COMET RIDGE LIMITED — Interim / Quarterly Report 2016

Oct 28, 2015

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		Quarter ended (“current quarter”)
47	106 092 577		30 September 2015

Consolidated statement of cash flows

			Rule	Rule	Rule	Rule	Rule	Rule	Rule
			Appendix 5B
		ii l	ti tit d il d lti tit tl
		nng expo	aon eny an o an gas exporaon eny quareryreort
			p
		ced 01/07/96 Origin Append	ix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
		e of entity
			COMET RIDGE LIMITED
		ABN	577		Quarter ended (“current quarter”)
		47 106 092	577		30 September 2015
		nsolidated state	ment of cash flows
Cash1.11.21.31.41.51.61.7		flows related to opReceipts from proPayments for	erating activitiesduct sales and related debtors				Current quarter$A’000	Year to date(3 months)$A’000
		(a) exploration & evaluation – included is $565,000 StampDuty Assessment on Mahalo transaction from 2014.(b) development(c) production(d) administrationDividends received					(1,485)(503)
		Interest and other itemsInterest and other costsIncome taxes paid		of a similar nature receivedof finance paid			11	11
		OtherNetOperating Cash Fl		ows
							(1,977)	(1,977)
1.81.91.101.111.121.13		Cash flows related to i		nvesting activities
		Payment for purchases o(a) prospects		f:
		(b) equity investments(c) other fixed assets					(5)	(5)
		Proceeds from sale of:(a) prospects
		(b) equity investm(c) other fixed ass	entsets
		Loans to other entiL id b	ties – advances to joint ventureh ii
		oans repa y oOther (Restricted c	er enttesash term deposits)
		Net investing cas	h flows				(5)	(5)
		Total operating an	d investing cash flows (carried forward)				(1982)	(1982
							,	,

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

1.13	Total operatingand investingcash flows(brought forward)	(1,982)	(1,982)
Cash flows related to financing activities1.14Proceeds from issues of shares, options, etc.1.15Proceeds from sale of forfeited shares1.16Proceeds from borrowings1.17Repayment of borrowings1.18Dividends paid1.19Other (provide details if material)Net financing cash flows
Net increase (decrease) in cash held1.20Cash at beginning of quarter/year to date1.21Exchange rate adjustments to item 1.201.22Cash at end of quarter		(1,982)5,8271	(1,982)5,8271
		3,846	3,846

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

1.231.24	Aggregate amount of payments to the parties included in item 1.2Aggregate amount of loans to the parties included in item 1.10	Current quarter$A'000
		54
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 thereportingentityhas an interest

• See chapter 19 for defined terms.

30/09/2015 Appendix 5B Page 2

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

4.1Exploration and evaluation4.2Development4.3Production4.4Administration	$A’000
	480
	-
	-
	398
Total	878

Reconciliation of cash

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)	3,846	5,827
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	3,846	5,827

Changes in interests in mining tenements

6.1Interests in miningtenements relinquished,reduced or lapsed	Tenementreference	Nature of interest(note (2))	Interest atbeginningofquarter	Interest atend ofquarter

• See chapter 19 for defined terms.

30/09/2015 Appendix 5B Page 3

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

6.2	Interests in mining
	tenements acquired or
	increased

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	526,200,547	526,200,547
7.5+Convertibledebt securities(description)7.6Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted

• See chapter 19 for defined terms.

30/09/2015 Appendix 5B Page 4

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

Options(description andconversionfactor)PerformanceRights(vestingdate andconditions)7.8Issued duringquarter7.9Exercised/Vested duringquarter7.10Expired duringquarter	1,500,000		ExercisepriceNil	Expiry dateVesting Date31 December 2016
	1,500,000		Nil	Performance Rights(Expiring 31December 2016)
7.11Debentures(totals only)
7.12Unsecurednotes(totalsonly)

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: 29 October 2015

Print name: Stephen Rodgers

• See chapter 19 for defined terms.

30/09/2015 Appendix 5B Page 5

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.

30/09/2015 Appendix 5B Page 6