October 16, 2024 – Toronto, Ontario – Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations
through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (together, with affiliates, “**Base
Carbon**”, or the “**Company**”), is pleased to announce the following project updates.

## Project Highlights:

- Achievement of key India ARR project milestone with completion of planting all 6.5 million
planned project trees which are expected to generate 1.6 million carbon credits over the project
life.
- The Company anticipates receiving 1,014,635 Article 6 Authorized labeled carbon credits from
the Rwanda project in the coming weeks. Management recently completed a successful project
site visit to Rwanda including in-country meetings with the DelAgua Group, the project
developer, and government officials.
- Base Carbon anticipates receiving an estimated 1.8 million additional carbon credits as early as
late Q4, 2024 with respect to the next issuance from its Vietnam project.
- Verra has recently announced an updated methodology for cookstove projects with the
intention of enhancing the market perception of the credibility and integrity of such projects.

### India Afforestation, Reforestation, and Revegetation (ARR) Project Update
The Company, through BCCPC, executed a project agreement with Value Network Ventures Advisory
Services Pte Ltd. with respect to a nature-based ARR carbon removal project facilitating the reforestation
of degraded rural farmlands in the northern Indian state of Uttar Pradesh.

The Company is pleased to announce the completion of planting all 6.5 million planned project trees
representing the achievement of a key project milestone. Project validation is ongoing with Verra, the
carbon registry, with completion of the validation process expected early in the first quarter of 2025. It is
anticipated that the project will generate 1.6 million high-quality nature-based removal carbon credits
over an expected 20-year project life, beginning in 2025.

### Rwanda Cookstoves Project Update
The Company continues to hold an inventory of approximately 700,000 carbon credits from the Rwanda
project which are labeled with Verra’s “Article 6 Authorized” designation. The second issuance of
1,014,635 Article 6 Authorized carbon credits is anticipated within the coming weeks, which is net of the
credits held back under the terms of the Letter of Authorization with the Rwanda Government.

While the Company regularly evaluates market-based opportunities for the sale of carbon credits, the Company believes that maintaining a short-term inventory of the Rwanda project carbon credits will allow
for positive exposure to anticipated price momentum and liquidity upon eligibility under programs like
CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation).

Last month, management completed a successful project site visit and in-country meetings with the
DelAgua Group, the project developer, as well as government officials. Company officials visited a
selection of participating households and had the opportunity to speak with numerous members of the
DelAgua team at various organizational levels. The Company continues to believe in, and support, the
operational excellence provided by the DelAgua Group as the project developer.

### Vietnam Household Devices Project Update
The Company’s Vietnam project is continuing to operate as anticipated and the Company expects to
receive an estimated 1.8 million additional carbon credits as early as late Q4, 2024.

### Verra’s Cookstove Project Methodology Update
Verra, the carbon registry for each of the Vietnam and Rwanda projects, recently announced an updated
methodology for cookstove projects with the intention of enhancing the market perception of the
credibility and integrity of such projects. Click here for Verra’s [press release](https://verra.org/verra-releases-new-cookstoves-methodology/).

The updated methodology applies only to newly registered Verra cookstove projects and is not
immediately applicable to either of Base Carbon’s Vietnam or Rwanda projects. The updated methodology
is anticipated to be applied to all Verra-registered cookstove projects for verification activities related to
2027 carbon credit vintages onwards.

As per details outlined in Verra’s press release, the revised methodology is subject to ongoing review and
further adjustments such as alignment with the work of the Clean Cooking Alliance (CCA) and their
planned Comprehensive Lowered Emissions Assessment and Reporting (CLEAR) methodology.


### 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](https://basecarbon.com/).

### Media and Investor Inquiries

Base Carbon Inc. 
Investor Relations 
Tel: +1 647 952 3979 
E-mail: investorrelations@basecarbon.com

