TORONTO, May 15, 2024 (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 first-quarter 2024 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted. Company Highlights for the Three Months Ended March 31, 2024: Rwanda cookstoves project successfully transitioned to the carbon credit generation stage following the first issuance of 717,558 correspondingly adjusted carbon credits, each labeled with Verra's "Article 6 Authorized" designation. Subsequent to quarter-end, approximately $12.5 million payment received from Vietnam project offtaker following delivery of carbon credits associated with the project's credit issuance. Updated accounting valuation for the Rwanda cookstove project using a discounted cashflow methodology and resulting in an unrealized accounting gain of $19.8 million in the quarter. As of March 31, 2024, the Company had total assets of $121.1 million, including $0.7 million in cash and cash equivalents, and $118.3 million in investments in carbon credit projects. Financial Highlights: (in thousands of United States Dollars) Three months ended Three months ended   March 31, 2024 March 31, 2023 Unrealized loss on investments in carbon credit projects $ (18,881 ) $ -   Total operating expenses   (1,762 )   (1,289 ) Operating loss for the period   (20,643 )   (1,289 ) Income tax recovery   1,038     -   Net loss for the period   (19,838