COMET RIDGE LIMITED — Interim / Quarterly Report 2014

Oct 29, 2013

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

Comet Ridge Limited

ABN 47 106 092 577	Quarter ended (“current quarter”)
47 106 092 577	30 September 2013

Consolidated statement of cash flows	Consolidated statement of cash flows
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other - R&D tax offset grant Net Operating Cash Flows	Current quarter $A’000	Year to date (3.months) $A’000
	(1,748) (1,100) 49	(1,748) (1,100) 49
	(2,799)	(2,799)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities – advances to joint venture 1.11 Loans repaid by other entities 1.12 Other (Restricted cash term deposits) Net investing cash flows Total operating and investing cash flows (carried forward)	(13) - - (252)	(13) - (252)
	(265)	(265)
	(3,064)	(3,064)

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(3,064)	(3,064)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 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	8,460	8,460
	8,460	8,460
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 of quarter	5,396 4,663 (29)	5,396 4,663 (29)
	10,030	10,030

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

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		84
1.25	Explanation necessaryfor an understandingof the transactions
	Director’s 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

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	1,615
	-
	-
	885
Total	2,500

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)	10,030	4,663
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	10,030	4,663

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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 beginnin g of quarter	Interest at end of quarter
	ATP 743 PMP 50100	Relinquishment of 27 Blocks (675 sub-blocks) (33.33%) as part of conditions attaching to the Permit for a further 4 year term. Relinquishment of 30.045 sq km (17.64%) as part of renewal application for further 20 year term.	100% 100%	100% 100%

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	458,068,746	458,068,746

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.4 Changes during quarter (a) Increases through issues Placement Issued under Performance Rights Plans (b) Decreases through returns of capital, buy- backs	50,000,000 1,570,000	50,000,000 1,570,000	18cents Nil	18cents Nil
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 and conditions) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	500,000 500,000 500,000 1,000,000 500,000 605,000 500,000		Exercise price $0.50 $0.65 $0.50 $0.65 Nil Nil Nil	Expiry date 30-Nov-13 31-Jan-14 28-Feb-14 31-Mar-14 Vesting Date Performance Rights (vesting 31 Dec 13) Performance Rights (vesting 1 July 14) Performance Rights (vesting 01 July 15)
	2,275,000		Nil

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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.

Sign here: ( ~~Director/~~ Company secretary)

Date: 30 October 2013

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 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting 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.

== == == == ==

• See chapter 19 for defined terms.

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