19:54:27 EDT Thu 31 Oct 2024
Enter Symbol
or Name
USA
CA



Base Carbon Inc
Symbol BCBN
Shares Issued 117,137,658
Close 2024-05-14 C$ 0.475
Market Cap C$ 55,640,388
Recent Sedar Documents

Base Carbon's March 31 cash at $667,000 (U.S.)

2024-05-15 12:30 ET - News Release

An anonymous director reports

BASE CARBON REPORTS FIRST-QUARTER 2024 OPERATING AND FINANCIAL RESULTS

Base Carbon Inc. has released its first quarter 2024 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted.

Company highlights for the three months ended March 31, 2024:

  • Rwanda cookstoves project successfully transitioned to the carbon credit generation stage following the first issuance of 717,558 correspondingly adjusted carbon credits, each labelled with Verra's Article 6 authorized designation.
  • Subsequent to quarter-end, approximately $12.5-million payment received from Vietnam project offtaker following delivery of carbon credits associated with the project's credit issuance.
  • Updated accounting valuation for the Rwanda cookstove project using a discounted cash flow methodology and resulting in an unrealized accounting gain of $19.8-million in the quarter.
  • As of March 31, 2024, the company had total assets of $121.1-million, including $700,000 in cash and cash equivalents, and $118.3-million in investments in carbon credit projects.

Vietnam household devices project update

In April, 2024, the company, through Base Carbon Capital Partners Corp. (BCCPC), received aggregate payment of approximately $12.5-million (U.S.) from Vietnam project offtaker for the delivery of credits associated with the project's most recent carbon credit issuance.

Following the latest adoption of current market-based methodological standards for the Vietnam household devices 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 under a fixed-price offtake arrangement. The reduction in anticipated carbon credits has led to an unrealized accounting loss of $38.6-million in the quarter, for an overall project value of $85.4-million as of March 31, 2024. The adoption and associated changes have no impact on the fixed-price offtake agreement.

BCCPC has deployed 95 per cent of the committed project capital with the remaining commitments primarily tied to project monitoring and verification activities, which are anticipated to be fully deployed in regular intervals by year-end 2024.

Rwanda cookstoves project update

In April, 2024, the company received its first carbon credits generated from the Rwanda cookstoves project when project developer the DelAgua Group transferred 717,558 correspondingly adjusted carbon credits to BCCPC, each designated by Verra with an Article 6 authorized label. This milestone marked the project's successful transition to the carbon credit generation stage, with regular future issuances expected at semi-annual intervals, resulting in an updated accounting valuation using a discounted cash flow methodology.

The company is currently evaluating all sales options with respect to the initial 717,558 carbon credits and believes that the potential pricing upside of correspondingly adjusted carbon credits will significantly offset any volume reductions pursuant to the implementation of the letter of authorization with government of Rwanda detailed in the company's press release on April 8, 2024.

India afforestation, reforestation and revegetation (ARR) project update

The company, through BCCPC, executed a project agreement with Value Network Ventures Advisory Services Pte. Ltd. to finance an expected $13.6-million related to the reforestation of degraded rural farmlands in the northern Indian state of Uttar Pradesh. The project's aim is to facilitate the planting of approximately 6.5 million trees, from which it is expected 1.6 million high-quality nature-based removal carbon credits will be generated over an expected 20-year project life.

As of March 31, 2024, Base Carbon has financed 32 per cent of the committed project capital with approximately 79 per cent of the planned 6.5 million trees planted to date with the remaining trees expected to be planted within 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.

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