Carbon Streaming Announces Amendment to Azuero Reforestation Carbon Removal Stream

Executive Summary

• Carbon Streaming Corp. announced amendments to its Azuero Reforestation Stream agreement, outlining revised project scope, funding obligations, and carbon credit allocations.
• The company has already paid a US$1.2 million upfront deposit and retains an option to fund up to US$8.4 million (US$4.6 M in 2026 or US$3.8 M in 2027) for expanded project participation.
• Depending on the exercised option, Carbon Streaming’s share of future carbon credits could increase from ~2.3% to as high as 12.1% of total credits through 2052.

Key Details

• Amendment Scope: Refines the Azuero Reforestation Project plan in Panama; reduces minimum restored area if no option exercised (7,500 ha vs. prior 10,000 ha).
• Funding Obligations:
• Rubicon and Microsoft continue existing funding commitments.
• Carbon Streaming has no current ongoing funding obligation but may elect to fund additional amounts:
  • First Election Period (by 2026‑06‑30): US$4.6 M → project restores ≥9,539 ha, removes 2.94 Mt tCO₂e, yields ~357,000 credits (12.1% of total).
  • Second Election Period (by 2027‑06‑30): US$3.8 M → project restores ≥9,050 ha, removes 2.79 Mt tCO₂e, yields ~295,000 credits (10.6% of total).
• Up‑Front Deposit: US$1.2 million already paid by Carbon Streaming.
• Carbon Credit Outlook:
• Initial issuance expected in 2029, continuing through 2052.
• If no option exercised: Company expects ~54,000 credits (≈2.3% of total).
• Offtake Agreement: Existing agreement with Microsoft remains unchanged; Microsoft will purchase 100 % of Carbon Streaming’s credits from the project up to 2040.
• Financial Position (CEO statement): C$53.7 M cash, no debt, 48.5 M shares outstanding.

Notable Quotes

“Carbon Streaming would like to thank all parties involved in moving the Azuero Project forward towards success. We believe in the Project and the developer team and look forward to the milestone successes of the Project being achieved.” – Marin Katusa, CEO