Diversified Portfolio Grows to 10 Streams and Royalties Covering 21 Projects
First Quarter 2023 Update Call to be Held on Monday, November 14, 2022 at 11:00 a.m. ET
Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended September 30, 2022. All figures are in United States Dollars, unless otherwise indicated. The Company will host a live audio call at 11:00 a.m. ET on Monday, November 14, 2022.
Carbon Streaming Founder and CEO Justin Cochrane stated: “We continued to execute on our growth strategy in the first quarter, announcing the Nalgonda Rice Farming Stream, the FCG Amazon Portfolio Royalty and the Bonobo Peace Forest Royalty. Our high-quality portfolio now comprises over 20 carbon stream and royalty projects that are diverse in project type and geography.”
Mr. Cochrane added: “We are proud to have published our inaugural Sustainability Report this month. In it we detail our approach to ESG and commitment to climate action and the broader UN Sustainable Development Goals. As we continue to grow our company and scale our impact, our Guiding Principles will be key in driving value for all our stakeholders.”
Company Highlights
First Quarter 2023
Ended the quarter with $72.7 million in cash and no corporate debt. Recognized net loss of $2.4 million for the quarter. After adjusting for a $2.9 million non-cash revaluation related to warrant liabilities, adjusted net loss was $5.3 million. See “Advisories – Non-IFRS Measures” for a reconciliation of adjusted net income (loss) to its most comparable IFRS measure. Paid $13.3 million and committed to pay $1.8 million in upfront deposits for new carbon credit streaming and royalty agreements, early deposit interests and other assets during the quarter. Closed the Community Carbon streaming agreement and made an initial upfront deposit payment of $6.5 million. This portfolio of fuel-efficient cookstoves and water filtration devices projects is targeting reduction of approximately 50 million tonnes of CO2 equivalent (“tCO2e”) emissions and generation of an