Good morning, ladies and gentlemen, and welcome to GreenFirst second quarter of 2025 results conference call. Please note that all lines are muted 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 in GreenFirst's MD&A and annual AIF, which can be accessed on the company's website or through SEDAR Plus. After the speaker's remarks, there will be a question and answer session. Please submit your questions through the online portal. I will now turn the call over to Joel Fournier to begin the management presentation. Thank you very much, Joan, and good morning everyone, and welcome to our Q2 2025 earnings call. I'm Joel Fournier, the Chief Executive Officer of GreenFirst Forest Products. Today, I'm joined by Peter Ferrante, our CFO, and Michel Lessard, our President. We did end up with a negative EBITDA of $5.2 million in Q2 2025. The loss is primarily due to higher cost of selling, higher SG&A, and lower byproduct revenue. In Q2, the cost of selling was impacted with inventory adjustment, representing higher costs coming from finished goods we produced in Q1 and sold during Q2 2025. Our manufacturing cost did improve in Q2. SG&A was impacted negatively as well, with a non-cash expense. Despite the loss in Q2, our cash balance sheet remained strong. On a positive note, our operational performance in Q2 was very strong. Our mill achieved the highest production in the company history, setting a record of 116 million MfBM. The higher output helped us significantly reduce our manufacturing cost in the quarter, which will translate in reduction in cost of sales in the coming quarter when we sell those goods. On the sales side, we shipped 110 million MfBM in Q2. This represents a strong quarter in terms of volume despite overall lumber demand, which was negatively affected by market uncertainty surrounding the tariffs and increase in duty. During the quarter, we learned that the new combined duty rate was expected to take effect in August at 34.4%, but in early August, we ended up slightly above 35%. Unfortunately, for our U.S. customers, the future price rose almost enough to fully absorb this rate increase, raising the cost of new homes in the United States and potentially dampening overall demand. As of now, we are not paying any additional tariffs, but we are awaiting Section 232 report from the U.S. Department of Commerce. On a positive note, the federal government announced a $1.2 billion industry support plan, and we are actively working with them to understand how this could help and benefit GreenFirst Forest Products. We will continue to manage cash cautiously and move forward with only selected capital expenditures. Some of the highlights for Q2 2025 versus Q1 2025. As already mentioned, on the production side, we finished significantly higher, reaching the all-time record of 116 million MfBM versus 101 million MfBM in Q1. We also broke six additional production records during Q2. On the sales volume side, we finished with a higher at 110 million MfBM versus 90 million MfBM compared to Q1, supported also by a record of monthly sale volume with our key home center partner during the quarter. SG&A, we were higher in Q2 due to a one-time non-cash transaction, but still in line with our previously stated 2024 target of $40 per 1,000 MfBM. Inventory, the total inventory value decreased compared to Q1, but it remained above our expectation. We are implementing a plan to reduce it in the coming month. On the quality side, we continue to improve versus 2024, and the overall mix of products we produce and sell is improving and continues to improve. On the residue side, the price remains challenging, but we maintain sales through a long-term contract we have with key partners. We are also developing a medium-term plan to increase demand for our by-product over the next three years. Presently, we do have an agreement with a third party to analyze the opportunity to produce a torrefied pellet plant and a biochar for an interested party that we are currently in discussion with. If developed, this project would significantly improve the residue situation for our mills and for the province of Ontario. We will update shareholders as progress is made with this very exciting project. On the capital expenditure and continuous improvement side, from the previously announced $50 million CAPEX investment program aimed to improve the company cost structure, GreenFirst is proceeding with only selected strategic projects at this time. As already communicated in Q1 2025, we're moving forward with upgrading the production output at our Chapleau facility with the installation of a new saw line, installation of a new planer mill, as well as the cogeneration plant, which will bring us close to a top quartile cost operation point of view. These projects represent a total investment of approximately $25 million. A portion of the Chapleau mill is currently offline to accommodate the installation of those projects, and so far, everything is going well. Commissioning of the new saw mill is expected to begin at the end of September, and the full benefits are expected in Q1 2026, while installation of the new planer and the cogeneration equipment will each take approximately two weeks and be completed by the end of August. We expect the overall project to be completed on time and on budget. We plan to host an investor tour in Q2 2026, where participants will be able to see the new saw line in action at Chapleau and learn more about the financial benefit it will deliver for GreenFirst. Other major capital initiatives will temporarily pause to preserve our strong balance sheet and maintain an excellent debt position in anticipation of potential economic headwinds. However, as previously announced, we will continue to move forward with smaller, high-return capital projects. At the end of Q2, we completed some such projects with payback periods less than six months. GreenFirst remains deeply committed to fostering a culture of continuous improvement, essential for maximizing return on capital and driving long-term value for the company and our shareholders. In Q2 2025, we delivered operational improvement in excess of $3 million of