This press release is provided by GlobeNewswire and is published as received.
TORONTO, Aug. 14, 2026 (GLOBE NEWSWIRE) -- 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 second-quarter 2026 consolidated operational and financial results. The Company will host an investor town hall in September, with details to follow over the coming weeks. All financial references are denominated in U.S. dollars, unless otherwise noted.
Highlights:
“The second quarter reflected the steady progression of Base Carbon’s business,” said Michael Costa, Chief Executive Officer of Base Carbon. “In Rwanda, we have been opportunistically monetizing CORSIA-eligible carbon credit inventories in a measured and accretive manner, and we intend to continue doing so. We believe that both pricing and volume will continue to progress positively as more global airlines begin their purchase programs for Phase 1. In Vietnam and India, regulatory and operational progress continued during the quarter, and we remain encouraged by the trajectory of both projects. Across our business, we continue to execute against a disciplined framework of capital and resource allocation, and we intend to continue utilizing our NCIB program in a value-accretive manner.”
Financial Highlights:
Rwanda Cookstoves Project
The Company continued to monetize carbon credits generated by its Rwanda cookstoves project, receiving cash proceeds of approximately $0.4 million during the quarter and an additional approximately $1.9 million subsequent to quarter-end. In recent weeks, the Company has experienced a meaningful increase in unsolicited interest from prospective purchasers of its Rwanda carbon credits following recent developments in the compliance carbon market, particularly the European Union’s proposal to embed CORSIA into EU law.
During the quarter, the Government of Rwanda submitted its biennial transparency reports pursuant to the Paris Agreement, extending a corresponding adjustment to the remaining portion of the Company’s carbon credit inventory. Subsequent to quarter-end, Verra applied the CORSIA-eligible designation to all of the Company’s previously untagged Rwanda inventory, resulting in all carbon credits currently held by the Company being eligible for CORSIA’s First Phase compliance period.
As of the date of this release, the Company holds approximately 0.9 million CORSIA-eligible carbon credits in inventory, with a further approximately 0.7 million carbon credits held by project partner, DelAgua. In addition, approximately 2.6 million future carbon credits are anticipated to be generated over regular 6-month intervals during the remainder of the project’s crediting period.
Vietnam Household Devices Project
During the quarter, the Government of Vietnam enacted the Decree, establishing the regulatory framework governing the authorization and international transfer of carbon credits under Article 6 of the Paris Agreement. The Decree represents a meaningful stepping stone for the Company’s Vietnam household devices project by creating a formal pathway for corresponding adjustments and participation in international carbon compliance markets. Receipt of authorization would strengthen the project’s eligibility for various compliance markets, including CORSIA and Singapore’s carbon tax regime, similar to the pathway established for the Company’s Rwanda cookstoves project.
Subject to the receipt of the necessary governmental approvals and the exercise of project expansion rights, the Company estimates the project could generate approximately 16.1 million carbon credits eligible for international transfer and potential compliance market use. The Company believes the project is well positioned to advance through the authorization process, and the exercise of the project expansion rights represents one of the most significant components of long-term value accretion within our portfolio.
India Afforestation, Reforestation, and Revegetation (ARR) Project
During the quarter, the India ARR project continued to advance, including ongoing data collection, analysis and verification work required for the project’s first carbon credit issuance under Verra’s VM0047 methodology, as well as preparations for the 2026 replanting season. The project remains on track for first carbon credit issuance in 2027 and continues to pursue Verra’s ABACUS label.
Investor Town Hall
The Company plans to hold an investor town hall in September where management will provide a business update and respond to investor questions via Zoom Webinar. Further details regarding the date and time as well as registration information will follow in the coming weeks.
About Base Carbon
Base Carbon provides capital, development expertise and management operating resources to projects involved in the global carbon markets. We endeavor to be the preferred carbon project partner in providing capital and management resources to carbon removal and reduction 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 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 future application of EU ETS proposal, Article 6 of the Paris Agreement, the Article 6 Authorized label, the CORSIA-eligible label and the ABACUS label and market reaction thereto, the ability to monetize or sell carbon credits and the receipt of proceeds from the disposition of carbon credits or revenue sharing arrangements, the implementation of the CORSIA framework and timing of eligibility and participation of carbon credits and carbon credit methodologies thereunder, the market demand and price of CORSIA-eligible carbon credits, the receipt of a letter of authorization for the Vietnam household devices project and ability to sell carbon credits from such project internationally, maintaining positive project ratings and market reaction hereto, the ability to transition the India afforestation, reforestation, and revegetation project methodology to VM0047 and ability to replant project trees to address tree mortality, the ability to transition the Vietnam household devices project to methodology VM0050, the timing of project registration and first carbon credit issuance of the India afforestation, reforestation, and revegetation project and the potential exercise of contractual expansion options for the Vietnam household devices project and the India afforestation, reforestation, and revegetation 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”, “seeks” 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 DelAgua 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, (iii) there is no further changes in the project methodologies used by the applicable carbon credit registry or otherwise adopted by project proponents which results in less carbon credits being issuable, (iv) positive market recognition of the attributes linked to the Company’s carbon credits (such as project methodologies and changes thereto) and acceptance of such carbon credits by emissions trading schemes or compliance programs such as CORSIA, and (v) continued participant involvement and public support, including that of applicable governmental authorities, of the voluntary and compliance carbon markets.
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) tree mortality rates, including due to 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 of the project remains in line with anticipated timelines and costs, (ii) project counterparties, including project partner Value Network Ventures Pte. Ltd., its subcontractors and local small-land owners, perform their contractual and/or standard operating procedures, (iii) the survival of trees, (iv) the successful project validation and registration by Verra, (v) the waiver of any carbon credit ownership rights by local project participants, (vi) the growth rates of trees are consistent with the expectations under the project which is then reflected by monitoring reports accepted by Verra, (vii) the Company has sufficient funds to satisfy its capital commitments, (viii) over the life of the project, there is no change to the project methodology which results in less carbon credits being issuable from the operation of such project, and (ix) 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 three and six months ended June 30, 2026 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.
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1 Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”) and CORSIA – First Phase, 2024-2026 Eligible (“CORSIA-eligible”).
2 Biennial Transparency Report (“BTR”).
3 ICE Futures Europe CORSIA Eligible Emissions Units (2024-2026) Futures, available at ice.com
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