Comet Industries Ltd. — Capital/Financing Update 2021

Jan 7, 2021

COMET INDUSTRIES LTD. 1710 – 1177 West Hastings Street Vancouver, B.C. V6E 2K3 Tel: 604-640-6357

PRESS RELEASE

January 6, 2021

TSX Venture Exchange: CMU

COMET ACCEPTS INTEREST IN NELSON ISLAND PROPERTY IN SETTLEMENT OF DEBT OWING TO IT BY DVO INDUSTRIES LTD.

Comet Industries Ltd. (“Comet”) has had a debt owning to it for some years by DVO Industries Ltd. (“DVO”) – currently $383,246 (the “Debt”). DVO has advised Comet that it does not have any expectation that it could raise the funds necessary to retire the Debt.

DVO has signed an Agreement with Comet – dated effective July 31, 2020 – agreeing to transfer to Comet, in full settlement of the Debt, a 40% interest in a 86.6 hectare (214 acre) parcel of land on Nelson Island, BC.

The Settlement Agreement is subject to acceptance by the TSX Venture Exchange.

Comet owns 26.6% of the issued shares of DVO – AND DVO owns 0.003% of the issued shares of Comet.

COMET INDUSTRIES LTD.

CARL R. JONSSON Secretary

The TSX Venture Exchange assumes no responsibility for the accuracy of this Release and neither approves nor disapproves of the same.