May 15, 2023 – Toronto, Ontario – Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) (“Base Carbon”, or the “Company”) is pleased to announce its first-quarter 2023 consolidated financial results. All financial references are denominated in U.S. dollars, unless otherwise noted.

## Financial Highlights for the First-Quarter ended March 31, 2023:

- As at March 31, 2023, the Company had total assets of $43.1 million, mainly comprising of: 
•	$8.6 million in cash and cash equivalents, 
•	$0.2 million in related party loan receivable, 
•	$0.4 million in prepaid and other assets, 
•	$27.5 million in investments in carbon credit projects, 
•	$1.4 million equity investment in ACX Holdings Ltd. (AirCarbon), and 
•	$4.9 million in investment in associate company Hardwick Climate Business Limited. 

- As at March 31, 2023, the Company had $0.3 million in current liabilities, which represented the total liabilities for the Company.

- During the first-quarter ended March 31, 2023, the Company incurred a net loss of $1.1 million. The Company incurred operating expenses of $1.3 million, which are mainly attributable to salaries and wages, share-based compensation, consulting, and professional fees. 

### About Base Carbon

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. 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 

Michael Costa, Chief Executive Officer, and Andrew Fedak, Chief Strategy Officer are responsible for this press release.

### _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 and the financial results of the Company. 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._

_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 analysis and discussion for the first quarter ended March 31, 2023 and the most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities (and available on www.sedar.com) 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/2023/05/15/2668660/0/en/Base-Carbon-Reports-First-Quarter-2023-Financial-Results.html](https://www.globenewswire.com/news-release/2023/05/15/2668660/0/en/Base-Carbon-Reports-First-Quarter-2023-Financial-Results.html)

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Base Carbon Reports First-Quarter 2023 Financial Results

Published on May 15, 2023

Base Carbon Reports First-Quarter 2023 Financial Results