Base Carbon : Management’s Discussion & Analysis for the Three and Nine Months Ended September 30, 2023

BASE CARBON INC.

MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023

(EXPRESSED IN UNITED STATES DOLLARS)

Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

Introduction

The Management's Discussion and Analysis ("MD&A") of the financial condition and results of the operations of Base Carbon Inc. (the "Company" or "Base Carbon") constitutes management's review of the factors that affected the Company's consolidated financial and operating performance for the three and nine months ended September 30, 2023. This discussion should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 (the "consolidated financial statements"), in addition to the audited annual consolidated financial statements of Base Carbon for the year ended December 31, 2022, and together with the notes thereto. This MD&A is dated as of November 14, 2023, unless otherwise indicated.

Unless otherwise indicated and as hereinafter provided, all financial information contained in this MD&A, and the Company's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards"), as issued by the International Accounting Standards Board ("IASB"). Unless otherwise noted in this MD&A, all monetary amounts are expressed in United States dollars, and "we", "us" and "our" refer to the "Company" or "Base Carbon" including each of its subsidiaries.

The Company exists under the Business Corporations Act (Ontario). Its registered and mailing office is located at 50 Carroll Street, Toronto, Ontario, M4M 3G3.

Caution Regarding Forward-Looking Statements

This MD&A contains forward-looking statements about the Company's objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities, and legal and regulatory matters. Specific forward-looking statements in this MD&A include, but are not limited to, statements with respect to the Company's anticipated future results, events, plans, strategic initiatives, future liquidity, planned capital investments, such as statements as to expectations for the Company's current carbon credit projects in development and future pipeline opportunities, including the steps involved to realize on such opportunities and the timeline in which such opportunities may be realized, as to the timing and number of carbon credits expected to be generated by such carbon credit projects and the resulting financial performance, and under the headings "Project Updates" and "Outlook".

Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may", "maintain", "achieve", "grow", "should" and similar expressions, as they relate to the Company and its management. Forward- looking statements reflect the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company's expectation of operating and financial performance in 2023 is based on certain assumptions including assumptions about operational growth, anticipated cost savings, operating efficiencies, anticipated benefits from strategic initiatives, future liquidity, and planned capital investments. The Company's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive, and other uncertainties and contingencies regarding future events and as such, are subject to change. There is no assurance that such estimates, beliefs and assumptions will prove to be correct.

In particular, and without limiting the generality of the foregoing, this MD&A contains forward-looking statements concerning:

• the Company's business plans and strategies;
• expectations regarding carbon market trends, overall carbon market growth rates and prices for carbon credits;
• expectations regarding the operation and/or development of the Company's carbon reduction projects, including as to the timing of carbon credit issuances for such projects and the number of carbon credits expected to be generated by such projects;

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

• expectations with respect to future pipeline opportunities, including the steps involved to realize on such opportunities and the timeline in which such opportunities may be realized; and
• future development activities, including acquiring interests in carbon reduction projects and carbon credits and the development of software and technological applications to carbon reduction projects and carbon credits.

In respect of the Rwanda Cookstove 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 timelines for execution of the development of the Rwanda Cookstove Project and the Vietnam Household Devices Project has to date been in line with as compared to (or accelerated from) initial expectations, (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 applicable jurisdictions, and (vi) the Company has sufficient funds on hand to make carbon credit purchase price payments.

In respect of the Rwanda Cookstove Project and the Vietnam Household Device 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 the DelAgua Group in the case of the Rwanda Cookstove Project and SIPCO in the case of the Vietnam Household Devices Project, perform their obligations in connection with the development and operation of the projects, (iii) the validation process in respect of the Rwanda Cookstove Project, being undertaken with Verra, the organization that has been appointed as the carbon credit registry for such project, occurs in 2023, (iv) the completion and submission to Verra of the initial Rwanda Cookstove Project monitoring report prepared by the project Validation and Verification Body ("VVB") occurs in 2023, (v) with respect to the Rwanda Cookstove Project, the initial acceptance of the verification by Verra of the performance of the projects set out in the VVB reports against the project methodology in order to enable the first issuance of the resulting carbon credits occurs in 2023, which timeline is reflective of the Company's observation of Verra's current timeline for the verification of similar carbon reduction projects being undertaken by other parties, and (vi) over the life of such projects, there is no change in the methodologies used by Verra, as the carbon credit registry for such projects, to measure the greenhouse gases reductions from such projects which results in less carbon credits being issuable from the operation of such projects.

In respect of the India ARR 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, (vi) extreme weather event and natural disasters.

