Quarterly Activities and Cash Flow Report – December 2022

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2022 (the Quarter).

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. The timetable for the close of the acquisition, which was previously disclosed in the Company’s announcement of 25 November 2022 will be updated in a future announcement once the Company has received further feedback from the ASX.

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. The Company intends to lodge a new notice of general meeting and prospectus to allow the Company to complete the condition precedents to the acquisition of the Mount Margaret Project prior to 31 March 2023 as noted above.

Corporate Activities:

Pursuant to Section 6 of the Appendix 5B, the Company paid $23,876 in executive director fees, superannuation and wages to the board of Comet Resources Limited. Expenditure incurred from operating and investing activities during the Quarter relates to legal and technical due diligence in regard to project acquisitions, exploration costs and for general working capital purposes (the DEC Q Expenditure). A further breakdown is included below.

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