An anonymous director reports

BASE CARBON PROVIDES CORPORATE UPDATE AND ANNOUNCES INVESTOR UPDATE CALL

Base Carbon Inc. has received approximately $10.7-million (U.S.) from the monetization of carbon credits generated from its Vietnamese 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.

Carbon credit methodologies, which have been approved by Verra (the project's carbon credit registry), regularly go through reviews and updates based on the latest science-based research to continuously improve the integrity of carbon credits issued by the registry. As previously disclosed, Verra introduced a new version of its cookstove and water purifier methodology (VMR0006 Energy Efficiency and Fuel Switch Measures in Thermal Applications, v1.2) in July of 2023. Although the revised methodology is not required to be applied to the project, which was registered with Verra in 2022, changes to the Vietnam project methodology were recently adopted voluntarily to align with the updated scientific reviews and to maintain what the Company believes are the most current market standards and best practices for projects of this type. The Company also believes that by adopting the latest science-based research, the Vietnam project carbon credits will be considered higher quality by the market with potential pricing upside as compared to carbon credits generated under the previous methodological standards. There has been no impact to the quantity or commercial terms of the initial 7.4 million carbon credits contracted for sale pursuant to the project's fixed price offtake arrangement.

Investor Update Call

An investor update call will be held on Tuesday, April 23, 2024, at 11:00 a.m. Eastern Time (EDT). The management team will provide a business update and respond to investor questions via Zoom Webinar. Registration instructions are published below. The Company invites current and prospective shareholders to attend this business update call and Q&A session.

DATE: Tuesday, April 23, 2024

TIME: 11:00 a.m. EDT

LOCATION: Zoom Webinar. To receive the meeting link and passcode, please register here.

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

Annual Meeting of Shareholders

The Company announces that it intends to hold its annual meeting of shareholders on June 25, 2024, with a meeting record date of May 10, 2024. Further information will be provided to shareholders.

Option Grant

The Company has approved and issued an aggregate grant of 4,325,000 options to purchase common shares of the Company to all directors, officers and employees. 2,037,500 options have an exercise price of $1.00 per common share and 2,287,500 options have an exercise price of $0.50 per common share. All options are subject to specific vesting provisions.

About Base Carbon

Base Carbon is a financier of projects involved primarily in the global voluntary carbon markets. We endeavor 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. For more information, please visit www.basecarbon.com.

We seek Safe Harbor.