Good morning, ladies and gentlemen, and welcome to GreenFirst third quarter 2022 results conference call. All lines have been placed on mute to prevent any background noise. During this conference call, GreenFirst representatives will be making certain statements about future financial and operational performance, business outlook, and capital plans. These statements may contain forward-looking information or forward-looking statements within the meaning of Canadian securities law. Such statements involve certain risks, uncertainties, and assumptions which may cause GreenFirst's actual or future results and performance to be materially different from those expressed or implied in these statements. Additional information about these risks, factors, and assumptions is included both in the accompanying presentation and in our MD&A and the 2021 annual information form, which can be accessed on the company's website or through SEDAR. After those remarks, there will be a question-and-answer session. This presentation also contains certain non-GAAP measures which are not intended to replace measures of financial performance and liquidity reported in accordance with IFRS. For additional information regarding these non-GAAP measures, please refer to the company's MD&A for the second quarter of 2022. Mr. Doman, you may now begin the conference. Thank you, operator. Good morning, everyone, and welcome to GreenFirst Forest Products third quarter 2022 earnings call. I am Rick Doman, CEO of GreenFirst, and today I am joined by Alfred Colas, our CFO, and Michel Lessard, our President. This is a landmark call for us. This past quarter, we marked the one-year anniversary of GreenFirst running the acquired Forest Products assets, and I'm very proud of all that we have achieved. In particular, as a team, we have successfully integrated six sawmills and one paper mill, as well as our harvesting into the GreenFirst family. These mills have been serving their respective communities for a long time, and it was important for us to ensure we foster the relationships between our operations and its communities further. The company has a team of approximately 1,500 individuals with a diverse range of skill set and experiences. In addition, we support many direct and indirect jobs in the communities we operate in. We're particularly proud that we were able to hire top talent over the past year despite the challenging labor market conditions. COVID, labor shortages, and inflationary issues have all been challenges for the company that we are managing through. We can proudly say that we have a strong corporate presence in the growing community of North Bay with our offices in the downtown core. We appreciate the support we have received from the local government and in particular the Mayor of North Bay in helping us integrate into the community. We have been hosting our management meetings and some of our board of director meetings from this location. We continue to build a sustainable Forest Products business that can withstand the volatility of the lumber markets. In our first year of operations, we have seen historic highs in lumber prices followed by downward pressures caused by macro events. I am impressed at our team's ability to execute and remain agile through such volatility. This is something we will continue to build on and focus on the areas of our operations that we can control and improve to remain agile despite paying higher duties than most of our industry competitors. Other key accomplishments that I wanted to highlight was our ability to refinance our debt as we entered into a credit facility with a Schedule I Canadian bank, which replaces our previous high-yield term debt. This helps us with the financial agility we need to deliver on our operational and capital expenditures goal at lower interest levels and better terms for the company. Alfred Colas helped us significantly as CFO with his financial team achieve this successful outcome. We wish to thank him. We restarted the second paper machine at our paper mill in Kapuskasing. This allows us to increase our productivity levels at the paper mill. We expect significant improvements in Q4 due to the second machine operating more stably and at stronger capacity. I wish to thank Michel and André Ouimette and our team on this for the improved results we expect in Q4. We have undertaken a project to move our equipment from the idle Kenora Sawmill and into other sawmills. This move has given us the operational ability to improve key areas in our other operating sawmills with the goal to increase productivity and recovery in those sawmills. We continue to seek opportunities for 114 acres of prime Lake of the Woods land in Kenora, along with the 4-acre island adjacent to it. I do wish to say that this movement of equipment has been very positive for our company as we install it at our other mills because it's very difficult to buy equipment currently and long lead times to get it and the costs for it have gone up significantly. Overall, our third quarter results reflect the volatility that the industry is seeing with lumber pricing, which were challenging in this past quarter. Despite this, our lumber segment