Base Carbon Provides Corporate Update and Announces Investor Update Call

TORONTO, April 18, 2024 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (together, with affiliates, “Base Carbon”, or the “Company”), is pleased to announce that it has received approximately US$10.7 million from the monetization of carbon credits generated from its Vietnam project. The Company will host an investor update call on Tuesday, April 23, 2024, at 11:00 a.m. Eastern Time to discuss recent project developments, 2023 financial results and the 2024 Company outlook. Registration instructions are provided below.

Highlights

• Base Carbon has received payment of approximately US$10.7 million from the Vietnam project offtaker in connection with delivery of approximately 1.85 million cookstove carbon credits.
• The Company anticipates receiving an additional offtake payment of approximately US$1.8 million over the coming days pursuant to delivery of an additional 320,887 water purifier carbon credits from the Vietnam project.
• Inclusive of the above, the Vietnam project is anticipated to generate approximately 6 million carbon credits and US$29.1 million in contracted carbon credit offtake sales for the Company over the next twelve months.
• Investor update call to be held on Tuesday, April 23, 2024.

Vietnam Household Devices Project Update

The Company has received payment of approximately US$10.7 million from the Vietnam project offtaker for the delivery of 1,854,496 carbon credits generated from the project. The Company expects to deliver an additional 320,887 carbon credits generated by the project for further payment of approximately US$1.8 million pursuant to the project offtake arrangement in the coming days.

In aggregate and inclusive of the above, the Company expects to generate approximately 6 million carbon credits from the Vietnam project for delivery to the project offtaker for contracted sales of approximately US$29.1 million over the next 12 months. The Company is anticipated to achieve 100% payback of all its project capital expenditures (approximately US$20.8 million) in 2024 and subsequently begin generating significant capital returns from that point forward.

Based upon an updated methodology recently adopted for the Vietnam project, the project is now expected to generate approximately 33 million carbon credits over the life-of-project, inclusive of the initial 7.4 million carbon credits contracted to Citigroup Global Markets Limited under a fixed price offtake arrangement.