In respect of the India ARR Project, certain assumptions that influence the commercial success of the project include, among other things: (i) the development the project remains in line with anticipated timelines and costs, (ii) project counterparties, including VNV, its subcontractor and local small-land owners, preform their contractual and/or standard operating procedures, (iii) the successful planting and survival of trees,

1. the growth rates of trees are consistent with the expectations under the project which is then reflected by monitor reports accepted by Verra, and (v) the Company has sufficient funds on hand to make carbon credit purchase price payments.

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.

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

The forward-looking statements made herein are subject to a variety of risks 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. Some of these risks and other factors are described or referred to herein are further described in the Company's Annual Information Form dated March 31, 2023 under the heading "Risk Factors" and in the management's discussion and analysis of the Company for the financial year ended December 31, 2022, copies of which are available under the Company's profile on SEDAR at and available on www.sedarplus.ca.

Investors and all readers also cautioned that the factors and assumptions described above, in the Company's Annual Information Form dated March 31, 2023 and in the management's discussion and analysis of the Company for the financial year ended December 31, 2022, are not exhaustive. Readers are also cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those described in the forward-looking statements. The Company's actual results, programs and financial position could differ materially from those expressed in or implied by these forward-looking statements, and accordingly, no assurance can be given that the events anticipated by the forward-looking statements will transpire or occur, or that, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this MD&A are made as of the date of this MD&A unless otherwise stated and are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

General Business Description

Base Carbon is a publicly traded entity which is listed on the NEO Exchange Inc. under the trading symbol "BCBN" and trading on the OTCQX Best Market under the symbol "BCBNF". Base Carbon runs administrative operations through its wholly owned subsidiaries, Base Carbon Corp. and Base Carbon (US) Corp., and carbon reduction and removal projects through its wholly owned subsidiary Base Carbon Capital Partners Corp. ("BCCPC").

Base Carbon, through BCCPC, provides capital, development expertise and management operating resources to projects involved in the voluntary carbon markets. The Company seeks to be the preferred carbon project partner in providing capital and developmental resources to carbon projects globally and, where appropriate, will endeavour to utilize technologies within the evolving carbon industry to enhance efficiencies, commercial credibility, and trading transparency.

As part of the Company's strategy, the Company focuses most of its business activities across three fundamental carbon project stages:

• Identification Stage: sourcing of high-quality carbon development projects based on a combination of internal and external factors. Internally, potential projects must comply with the Company's environmental, social and governance policy, project structure for risk mitigation and due diligence, economic return objectives, project development timelines and carbon production profiles. Projects that are expected to produce initial credits within three years are considered near- term, between three and seven years are considered medium-term and over seven years are considered long-term. External factors include benchmarking against the United Nations' Sustainable Development Goals. The Company will then seek to enter contractual arrangements setting out the project.
• Development Stage: the Company utilizes internal expertise to fulfill its commitment to help facilitate the successful development of each selected high-quality carbon project. Depending upon the project, Base Carbon may introduce select additional project partners and co-investors such as

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

large multinational corporations seeking offtake arrangements to 'decarbonize' their business activities.

• Operational Stage: implementing technology and software tools to enhance efficiency and transparency of carbon development projects which will support and develop the broader carbon economy. This can include project management or oversight standards relating to measurement, reporting, verification, and auditing to enhance the efficiencies and credibility of carbon credits.

At this time, the Company is focused on developing projects suited to the growing voluntary carbon markets. The Company intends to monitor the continued evolution of the compliance carbon markets and may consider developing compliance related projects in the future.

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

Key Events and Project Updates of 2023

Investment in India Afforestation, Reforestation, and Revegetation (ARR) Project

On August 8, 2023, the Company, through BCCPC, entered into an agreement to facilitate the development of a nature-based carbon removal project, focused on the reforestation of degraded rural farmlands in the northern Indian state of Uttar Pradesh. Value Network Ventures Advisory Services Pte Ltd. ("VNV") is Base Carbon's Project development partner.

The project will facilitate the planting of approximately 6,500,000 trees on degraded rural farmlands and fertile but arid deserted lands in northern India. Project implementation is underway, with approximately 65% of the trees planted to date with the remaining trees expected to be planted by January 2024.

The project is expected to generate an estimated 1,600,000 high-qualitynature-based removal carbon credits issued in relatively equal tranches over an expected 20-year Project life. First issuance is expected in early 2025.

