Mr. Michael Costa reports

BASE CARBON REPORTS FIRST-QUARTER 2023 FINANCIAL RESULTS

Base Carbon Inc. has released its first quarter 2023 consolidated financial results. All financial references are denominated in U.S. dollars, unless otherwise noted.

Financial Highlights for the First-Quarter ended March 31, 2023:

As at March 31, 2023, the Company had total assets of $43.1 million, mainly comprising of:

• $8.6 million in cash and cash equivalents,
• $0.2 million in related party loan receivable,
• $0.4 million in prepaid and other assets,
• $27.5 million in investments in carbon credit projects,
• $1.4 million equity investment in ACX Holdings Ltd. (AirCarbon), and
• $4.9 million in investment in associate company Hardwick Climate Business Limited.

As at March 31, 2023, the Company had $0.3 million in current liabilities, which represented the total liabilities for the Company.

During the first-quarter ended March 31, 2023, the Company incurred a net loss of $1.1 million. The Company incurred operating expenses of $1.3 million, which are mainly attributable to salaries and wages, share-based compensation, consulting, and professional fees.

About Base Carbon

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. For more information, please visit www.basecarbon.com .

We seek Safe Harbor.