GreenFirst Reports Financial Results for the Third Quarter of 2024

“Q3 2024 was a challenging quarter for GreenFirst and the broader industry. July was our toughest month, primarily due to low pricing, but both August and September saw improvements in pricing. Average Western Base pricing rose from $338/mfbm in July to $428/mfbm early November 2024. In July, due to market conditions and high inventory levels, we implemented targeted curtailments equivalent to six weeks of production. Despite this, our operations ran smoothly for the remainder of the quarter. We also continue to manage cash tightly, including postponing capital expenditures during the third quarter. Aside from the curtailment in July, we achieved good operational performance, breaking production records across multiple sites. In fact, during the third quarter, our efficiency was 4% higher as compared to 2023. Looking ahead, we expect pricing to continue improving for the rest of the year, primarily driven by industry curtailments across North America and reversals in monetary policy by the Bank of Canada and the US Federal Reserve. However, we remain cautious in the short term, and the Company will continue to focus on tightly managing its costs and liquidity. Finally, as previously announced, GreenFirst will continue its strategy of selling non-core assets.” said Joel Fournier, Chief Executive Officer of GreenFirst.
details at: https://greenfirst.ca/2024/11/greenfirst-reports-financial-results-for-the-third-quarter-of-2024/

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