COMET RIDGE LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity

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COMET RIDGE LIMITED
ABN Quarter ended (“current quarter”)
47 106 092 577 31 March 2012
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A’000 (6 months)
$A’000
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration & evaluation (445) (4,803)
(b) development
(c) production
(d) administration (1,522) (3,021)
1.3 Dividends received
1.4 Interest and other items of a similar nature received 36 173
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other ($7,700,000.00 proceeds from sale of 5% interest
in Mahalo JV & $424,454 R&D tax offset grant) 8 124
Net Operating Cash Flows (1,931) 473
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects
(b) equity investments
(c) other fixed assets (4) (4)
1.9 Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.10 Loans to other entities -
1.11 Loans repaid by other entities
1.12 Other (Restricted cash term deposits)) 2,500 (195)
Net investing cash flows (2,496) (199)
1.13 Total operating and investing cash flows (carried
forward) 565 274
1.13 Total operating and investing cash flows (brought
forward) 565 274
Cash flows related to financing activities
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• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.14 1.15	Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows
		-	-
	Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	565 6,957 (33)	274 7235 (20)
		7,489	7,489

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Current quarter $A'000 1.23 Aggregate amount of payments to the parties included in item 1.2 57 1.24 Aggregate amount of loans to the parties included in item 1.10 1.25 Explanation necessary for an understanding of the transactions Directors Fees

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

	3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	1,089
	-
	-
	367
Total	1,456

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	7,489	4 462
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	7,489	4 462

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs,redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	307,351,144	307,351,144
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted
7.7 Options (description and conversion factor) Performance Rights(vesting date an conditions) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	15,192,500 7,150,000 500,000 500,000 500,000 1,000,000 905,000 905,000		Exercise price $0.17 $0.27 $0.50 $0.65 $0.50 $0.65 NIL NIL	Expiry date 30-Jun-12 30-Jun-12 30-Nov-13 31-Jan-14 28-Feb-14 31-Mar-14 Vesting Date 01-Jul-12 01-Jul-13
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

• See chapter 19 for defined terms.

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Sign here: ............................................................ Date: ....30 April 2012...... (Company secretary)

Print name: Stephen Rodgers

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

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