Mr. Justin Cochrane reports

CARBON STREAMING ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2024

Carbon Streaming Corp. has released its financial results for the three months ended March 31, 2024. All figures are expressed in U.S. dollars unless otherwise indicated. The company will host a live audio call at 11 a.m. ET on Friday, May 17, 2024.

Carbon Streaming chief executive officer Justin Cochrane stated: "In the first quarter of 2024, Carbon Streaming continued its focus on enhancing operational efficiency, resulting in improvements to operating cash flow compared to the comparative quarter. We remain dedicated to generating cash flows from sales and identifying further cost-saving measures going forward. Regarding the revocation of the concession licence at the Rimba Raya project, we intend to evaluate all legal avenues to protect our investment and enforce our rights. Additionally, moving into 2024, our priority is ramping up credit issuance and sales, safeguarding our strong, debt-free balance sheet, and pursuing strategic initiatives while providing support to our project partners."

Quarterly highlights:

• Recognized a loss on revaluation of carbon credit streaming and royalty agreements of $33.1-million for the three months ended March 31, 2024 (three months ended March 31, 2023: gain of $700,000); the current-period loss on revaluation was primarily related to the writedown of the value of the Rimba Raya stream to nil;
• Ended the year with $49.0-million in cash and no corporate debt;
• Continued the previously announced corporate restructuring plan focused on cash flow optimization, including reducing operating expenses and reviewing existing streams and royalties, resulting in reduced continuing operating expenses and a $1.4-million restructuring charge for the three months ended March 31, 2024 (three months ended March 31, 2023: nil);
• Generated $400,000 in settlements from carbon credit streaming and royalty agreements for the three months ended March 31, 2024 (three months ended March 31, 2023: $4,000);
• Recognized net loss of $35.8-million for the three months ended March 31, 2024 (three months ended March 31, 2023: net loss of $1.0-million);
• Adjusted net loss of $1.6-million for the three months ended March 31, 2024 (three months ended March 31, 2023: adjusted net loss of $2.9-million);
• Operating loss of $36.8-million for the three months ended March 31, 2024 (three months ended March 31, 2023: operating loss of $2.7-million);
• Paid $400,000 in upfront deposits for carbon credit streaming and royalty agreements for the three months ended March 31, 2024 (three months ended March 31, 2023: paid $1.5-million in upfront deposits for carbon credit streaming and royalty agreements).

Outlook

In 2024, Carbon Streaming continues to reposition itself for long-term success. The company expects to increase cash flow generation through the sale of carbon credits from several streaming agreements, including the Community Carbon stream, Waverly Biochar stream, the Sustainable Community stream and the Nalgonda Rice Farming stream. Additionally, the company continues its continuing corporate restructuring, first initiated in 2023, with a focus on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. The steps taken by the company to date, including a reduction in head count and the termination of consulting contracts, have resulted in significant reductions to continuing operating expenses. Moreover, the company has amended several of its carbon credit streaming agreements to improve stream economics and protect against downside risk. In 2024, the company amended the terms of the Sheep Creek reforestation stream and the Community Carbon stream, and in 2023, amended the terms of the Nalgonda Rice Farming stream, Waverly Biochar stream and Magdalena Bay Blue Carbon stream. In addition, the company is continuing to evaluate all legal avenues to protect its investment in the Rimba Raya project, and will strictly enforce its legal and contractual rights under the Rimba Raya stream in response to recent developments in Indonesia.

Carbon Streaming also aims to continue expanding and diversifying its portfolio with leading project developers and to be a partner of choice for buyers seeking to support high-integrity carbon projects. Voluntary carbon markets have the potential to mobilize finance to address the gaps in financing for climate projects and act as a complementary tool to other climate action activities. Carbon Streaming believes that its strategy will position the company as an industry leader which will be a go-to source of carbon credits in the voluntary market.

First quarter 2024 results conference call details

The company's management team will host an interactive audio call on Friday, May 17, 2024, at 11 a.m. ET, to provide a brief company update. Participants may join by dialling 1 289-514-5100 or toll-free from North America at 1-800-717-1738. An audio replay of the conference call will be available on the company website until 11:59 p.m. ET on June 17, 2024.

About Carbon Streaming Corp.

Carbon Streaming aims to accelerate a net-zero future. It pioneered the use of streaming transactions, a proven and flexible financing model, to scale high-integrity carbon credit projects to advance global climate action and additional United Nations Sustainable Development Goals. This approach aligns its strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability, and positions it as a trusted source for buyers seeking high-quality carbon credits.

The company's focus is on projects that have a positive impact on the environment, local communities and biodiversity in addition to their carbon reduction or removal potential. The company has carbon credit streams and royalties related to over 20 projects around the world, including high-integrity removal, reduction and avoidance projects from nature-based, agricultural, engineered and community-based methodologies.

We seek Safe Harbor.