Carbon Done Right Developments Inc. announced the completion of all milestones required for the fourth disbursement under the pre-purchase agreement reached with BP Carbon Trading Ltd. announced on the 14th June, 2023. The next milestone for a further disbursement is due within the next four weeks. The underlying project in Sierra Leone has been extensively reviewed by investors, the legal team, the AIM Nominated Adviser, a UK based granting funder and Ecosecurities.

The legal status of the leases has also been confirmed by an independent law firm in Sierra Leone. The landowning families are represented by Namati, an international NGO with longstanding presence in Sierra Leone, that ensures landowners' rights are protected during the Free, Prior and Informed Consent (FPIC) land lease process. The Company continues its constructive engagement with the NGOs in the area.

The Company is also developing a new technology platform called Treecounter, which provides unprecedented transparency and traceability for restoration projects, connecting smallholder farmers with a system that is designed to ensure the value created from the sales of carbon credits is shared fairly with land owning families. The Company is developing the large-scale rewilding reforestation project in Sierra Leone over an initial area of 5,000 ha, with the aim of extending by a further 20,000 ha. The initial project area of 5,000 ha can produce up to 1.7m tonnes of validated and verified Verra carbon credits over 30 years.

The total pre-purchase amount will be repaid through the delivery of validated and verified carbon credits to the pre-purchaser.