxy holders an opportunity to discuss these items of business, make comments and ask questions, and provide an opportunity to enter their votes on the open polls if they have not already done so, and then declare voting closed on all resolutions. In order to expedite the proceedings today, I will be proposing and seconding all motions, and for any motions not included in the circular, the motions will be determined based on the preliminary scrutineer's report in reliance on the discretionary authority granted and the proxies deposited for this meeting or on a poll at my discretion. I now declare the polls open on all resolutions included in the Management Information Circular for the meeting. The first item of business is to place before the meeting the consolidated financial statements of the company for the year ended December 31, 2024, together with the auditor's report and the report of the directors to shareholders. These statements and reports are contained in the company's annual report and are available on SEDAR+ or from the company upon request. I will regard the statements and reports as received by the meeting. The next item of business is to fix the number of directors of the company. I propose that the number of directors be fixed at 10. I direct that a poll be conducted on the motion and that the scrutineer report the results. If you haven't already cast your vote online or by proxy, please cast your vote now. The next item of business is the election of directors. I propose the following individuals be nominated to act as directors of the company to hold office until the next Annual General Meeting: John R. Baird, Ryan Barrington -Foote, Sante Dahl, Peter Getsch, Dallas Ross, Frederick T. Stimson, Sandra Stewart, Diane L. Watts, Cheryl Yaremko, and Susan Yurkovich. These persons are management's nominees for election, as was stated in the information circular mailed to the shareholders of the company. There being no further nominations, I declare the nominations closed. I direct that a poll be conducted on the motion and that the scrutineer report the results. If you haven't already cast your vote online or by proxy, please cast your vote now. The next item of business is the appointment of auditors, and it's the Board's recommendation that KPMG LLP Chartered Accountants be appointed auditors of the company. I propose that KPMG LLP Chartered Accountants be appointed auditors of the company. I direct that a poll be conducted on the motion and that the scrutineer report the results. If you haven't already cast your vote online or by proxy, please cast your vote now. That concludes the matters to be voted on. For those registered shareholders and proxy holders who have not yet raised matters for discussion, made comments, asked their questions, or voted on all of the resolutions for which polls remain open, please do so now, as I will shortly close all such polls. There being no further discussion at this time, the polls on all such resolutions are now closed. I direct the scrutineer to provide a report on the results of the polls. Based on the scrutineer's initial meeting report, I declare that the number of directors of the company has been set at 10. As only the required number of persons has been nominated to be elected as directors of the company, I declare that those persons nominated have been duly elected by acclamation as the directors of the company to hold office until the next Annual General Meeting, and that KPMG LLP Chartered Accountants has been appointed as the auditors of the company. After the meeting, upon receipt of the scrutineer's final meeting report on the polls conducted during this meeting, I direct the reporting secretary of this meeting to attach the scrutineer's final meeting report to the minutes of the meeting. All of the business for which this meeting was called has been completed. Following the termination of the formal part of the meeting, Susan Yurkovich, the company's President and Chief Executive Officer, will say a few words regarding the company's developments, and registered shareholders and proxy holders who wish to ask questions or make comments will be subsequently invited to do so. I propose that the formal portion of this meeting be terminated. Based on the preliminary scrutineer's report, I declare the motion carried, and the formal part of this meeting is now terminated. I now call upon Susan Yurkovich, the company's President and Chief Executive Officer, to address the meeting. After Susan's remarks, registered shareholders or duly appointed proxy holders can ask questions using the messaging icon on the top of the virtual interface. Thank you very much, John. Good afternoon, and thanks for joining us today at Canfor Corporation's Annual General Meeting. I'd like to begin by acknowledging that today's meeting is being hosted from the Vancouver head office on the territory of the Coast Salish peoples, including the Musqueam, Squamish, and Tsleil-Waututh Nations. This past year has been one of significant transition for Canfor, shaped by challenges and opportunities that are redefining our business. 2024 also marked a leadership change with the retirement of Don Kane, who served as our President and CEO for the past 14 years. Over his four-decade career with Canfor, Don's vision and unwavering commitment left a lasting legacy, and we're deeply grateful for the strong foundation he built. The forest sector has always been defined by resilience, and 2024 was no exception. Market volatility, rising fiber costs, geopolitical instability, and an increasingly uncertain trade environment all created considerable headwinds for our company and our industry. Weak global market conditions that emerged in late 2023 persisted throughout much of the year. While there were periods of interest rate relief, inflationary pressures and ongoing global economic uncertainty continued to dampen consumer affordability and suppress lumber demand. For Canfor, these market conditions were compounded by high-cost fiber in both British