Comet Resources: Quarterly Activities Report

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Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased announce the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2020.

Highlights

• Announcement of the proposed acquisition of the Santa Teresa High Grade Gold Project in Baja California, Mexico and Stream Financing (ASX 4 Jun 2020).

• Announcement of the completion of the Barraba Copper Project in Northern NSW and closure of capital raising of $650,000 (ASX 16 Apr 2020).

Post Quarter End

• Excellent graphite grades from initial metallurgical testwork on the Springdale Graphite
Project (ASX 15 Jul 2020).

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

“Q2 has been a transformative period for Comet. Early in the quarter we announced the completion
of the acquisition of the Barraba Copper Project in Northern NSW and a six hundred and fifty thousand dollar capital raise. This project is an exciting opportunity for Comet as it encompasses the historical mine at Gulf Creek, where high grade copper was mined around the turn of the 19th century at an average copper grade of 5%. Zinc was also noted in historical records but not assayed. A recent site visit by our consulting geologist has enabled the final planning of the drill holes for the initial field exploration program, which will commence as soon as permitting is complete.”

“In early June we also announced the proposed acquisition of the Santa Teresa High Grade Gold Project. The project hosts a very high grade mesothermal lode gold quartz vein system, with historical drilling intersecting grades up to 958 g/t Au. There is a lot of opportunity for resource growth through further exploration work, and with the streaming facility available as part of the transaction, there is also access to non-dilutive financing for development of the project. Due diligence work is advancing, and we are aiming to close the transaction during Q3 and thereafter moving into field activities as soon as possible.”

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