COMET RIDGE LIMITED — Interim / Quarterly Report 2014

Oct 29, 2014

Rule 5.3

Appendix 5B

Mining exploration entity and oil and gas 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, 01/05/2013

Name of entity

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----- Start of picture text ----- Comet Ridge LimitedABN Quarter ended (“current quarter”)47 106 092 577 30 September 2014Consolidated statement of cash flowsCurrent quarter Year to dateCash flows related to operating activities $A’000 (3 months)$A’0001.1 Receipts from product sales and related debtors1.2 Payments for(a) exploration & evaluation (2,064) (2,064)(b) development(c) production(d) administration (442) (442)1.3 Dividends received1.4 Interest and other items of a similar nature 20 20received1.5 Interest and other costs of finance paid1.6 Income taxes paid1.7 Other - R&D tax offset grantNet Operating Cash Flows (2,486) (2,486)Cash flows related to investing activities1.8 Payment for purchases of:(a) prospects(b) equity investments(c) other fixed assets1.9 Proceeds from sale of:(a) prospects(b) equity investments(c) other fixed assets1.10 Loans to other entities – advances to jointventure1.11 Loans repaid by other entities1.12 Other (Restricted cash term deposits)Net investing cash flows1.13 Total operating and investing cash flows(carried forward) (2,486) (2,486)1.13 Total operating and investing cash flows (2,486) (2,486)(brought forward)----- End of picture text -----

Appendix 5B Mining exploration entity and oil and gas exploration quarterly report

	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
	Net increase (decrease) in cash held	(2,485)	2,485
1.20	Cash at beginning of quarter/year to date	4,814	4,814
1.21	Exchange rate adjustments to item 1.20	(20)	(20)
1.22	Cash at end of quarter	2,309	2,309

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		84
1.24	Aggregate amount of loans to the parties included in item 1.10

• 1.25 Explanation necessary for an understanding of 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 and oil and gas exploration 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	Amount used
$A’000	$A’000

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1Exploration and evaluation4.2Development4.3Production4.4Administration	$A’000
	2,277
	-
	-
	631
Total	2,908

Reconciliation of cash

TotalReconciliation of cash		2,908
Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.	Current quarter$A’000	Previous quarter$A’000
5.1Cash on hand and at bank5.2Deposits at call5.3Bank overdraft5.4Other (provide details)	2,309	4,814
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	2,309	4,814

Changes in interests in mining tenements

6.1Interests in miningtenements relinquished,reduced or lapsed6.2Interests in miningtenements acquired orincreased	Tenementreference	Nature of interest(note (2))	Interest atbeginningofquarter	Interest atend ofquarter
	PEP 50279	PetroleumExplorationPermit located in theSouth Island of NewZealand was Surrenderedon 2 Sept 2014	100%	0%

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration 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 priceper security(see note 3)(cents)	Amount paid up persecurity (see note 3)(cents)
7.1Preference+securities(description)7.2Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buy-backs,redemptions
7.3+Ordinarysecurities7.4Changes duringquarter(a) Increasesthrough issuesPlacementIssued underPerformanceRights Plans(b) Decreasesthrough returnsof capital, buy-backs	458,748,746	458,748,746
	150,000	150,000
7.5+Convertibledebt securities(description)7.6Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration quarterly report

	Oi	Oi	Oi									Ei	Ei	Ei	Expiry dateVesting DatePerformance Rights(vesting 01 July 15	Expiry dateVesting DatePerformance Rights(vesting 01 July 15	Expiry dateVesting DatePerformance Rights(vesting 01 July 15	Expiry dateVesting DatePerformance Rights(vesting 01 July 15	Expiry dateVesting DatePerformance Rights(vesting 01 July 15
		ptons(description andconversion										xercseprice			xpry			ate
		factor)
															Vesting			Date
	PerformanceRights(vestingdate andconditions)			550,000								Nil
	7.8Issued duringquarter
	7.9Exercised/Vtd drin			1			0000									Pf Rih
	ese ugquarter						,									erormance gts(vesting 1 July 14)
	7.10Expired during
				500000								Nil			Performance Rights(vesting 1 July 14)
	quarter				,										Per(ve		ormance Rightssting 1 July 14)
	7.11Debentures(totals only)
	7.12Unsecurednotes(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 5).

• 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 2014

Print name: Stephen Rodgers

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration quarterly report

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.

• 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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