COMET RIDGE LIMITED — Interim / Quarterly Report 2015

Jul 30, 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

	Name of entity
	Comet Ridge	Limited
	ABN47 106 092 577Consolidated statement of cash flows
			30 June 2015
	Cash flows related to operating activities1.1Receipts from product sales and related debtors1.2Payments for(a) exploration & evaluation**(**Workover delay & Pilot Opex reductions)(b) development(c) production(d) administration1.3Dividends received1.4Interest and other items of a similar naturereceived1.5Interest and other costs of finance paid1.6Income taxes paid1.7Other - R&D tax offset grantNetOperating Cash Flows	Current quarter$A’000		Year to date(12 months)$A’000
		(696)(530)38572		(6,188)(2,083)135 572
		(616)		(7,564)
	Cash flows related to investing activities1.8Payment for purchases of:(a) prospects(b) equity investments(c) other fixed assets1.9Proceeds from sale of:(a) prospects(b) equity investments(c) other fixed assets1.10Loans to other entities – advances to jointventure1.11Loans repaid by other entities1.12Other (Restricted cash term deposits)Net investing cash flows1.13Total operating and investing cash flows(carried forward)	(8)		(10)
		(8)		(10)
		(624)		(7,574)

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

1.13Total operating and investing cash flows(brought forward)	(624)	(7,574)
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		8,555
		8,555
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	(624)6,419(2)	9814,814(2)
	5,793	5,793

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
		70
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 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

		$A’000
4.1	Exploration and evaluation		811
4.2	Development		-
4.3	Production		-
4.4	Administration+		645
	(+One off insurance & other annual payments made in July)
	Total		1,456

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as	Current quarter	Previous quarter
shown in the consolidated statement of cash flows) to	$A’000	$A’000
the related items in the accounts is as follows.
5.1Cash on hand and at bank	5,793	6,419
5.2Deposits at call	-	-
5.3Bank overdraft	-	-
5.4Other (provide details)	-	-
Total: cash at end of quarter(item 1.22)	5,793	6,419

Changes in interests in mining tenements

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

• See chapter 19 for defined terms.

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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.

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

7.7Options(description andconversionfactor)PerformanceRights(vestingdate andconditions)7.8Issued duringquarter7.9Exercised/Vested duringquarter7.10Expired duringquarter	*50,000*2,410,000*Post end of quarterthese PerformanceRights lapsed withoutvesting.		ExercisepriceNilNil	Expiry dateVesting DatePerformance Rights(vesting 01 July 15)Performance Rights(vesting 01 July 15)
7.11Debentures(totals only)
7.12Unsecurednotes(totalsonly)

• 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: 31 July 2015

( 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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