AMSTERDAM and TORONTO (December 18, 2023) - STX Group, a leading environmental markets and climate solutions firm, and Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) (“Base Carbon”), a financier of emission reduction, removal, and related climate action projects, are pleased to announce the execution of a Letter of Intent (LOI) to jointly launch a new investment vehicle to develop innovative carbon removal projects. The new vehicle will focus on bringing integrity and scale to global markets seeking durable, high-quality carbon removals based on scientific pathways and asset-backed solutions.

The new vehicle, expected to be the first in a continued series, aims to bring global market participants an innovative way to access and participate in the surging demand for high quality carbon removals associated with the “net-zero” climate commitments from corporations, financial institutions, and governments. The vehicle’s primary investment focus, driven by buyer demand will emphasize capital allocation to greenfield carbon solutions that include robust quantification, scientific durability, strong community engagement, sustainable development co-benefits, and governance practices in accordance with leading industry standards, local regulation, and the UNFCCC Paris Agreement.

Leveraging its reputable, global team of market professionals and access to environmental markets, corporate buyers, implementation partners and policy makers, STX Commodities will provide project origination and development services to the investment vehicle, as well as marketing and distribution of carbon removals and project by-products. As manager of the fund, Base Carbon will leverage its existing investment platform, team expertise and corporate infrastructure, endeavoring to develop new, ancillary revenue streams without further dilution to its shareholders.

STX Group and Base Carbon are thrilled to be collaborating on this new initiative, viewed as a positive catalyst in their collective agenda to reduce global greenhouse gas emissions. Investor marketing and project off-taker discussions are anticipated to commence in early 2024.

“STX Group has been at the forefront of the global carbon markets for decades and we are excited to team up with Base Carbon to provide opportunities to our counterparties who seek to diversify their portfolio and invest in carbon projects of high caliber. We at STX Group are taking a leading role in developing innovative financial solutions to benefit the environmental commodities markets and are thrilled to witness the increasingly important role of these solutions and projects in commodity finance,” said Marijn van Diessen, Chief Commercial Officer of STX Group.

“We are very excited to be collaborating with STX Group, a leader in global environmental markets, and this innovative investment vehicle represents an important and exciting new business venture for Base Carbon. There is complementary expertise and strong synergies between our organizations, enabling us to identify and underwrite high quality projects offering attractive risk-adjusted returns to investors. We continue to anticipate exponential growth in global demand for quality carbon credits as we approach 2030 net-zero commitments. We believe this investment vehicle is an attractive and non-dilutive pathway to further diversify and scale Base Carbon’s future revenue streams within the core competencies and resourcing of our existing team and infrastructure,” stated Michael Costa, Chief Executive Officer of Base Carbon.

### About STX Group 
STX Group is a leading global environmental commodity trader and climate solutions provider. For over 25 years, our teams have been at the forefront of the global transition towards a low-carbon economy. By leveraging its expertise in accurately pricing pollution and emissions, it has helped to cultivate trust in market-based solutions to the decarbonization of the economy.

With its trading and Corporate Climate Solutions offerings, STX ensures that money flows to hundreds and thousands of projects that make the world a greener place, while providing corporations with the certified proof-points of their contributions to environmental progress.

After acquiring Vertis and its subsidiary Strive in December 2021, the STX Group now boasts a diverse team of nearly 500 employees from over 50 countries. Headquartered in Amsterdam, the Netherlands, STX Group has 13 offices around the world and an annual trading volume of over EUR 4 billion. For more information, please visit [https://stxgroup.com](https://stxgroup.com).

### 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

STX Group 
Jaime Santisteban 
Tel: +33 6 80 80 99 98 
E-mail: media@stxgroup.com

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 and the financial results of Base Carbon, the partnership with STX Group and the development of the investment vehicle including the structure and focus of the investment vehicle and the ability to raise capital by the investment vehicle. 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 Base Carbon’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 discussion and analysis for the third quarter ended September 30, 2023 and the most recent Annual Information Form on file with the Canadian provincial securities regulatory
authorities (and available on www.sedarplus.ca) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Base Carbon’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 Base Carbon 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/2023/12/18/2797736/0/en/STX-Group-and-Base-Carbon-Partner-to-Launch-Innovative-Carbon-Investment-Vehicle-Focused-on-Scaling-Global-Markets-for-Carbon-Removals.html](https://www.globenewswire.com/news-release/2023/12/18/2797736/0/en/STX-Group-and-Base-Carbon-Partner-to-Launch-Innovative-Carbon-Investment-Vehicle-Focused-on-Scaling-Global-Markets-for-Carbon-Removals.html)

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STX Group and Base Carbon Partner to Launch Innovative Carbon Investment Vehicle Focused on Scaling Global Markets for Carbon Removals

Published on December 18, 2023

STX Group and Base Carbon Partner to Launch Innovative Carbon Investment Vehicle Focused on Scaling Global Markets for Carbon Removals