Comet Resources

Half-Year Financial Report 31 December 2022

Comet Resources Limited (Comet or Company) (ASX: CRL) is pleased to present its Half Year Report.


Your Directors are happy to present the Comet Resources Limited’s (Comet or the Group) (ASX:CRL) and it’s controlled entities report for the half-year ended 31 December 2022.

Directors

The names of the Company’s Directors in office during the half-year and until the date of their report are set out below. Directors were in office for this entire period unless otherwise stated.

Hamish Halliday

Mr Halliday founded Adamus Resources Limited and grew that Company to a multi-million-ounce emerging gold producer. Mr Halliday also co-founded Gryphon Minerals Limited and Venture Minerals Ltd, both highly successful junior explorers. Mr Halliday is a Director of Blackstone Minerals Ltd, and McTavish Industries Pty Ltd.

He previously resigned from Renaissance Minerals Limited on 26 September 2016 and Alicanto Minerals Ltd on 7 August 2020 and Venture Minerals Ltd on 26 November 2021. He has held no other Directorships in listed companies in the last three years.

Director since 16 December 2014, appointed Chairman in October 2018.

Alexander Molyneux

Mr Molyneux is an experienced mining industry executive and financier. He currently serves as a non- executive director of Metalla Royalty & Streaming Ltd (TSXV: MTA / NYSE: MTA) and Tempus Resources Ltd (ASX: TMR / TSXV: TMRR) (2018 – present). Mr Molyneux was Managing Director and CEO of Galena Mining Ltd (2018 – 2021) where he led various transactions for the injection of A$115 million of new equity capital and US$110 million in project financing debt to finance the Abra Base Metals Project (now in construction). He was also CEO of Paladin Energy Ltd (ASX: PDN) (2015 – 2018) where he led an operational turnaround and US$700 million recapitalisation and re-listing on the ASX. Prior to Paladin, Mr Molyneux was CEO of SouthGobi Resources Limited (Ivanhoe Mines Group) (TSX:SGQ / HKEX:1878) (2009 – 2012). Prior to SouthGobi, Mr Molyneux was Managing Director, Head of Metals and Mining Investment Banking, Asia Pacific, with Citigroup. In his position as a specialist resources investment banker he spent approximately 10 years providing advice and investment banking services to natural resources corporations.

Director since 15 February 2019.

Matthew O’Kane

Mr. O’Kane is an experienced mineral industry executive and company director with over 25 years’ experience in the mining, commodities and automotive sectors. He has held senior leadership roles in Australia, the USA and Asia, in both developed and emerging markets, from startup companies through to MNC’s. He has served on the board of mining companies in Canada, Hong Kong and Australia. During his career he has worked with companies involved in exploration and development and with producing mining companies.

Mr O’Kane is currently a non-executive director of International Graphite Limited (ASX:IG6) and Reach Resources Limited (ASX:RR1). He resigned as a non-executive director Azarga Uranium Corporation (TSX:AZZ) on 31 December 2021 and as a non-executive director of Roto-Gro International Limited (ASX:RGI) on 19 October 2021.

Director since 12 November 2019.

Sonu Cheema

Mr Sonu Cheema is a director at Cicero Group Pty Ltd with over 10 years’ experience working with public and private companies in Australia and abroad. Mr Cheema has implemented and overseen the completion and preparation of statutory financial reports, investor relations, initial public offers, reverse takeovers, management of capital raising activities and auditor liaison. He is currently a non-executive director and company secretary for Avira Resources Limited (ASX:AVW) & Austin Metals Limited (ASX:AYT) and serves as company secretary for eMetals Limited (ASX:EMT), Yojee Limited (ASX:YOJ), Technology Metals Australia Limited (ASX:TMT), Prominence Energy Ltd (ASX:PRM) and Comet Resources Limited (ASX:CRL).

Director since 24 November 2022

RESULTS OF OPERATIONS

The net loss of the consolidated entity for the six months to 31 December 2022 is $1,149,623 (31 December 2021: $2,682,754). The net loss was comprised mainly of share of loss of associate, expenditure on mineral exploration together with administration costs.

Mount Margaret Copper Project:

Comet announced on 5 January 2023 that as the conditions precedent to settlement of the agreement between the Company and Glencore for the acquisition of the Mount Margaret Project were not capable of being satisfied by the original end date of 2 December 2022, the Company and Glencore agreed an extension to the condition precedent end date to 31 March 2023.

On 20 January 2023, a Second Supplementary Prospectus was lodged with ASIC. The effect of the Second Supplementary Prospectus was to withdraw the offers the subject of the Company’s prospectus dated 19 October 2022 as the Corporations Act timeframe for issue and quotation of the shares the subject of the prospectus had expired.

On 21 February 2023 a press release was issued announcing the terms of the revised deal structure for the acquisition of the Mount Margaret Project, and on 24 February 2023 both a new Prospectus and the Notice of General Meeting (NOM) for shareholders to vote on approval of the Mount Margaret acquisition were both lodged. The General Meeting will be held on Monday 27 March 2023 at 9:00am. For full details please refer to the press release regarding the NOM and the lodgement of the new Prospectus.

Barraba Copper Project:

On 6 September 2022 the Company announcement it had received final approval to commence drilling at the Barraba Copper Project (Barraba). Funds are allocated in the Mount Margaret acquisition to commence drilling at Barraba as soon as the acquisition is completed.

Northern Territory Copper Projects:

During the period the Company continued with desktop reviews of the licenses to assess and plan field visits. Field visits are funded in the Mount Margaret acquisition and are planned to commence shortly after the acquisition is completed. During the period the Company surrendered license EL32664 due to assessed low prospectively and also high carrying cost.


Click here for the full ASX Release

This article includes content from Comet Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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finlay minerals ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce the staking of 9 mineral claims covering 15,453 hectares (approximately 154 km²) in the northern Bear Lake Corridor of British Columbia . The JJB Property is named in honour of Finlay's Founder, John J. Barakso who was an early advocate for the potential of the Bear Creek Corridor.

Figure 1. New JJB Property location and expanded SAY Property boundary. (CNW Group/Finlay Minerals Ltd.)

JJB PROPERTY:

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SAY PROPERTY:

Lying 4 km south of Finlay's new JJB Property, work continues on the SAY Property, which has recently been expanded with additional staking to the north and south. The SAY Property now totals 26,202 hectares. The SAY Property was acquired in 2024, and an inaugural field program focused on chip sampling and mapping along the 4.3-kilometer-long SPUR Trend. This led to the discovery of the AG Zone and confirmed the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone.

The SPUR is a high-grade Cu-Ag structural vein and breccia target that extends for 4.3 km along the north-northwest Tsaytut Spur ridge * .

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Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

References:

*

Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca.

Qualified Person:

Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:

  • PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.

  • ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.

  • Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface.  West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

SOURCE finlay minerals ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/23/c5360.html

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