Quebec's woodland caribou population has roughly halved in a decade, crashing to between 6,800 and 8,900 animals across 13 herds — 12 of which face extinction within 20 years. A new federal-provincial agreement commits C$25m to the province and C$15m to First Nations communities over five years. The money, however, targets only three critically endangered herds and doubles down on maternity penning — a technique experts call a last resort that sidesteps the root cause of decline. The penning results speak for themselves. The Val d'Or herd, enclosed since 2020 with six animals, has grown by exactly one. Two females died from the Gaspésie initiative. Only the 48-animal Charlevoix herd is performing passably. The core problem: caribou released into degraded habitat lose historical knowledge of their range and face higher mortality, but staying penned indefinitely converts conservation into permanent captivity. The structural driver is industrial. Woodland caribou need roughly 65% undisturbed forest; most Quebec herds live in areas below 40%. Over 500,000km of dirt roads — enough to reach the moon and halfway back — crisscross Quebec's public forests, built primarily for logging access. These roads enable wolf predation, attract moose that draw more wolves, and invite recreational camps that make road closures politically toxic. Quebec has been promising a caribou strategy for a decade and still has not produced one. A 2024 proposal from the environment ministry was rejected by the natural resources and forests ministry — a jurisdictional conflict that reveals whose interests prevail. The current environment minister, Pascale Déry, has been criticised for previously suggesting caribou were not endangered. A predecessor proposed sending the Val d'Or herd to a zoo. The funding agreement lacks specifics and accountability mechanisms, according to Wildlife Conservation Society Canada. British Columbia's more successful caribou program, which Quebec claims to model, was holistic from the outset — combining pens with predator management, habitat conservation, and First Nations involvement. Quebec has adopted the cheapest, most visible element and omitted the rest. Economics, not law, currently does more for Quebec's forests than policy. When the US economy slows, lumber demand drops and logging pressure eases. But that buffer is disappearing: Quebec is running out of loggable forest, and worsening wildfires driven by climate breakdown are accelerating the loss. Loggers are now pushing into the last remnant forests that were nominally protected for caribou. The C$40m sounds substantial but buys primarily monitoring and penning infrastructure — what one researcher calls being 'the best at monitoring the decline.' Without road closures, habitat restoration, and binding protections for remaining intact forest, the funding functions as political cover for continued extraction. The caribou's timeline is biological; Quebec's is electoral.