Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations
through its wholly-owned subsidiary, Base Carbon Capital Partners
Corp. (“
BCCPC”, together, with affiliates,
“
Base Carbon”, or the “
Company”),
is pleased to announce its third-quarter 2024 consolidated
financial results and operational highlights. All financial
references are denominated in U.S. dollars, unless otherwise noted.
“Base Carbon has continued to execute
commercially, having achieved multiple key milestones in recent
months. During the third quarter, the Company received over $11
million in cash proceeds from the sale of carbon credits. Last
month, we achieved completion of planting of all 6.5 million trees
for the India ARR project and from our Rwanda project the Company
was issued over 1 million additional carbon credits. The Company
currently has a total inventory of over 1.7 million Article 6
Authorized labeled carbon credits on balance sheet, and as we move
through Q4 and look forward to 2025, we continue to be encouraged
by recent positive market developments applicable to our curated
portfolio of carbon projects and short-term credit inventories,”
said Michael Costa, Chief Executive Officer of Base Carbon.
Company Highlights:
- Received payments totalling
approximately $11.2 million from the sale of carbon credits
generated from the Vietnam and Rwanda projects.
- Received total payments of
approximately $30.0 million from the Vietnam project to date,
representing full capital expenditure payback and initial returns
on invested capital of approximately $9.2 million (or 43.9%) within
27 months of first dollar deployment.
- Subsequent to quarter-end,
received 1,014,635 Article 6 Authorized labeled carbon credits from
the Rwanda project. The Company now holds a current inventory of
1,712,193 Article 6 Authorized labeled carbon
credits.
- Achieved 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 with first credit production
expected in 2025.
- As of September 30, 2024,
the Company had total assets of $126.9 million, including $13.6
million in cash and cash equivalents, $9.2 million in carbon credit
inventory and $101.4 million in investments in carbon credit
projects.
Financial Highlights:
(in thousands of United States Dollars) |
Three months ended |
Three months ended |
|
September 30, 2024 |
September 30, 2023 |
Gain on investments in carbon credit projects |
$2,161 |
- |
Loss on carbon credit sales |
(79) |
- |
Total operating expenses |
(1,783) |
(1,679) |
Operating income (loss) for the period |
299 |
(1,679) |
Net income (loss) before income tax |
360 |
(1,745) |
Income tax recovery (expense) |
(299) |
- |
Net income (loss) for the period |
61 |
(1,745) |
Basic income (loss) per share |
0.00 |
(0.01) |
Diluted income (loss) per share |
$0.00 |
$(0.01) |
(in thousands of United States Dollars) |
September 30, 2024 |
December 31, 2023 |
Cash and Cash Equivalents |
$13,550 |
$1,401 |
Carbon credit inventory |
9,161 |
- |
Current investment in carbon credit projects |
24,468 |
34,813 |
Non-current investment in carbon credit projects |
76,904 |
102,273 |
Total Assets |
$126,858 |
$141,243 |
Vietnam Household Devices Project
Update
Including a payment of approximately $11.0
million received during the quarter, as of September 2024, Base
Carbon has received approximately $30.0 million from the contracted
sale of carbon credits generated from the Vietnam project,
achieving full payback of the Company’s capital investment of
approximately $20.8 million and a significant initial capital
return of approximately $9.2 million, or 43.9%.
The Company expects additional proceeds of
approximately $6.3 million in future payments from the project
off-take arrangement within the next 12 months.
The Company has no further unfunded capital
commitments to the Vietnam project.
Rwanda Cookstoves Project
Update
In August 2024, the Company completed an initial
market sale of 20,000 carbon credits generated from its Rwanda
project. The sale was designed as a market-based “test-trade” to
ensure commercial capabilities. This initial test-trade represented
less than 3% of the initial carbon credits issued to the Company as
of the sale date. As of September 30, 2024, the Company held a
carbon credit inventory of 697,558 Article 6 Authorized labeled
carbon credits from the Rwanda project with a carrying value of
$9,160,919.
Subsequent to the quarter-end, in October 2024,
the Company received its second issuance of carbon credits from the
Rwanda project when project developer the DelAgua Group transferred
1,014,635 Article 6 Authorized labeled carbon credits to the
Company. The Company now holds an inventory of 1,712,193 Article 6
Authorized labeled carbon credits.
The Company has no further unfunded capital
commitments to the Rwanda project.
In October 2024, Verra, the carbon registry for
the Company’s projects, announced a significant milestone with the
United Nations International Civil Aviation Organization’s (ICAO)
approval of the Verified Carbon Standard (VCS) Program for the
Carbon Offsetting and Reduction Scheme for International Aviation
(CORSIA), anticipated to broaden the Company’s opportunities to
participate in the market. For further details, see Verra’s press
release.
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
fund an expected $13.6 million related to the reforestation of
degraded rural farmlands in the northern Indian state of Uttar
Pradesh. Subsequent to the quarter-end, the Company announced the
completion of planting all 6.5 million planned project trees
representing the achievement of a key project milestone. The
project is expected to generate 1.6 million high-quality
nature-based removal carbon credits over an expected 20-year
project life with the first carbon credit issuance expected in
2025.
As of September 30, 2024, Base Carbon has funded
43% of the committed project capital with all further capital
commitment funding tied to achievement of specific project
milestones. Project validation is ongoing with Verra, the carbon
registry, with completion of the validation process expected early
in the first quarter of 2025.
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.
Media and Investor
Inquiries
Base Carbon Inc.Investor RelationsTel: +1 647
952 3979E-mail: investorrelations@basecarbon.com
Media InquiriesE-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 third quarter ended
September 30, 2024 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 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.
Base Carbon (NEO:BCBN)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Base Carbon (NEO:BCBN)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024