Rimba Raya Project Progressing Under New Indonesian Carbon Regulations
Company Receives First Carbon Credits from Stream and Royalty Portfolio
Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the six month period ended December 31, 2022. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 10:00 a.m. ET on Thursday, March 30, 2023.
Carbon Streaming Founder and CEO Justin Cochrane stated: “As we build our high-quality, diverse portfolio, we are also excited to see several of our projects contributing positive sustainable impacts and advancing toward delivering carbon credits in 2023. We are particularly encouraged by Rimba Raya’s validation on the SRN under Reg 21 in December 2022 and look forward to the project meeting the milestones required to achieve verification. We expect 2023 to be a transformative year for Carbon Streaming as we anticipate receiving carbon credits or royalties from 10 or more projects with cash flow growth potential to follow.”
Mr. Cochrane added: “This year is also expected to bring improved transparency to the voluntary carbon markets through several key industry initiatives, such as the publication of the Core Carbon Principles and the ISSB’s Climate-related Disclosures standards. Finally, we expect the number of companies with climate commitments to continue to rise. With these developing catalysts in the voluntary carbon market as our backdrop, we believe that demand for the carbon credits in our portfolio will only strengthen.”
Company Highlights
Three months ended December 31, 2022
Ended the quarter with $70.3 million in cash and no corporate debt. Revenue of $1.1 million from the sale of 122,995 carbon credits, for an average realized price per carbon credit sold of $8.61 for the three months ended December 31, 2022 (three months ended June 30, 2022 – 162 carbon credits sold for an average realized price per carbon credit sold of $12.35). Please see the “Non-IFRS Measures and Performance Measures” section of this news release for further information.