Carbon Streaming Provides Corporate Update and Announces New Removals Streaming Agreement With Mast Reforestation

U.S. Baccala Ranch Reforestation Project in Tehama and Plumas Counties, California is third stream with Mast

Regulatory Update provided for the Rimba Raya Project

TORONTO, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to provide a corporate update including announcing that it has entered into a streaming agreement with Mast Reforestation SPV I, LLC (“Mast”), for the Baccala Ranch project (the “Baccala Ranch Reforestation Project”) in California, USA (the “Baccala Ranch Reforestation Stream”). The Baccala Ranch Reforestation Stream is the third stream under its previously announced project pipeline streaming agreement with Mast, to advance its pipeline of post-wildfire reforestation projects in the Western USA.

Baccala Ranch Reforestation Stream

The Baccala Ranch Reforestation Project, located in Tehama and Plumas Counties, California, USA, is expected to restore 523 acres at the Baccala Ranch property that was severely burned by the Dixie Fire in 2021. The Company will receive 100% of the carbon credits generated by the Baccala Ranch Reforestation Project, which are expected to be independently confirmed by a Climate Action Reserve-approved confirmation body. 

The Baccala Ranch Reforestation Project is expected to remove a total of approximately 91,500 tCO₂e and generate an equivalent number of carbon credits. First carbon credit issuance is expected in 2026. 

Under the terms of the Baccala Ranch Reforestation Stream, the Company will make an initial upfront deposit of US$0.32 million on closing, with additional milestone payments of up to US$1.28 million as the Baccala Ranch Reforestation Project achieves site preparation, planting and issuance milestones. Carbon Streaming will also make ongoing delivery payments to Mast for each carbon credit sold under the Baccala Ranch Reforestation Stream, which will increase according to a tiered streaming structure dependent on return on invested capital thresholds. Closing of the Baccala Ranch Reforestation Stream is subject to customary conditions with closing expected to occur in mid-2024.