Comet Resources' Quarterly Activities Report – June 2021

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 2021 (the Quarter). The Company proactively progressed various exploration programs across its projects and successfully completed the acquisition of a portfolio of copper-gold and base metals assets in Australia's Northern Territory. Post Quarter end, the Company provided an update regarding the status of ongoing metallurgical test work on graphite from its Springdale Graphite Project located in Western Australia.

Matthew O'Kane, Managing Director of Comet Resources, commented "It's been another busy quarter for the Company, with drilling works at Santa Teresa, graphite test work ongoing at Springdale and further M&A activities bringing in the new NT assets, and the potential acquisition of a complimentary gold project in Mexico. We will be focussing our efforts for the next quarter on continued drilling in Mexico and the graphite test work in Germany, as well as completion of the due diligence process on La Sorpresa III. We look forward to sharing the results from our exploration and metallurgical test work programs as soon as they are available."

Highlights:

• Diamond drilling program commenced at Santa Teresa Gold Project

•Executed binding HOA to acquire the La Sorpresa III licence to extend the Santa Teresa Gold Project in Baja California, Mexico

• Agreement to acquire a portfolio of copper-rich base and precious metals assets in Australia's Northern Territory now completed • Assets include: Oonagalabi Copper-Zinc Project, Paradise Well Copper-Gold Prospect and the Silver Valley Copper-Gold-Silver-Lead Prospect, which combined cover approximately 840 km1

• Oonagalabi best intersections from historical drilling include 36.6m at 1.0% copper and 1.7% zinc from 1.5m, 5m @ 1.26% copper and 1.22% zinc from 70m, 6m at 0.9% copper from 102m and 14m at 0.7% copper from 148m1

• Paradise Well rock chip samples returned up to 8.9% copper and 2.2g/t gold, Silver Valley rock chip samples returned 554 g/t silver, 20% lead, 11.9% copper and 2 g/t gold, providing exciting earlier stage exploration potential1

1 Please see the Company's ASX announcement of 19 March 2021 for full details.

Post Quarter End:

• Graphite metallurgical test work has now commenced at a specialist facility in Germany to assess amenability to produce battery anode material suitable for use in EVs

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