COMET RIDGE LIMITED — Capital/Financing Update 2012

Aug 8, 2012

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Comet Ridge Limited Level 1 283 Elizabeth Street Brisbane Qld 4000 Phone: +61 7 3221 3661 Fax: +61 7 3221 3668 Info@cometridge.com.au

9 August 2012

Company Announcements Officer Australian Securities and Exchange Limited Exchange Centre Level 4, 20 Bridge Street Sydney, NSW 2000

By Electronic Lodgement

Dear Sir / Madam

Notice to holders of Options to subscribe for Comet Ridge Limited Shares

Reference is made to the announcement released through the ASX Tuesday 7 August 2012 that Comet Ridge Limited was planned to raise approximately $7.7million through a 1 for 4 Accelerated Non Renounceable Entitlement Offer for fully paid ordinary shares (Entitlement Offer).

Under ASX Listing Rules, Appendix 7A Comet Ridge has issued a letter in the form of the attached in relation to the Entitlement Offer to each holder of options to subscribe for Comet Ridge shares.

Yours faithfully

Comet Ridge Limited

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Stephen Rodgers Company Secretary

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Comet Ridge Limited Level 1 283 Elizabeth Street Brisbane Qld 4000 Phone: +61 7 3221 3661 Fax: +61 7 3221 3668 Info@cometridge.com.au

7 August 2012

Dear Option Holder

RE: COMET RIDGE LIMITED ACCELERATED NON RENOUCEABLE ENTITLEMENT OFFER RE: NOTICE TO OPTION HOLDERS UNDER ASX LISTING RULES

Comet Ridge Limited (Comet) today announced that it will raise approximately $7.7 million through a 1:4 Accelerated Non Renounceable Entitlement Offer (entitlement offer) at an issue price of 10cents per share.

The purpose of the entitlement offer will be to raise funds for the Company’s exploration and appraisal activities for 2012/2013 and provide for additional working capital.

The entitlement offer entitles eligible shareholders to subscribe for one (1) new share for every four (4) existing Comet ordinary shares held as at 7pm (AEST) on Friday 10 August 2012.

Your options do not entitle you to participate in the entitlement offer.

The purpose of this letter is to give you notice prior to the record date that you may exercise your options should you wish to participate in the entitlement offer.

Accordingly, if you wish for some or all of the shares underlying your options to be accounted as part of your entitlement under the entitlement offer, you will need to exercise that portion of your vested and exercisable options for which you wish to participate and pay the current exercise price for them so that those shares are issued to you before the record date for the entitlement offer.

If you choose to participate in the entitlement offer by exercising some or all of your options prior to the record date, you will be sent an offer booklet and personalized entitlement and acceptance form containing important information about the entitlement offer.

A copy of the information booklet will also be available on the ASX website at www.asx.com.au and Comets website at www.cometridge.com.au

If you do not wish to participate in the entitlement offer (in respect of your options) you do not need to take any action.

Before deciding whether to exercise all or any of your options, you should consider the terms of the entitlement offer carefully and consult with your professional advisor if necessary.

Should you have any queries in relation to this matter please do not hesitate to contact the writer.

Yours faithfully Comet Ridge Limited

Stephen Rodgers Company Secretary