Mr. Michael Costa reports

BASE CARBON ENTERS INTO AUTOMATIC SHARE PURCHASE PLAN

Base Carbon Inc. has entered into an automatic share purchase plan (ASPP) with a broker to facilitate repurchases of Base Carbon's common shares under its previously announced normal course issuer bid (NCIB).

The company previously announced that it had received approval from the NEO Exchange to, during the 12-month period commencing June 17, 2022, and terminating June 16, 2023, purchase up to 8,716,601 common shares, representing approximately 7 per cent of the 127,663,680 common shares issued and outstanding as of June 15, 2022, by way of an NCIB on the NEO or through alternative trading systems or by such other means as may be permitted under applicable law.

During the effective period of Base Carbon's ASPP, Base Carbon's broker may purchase common shares at times when the company would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by the company's broker based upon limits set by the company when it is not in possession of any material non-public information about itself and its securities and in accordance with the terms of the ASPP. Outside of the effective period of the ASPP, common shares may continue to be purchased pursuant to Base Carbon's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.

Investor update call

Michael Costa, chief executive officer, will host an investor call to provide a business update and to respond to investor questions. The company will host the call by Zoom meetings on Thursday, May 4, 2023, at 11 a.m. Eastern Daylight Time. The company invites current and prospective shareholders to attend this business update call and question-and-answer session.

Date:  Thursday, May 4, 2023

Time:  11 a.m. EDT

Location:  Zoom meeting; to receive the meeting link and passcode, please register

Questions:  Please submit questions ahead of time to investorrelations@basecarbon.com.

About Base Carbon Inc.

Base Carbon provides capital, development expertise and management operating resources to projects involved in the voluntary carbon markets. The company seeks to be the preferred carbon project partner in providing capital and developmental resources to carbon projects globally and, where appropriate, will endeavour to utilize technologies within the evolving carbon industry to enhance efficiencies, commercial credibility and trading transparency.

We seek Safe Harbor.