COMET RIDGE LIMITED — Interim / Quarterly Report 2014

Apr 27, 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

Comet Ridge Limited

ABN 47 106 092 577	Quarter ended (“current quarter”)
47 106 092 577	31 March 2014

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 NetOperating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	(2,382) (806) 37 2,982	(6,353) (2,546) 156 2,982
	(169)	(5,761)
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 1.13 Total operating and investing cash flows (carried forward)	(2) - - 45	(17) - - (207)
	43	(224)
	(126)	(5,985)
1.13 Total operating and investing cash flows (brought forward)	(126)	(5,985)

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		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	(128) 7,187 (18)	2,474 4,663 (96)
	7,041	7,041

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 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
	84

• 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

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	1,1173
	-
	-
	760
Total	1,933

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)	7,041	7,187
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	7,041	7,187

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 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 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 Placement Issued under Performance Rights Plans (b) Decreases through returns of capital, buy- backs	458,598,746	458,598,746
	530,000	530,000
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

• See chapter 19 for defined terms.

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

7.7 Options (description and conversion factor) Performance Rights(vesting date and conditions) 7.8 Issued during quarter 7.9 Exercised/ Vested during quarter 7.10 Expired during quarter	1,000,000 650,000 550,000 Subsequent to the end of the quarter these Options have expired without being exercised.		Exercise price $0.65 Nil Nil	Expiry date 31-Mar-14 Vesting Date Performance Rights (vesting 1 July 14) Performance Rights (vesting 01 July 15)
	50,000 50,000		Nil Nil	Performance Rights (vesting 1 July 14) Performance Rights (vesting01 July15)
	530,000		Nil	Performance Rights (vested 31 Dec 2013)
	5,000 Options 500,000 500,000		Nil Exercise price $0.65 $0.50	Performance Rights (vesting 1 July 14) Expiry date 31 Jan 2014 28 Feb 2014
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms.

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

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:

==> picture [129 x 40] intentionally omitted <==

Date: 28 April 2014

( ~~Director~~ /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 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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