COMET RIDGE LIMITED — Director's Dealing 2012

May 23, 2012

Comet Ridge Limited Level 1 283 Elizabeth Street Brisbane Qld 4000 Ph: +61 7 3221 3661

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24 May 2012

Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Dear Sir / Madam

RE: CORRECTION OF APPENDIX 3Y

Reference is made to the Appendix 3Y lodged earlier today on behalf of Anthony Gilby.

We wish to bring to your attention that the Appendix 3Y lodged contains an error, in that it records the incorrect amount for the consideration paid for the ordinary shares acquired by the director.

Please find attached an amended Appendix 3Y for the director correcting the error.

Yours Faithfully Comet Ridge Limited

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STEPHEN RODGERS Company Secretary

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Comet Ridge Limited ABN 47 106 092 577

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Anthony Gilby
Date of last notice	03 November 2011

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest		Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		Indirect: 15,851,156 Ordinary Shares (Gilby Resources Pty Ltd atf the Gilby Investment Trust of which Anthony Gilby is a beneficiary) 3,212,522 Ordinary Shares (Gilby Resources Pty Ltd atf The Gilby Superannuation Fund of which Anthony Gilby is a beneficiary) 309,000 Ordinary Shares (Anthony Gilby atf Fleur Gilby)
Date of change		17 May 2012
No. of securities held prior to change		18,372,678 Ordinary Shares 5,150,000 Unlisted Options exercisable @$0.169 Expiring30 June 2012
Class		Ordinary Shares

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Number acquired	1,000,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	AUS$100,000
No. of securities held after change	19,372,678 Ordinary Shares 5,150,000 Unlisted Options exercisable @$0.169 Expiring 30 June 2012
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On-Market Broker Transfer

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

Appendix 3Y Change of Director’s Interest Notice

Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 4

01/01/2011