The initial Project capital expenditure of $7,300,000 is anticipated to be drawn through Q1 2024, of which $3,600,000 was deployed during the three and nine months ended September 30, 2023, and an additional $800,000 was deployed during November 2023. Funds are to be used by the project developer to capitalize the reforestation and associated agroforestry infrastructure with an additional $6,300,000 representing primarily maintenance capital to be deployed over a subsequent 10-year period to be funded by Base Carbon. Base Carbon anticipates reinvesting a portion of proceeds from project credit sales to fund maintenance capital requirements. The India ARR Project remains in the developmental stage and is pre- issuance of verified carbon units ("VCUs"). The project's fair value was measured at cost basis as at September 30, 2023.

Consolidation of BCCPC and HCBL Restructuring

As further described in the Company's AIF, audited annual consolidated financial statements, and management's discussion and analysis for the year ended December 31, 2022, on November 4, 2021, Base Carbon entered into an investment agreement (the "Investment Agreement") between, among others, Philip Hardwick and Hardwick Climate Business Limited, that set out a series of transactions (collectively, the "HCBL Transaction") providing for investments in HCBL by Base Carbon, the establishment and funding of a joint venture entity (being BCCPC) between Base Carbon and HCBL to invest in carbon reduction projects, various consulting arrangements and the purchase of all issued and outstanding shares of HCBL over three phases, each conditional upon parties satisfying certain conditions including business deliverables.

On May 10, 2023, the Company completed a restructuring transaction which included the purchase of the remaining 22% of outstanding shares of BCCPC from HCBL, in exchange for $2,996,000 in total consideration. The consideration was comprised of (i) $1,600,000 in cash, and (ii) a promissory note payable to HCBL for $1,396,000, which was cancelled upon the Company reducing its equity ownership in HCBL from 49.9% to 15%.

As part of the restructuring transaction, the Company entered into a consulting and origination agreement with HCBL, whereby HCBL will continue to originate and present carbon reduction and removal project opportunities to the Company for investment, partnership, or development until June 30, 2024. The Company has agreed to pay HCBL milestone-driven project origination fees of up to 3.5% in aggregate of the Company's required capital investment for qualified carbon reduction or removal projects which are sourced by HCBL and executed by Base Carbon. HCBL will also provide certain consulting services to the Company with respect to the Company's carbon project portfolio for a fixed, cost-based fee of approximately $830,000 during the term.

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

In connection with the HCBL restructuring transaction, pursuant to a new escrow agreement, Philip Hardwick resigned as Chief Operating Officer of Base Carbon and reverted to his role as CEO of HCBL. 2,324,376 common shares of the Company previously issued to Philip Hardwick under the terms of the original investment agreement were placed into escrow until June 30, 2024. Philip Hardwick also entered into an individual consulting agreement with the Company and was issued 500,000 Base Carbon common share purchase options with an exercise price of C$1.00 per common share (the "Options"). 1/3 of the Options vested immediately and the remaining amount will vest in equal tranches on the first and second anniversaries of closing, which was May 10, 2023.

As a result of the restructuring transaction, a net amount of $316,834 was reported through the retained earnings in the statement of changes in equity. The $316,834 figure represents the difference between the fair value of the outstanding shares of BCCPC, the total consideration of (i) and (ii) for the outstanding BCCPC shares, and the historic losses of BCCPC attributable to non-controlling interest.

The Company has 100% equity ownership in BCCPC as a result of the transactions, and the Company retained a 15% equity ownership in HCBL.

Project Updates

Vietnam Household Devices Project

On May 27, 2022, the Company, through BCCPC, entered into a project agreement with SIPCO as in- country project developer, to facilitate the Vietnam Household Devices Project. Pursuant to the terms of the agreement, Base Carbon would invest US$20,828,600 to fund the manufacturing, distribution and monitoring of approximately 850,000 cookstoves and 364,000 water purifiers across several provinces of Vietnam. Citigroup is the carbon credit off-taker for the Vietnam Household Devices Project.

Initially, based on project methodologies and PDD, Vietnam Household Devices Project was expected to generate up to 26.6 million carbon credits over its anticipated 10-year project life. The project was registered with Verra under project IDs #2548 (cookstoves) and #2557 (water purifiers). In February 2023, SIPCO reregistered the cookstoves project with a new methodology with Verra under project ID #2923 (formerly, project ID #2548). Based on the new project methodology, both project PDDs and a pro rata calculation of the number of carbon credit identified in the initial verification reports submitted to Verra for acceptance, the projects may now generate up to and aggregate of approximately 45 million carbon credits over the project's lifespan. The PDDs for the projects are available on Verra's website.