still showed a profit. In addition, we continue to see inflationary pressures on our costs, which has also impacted our bottom line. Alfred will further discuss the financial results for the quarter in his presentation. We expect lumber prices to remain volatile with the recently announced interest rate increases continuing to impact U.S. housing starts and home builder confidence. Field inventories are currently low, and this could provide some strength in Q4 for lumber prices. The recent announcements of B.C. mills to curtail lumber production will also be a supply-side factor that may impact prices to increase. We continue to see logistical challenges. However, we have seen some improvement from issues that the company experienced in prior quarters. We expect to see further logistical improvements by working closely with our transportation partners. Inflationary cost pressures remain a real concern, although we have seen some improvements recently. We continue to challenge the high softwood lumber duties that were imposed on GreenFirst by the U.S. Department of Commerce. We are appealing this decision. I will now pass it on to Alfred for his financial update on the Q3. Thank you, Rick. With lumber prices dropping and inflation increasing our operating costs in the third quarter, GreenFirst reported a net loss of CAD 23.3 million or 13 cents per share based on consolidated sales totaling CAD 153.4 million. Lumber prices in the third quarter averaged CAD 780 per 1000 board feet. These are in Canadian dollars, by the way, which was below the average price in the second quarter by CAD 475 per thousand or 38%. This was our fourth full quarter of forest operations since closing on our six sawmills and one paper mill late in Q3 2021. We recorded a negative EBITDA of CAD 29.7 million for the third quarter. Reconciling items from net earnings include finance expenses, income tax expenses, and depreciation and amortization. Adjusted EBITDA was -CAD 7.9 million in Q3, and it excluded one-time losses of CAD 11.2 million on extinguishment of debt and CAD 5.3 million in other non-operating losses, in addition to an unrealized $5.3 million foreign exchange loss on our U.S. dollar debt, which was extinguished on September 23, 2022. We paid CAD 13 million in duties on U.S. shipments during the third quarter. Excluding these duties, third quarter Adjusted EBITDA before duties was CAD 5.1 million positive. Our Forest Products segment had net sales of CAD 127.4 million on 146 million board feet shipped with a cost of sales of CAD 116.3 million. We produced 130 million board feet during the quarter. Turning to our paper segment. In the third quarter, we had net sales of CAD 26 million, reflecting shipments of 29,300 metric tons with a cost of sales of CAD 34.6 million. During the third quarter, we continued the commissioning of our second paper machine, which contributed to higher paper production. Q3 reflects start-up costs related to the restart of this machine and the impact of record high electricity and fuel charges impacting freight costs. These factors made it a challenging quarter for the paper segment. The second machine is expected to reach full production capacity during the fourth quarter of this year. As a result, we are expecting that this will benefit the performance of the paper segment going forward. Selling, general, and administrative or SG&A expenses were CAD 5.9 million in the third quarter and about CAD 1 million less than SG&A expense in Q2. We had savings this quarter from not requiring one-off Q2 set-up costs relating mainly to IT, combined with the full quarter benefit of not relying on transaction services support from Rayonier Advanced Materials, which were terminated in May. Turning to our balance sheet. During the third quarter, we successfully restructured our long-term debt and entered into a credit facility with a tier- 1 Canadian bank, as Rick mentioned earlier. This includes up to CAD 125 million in an asset-backed revolving credit facility and a CAD 15 million term loan. This new credit facility has simpler compliance and loan covenants compared to our prior U.S.-denominated high-yield debt. Our liquidity position at the end of the third quarter was CAD 52.5 million, including CAD 29.9 million in cash on hand and CAD 22.6 million available under our asset-backed revolving credit facility, which is net of CAD 12.7 million for standby letters of credit. The drawn balance on our revolving credit facility is CAD 69 million. The sale of our non-core private Boreal forest property announced on September 7 will add CAD 49 million to our liquidity, which will help GreenFirst to succeed through the current challenging lumber market. Based on our cost basis for tax depreciation in relation to 2022, as at Q3, we do not have a liability for income taxes payable based on current estimates. I'm happy now to pass it on to Michel for his comments on the operations. Merci Alfred. Again, slides are in English and I'll present in French, but also some parts will be presented in both languages. Donc bonjour à tous. Du côté des opérations, nous avons vu les expéditions de bois d'œuvre augmenter légèrement au troisième trimestre en raison de