Base Carbon Reports Year End 2023 Operating and Financial Results

TORONTO, April 02, 2024 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (“BCCPC”, together, with affiliates, “Base Carbon”, or the “Company”), is pleased to announce its year-end 2023 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted.

Annual Corporate and Financial Highlights as of December 31, 2023:

• Monetized 1.1 million carbon credits generated from the Vietnam household devices project with aggregate contractual offtake proceeds of approximately US$6.4 million, or C$0.072 per share¹ during 2023.
• Rwanda cookstoves project received Verra’s first ever corresponding adjusted or “Article 6 Authorized Label” in December 2023. First Article 6 Authorized Label tagged carbon credits anticipated to be transferred to the Company during Q2 2024.
• Execution of a Letter of Intent for a partnership with STX during December 2023, to establish and launch an innovative fund for institutional investors to participate in offtake supported high quality carbon removal projects.
• In August 2023, executed a project agreement for the India afforestation, reforestation, and revegetation (ARR) project, a high-quality nature-based carbon removal project.
• As of December 31, 2023, the Company had total assets of $141.2 million, including $1.4 million in cash and cash equivalents, and $137.1 million in investments into carbon credit projects.
  

“2023 was the milestone year in which Base Carbon began to transition its project development portfolio to production. During the year, our Company achieved a number of key objectives including the first issuance, credit sale and ensuing cash flow on our Vietnam project, continued measured capital deployment into high-quality carbon projects managed by experienced developers with the addition of our India project with project partner, VNV, all while continuing our deep focus on underwriting positive asymmetric risk-reward, with margin of safety through diligence and structure, within the developing voluntary carbon markets. In the near-term, during Q2 2024, we continue to anticipate the next credit issuance from our Vietnam project and to receive the first issuance of credits from our Rwanda project tagged as being correspondingly adjusted credits with Verra’s Article 6 Authorized Label,” stated Michael Costa, Chief Executive Officer of Base Carbon.