Your Directors are happy to present the Comet Resources Limited’s (Comet or the Group) (ASX:CRL) and it’s controlled entities report for the half-year ended 31 December 2022.
Directors
The names of the Company’s Directors in office during the half-year and until the date of their report are set out below. Directors were in office for this entire period unless otherwise stated.
Hamish Halliday
Mr Halliday founded Adamus Resources Limited and grew that Company to a multi-million-ounce emerging gold producer. Mr Halliday also co-founded Gryphon Minerals Limited and Venture Minerals Ltd, both highly successful junior explorers. Mr Halliday is a Director of Blackstone Minerals Ltd, and McTavish Industries Pty Ltd.
He previously resigned from Renaissance Minerals Limited on 26 September 2016 and Alicanto Minerals Ltd on 7 August 2020 and Venture Minerals Ltd on 26 November 2021. He has held no other Directorships in listed companies in the last three years.
Director since 16 December 2014, appointed Chairman in October 2018.
Alexander Molyneux
Mr Molyneux is an experienced mining industry executive and financier. He currently serves as a non- executive director of Metalla Royalty & Streaming Ltd (TSXV: MTA / NYSE: MTA) and Tempus Resources Ltd (ASX: TMR / TSXV: TMRR) (2018 – present). Mr Molyneux was Managing Director and CEO of Galena Mining Ltd (2018 – 2021) where he led various transactions for the injection of A$115 million of new equity capital and US$110 million in project financing debt to finance the Abra Base Metals Project (now in construction). He was also CEO of Paladin Energy Ltd (ASX: PDN) (2015 – 2018) where he led an operational turnaround and US$700 million recapitalisation and re-listing on the ASX. Prior to Paladin, Mr Molyneux was CEO of SouthGobi Resources Limited (Ivanhoe Mines Group) (TSX:SGQ / HKEX:1878) (2009 – 2012). Prior to SouthGobi, Mr Molyneux was Managing Director, Head of Metals and Mining Investment Banking, Asia Pacific, with Citigroup. In his position as a specialist resources investment banker he spent approximately 10 years providing advice and investment banking services to natural resources corporations.
Director since 15 February 2019.
Matthew O’Kane
Mr. O’Kane is an experienced mineral industry executive and company director with over 25 years’ experience in the mining, commodities and automotive sectors. He has held senior leadership roles in Australia, the USA and Asia, in both developed and emerging markets, from startup companies through to MNC’s. He has served on the board of mining companies in Canada, Hong Kong and Australia. During his career he has worked with companies involved in exploration and development and with producing mining companies.
Mr O’Kane is currently a non-executive director of International Graphite Limited (ASX:IG6) and Reach Resources Limited (ASX:RR1). He resigned as a non-executive director Azarga Uranium Corporation (TSX:AZZ) on 31 December 2021 and as a non-executive director of Roto-Gro International Limited (ASX:RGI) on 19 October 2021.
Director since 12 November 2019.
Sonu Cheema
Mr Sonu Cheema is a director at Cicero Group Pty Ltd with over 10 years’ experience working with public and private companies in Australia and abroad. Mr Cheema has implemented and overseen the completion and preparation of statutory financial reports, investor relations, initial public offers, reverse takeovers, management of capital raising activities and auditor liaison. He is currently a non-executive director and company secretary for Avira Resources Limited (ASX:AVW) & Austin Metals Limited (ASX:AYT) and serves as company secretary for eMetals Limited (ASX:EMT), Yojee Limited (ASX:YOJ), Technology Metals Australia Limited (ASX:TMT), Prominence Energy Ltd (ASX:PRM) and Comet Resources Limited (ASX:CRL).
Director since 24 November 2022
RESULTS OF OPERATIONS
The net loss of the consolidated entity for the six months to 31 December 2022 is $1,149,623 (31 December 2021: $2,682,754). The net loss was comprised mainly of share of loss of associate, expenditure on mineral exploration together with administration costs.
Mount Margaret Copper Project:
Comet announced on 5 January 2023 that as the conditions precedent to settlement of the agreement between the Company and Glencore for the acquisition of the Mount Margaret Project were not capable of being satisfied by the original end date of 2 December 2022, the Company and Glencore agreed an extension to the condition precedent end date to 31 March 2023.
On 20 January 2023, a Second Supplementary Prospectus was lodged with ASIC. The effect of the Second Supplementary Prospectus was to withdraw the offers the subject of the Company’s prospectus dated 19 October 2022 as the Corporations Act timeframe for issue and quotation of the shares the subject of the prospectus had expired.
On 21 February 2023 a press release was issued announcing the terms of the revised deal structure for the acquisition of the Mount Margaret Project, and on 24 February 2023 both a new Prospectus and the Notice of General Meeting (NOM) for shareholders to vote on approval of the Mount Margaret acquisition were both lodged. The General Meeting will be held on Monday 27 March 2023 at 9:00am. For full details please refer to the press release regarding the NOM and the lodgement of the new Prospectus.
Barraba Copper Project:
On 6 September 2022 the Company announcement it had received final approval to commence drilling at the Barraba Copper Project (Barraba). Funds are allocated in the Mount Margaret acquisition to commence drilling at Barraba as soon as the acquisition is completed.
Northern Territory Copper Projects:
During the period the Company continued with desktop reviews of the licenses to assess and plan field visits. Field visits are funded in the Mount Margaret acquisition and are planned to commence shortly after the acquisition is completed. During the period the Company surrendered license EL32664 due to assessed low prospectively and also high carrying cost.
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