Comet Resources

Comet Resources Quarterly Activities Report – June 2022

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2022 (the Quarter).


Highlights:

  • Announcement of the proposed acquisition of the Mount Margaret Copper Project from Glencore
  • International Graphite (IG) IPO completed in early April 2022. Comet now a major shareholder in IG.
  • International Graphite’s technology has been recognised by and received strong support from the WA Government, with a recent award of a $2M grant to contribute to the development of the Collie facility.
  • National Native Title Tribunal (NNTT) action initiated by the Company to obtain access to Native Title areas of Barraba Copper Project has been determined in favour of Comet.
  • Access has been granted to the Barraba Copper Project with no further conditions by the NNTT paving the way for Comet to now move to final permits for exploration activities at the historic Gulf Creek Mine at the Barraba project.

Post Quarter End:

  • EGM scheduled to approve the Mount Margaret Copper Project acquisition postponed pending agreement on revised transaction structure

Matthew O’Kane, Managing Director of Comet Resources, commented During the quarter work was focussed primarily on the proposed acquisition of the Mount Margaret Copper Project, however we also had the milestone of the successful IPO of International Graphite on the ASX, with Comet now owning approximately 25% of newly listed company, and we also received the favourable result from the NNTT providing us a pathway to exploration at the Barraba Copper Project in NSW. Recently we announced the deferral of the EGM scheduled to approve the acquisition of the Mount Margaret Copper Project as we work through agreeing changes to enhance the transaction structure while still meeting the requirement of Glencore. We are working through this process now with all stakeholders, including the ASX, and we hope to be able to provide an update to shareholders shortly.

Mt Margaret Copper Project:

As announced on 21 July 2022 the Company has been working on changes to the original transaction structure to acquire the Mount Margaret Copper Project which we believe will enhance the outcome for all stakeholders. The changes to the structure of the transaction have now reached a level of non-binding agreement between Comet and Glencore and are currently in the process of being documented in revised binding agreements. We hope to be able to announce revised transaction terms to shareholders shortly.

International Graphite:

During the Quarter, the Company completed its participation in the creation of a vertically integrated high-technology battery anode product business located in Western Australia via a transaction with International Graphite Limited (International Graphite or IG) which completed its Initial Public Offering (IPO) on the ASX on 7 April 2022. Comet vended its Springdale Graphite Project into International Graphite in return for shares initially valued at $8M upon completion of the IPO (based on. 20c IPO price per share). The transaction will see Comet now participate in both the value created by the graphite resource itself, as well as the substantial value created by downstream processing into end user products.

Click here for the full article.

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.

CRL:AU
The Conversation (0)
International Graphite (ASX:IG6)

International Graphite Funding Deal with Comet Resources a Win-Win, Report Says

International Graphite’s (ASX:IG6) $1.5-million funding deal with major shareholder Comet Resources (ASX:CRL) resulted in a surge in IG6’s shares on March 13. The loan agreement was undertaken to address market speculation on the security of Comet’s shares in IG6, according to a news report from The West Australian.
Keep reading...Show less
Stock charts overlayed with "Weekly Editor's Picks" text.

Editor's Picks: Marathon Project Gets Nod, Rio Tinto Opens Western Range, Indonesia Probes Nickel Mining

Here's a quick recap of some of the most impactful resource sector news items for the week.

The period saw the Ontario government back the Marathon copper-palladium project, while Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) opened up a US$2 billion iron ore mine. Elsewhere, Indonesia suspended nickel mining in a protected region, and Chile debuted a solar-powered model to cut water-pumping energy use in mining.

Keep reading...Show less
Juggernaut Announces Financing of $1,100,000 from Institutions and Accredited Investors

Juggernaut Announces Financing of $1,100,000 from Institutions and Accredited Investors

(TheNewswire)

Juggernaut Exploration Ltd.

Vancouver, British Columbia June 4 th 2025 TheNewswire - Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), is pleased to announce a fully subscribed $1,100,000 hard dollar financing further confirming the quality of the newly discovered 11 km Highway of Gold surrounding the Eldorado porphyry system on the Big One property. The discovery is in an area of glacial and snowpack abatement next door to the gold-rich porphyry systems at Newmont Mining's Galore Creek. The Big One Property is a discovery previously announced Jan 20 th (Click Link) with assays up to 79.01 gt gold (2.54 ozt gold) and 3157.89 gt silver (101.5 ozt silver) from over 200 gold-silver-copper rich polymetallic veins up to 8 m wide and striking for up to 500 m that all remain open at surface. The Big One Project covers 33,693 hectares in a globally ranked tier 1 jurisdiction with tremendous additional discovery potential in the heart of the Golden Triangle, British Columbia.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Aerial view of copper mine in Cobar, New South Wales.

Surge in Copper Demand Re-energises Cobar Basin’s Underexplored Resource Potential

The Cobar Basin in central New South Wales, Australia, may be emerging as a key focus for investors positioning for the next wave of copper supply. With a looming global shortage of the red metal and long-term demand being driven by electrification and decarbonisation, savvy investors are turning to proven but underexplored regions like Cobar — home to some of Australia’s highest-grade copper and polymetallic deposits.

Located within a region that holds 12 percent of Australia’s economic demonstrated copper resource, the Cobar Basin is backed by more than a century of mining success, strong infrastructure and modern exploration upside. With such high resource potential, junior explorers are keen to capitalise on the region’s rich copper history and established infrastructure.

Keep reading...Show less
Juggernaut Files for Final Approval of Oversubscribed Financing

Juggernaut Files for Final Approval of Oversubscribed Financing

(TheNewswire)

Juggernaut Exploration Ltd.

Vancouver, British Columbia TheNewswire - May 30, 2025 Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), further to its April 14 th April 23 rd April 25 th 2025, and May 15, 2025, news releases, the Company is pleased to announce that it has filed documents with the TSX Venture Exchange (the "Exchange") seeking final approval to close its private placement financing (the "Financing") for aggregate gross proceeds of $10,362,735.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Two copper-colored pens.

Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal

Harmony Gold Mining Company's (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

Keep reading...Show less

Latest Press Releases

Related News

×