Mr. Michael Costa reports

BASE CARBON ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The NEO Exchange has approved Base Carbon Inc.'s renewed normal course issuer bid (NCIB) to purchase, for cancellation, up to 7,974,471 of Base Carbon's common shares.

The company's current normal course issuer bid ended on June 16, 2023, and pursuant to the renewed NCIB, Base Carbon may purchase over a period of 12 months, starting June 21, 2023, and ending June 20, 2024, up to 7,974,471 common shares, representing approximately 6.6 per cent of the total 121,108,302 issued and outstanding common shares and 10 per cent of the company's public float as of June 9, 2023. On any given day during the NCIB, Base Carbon may purchase up to 14,678 common shares, equivalent to 25 per cent of the average daily trading volume of 58,713 shares for the previous six months, which excludes purchases made under the current normal course issuer bid. Block trades for a greater number of common shares may be made once per calendar week.

Purchases under the NCIB may commence as of June 21, 2023, and will end on the earlier of: (i) June 20, 2024; or (ii) the date on which Base Carbon has purchased the maximum number of common shares that may be acquired under the NCIB. The purchases made will be done in accordance with the rules of the NEO, through the facilities of the NEO or through alternative trading systems. The actual number of common shares that will be purchased, and the timing and price of such purchases, will be determined by the company in accordance with the NEO listing manual and guidelines. Common shares purchased under the NCIB will be returned to treasury for cancellation. As of June 9, 2023, the company had purchased 7,296,378 common shares under its existing NCIB.

The board of directors of the company believes that the market price of the common shares may, from time to time, not reflect the underlying value of Base Carbon, including its growth opportunities, and that the proposed purchasing of its common shares through the NCIB is in the best interests of the company and represents an appropriate use of corporate funds.

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.