Operator

Good morning, ladies and gentlemen, and welcome to GreenFirst Q1 2026 Earnings Call.

[Operator Instructions]

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+.

[Operator Instructions]

I will now pass the call over to Joel Fournier to begin the management presentation.

Joel Fournier
Chief Executive Officer

Thank you very much, Joanne, and good morning, everyone, and welcome to our first quarter 2026 earnings call.

I'm Joel Fournier, the Chief Executive Officer of GreenFirst. Today, I'm joined by Peter Ferrante, our CFO, and Michel Lessard, our President.

I would like to start this call by highlighting that we have maintained our excellent safety performance for Q1. Last year, we achieved record safety results at GreenFirst, and these results continue to position us among the best in the industry.

That reflects a strong and ongoing commitment to our safety culture. We finished the quarter with a negative EBITDA of $15.1 million. This loss is primarily due to weaker market conditions, along with lower sales volume and production during the quarter.

The market began the year at a low point in January but