Media Inquiries 
E-mail: media@basecarbon.com 

### _Cautionary Statement Regarding Forward Looking Information_

_This press release contains “forward-looking information” within the meaning of applicable securities laws
relating to the focus of Base Carbon’s business, the expected issuance, and timing, of carbon credits, the
application of Article 6 of the Paris Agreement and the “Article 6 Authorized Label” and market reaction
thereto, the receipt of proceeds from the disposition of carbon credits, the implementation of the CORSIA
framework and eligibility of carbon credits thereunder, including carbon credits generated by the
Company’s projects, and the timing of project validation and continued development of the India project.
In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of
forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”,
“projects”, “plans” or variations of such words and similar expressions or state that certain actions, events
or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition,
any statements that refer to expectations, projections or other characterizations of future events or
circumstances contain forward-looking information. Statements containing forward-looking information
are not historical facts but instead represent management’s expectations, estimates and projections
regarding future events. These statements should not be read as guarantees of future performance,
results, or achievements._

_Although management believes that the anticipated future results, performance or achievements
expressed or implied by the forward-looking information are based upon reasonable assumptions and
expectations, readers should not place undue reliance on forward-looking information because it involves
assumptions, known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements to differ materially from anticipated future results, performance or
achievements expressed or implied by such forward-looking information._

_In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain factors
that influence the commercial success of such projects, including the timing and number of expected
carbon credits, include among other things: (i) the Company has retained industry leading
experts/consultants/advisors to assist with the evaluation, planning, negotiation and execution of such
projects, (ii) the work product, including monitoring reports, of each project’s validation and verification
body, (iii) project carbon credit market prices, (iv) the verification of ongoing project monitoring reports
and issuance of carbon credits by Verra, (v) changes to laws, regulation or policies in applicable
jurisdictions, and (vi) the Company has sufficient funds on hand to make any required carbon credit
purchase price payments._

_In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain
assumptions that influence the commercial success of such projects, including the timing and number of
expected carbon credits, include among other things: (i) distributed cookstoves and water purifiers perform
to specification when used and participating households use the devices as contemplated by project
estimates, (ii) the Company’s in-country project partners, being the DelAgua Group in the case of the
Rwanda cookstoves project and SIPCO and the project offtaker in the case of the Vietnam household
devices project, perform their obligations in connection with the development and operation of the
projects, and (iii) continued participant involvement and public support, including that of applicable
governmental authorities, of the voluntary carbon market._

_In respect of the India afforestation, reforestation, and revegetation project, certain factors that influence
the commercial success of the project include, among other things: (i) the Company’s expertise with respect
to the evaluation, planning and negotiation of the project, (ii) the conduct of the project counterparties, including cooperation with local small-land owners, (iii) project costs and carbon credit market prices, (iv)
ongoing project monitoring and issuance of carbon credits by Verra, (v) changes to laws and regulation in
the Republic of India, and (vi) extreme weather event and natural disasters._

_In respect of the India afforestation, reforestation, and revegetation project, certain assumptions that
influence the commercial success of the project include, among other things: (i) the development the
project remains in line with anticipated timelines and costs, (ii) project counterparties, including project
partner Value Network Ventures Advisory Services Pte Ltd., its subcontractors and local small-land owners,
perform their contractual and/or standard operating procedures, (iii) the survival of trees, (iv) the growth
rates of trees are consistent with the expectations under the project which is then reflected by monitor
reports accepted by Verra, (v) the Company has sufficient funds to satisfy its capital commitments, and (vi)
continued participant involvement and public support of the voluntary carbon market._

_The forward-looking statements made herein are subject to a variety of risk factors and uncertainties,
many of which are beyond the Company’s control, which could cause actual events or results to differ
materially and adversely from those reflected in the forward-looking statements. Readers are cautioned
that forward-looking statements are not guarantees of future performance. Specific reference is made to
the management’s discussion and analysis for the Company’s fiscal year ended December 31, 2023 and
the most recent Annual Information Form on file with the Canadian provincial securities regulatory
authorities (and available on [www.sedarplus.ca](https://www.sedarplus.ca/landingpage/)) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release._

_Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially and adversely from those described in the forward-
looking information. The forward-looking information contained in this press release is provided as of the date of this press release, and the Company expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the factors or assumptions underlying them,
whether as a result of new information, future events or otherwise, except as required by law._

View Original Content: [[https://www.globenewswire.com/news-release/2024/10/16/2963949/0/en/Base-Carbon-Provides-Project-Updates.html](https://www.globenewswire.com/news-release/2024/10/16/2963949/0/en/Base-Carbon-Provides-Project-Updates.html)]

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Base Carbon Provides Project Updates

Published on October 16, 2024

Base Carbon Provides Project Updates