equivalent EBITDA improvement. We also recorded a significant safety improvement, reducing our recordable incident rate to 2.1%. This is a 50% improvement compared to 2024. We will continue to focus on the factors within our control and pursue opportunities to continue to improve the business. I will touch base a little bit on the market. What happened in Q2? The lumber market remained uncertain in Q2, with some customers taking a very cautious approach in response to the recent duty increase and the potential looming tariffs from the United States. Despite all this uncertainty, we did close the quarter with a solid sales volume of 110 million MfBM. The housing market side finished below forecast in Q2, with 1.3 million units sold in June. This is up 4.6% compared to May, but 0.5% lower than June last year and well below the historical year-over-year average of 1.6 million units. Repair and remodeling activity also trended lower during the quarter. Despite these headwinds, we achieved a record quarterly shipment with our key home center partner. We will continue executing our strategy to grow this segment in collaboration with them to continue to ship strong volume going forward. Pricing conditions were challenging in Q2, with an average Western-based price of $468 per 1,000. Excuse me. By August 1st, however, Western-based had risen up to $535 per 1,000, primarily driven by supply constraints following announced mill curtailment by producers such as Canfor, Arbec, and other lumber producers. The anticipated duty increase also influenced future pricing, which rose to absorb nearly the full duty rate increase that took effect in August 2025. On a positive note, the federal government announced support for the Canadian producers of a plan of $1.2 billion, including its intention to boost Canadian housing starts by half a million units annually. We will closely monitor development and assess how GreenFirst can position itself to capture opportunity from this initiative. In the U.S., there remains a significant housing underbuild of approximately 2.5 million units. However, for the upcoming quarter, we remain cautious in our forecast, anticipating only modest price gains from recent curtailment. In the short term, we expect demand to remain relatively flat. Finally, GreenFirst remains committed to continuous improvement as a core strategy to enhance business performance. At the same time, we will maintain a prudent and disciplined approach to cash management to ensure the company is well-positioned to navigate potential economic headwinds and emerging market challenges. Over to you, Peter, for the financial section. Thank you, Joel, and good morning to everyone. Please refer to the cautionary language regarding forward-looking information in our Q2 2025 MD&A. The company reported a net loss of $9.6 million in the second quarter of 2025, with an adjusted EBITDA of -$5.2 million on total revenues of $84.5 million. For the two quarters ending June 28, 2025, we reported a net loss of $8.7 million, along with an adjusted EBITDA of -$0.1 million on a total revenue of $156.4 million. Revenues increased by approximately 18% quarter over quarter compared to Q1 2025, driven by an increase in shipments of approximately 20 million board feet, representing an increase of 22% as we continue to strengthen our relationship with key customers, as Joel made reference to. The shipment increase was offset by a price increase of approximately 2% or $17 per board feet, reflecting a stronger Canadian dollar versus the U.S., combined with a drop in benchmark prices. The lumber industry continues to face headwinds, including reduced demand due to housing affordability challenges caused by elevated mortgage rates, compounded by ongoing uncertainty regarding the potential impact on U.S. trade tariffs despite production curtailments across North America. For the second quarter ending June 28, 2025, the company reported cost of sales of approximately $80 million compared to $62 million in the first quarter ending March 29, 2025. This represents an increase of approximately 29%. Out of this increase, 22% is driven by increasing shipment volumes, combined with an increase of 7% in average cost per unit. Lumber production for the second quarter of 2025 was approximately 116 million board feet, compared to 101 million in the first quarter of 2025. This increase in production was primarily attributable to the continued focus on our production efficiencies. From a duties expense point of view, duties were at $8.2 million in the second quarter of 2025, which is higher than the first quarter of 2025 of $5.7 million due to higher shipments. During both quarters, the company was subject to a combined duty rate of 14.4%. In general, administrative expenses for the second quarter of 2025 total $4.6 million compared to $2.6 million in the first quarter of 2025. A good portion of this increase is attributable to non-cash compensation expense. The combination of these factors contributed to a negative EBITDA of $5.2 million versus a positive EBITDA of $5.1 million in the prior quarter. Under the amended and restated credit agreement, the company's maximum borrowing capacity under the revolving portion of the credit facility is $60 million, and under the equipment financing portion, $25 million. Taking into consideration that the first half of our fiscal year is our primary harvesting season, the company has made net borrowings of $12.5 million on a year-to-date basis ending June 28, 2025, against the revolving portion of the credit facility. As at the same time, there were $8.6 million of outstanding standby letters of credit issued, which reduces the amounts available to be drawn on the revolving portion of the facility. As such, approximately $39 million was still available to be drawn. Additionally, as of June 28, 2025, the company had a net aggregate amount of $12.3 million drawn under the equipment financing portion of the credit facility in the form of a term loan, and an additional $12.7 million available to be drawn from. We continue to manage our liquidity through the volatile lumber markets and harvesting season, which require significant