Base Carbon's Share Repurchase
Base Carbon Renews Normal Course Issuer Bid for Fourth Consecutive Year
Base Carbon Inc. (Cboe CA: BCBN) is buying back its own stock for the fourth year in a row. The company announced on June 19, 2026, that Cboe Canada has accepted its renewed Normal Course Issuer Bid (NCIB) — a program that lets a company repurchase and cancel its own shares, according to GlobeNewswire. The new program starts June 23, 2026, and allows Base Carbon to buy up to 6,264,560 shares over the next 12 months.
Since it first started buying back shares in June 2022, Base Carbon has repurchased 27,507,089 shares at an average price of $0.3858 each, according to Yahoo Finance. That wipes out 21.5% of the shares that were outstanding four years ago — a meaningful reduction that boosts the value of every remaining share.
How the New Buyback Program Will Work
The new NCIB cap of 6,264,560 shares equals about 6.2% of Base Carbon's total shares outstanding and 10% of its public float, according to National Post. The company cannot buy more than 35,594 shares on any single day. That daily cap equals 25% of the average daily trading volume of 142,374 shares, keeping the repurchases from distorting the market.
Base Carbon has also set up an Automatic Share Purchase Plan (ASPP) with a broker. An ASPP lets the company keep buying shares even during "blackout" periods — times when insiders cannot normally trade. The program runs through June 22, 2027. Purchases will happen on Cboe Canada or through other approved Canadian trading systems, according to Financial Post.
Current Program Bought 60% of Its Authorized Shares
Under the current NCIB — which expires June 22, 2026 — Base Carbon purchased 4,009,330 shares at a weighted average price of $0.6315 each. That used up 60.2% of the 6,659,310 shares it was authorized to buy, according to GlobeNewswire. The company did not use the full authorization, but the pace was steady throughout the year.
In Q1 2026 alone, Base Carbon repurchased 1.7 million shares while reporting a loss of just $0.01 per share, according to Montreal Gazette. The company reported total assets of $106.1 million as of Q1 2026, including $16.4 million in carbon credit inventory. It carries zero debt and has enough cash runway for over three years, according to analysts.
CEO Says Stock Is Worth Twice What the Market Pays
CEO Michael Costa has been blunt about why the company keeps buying its own stock. In an April 2026 shareholder letter, he argued the market is pricing Base Carbon at "fifty cents on the dollar" compared to its net asset value. The company's market cap sat near $57 million while its assets were valued at roughly $109 million, according to The Province.
Costa said Base Carbon "may carry the label of a junior company, but has never operated like one." He pointed to the firm's free cash flow from projects in Vietnam and Rwanda as proof. The Rwanda cookstove project generates credits eligible under CORSIA — a global aviation emissions offset program — giving the credits a compliance-grade value above typical voluntary market credits.
Buybacks Signal Confidence Amid a Troubled Carbon Market
The broader voluntary carbon market has struggled since 2023, hit by scandals over low-quality credits and fears of greenwashing lawsuits. Analysts at Sylvera say the market is splitting into two groups: cheap, unverified credits and high-integrity, compliance-grade credits. Base Carbon is betting it sits firmly in the second group, according to Edmonton Sun.
By canceling shares rather than funding new speculative projects, the board is sending a clear signal: it trusts its own stock more than outside opportunities right now. Looking ahead, Base Carbon expects its India reforestation project to issue its first carbon credits in early 2027. If that project delivers, it would add a third stream of cash flow — and possibly fuel yet another year of buybacks, according to The Observer.
Sentiment
NeutralPublishers
14
Articles
13
Reach
14
