Mr. Kwesi Marshall reports

BASE CARBON'S RWANDA COOKSTOVE PROJECT RECEIVES CORRESPONDING ADJUSTMENT LABEL BY VERRA

Base Carbon Inc. is pleased to share that Verra has applied the Article 6 authorized label to the carbon credits from the company's Rwanda Cookstove project. This marks the first time Verra has applied such Article 6 authorized label to a carbon project registered in its verified carbon standard program.

Verra, the carbon registry, stated that it "applied the Article 6 labels to 'carbon credits' issued to the DelAgua (Base Carbon's project partner), Live Well Clean Cookstove Programme in Rwanda, which has worked in partnership with the government of Rwanda for 12 years. DelAgua recently received letters of authorization (LOA) signed by the Rwanda Environment Management Authority, the authority designated by the government of Rwanda to issue authorizations under Article 6 of the Paris Agreement. As described in Verra's Article 6 label guidance, the LOA is a critical step toward obtaining Article 6 'carbon credit' labels and demonstrates Rwanda's commitment to completing corresponding adjustments in its reporting under the Paris Agreement."

A corresponding adjustment is a concept included in Article 6 of the Paris Agreement and is intended to address the potential issue of double counting emission reductions. By applying a corresponding adjustment, the project host country agrees to not count the emission reductions from the project as part of their national commitment to lower carbon emissions.

"We are strongly encouraged by the hard work of our project partner, DelAgua, with the government of Rwanda, which allowed the application of the corresponding adjustment label by Verra. We believe that having correspondingly adjusted carbon credits may expand the pool of buyers and increase market breadth," stated Kwesi Marshall, chief financial officer of Base Carbon.

Rwanda Cookstove project

Base Carbon invested $8,825,000 (U.S.) to finance the manufacturing, distribution and monitoring of approximately 250,000 cookstoves across rural Rwanda in exchange for a revenue sharing agreement with respect to the first 7.5 million carbon credits expected to be generated by the project. DelAgua, the company's local project partner, completed distribution of all 250,000 cookstoves to participating households approximately 12 months ago. The project has been validated under project ID No. 4150 and the company expects the first issuance of carbon credits associated with the project to occur in first quarter 2024.

About Base Carbon Inc.

Base Carbon is a financier of projects involved primarily in the global voluntary carbon markets. It endeavours to be the preferred carbon project partner in providing capital and management resources to carbon removal and abatement projects globally and, where appropriate, will utilize technologies within the evolving environmental industries to enhance efficiencies, commercial credibility and trading transparency.

We seek Safe Harbor.