COMET RIDGE LIMITED — Capital/Financing Update 2023

May 15, 2023

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ASX Announcement

16 May 2023

MOU executed with Orica for future Mahalo North gas supply

Key points:

• Comet Ridge and Orica have executed an MOU for long-term gas offtake by Orica.

• Initial gas supply from Mahalo North would be scaled to meet Orica’s gas feed requirements at its Yarwun ammonium nitrate manufacturing facility, located approximately 9 km west of Gladstone.

Comet Ridge Limited (ASX:COI) is pleased to advise that the Company has executed a Memorandum of Understanding ( MOU ) with Orica Australia Pty Ltd ( Orica ) to progress commercial arrangements on a long-term gas offtake as part of Comet Ridge’s Mahalo North (ATP 2048) gas project.

Orica is the global leader in ammonia related products supplied to the mining and infrastructure industries and has been a long term and reliable buyer of natural gas in Queensland and New South Wales for its facilities at Yarwun (near Gladstone) and Kooragang Island (near Newcastle). The MOU positions Orica to assist Comet Ridge in gas production from Mahalo North to initially support Orica’s Yarwun facility ( see map on following page ). The agreement contemplates growth in supply over time to feed Orica’s manufacturing operations in Australia as Comet Ridge expands production across all of its Mahalo Gas Hub permits.

Under the MOU, the parties will commit in the coming months to progressing an initial gas sales agreement and development funding structures through term sheet and binding documentation phases. A key element in the development of Mahalo North (and a condition of the commercial arrangements with Orica) will be finalising infrastructure access to connect Mahalo North to the Queensland Gas Pipeline ( QGP ). Comet Ridge’s recently announced MOU with Jemena will provide one option for a pipeline connection into the QGP, as well as providing for gas haulage arrangements via the QGP into Gladstone.

Comet Ridge Managing Director, Tor McCaul , said: “Following our very successful production test from Mahalo North last year, followed by 2P and 3P Gas Reserves certification in November, we have had a lot of inbound interest for gas sales from our Mahalo Hub projects. We are very pleased to be forming this long-term relationship with a blue-chip gas buyer, with a strong gas market reputation, in Orica. Orica’s Yarwun project is close to the Mahalo Gas Hub and will operate well into the future, given the enormous need for natural gas for manufacturing for the next several decades. We welcome Orica alongside CleanCo, as high-quality foundation customers for Comet Ridge.”

Level 3, 410 Queen Street Brisbane Queensland 4000 GPO Box 798 Brisbane Qld 4001 Phone +61 7 3221 3661 Email: comet@cometridge.com.au cometridge.com.au

Comet Ridge Limited | ABN 47 106 092 577 | ASX: COI

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Comet Ridge will update the market as arrangements with Orica are progressed.

By Authority of the Board per: Tor McCaul, Managing Director

For more informa�on:

Tor McCaul Phil Hicks Managing Director Chief Financial Officer Phone +61 7 3221 3661 Phone +61 7 3221 3661 tor.mccaul@cometridge.com.au phil.hicks@cometridge.com.au

Lis�ng Rule 5.42 disclosure

The details of the Reserves and Con�ngent Resources referenced throughout this release in respect to Mahalo North and Mahalo East were announced to the market on 2 November 2022 and 19 December 2022. In accordance with Lis�ng Rule 5.42.3, Comet Ridge confirms that it is not aware of any new informa�on or data that materially affects the informa�on in those announcements repor�ng the details of the Reserves and Con�ngent Resources for ATP 2048 and ATP 2061, and that all of the material assump�ons and technical parameters underpinning the es�mates in those announcements con�nue to apply and have not materially changed.

About Comet Ridge

Comet Ridge Limited (ASX: COI) is a publicly listed Australian energy company focused on the development of natural gas resources for the strained east coast Australian market. The company has tenement interests and a suite of prospective projects in Queensland. Our flagship Mahalo Gas Hub project consists of high volume, low cost, sales spec natural gas blocks, close to Gladstone, containing very low CO2. Our exploration assets offer further upside amid increasing domestic and international demand for natural gas as a source for cleaner energy and as a key manufacturing feedstock that makes thousands of products, used daily.

Comet Ridge plans to transition its Mahalo Gas Hub assets into meaningful gas supply into the east coast gas market, commencing with Mahalo North, followed by the larger Mahalo Gas Project, in joint venture with Santos QNT Pty Ltd (as the Development Operator).

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