The number of carbon credits issued will depend upon the project methodologies and the actual amount of carbon reduced by a project as monitored and then verified by the VVB. Subsequently, Verra reviews the submitted verification report and, if accepted, issues the corresponding carbon credits. A significant deviation of the operations and/or performance of a project for a particular time period (or verification period) from the estimates set out in the PDD or project methodology may negatively impact the number of carbon credits issued with respect to such verification period. Downward revisions to methodologies, including baselines, similar to the review announced by Verra on March 28, 2023, may also negatively impact the number of carbon credits issued. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the most recent AIF on file with the Canadian provincial securities regulatory authorities (and available on SEDAR) 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 MD&A.

The first VCUs were generated and issued by the project during Q2 2023 and the Company expects issuance of carbon credits expected approximately every six months over the estimated 10-year life of the project.

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

Based on the Vietnam Household Devices Project documentation, SIPCO will buy back from BCCPC the first 7.4 million carbon credits for subsequent offtake by Citigroup ("Phase 1"). BCCPC has the right but not the obligation to purchase the additional carbon credits generated by the project at a prescribed price from SIPCO ("Phase 2"). If BCCPC exercises this option to buy all the additional carbon credits, BCCPC may then sell such carbon credits to either SIPCO, pursuant to a buyback option (two thirds of which may be for offtake to Citigroup) or into the open Voluntary Carbon Credit Market (or a combination thereof).

Device Purchases and Distribution

All 1,214,000Vietnam Household Devices Project cookstove and water purifying devices are purchased and distributed to participating households, approximately four months earlier than the initial plan of May 2023 and on budget.

Vietnam Capital Deployment

As at September 30, 2023, the Company made payments totalling $19,177,018. These payments were made in accordance with specific project milestones and subject to certain conditions continually being met by SIPCO.

Vietnam Capital Deployment		Amount
Committed capital deployment at project execution	$	20,828,600
Capital deployed as at December 31, 2022		(16,021,230)
Capital deployed in Q1 2023		(2,666,105)
Capital deployed in Q2 2023		(245,683)
Capital deployed in Q3 2023		(244,000)
Total capital deployed as at September 30, 2023	$	(19,177,018)
Remaining capital deployment as at September 30, 2023	$	1,651,582

As at September 30, 2023, Base Carbon has spent 92% of the aggregate capital deployment for the Vietnam Household Devices Project. Remaining capital expenditures in support of ongoing project monitoring and verification expenses are anticipated to be fully deployed in regular intervals by year end 2024.

Carbon Credit Issuances

In Q2 2023, Base Carbon completed cash settlement of its first tranche of VCUs relating to Phase 1 of the Vietnam Household Devices Project. Pursuant to its agreement with the project developer, SIPCO, and offtake arrangement with Citigroup, these VCU's were delivered to Citigroup who paid in full for the VCUs to Base Carbon.

Issuance	VCU Type	# of VCUs Issued and	Cash Payment Received
		Delivered
Issuance #1	Cookstoves	1,020,903	$ 5,870,192
Issuance #2	Water Purifiers	95,318	548,079
Total		1,116,221	$ 6,418,271

Expected Timing of Carbon Credit Issuances

The Vietnam Household Devices Project is currently on a crediting schedule. Base Carbon expects the issuance of VCUs to continue to occur on a semi-annual basis.

First Carbon Credit Issuance and Gains on Investments in Carbon Credit Projects

In May 2023, the first issuance totaling 1,020,903 carbon credits, also referred to as verified carbon units or VCUs, associated with the cookstove component of the Vietnam Household Devices Project were issued

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

to BCCPC. The 1,020,903 VCUs were delivered to SIPCO for the contractually agreed payment of $5,870,192, who then transferred the VCUs to the project off-taker. In June 2023, the Company received the full payment of $5,870,192.

In June 2023, the first issuance totaling 95,318 VCUs associated with the water purifier component of the Vietnam Household Devices Project were issued to BCCPC. The 95,318 VCUs were delivered to SIPCO for the contractually agreed payment of $548,079, who then transferred the VCUs to the off-taker. In June 2023, the Company received the full payment of $548,079.

During the nine months ended September 30, 2023, the Company deployed $3,155,788 in payments towards the Vietnam Household Devices Project.