quelques améliorations sur le plan de la logistique. Malgré ces améliorations, l'expédition continue d'être affectée par certaines difficultés liées au mode de transport. Nous prévoyons d'autres améliorations au cours des prochains trimestres, ce qui nous permettra d'augmenter nos volumes expédiés aux clients. Notre équipe continue d'évaluer les moyens de résoudre certaines des principales préoccupations liées à ces défis qui touchent l'ensemble du secteur. Nos expéditions de papier ont également augmenté au troisième trimestre 2022, en grande partie grâce à la production plus élevée de notre deuxième machine à papier qui a été remise en service au milieu du deuxième trimestre. Nous prévoyons que la deuxième machine à papier atteindra sa pleine capacité de production au quatrième trimestre 2022. La production de bois d'œuvre au troisième trimestre a été inférieure à celle du deuxième trimestre en raison des arrêts d'entretien planifiés dans certaines de nos scieries. Nous prévoyons une légère augmentation de la production au quatrième trimestre en raison principalement des gains d'efficacité. Notre projet de déménagement de certains équipements de Kenora progresse très bien et nous avons identifié des zones clés dans nos autres scieries qui bénéficieront de cette décision stratégique. Nous prévoyons achever ce projet d'ici la première moitié de 2023. We indicated previously that we had plans to monetize some of our non-core assets. As some of you may have seen, we have successfully completed the sale of our 203,000 acres of our private forest land located south of Kapuskasing, Ontario, for proceeds of approximately CAD 49 million. Following a total review, the property was identified as non-core. Consistent with the company's strategic vision and following a lengthy vetting process, the transaction was concluded in the best interest of the company. Please refer to our news release dated November 7, 2022 for further information on this sale. For Kenora, we continue to work with the Ontario government for a new site for a potential sawmill in the region. Nous avons indiqué précédemment que nous avions des projets de monétisation de certains de nos actifs non essentiels. Comme certains d'entre vous l'ont peut-être appris, nous avons conclu avec succès la vente de nos 203,000 acres de terres forestières, privées situées au sud de Kapuskasing, en Ontario, pour un produit d'environ CAD 49 million. À la suite d'un examen approfondi, la propriété a été identifiée comme non essentielle. Conformément à la vision stratégique de la compagnie et après un long processus d'examen, la transaction a été conclue pour servir au mieux les intérêts de la compagnie. Veuillez vous reporter à notre communiqué de presse du sept novembre dernier pour plus de détails sur cette vente. En ce qui concerne Kenora, nous continuons à travailler avec le gouvernement de l'Ontario pour trouver un nouveau site pour une éventuelle scierie dans la région. The Kenora equipment move is another step taken towards realizing our annual production capacity, as has been indicated in this graphic. While we continue to seek better ways of operating our sawmills to increase production. We had previously indicated a CAD 60 million CapEx budget for 2022 through 2024. However, COVID impacts, inflationary cost pressure, and ongoing supply disruptions have impacted the cost of operation and equipment, along with the timing for these expenditures. The company continues to assess the impact of these macro changes on its initial strategic capital expenditure plan and expects the actual expenditures and timeframe for deployment to be greater than initial estimates. The execution of this plan will depend on realizing sufficient cash flows from operations and cash proceeds from the sales of non-core assets. Le déménagement de l'équipement de Kenora est une autre étape franchie vers la réalisation de notre capacité de production annuelle, comme indiqué dans ce graphique, alors que nous continuons à chercher de meilleures façons d'exploiter nos scieries pour augmenter la production. Nous avions précédemment indiqué un budget de CAD 60 million dollars de dépenses en capital pour 2022-2024. Cependant, les effets de la COVID-19, les pressions inflationnistes et les perturbations continues dans la chaîne d'approvisionnement ont eu un impact sur les coûts d'opération et des équipements ainsi que sur le lieu de ces dépenses. La compagnie continue d'évaluer l'impact de ces changements macroéconomiques sur son plan stratégique initial de dépenses en capital et s'attend à ce que les dépenses réelles et le calendrier de déploiement dépassent sa situation initiale. L'exécution de ce plan dépendra de la capacité à générer des flux de trésorerie d'exploitation suffisants et du produit de la vente d'actifs non essentiels. Enfin, la compagnie s'engage à maintenir et à mettre en œuvre des normes de durabilité toujours plus élevées dans l'ensemble de ses activités. GreenFirst fabrique des produits de bois d'œuvre et de papier de qualité, de manière sécuritaire et responsable pour protéger ses employés et l'environnement, créer une valeur à long terme pour ses parties prenantes et aussi pour apporter une contribution positive