Comet Resources Quarterly Activities Report – March 2020

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2020 (Quarter).

Highlights

• Announcement of proposed acquisition of the Barraba Copper Project NSW as part of a strategy to obtain further positive exposure to the forecast growth in battery commodities required to support the de-carbonisation of the global transport network (ASX 23 Jan 2020).
• Metallurgical test work on diamond drill continuing. Results expected Q2.
• Receipt of R&D Grant payment of $480k

Post Quarter End

Closure of Capital Raising of $650,000 and completion of Barraba Project Acquisition (ASX 16 Apr 2020).

Comet Resources Managing Director, Matthew O’Kane, commented:

“Early in the Quarter we announced the Barraba Copper Project acquisition in Northern NSW. This is an exciting opportunity for Comet as Barraba is located in a prospective area and hosts a number of drill-ready targets located proximate to the historical Gulf Creek Mine where high-grade copper was mined around the turn of the 19th century. As Covid-19 arrived, we reacted quickly to restructure the transaction to fit with the changed market conditions, and ultimately closed the deal with a re-sized capital raise in April. We are now preparing and planning for the physical exploration program, which will commence once logistical conditions permit.”

“Copper, like graphite, is a commodity that is forecast to benefit from the growth in Battery Electric Vehicle (BEV) production over the coming decade. We also see opportunities for Copper coming from fiscal stimulus programs that are widely expected to be implemented as we come out of Covid-19.”

“The metallurgical test work for Springdale was temporarily deferred in Q1 as we dealt with the changed market conditions and the Barraba transaction. Work has recommenced and we look forward to sharing those results as they become available.”

Click here to read the full report.

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