The table below summarizes the changes in the Vietnam Household Devices Project during the period ended September 30, 2023:

			September 30,	December 31,
Vietnam Household Devices Project		2023		2022
Balance, beginning of the period	$	16,021,230	$	-
Capital deployed in the project during the period		3,155,788		16,021,230
Q2	2023	Unrealized gain on investment in carbon credit projects (i)	$	104,684,223		-
Q2	2023	Realized gain on investment in carbon credit projects (ii)		6,418,271		-
Q2	2023 Settlements of investment in carbon credit projects (ii)		(6,418,271)
Balance, end of the period	$	123,861,241	$	16,021,230

(i) Unrealized gain on investment in carbon credit projects

During the three and nine months ended September 30, 2023, the Company evaluated the investment's performance of the Vietnam Household Devices Project after the successful verification, delivery and cash settlement of the first tranche of VCUs which resulted in a change of the valuation technique and the significant increase of unrealized gains for the Vietnam Household Devices Project.

The Company considers the $6,418,271 in cash proceeds received from the disposal of VCUs as significant cashflow from the project. This significant cashflow demonstrates that there is a greater probability of future cashflows being generated from the project, in accordance with contractual terms and the Company's forecast for the project. Prior to this assessment, the Company was strictly at the capital deployment stage without earnings from the project which was in the developmental stage.

The Company views that a reduction in the risk profile of the investment occurred from the first verification, issuance and disposal of 1,116,221 VCUs for $6,418,271 in proceeds. Notable reductions in risks include:

• Methodology risk relating to carbon reduction projects
• Foreign operation and political risk
• Delays with respect to carbon credit registries
• Contract or non-performance risk

Based on these assessments, and in accordance with IFRS 13, the Company determined that the valuation technique for the project should be changed from the cost approach to the income approach. The income approach uses a discounted cash flow ("DCF") model, totalling the future discounted after-tax cashflows from the lifetime of the project. The Company considers the income valuation technique to be the most relevant and reliable in representing the fair value of the Vietnam Household Devices Project now that the project has issued VCUs.

The VCU price, VCU volume and discount rate inputs have the most significant impact on the valuation of the investment.

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Base Carbon Inc.

Management's Discussion and Analysis

For the three and nine months ended September 30, 2023

1. VCU Price:

Excluding the fixed off-take volumes of 7,400,000 VCUs for Phase 1 of the project, a price curve ranging from $9.27 to $10.07 was used as pricing inputs for the 39,018,271 VCUs which may be issued during Phase 2 of the project. The price curve used was from an independent carbon reduction credit pricing source.

1. VCU Volumes:

During Phase 1 of the project, expected to end in 2024, the project is expected to generate an estimate 7,400,000 VCUs.

During Phase 2 of the project, from 2024 to 2032, based on the latest project monitoring reports, the project design document ("PDD"), current methodology, and other factors, including expected used of cookstoves and water purifiers by participating households and the performance of such devices, the project is projected to generate up to an estimated 39,018,271 VCUs. As discussed under the heading "Project Update - Vietnam Household Device Project", the number of carbon credits issued will depend upon the project methodologies and the actual amount of carbon reduced by a project as monitored and then verified by the VVB

Failing to meet these projected VCU volumes in the future will result in significant impairment to the investment value, resulting in losses of unrealized gains.

1. Discount Rates:

During Phase 1 of the project, the discount rate used is 8%.

During Phase 2 of the project, the discount rate used is 15%.

The discount rates account for conditions and risk factors of the project, including;

• Methodology risk relating to carbon reduction projects
• Foreign operations and political risk
• Time value of money factor

Refer to the "DCF model sensitivity analysis" for details on the inputs' impact on the financial statements.

After revaluation under the income approach, the Vietnam Household Devices Project was valued at $130,035,512. The initial unrealized gain arising from the revaluation was $111,102,494, which was the difference between the new income basis value of $130,035,512, and the previous cost basis value of $18,933,018.

After the sale of 1,116,221 VCUs for $6,418,271 during the three months ended June 30, 2023, $6,418,271 was recognized as a realized gain from settlement of the VCUs, and the unrealized gain in the period decreased from $111,102,494 to $104,684,223 as a result.

During the three months ended September 30, 2023, the company made a total of $244,000 in payments towards the SIPCO project, which were added to the SIPCO current investment balance. The fair value of the Vietnam Household Devices Project's as at September 30, 2023 was $123,861,241.

The Rwanda Cookstove Project remains in the development stage and is pre-issuance of VCUs and the valuation technique remains at the cost basis of $8,825,000 as at September 30, 2023, in measurement of fair value.

The India ARR Project remains in the development stage and is pre-issuance of VCUs and the valuation technique remains at the cost basis of $3,600,000 as at September 30, 2023, in measurement of fair value.

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