Barraba Copper Project Update

Comet Resources Limited (Comet or the Company) (ASX:CRL) is pleased to provide an update on the Barraba Copper Project in NSW, including the appointment of Mart Rampe, a NSW based highly experienced Geologist, as the Project Manager for all aspects of the Barraba Copper Project.

Comet Managing Director, Matthew O’Kane, commented “Mart’s depth of experience in geology and exploration is a huge asset for us and the Barraba Copper Project. He has already commenced work on the project and as soon as permits are in place he will conduct site visits to finalise the drill-hole location plan and conduct some surface exploration activities. We are aiming to commence the initial field exploration program in Q3 and are looking forward to testing the area around the historical Gulf Creek mine which produced copper grading 5% on average during its period of operation.”

Mr. Rampe is a geologist having completed a BSc (Applied Geology) from the University of NSW in 1973 and is a Member of the Australasian Institute of Mining and Metallurgy (Chartered Professional), Mineral Industry Consultants Association, the Australasian Institute of Geoscientists and the Environmental Institute of Australia and New Zealand. Mr Rampe has approximately forty six years’ experience in minerals exploration and development which includes grass roots exploration through to pre-mine development. He has held senior exploration management positions in publicly listed and private exploration companies, and has worked with a number of commodities including gold, base metals, uranium, coal and industrial minerals. Country experience includes Australia, Papua New Guinea, Solomon Islands, New Zealand and USA (Alaska) and more recently Central Asia and northern Europe. Since 1985 he has been the principal of Harvest Group Services Pty Ltd (previously known as Harvest Exploration Pty Ltd), a successful consultancy in the minerals and environmental industry. He has served on the Boards of multiple ASX listed companies and is currently a director of several private mining related companies.

Comet believes that copper is set to see an increase in demand due to the global efforts to reduce emissions from the transport network and also from generation of renewable electricity. Copper is not only an important part of the batteries used in Battery Electric Vehicles (BEV’s), but is also used extensively in the electric motors that drive the wheels of BEVs, and is also used intensively in the generation of electricity from renewables, such as solar and wind. There is also significant potential for post Covid-19 fiscal stimulus initiatives by governments to provide further demand for copper, with the strong performance of the copper price over the last month providing further support for this contention.

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