COMET RIDGE LIMITED — Capital/Financing Update 2009

May 21, 2009

22 May 2009 The Manager Company Announcements Office ASX Limited Level 8, Exchange Plaza 2 The Esplanade Perth WA 6000

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Dear Sir/Madam,

Comet Ridge Limited (ASX Code: COI) Notification under section 708A Notice Issue of Placement Shares

On 22 May 2009, Comet Ridge Limited ( ASX:COI ) ( Company ) issued Twenty Two Million (22,000,000) ordinary shares ( Shares ) at an issue price of $0.34 per Share to certain sophisticated and professional shareholders in relation to the Company’s private placement and capital raising announced to the ASX on 18 May 2009.

As required under section 708A(6) and section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Act ) ¸ under which this notice is given, the Company confirms that:

1. the Shares are part of the class of ordinary shares quoted on the ASX;

2. the Company issued the Shares without disclosure to investors under Part 6D.2 of the Act, in reliance on section 708 and this Notice is being given pursuant to section 708A(5)(e) of the Act;

3. as at the date of this Notice, the Company has complied with:

   • (i) the provisions of Chapter 2M of the Act as they apply to the Company; and

   • (ii) section 674 of the Act; and

4. as at the date of this Notice, the Company is not in possession of any excluded information as defined in sections 708A(7) and 708A(8) of the Act.

The Appendix 3B in relation to the issue of the Shares was lodged with the ASX on 18 May 2009.

Yours faithfully

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Stephen Rodgers Company Secretary

Australia Brisbane Office: Comet Ridge Limited 210 Alice Street C/- Endeavour Corporate Brisbane QLD 4000 Suite 8,7 The Esplanade Mt Pleasant Ph: +61 7 3221 3661 Western Australia 6153 Fax: + 61 7 3221 3668 Phone : +61 8 9316 9100 Fax:- +61 8 9315 5475

Comet Ridge Limited ABN 47 106 092 577 Email: comet@cometridge.com.au Website: www.cometridge.com.au