Quarterly Activities Report – September 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 September 2021 (the Quarter). The Company finalised its initial drilling program at the Santa Teresa Gold Project during the quarter. Completion of assays of drill core and interpretation of results has been ongoing since the field work completed, with the results from the program expected to be available in the near term. Results from re-assay of drill core from the 2008 drilling program at Santa Teresa were also released, confirming the previous assays for that drilling program showing areas of high grade gold mineralisation. In addition, we received the results from metallurgical test programs undertaken in Germany on natural flake graphite from the Springdale Graphite Project. The results of these tests demonstrated that the graphite was amenable to the production of high purity spherical graphite, meeting industry specifications for the production of battery anode material, as well as being suitable for the production of high value micronised industrial graphite products, such as jet milled graphite.

Highlights:

Springdale Graphite Project natural flake performed exceptionally in metallurgical test programs at a specialist facility in Germany
Results from micronisation, spheronisation and purification met industry specification for battery anode material with purification up to 99.99% graphite content achieved
The graphite also performed exceptionally in jet milling tests – Jet milled graphite products can also achieve premium prices in graphite markets
Initial drilling program completed at the Santa Teresa Gold Project - results pending
Re-assaying of diamond core from the 2008 drilling program at Santa Teresa confirmed intersections of high-grade gold, including 'bonanza' grade hits – Significant intersections included:
- 1.0m at 132.0g/t gold from 112.7m (ST-0013)
- 1.0m at 52.8g/t gold from 20.0m (ST-0003)
- 1.0m at 27.9g/t gold from 142.0m (ST-0026)
- 1.0m at 24.9g/t gold from 217.0m (ST-0001)

Post Quarter End:

Comet and International Graphite to create a high-technology, vertically integrated industrial and battery anode graphite product company in Western Australia
The Company adopted a global standard for ESG reporting

Post the end of the quarter, the Company announced that we would create a high-technology, vertically integrated industrial and battery anode graphite product company in Western Australia by completing a transaction with International Graphite Limited (International Graphite). Under the proposed transaction Comet will vend its Springdale Graphite Project into International Graphite in return for shares initially valued at $8M upon completion of an initial public offer and subsequent listing on the ASX by International Graphite. The transaction will see Comet now participate in both the value created by the resource and the substantial value created by downstream processing into end user products.

Matthew O'Kane, Managing Director of Comet Resources, commented "The Company continued to advance our work programs on multiple projects within the portfolio this quarter, with the focus being on the Springdale Graphite Project and the Santa Teresa Gold Project during the 29 October 2021 period. The great results we received from the graphite test work completed in Germany laid the foundation for the successful completion of the agreement with International Graphite, of which we are very excited about. Comet will now also participate in the significant value created by the downstream processing of graphite into end user products, as well as in the value created by the resource, which is a great outcome. We are confident we have selected the right partner in International Graphite, who are highly technically competent and have already received WA government support with a $2M grant, and we look forward to working with them on making the business a success for all stakeholders. We should also soon have the final results of the drilling program from Santa Teresa, and we will share those as soon as they are available."

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