investments in raw materials. We do this prudently by maintaining tight inventory management at the mill level, supplemented by drawdowns against our asset-based limit facility to cover seasonal expenses. Our lending facility, which was amended and extended to September 2028, is secured by borrowings against our inventory. As a result, with higher inventory levels, we are supported with our credit facility during these harvesting seasons. This concludes my remarks. I will pass it over back to Joel. Thank you very much, Peter, and I would like to thank everyone for joining the call today. We will now answer a couple of questions that have come through. Ladies and gentlemen, as a reminder, should you have any questions, please submit your question using the Q&A pod through your online portal. Okay, so we do have a first question here. What are the company's thoughts on the recent announced duty increase from 14.4% to 35.19% for Canadian shipments to the U.S. from final results of AR-6? What will be the impact on the business? I will let Michel, our President, answer that first question. Over to you, Michel. Yeah, thanks, Joel, and thanks for the question. For sure, the increased duty rate is very concerning for the industry. However, we've seen in the past that a majority of the cost, as Joel mentioned earlier, so a majority of these rate increases have been passed onto the end consumer. Ultimately, this will drive to an increase in the cost of depositing in the U.S. I'd say that, in response to these duty rate increases and potential tariffs, we'll continue to explore also different market opportunities as the uncertainty remains also, actually. I'll terminate in saying that we're hoping also that the Prime Minister of Canada and also President Trump will come to a resolution very shortly. The forest industry in Canada has already paid around $7.5 billion U.S. dollars in duties since 2017, and we are looking certainly for a certain amount in the near term. Okay, Joel, again, we do have another question here. Can you talk a little bit more about what you're seeing in demand and pricing right now? I will take this one quickly. During Q2 2025, the price decreased from the previous quarter. However, recently, we saw some movement. The The lumber future increased in response to the higher duty rate announced in July and August 2025, and any potential tariff announcements. It's very good to see the lumber future price rose following those announcements. There's still also some uncertainty related to demand. However, like I mentioned in my previous saying, we did ship 110 million MfBM for the quarter. This is a good volume for GreenFirst, but the volume was largely driven by our long-term relationship with our home center. We do have a strategy to grow that business, and it started to pay off as far as volume and price, and we're going to continue to focus on that, on growing that business. Additionally, we noted that some of our competitors continue to announce saw mill curtailments. Anytime there's a mill that goes down, it reduces the supply, therefore, it puts pressure on price. Okay, we do have another question here. You've made reference to production records during Q2. Why don't we see the benefits of this in your financial statement? I will let Peter Ferrante, the CFO, answer that question. Thank you, Joel. As you know, the majority of the lumber we sold during the second quarter relates to production coming from our prior quarter. As such, the production costs associated with the prior quarter are actually in our cost of sales for this quarter. We anticipate that these benefits that we from our Q2 production records will translate into a reduction in cost of sales in the upcoming quarter as we saw through the lumber producing in Q2 during Q3. As of June 28, on our balance sheet date, we held approximately 90 million board feet on our balance sheet of the 110 million that we had produced during the quarter. We will see the benefits of Q2 being translated into Q3. Okay, we do have another question here. You've spoken about the CAPEX related to the Chapleau large log line in the past. Can the company provide any update regarding this project? I will take over this one. As always, we're talking, we're taking a prudent approach with our capital expenditure, but we're presently installing not only the large log line, but also a brand new planer mill and a refurbished cogeneration plant in the Chapleau saw mill. Like I said, we're expecting the combination of these projects to have a significant positive impact on the mill profitability profile. Just to say, maybe it's not fully relevant for the investor, but the line we're replacing at Chapleau was a 40-year-old line, and we're putting brand new technology, including artificial intelligence. We're looking to see a significant impact on our cost profile and EBITDA going forward. Okay, we do have another question here. Could you explain why GreenFirst is subject to the higher 34% duty versus 22% referenced for the smaller players? I will let Michel, our President, answer that question. Yeah, thanks, Joel. I would simplify the answer. What is happening, you know, is you will have some major lumber producers that are selected for the calculation that will determine the duties. After that, we're just getting the average as all the other companies are getting. The 35.19% that has been announced is an average of this calculation and the average of what the major lumber producers that have been selected got. Okay, we do have another question here. Joel, could you discuss the balance sheet? Specifically, what is the plan will be if 232 hits further? Those are potential tariffs that could come at us. I got like kind of two questions in the same question. I'll answer the first one here. We, of course, we made a scenario, a forecasting scenario if potentially we've been hit with the 232 tariff. It's hard to determine if those tariffs will come through, and it's hard to determine what kind of percentage we may be hit with. I can reassure a shareholder that we made several scenarios, and as a result of that, that's the reason why we decided to park half of our $50 million CAPEX that we announced in Q1. By keeping this money, we're going to continue to keep a strong balance sheet. We're going to continue to have a cautious approach until we have more certainty around those tariffs. There's another question here from the same person. Would a shift towards international markets be a possibility? Yes, this is an all-good question, but I like this one particularly. All of our mills are Canadian mills, and of course, we're looking at different markets. Presently, as we speak, we're looking to build a strong partnership with consumers, local consumers, mainly in the Toronto area, and we're looking to develop this partnership so they could consume our wood, and that will diversify some of our shipments from the U.S. to Canada. Okay, another question here. Does the company, what about considering a full sale of the company? This decision, it's above us. It's a board decision, and it's up to them to consider if they're willing to sell or not. Okay, we do have another question here. How would a quota system that has been floated by DC could impact GreenFirst operations? I will answer this one. Of course, a quota could impact GreenFirst, but we're preparing ourselves potentially in response to that. We presently ship between 70%- 85% of all our wood to the United States, but we're presently looking, like I already said, to develop a partnership with some local wood consumers in the region of Toronto. In fact, I'm going to meet a couple of players next week. Our strategy is to look at what we can do with them, build a relationship and a partnership, and start to sell more volume locally. We, of course, cannot sell all the volume we produce in Canada, but if a quota hits, we're going to have to diversify a little bit, a higher percentage to the local market versus the United States. As we speak, we're working on that and we're preparing ourselves to do that. We do have two questions that look very similar here. The first one is, what will happen to the current off-take agreement with Rayonier if a new place is found for the residual? The other question is, can you clarify the company plan to address any potential exposure related to its byproduct? I will let Michel, our President, answer that question. Yeah, thanks, Joel. Currently, our exposure is minimized as we have long-term contracts, as referred here also in one of the questions, with Rayonier Advanced Materials, and we have also a similar contract with Kap Paper Inc. In this contract, they have to purchase the chips or redirect if they don't take it. To that question about what could happen with Rayonier's contracts, the contracts remain, again, it's to them to use it or to find a room for their chips if they don't use it. That said, the industry remains challenging with the closure of three major pulp and paper over the last two years, including Rayonier Advanced Materials and also Espanola and Terrace Bay. We continue to look for different alternatives to enhance also the value of our by-products. Joel mentioned that earlier, that we're currently exploring a long-term plan to build a torrefied pellet plant in Chapleau, and we'll look also for different opportunities for each of our sites. On these specifics, we'll be able to provide more details in the following months. Okay, we do have, again, two questions that look really the same. Does GreenFirst have any plan to take advantage of government grant loans recently discussed by the Prime Minister Carney? The other question is, recently, the Prime Minister announced a program supporting the Canadian softwood lumber industry with a program totaling $1.2 billion. Do you believe the company will benefit from this program? I will let Michel answer the question, and I will complete after. Thanks, Joel. At first, I would say that we're very pleased to hear also that our federal government recently stated that the Canadian softwood lumber industry is now a top priority as part of their overall discussion with the U.S. We also believe that the Prime Minister's recent announcement last week of this $1.2 billion confirmed also the importance for the Canadian softwood lumber industry in this time of uncertainty. Specifically on the programs, it's very early, but we have started speaking with some government officials to better understand how and also when they will be accessible, and more specifically for GreenFirst. More to come on that, as I said, that has been announced, but no details are available yet. Okay, and if I may add to Michel's answer, like Michel said, we're waiting for the details. They make those announcements, but we're waiting for the details on how we're going to position ourselves to take advantage of that. I would like to mention to the shareholders that, you know, we're 100% Canadian. GreenFirst, we're 100% Canadian, and this help is for us. We're going to look to utilize every single dollar available to us in terms of projects. I know we're waiting for the details, but we do have projects ready to go. We just need to have more information from the government, and we're closely in discussion. We're continuing discussions with them, and we're ready to go as they unfold the details. One thing they did mention in their plan is they would like to boost and foster the housing start in Canada by half a million units per year. I'm very excited by this one. Like I said earlier, when this comes to fruition, it's going to create more demand for lumber, and therefore, it's going to push prices up if they build more houses in Canada. Half a million, it's not a small number. It's a significant number for our country. In preparation of that, like I said earlier, we're looking to develop more partnerships to diversify some of our sales in Canada and increase our relationship with some of the key home builders in Canada to potentially take advantage of this increasing housing start. I would like to thank, we have a lot of good questions today. I would like to thank all the shareholders and the participants on the call for their participation. Thank you very much for your time, and this concludes the Q2 call. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.