à son avenir collectif. Les activités de GreenFirst reposent sur un système de valeurs qui défendent nos principes: la planète, les personnes et le progrès. La compagnie fournira une mise à jour sur la durabilité plus tard dans l'année. Les critères ESG feront partie intégrante de notre compagnie. C'est une chose que nous prenons très au sérieux. Nous avons formé un comité interne ESG et nous avons l'intention, avec l'aide de ressources externes, de rendre compte de nos engagements ESG et de nous doter au cours de la deuxième moitié de l'année à venir. I'll back to Rick. Thank you very much all for joining our call and now we ask for any questions. We've already received a bunch of questions and, there's quite a few for the recently announced land sale. We'll start with those ones. Michel, can you answer this one? Can you shed some light on what the thought process on the company selling the land that was announced earlier this week? Yeah, sure. Thanks, Gwen. As I mentioned just earlier in my text and, you know, following a total review, the property was identified as a non-core. Again, consistent with the company's strategic vision also and following the lengthy vetting process. The transaction was concluded in the best interest of the company. That's very important. I can say also that we're very pleased with the conclusion of this transaction. Very good things for the company. Another one for you. How does the sale of the land that was announced yesterday impact the company's access to wood supply, for its mills? Yeah. You know, the property has been a source of SPF supply to the Kapuskasing Sawmill from time to time over the last 20 years. Potential future harvest volumes will be at the discretion of the buyer and would be influenced by different factors as the, let's say, ecosystem management objective and their you know forest carbon and also Forest Products market. You know, that said, we still have access to an important wood basket, so it's important to mention. Just to give you an example of the scale of the land, we currently manage 9.2 million hectares of forest land. As the close tomorrow, it will be minus 82,000 hectares. Making that, we're still gonna manage 9.2 million hectares. It's still remain, again, as I mentioned, a very important wood basket for the company. Perfect. Alfred, can you answer this one? Do the proceeds of the land help with the timing for CapEx plans? What else does the company plan to spend the money on? Thanks, Gwen. As has been said by Rick and by myself earlier, you know, we're in a low lumber price environment, and these proceeds are important for us to have more general, you know, working capital to advance with our plans and start 2023 with a stronger balance sheet. You know, the company is always evaluating its plans to execute its vision and strategy, and these funds will really help us to implement that strategy. As I said, it'll also strengthen our balance sheet coupled with the debt refinancing, which puts us in a much stronger position to start 2023. Perfect. We've got a good question here on our paper mill. Can you explain how the company plans to turn around the paper mill? As even the second paper machine starting, we still continue to see the losses in this segment. Alfred, can you explain that one for us? Okay. Thanks, Gwen. As I had some remarks in my comments earlier, but during the third quarter, we continued with the commissioning of our second paper machine, and that contributed to higher paper production in, you know, the third quarter. We had higher costs because of start-up costs, including training of new personnel to run the second paper machine and also the operating cost, the impact of higher electricity, record high electricity prices, in fact, during the quarter, as well as high fuel costs and freight costs. These factors combined to make it a pretty challenging quarter for the paper segment in Q3. As has been said, this second paper machine is expected to reach full production capacity during the current fourth quarter. You know, as a result, we're expecting that this will benefit the performance of the paper segment going forward. Yeah. If Rick wants to add to that, go ahead. Yeah, I do. Thank you, Alfred. You know, the paper segment has been a challenge because we've been on one machine, but as you mentioned, we're ramping up to two machines. We expect a significant turnaround in Q4, both in stability of production, lower costs and improving margins. Perfect. Well That's great. While we have you, do you wanna answer? Can you explain some of your strategic CapEx spends, Rick? Absolutely. What's very important to the company is to explain what is going on with cost of equipment. The cost of equipment continues to rise significantly, as you can see from CapEx programs and new sawmills that have been planned or announced by other forest companies. What we have done at GreenFirst to try to mitigate this is we've taken important equipment out of our Kenora Sawmill and moved it or in the process of moving it and installing it at our other operations. First of all, a dry kiln that is being moved from Kenora, that's a continuous dry kiln, which is fairly new to our Hearst