Columbia and Europe. As a result, for 2024, Canfor reported an operating loss of $942.2 million compared to an operating loss of $531.6 million in 2023, inclusive of a number of significant one-time items. With continued challenges accessing enough economic fiber in British Columbia, compounded by increased punitive U.S. Softwood lumber duties, we made several difficult but necessary adjustments to our operating platform in British Columbia, closing three sawmills, two pellet plants, and one pellet line in the province, and suspending our planned investment in Houston, British Columbia. These decisions were heartbreaking for our company that has proudly operated in British Columbia for more than eight decades and greatly impacted our employees, contractors, customers, and communities. However, with the ongoing fiber challenges and persistent financial losses in British Columbia, these decisions were necessary to ensure Canfor's long-term viability. As a result of these changes, Canfor recorded asset write-downs and impairment charges in 2024 totaling $342.9 million, consisting of $131.9 million in the lumber segment and $211 million in the pulp and paper segment, as well as $76.7 million in restructuring-related costs over the same period. After accounting for these and other one-time items, our adjusted operating loss for 2024 was $466.6 million compared to $619.9 million adjusted loss in 2023. While the year presented many challenges, we did advance a number of our key strategic priorities, including new investments in our southern U.S. operations, which continue to provide stability and a low-cost structure supported by access to predictable supply of high-quality, cost-competitive fiber. Last summer, we completed the acquisition of our Iron Mountain sawmill in El Dorado, Arkansas, an operation that complements our product portfolio and creates operational synergies with our Urbana sawmill and neighboring glulam plant. In November, we commissioned our new state-of-the-art mill in Axis, Alabama, replacing two aging operations in Jackson and Mobile, enhancing efficiency and increasing our production capacity by approximately 20%. We also concluded an extensive rebuild of our Urbana sawmill in Arkansas, a two-year project completed on budget without a single safety incident. As well, we continue to enhance our position in Sweden by acquiring an additional 7% ownership stake in Vida, demonstrating our ongoing commitment to this important region and the unique opportunities it offers. Closer to home, we have right-sized our Canadian footprint, leveraging a more reliable timber supply in Alberta for high-value products. While the interior of British Columbia continues to face fiber supply challenges, we are exploring new product options in the Kootenays to optimize the unique fiber quality and mix in that region. With a significantly revised operating platform, we entered 2025 with a lower-cost asset base, a strong balance sheet, and enhanced geographic diversification. These changes will help us insulate us from some of the ongoing trade uncertainties, with less than 20% of our total sales exposed to duties or tariffs. Although global lumber demand remained subdued, prices have trended upward in recent months, supporting improved margins, particularly in the western Canadian operations. In Q1 2025, Canfor reported an operating loss of $28.5 million compared to an operating loss of $45.9 million in the fourth quarter of 2024. After taking into consideration a $3.7 million reversal of a previously recognized inventory write-down, the company's adjusted operating loss was $32.2 million for the first quarter of 2025, compared to a similarly adjusted operating loss of $82 million for the fourth quarter of 2024. These results largely reflected improvements in the lumber segment and, to a lesser extent, our pulp and paper business. While weaker markets, increasing duty rates, and trade uncertainties will make 2025 another challenging operating year, we remain confident in the medium to long-term demand fundamentals and are well-positioned to capitalize on improved market dynamics going forward. For 2025, we've reduced our capital spending and expect to opportunistically repurchase shares under our normal course issuer bid. We'll also continue to pursue strategic opportunities where they make sense, applying a disciplined approach to capital allocation. As always, sustainability remains central to everything we do, and we continue to manage in accordance with the internationally recognized standards, including the Sustainable Forestry Initiative, reflecting our commitment to responsible fiber sourcing and environmental stewardship. Our progress in this area is outlined in Canfor's 2024 sustainability report published last month. As we navigate these challenging times, we remain incredibly grateful for the efforts of our dedicated people who are working each day to deliver the high-quality products our customers have come to count on. With our collective focus on continuous improvement and our diversified global operating platform, we are well-positioned to navigate the uncertainty of the complex geopolitical environment we are facing while also capitalizing on the opportunities ahead. In closing, on behalf of our entire executive team, I want to extend our thanks to our board of directors for their guidance and support and to our shareholders for their continued confidence in Canfor. Thank you, John. I'll turn it back to you. Thank you very much, Susan. I would like to, on behalf of the Board of Directors, thank Don Kane, our former Chief Executive Officer, and David Calabrigo, our former Executive Vice President, for the contribution they have made to Canfor over many, many years. This is an appropriate point of the meeting to deal with any final discussion or questions from shareholders. Is there any discussion or final questions? As there are no further discussions or questions, this meeting is now concluded. Thank you for attending today's meeting. You may now disconnect.