operation. We expect that to benefit GreenFirst significantly. Secondly, we are moving our planer from Kenora Sawmill to our Cochrane Sawmill, which has had a very old planer, I believe, from the 1940s or 1950s that has not performed well. We expect to have a significant improvement there also with thin kerf saws and other equipment moved from Kenora. Also, in addition, we have a HewSaw small log line that is refurbished, relatively new, that's being moved from Kenora to Kapuskasing that we're planning to do in 2023. We expect a significant improvement in this also for our Kapuskasing Sawmill operation. Just these three items are significant savings for GreenFirst, and we wouldn't be able to get this equipment for likely one to two, possibly three years, and the cost would be very significant. We're very pleased about this strategic decision for GreenFirst. We're also doing some other capital expenditures. We also ordered 3 Gilbert planers that we got a very good deal on, and we'll be installing those in the next year or so. Oh, well. Perfect. Thank you. We did announce earlier an impressive debt refinancing, and we have a question that's come in on that. The question for Alfred is: I noticed the high-yield debt was paid back, and now you have an ABL facility with a tier-one Canadian bank. Can you explain and add some details to this? Thanks, Gwen. Yes, you know, we're very pleased with the results of that refinancing that we completed just before the end of the quarter. As mentioned, this is, you know, moved from a high-yield debt, which was very expensive debt, with relatively more restrictive compliance to a, you know, a tier-one Canadian bank. In terms of the, you know, we have an interest rate benefit, you know, moving from a high yield, which by definition is a higher cost of credit facility. We're projecting that this debt refinancing will help the company save between CAD 10 million and CAD 15 million over the term of the agreement. That's over two to three years, and that's assuming that rates stay relatively stable. As I said, this refinanced you know, credit facility with a tier one bank also gives us increased flexibility with the loan and covenant compliance. This is a positive for the company as we continue to execute our strategy. Perfect. We have that new blended interest rate on the facility, like you mentioned. This one we've answered a few times, but it's come up again. Rick, can you answer this one? What is your view on the Interfor stake? Well, we understand Interfor owns a minority stake in our company. We consider this a compliment as Interfor is a very strong forest company. Perfect. I have a really good one here that I'm gonna throw into the mix and let you guys choose who to answer. With lower lumber prices in Q4, what is your ability to be flexible on costs? Rick, you're gonna take it. Or yes. Yes, I'm happy to take this. Lower lumber prices in Q4 certainly are challenging. They're quite volatile. We're paying a 20.23% lumber duty, where most of our competitors are paying 8.59% or less. That makes it challenging. In Q4, we cannot provide what break-even costs would be as log markets change, the Canadian dollar changes, and we're paying higher duties. Certainly it's our goal to run our operations as productively as possible to lower costs so we can withstand these low markets. I earlier mentioned the CapEx projects that we're doing, which are very significant. However, they will not be done until into 2023 and some into 2024. A lot of these into 2023 we expect will be done to bring down our costs of production. Great Lakes pricing, of course, we get a premium for, which helps and is more positive. We currently see random length pricing reasonable as opposed to studs. We're hoping Q4 turns out reasonable. Okay. We'll do our last question here back to the paper mill, a little bit getting more specific, but we had a lot of paper losses in the third quarter, and you're indicating a better fourth quarter. Can you give us some numbers on that, Alfred? Is the question I think we're looking. You know, we're in the quarter, and we can't really give any information outside of what we reported for Q3. It's fair to say the comments made earlier still hold. We had, you know, a lot of startup costs with the commissioning which commenced in September. I mentioned training duplicate staff because, you know, you've got new staff and you've got existing staff training the new operators. Again, record high electricity prices in Q3. This was a huge factor for us. This added, you know, literally millions of CAD during the quarter. All I can say is that, you know, based on having that third quarter, those high costs are beginning to abate on the electricity front. As the training proceeds, we're gonna realize some efficiencies in operations. We expect Q4 to be a better quarter and possibly, you know, positively the quarter, but that remains to be seen. Well, perfect. Thank you. Thank you for everyone for joining us. We couldn't take all the questions today, but please, send them to us, investors@greenfirst.ca, and have a great day. Thank you. Thank you. Ladies and gentlemen, this does conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.