COMET RIDGE LIMITED — Interim / Quarterly Report 2020

Apr 29, 2020

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

COMET RIDGE LIMITED

ABN47 106 092 577	Quarter ended(“currentquarter”)	Quarter ended(“currentquarter”)	Quarter ended(“currentquarter”)
		31 March 2020
Consolidated statement of cash flows		Current quarter$A’000	Year to date(9 months)$A’000
1.Cash flows from operating activities
1.11.2(a)(b)development(c)production(d)staff costs(e)1.31.41.51.61.71.81.9Net cash from /(used in) operating activitiesexploration & evaluation (if expensed)Receipts from customersPayments for:Dividends received (see note 3)administration and corporate costsInterest receivedInterest and other costs of finance paidIncome taxes paidGovernment grants and tax incentivesOther - JV recoveries		-(2)--(165)(190)-6---(182)	-(17)--(857)(1,217)-79---(381)
		(533)	(2,393)
2.Cash flows from investing activities
2.1(a)entities(b)tenements(c)property, plant and equipment(d)exploration & evaluation (if capitalised)(e)investments(f)other non-current assets2.2(a)entities(b)tenements(c)property, plant and equipment(d)investments(e)other non-current assets2.32.4Dividends received (see note 3)2.52.6Cash flows from loans to other entitiesOther (Restricted cash term deposits)Net cash from /(used in) investing activitiesPayments to acquire:Proceeds from the disposal of:		--(4)(2,855)---------(11)	--(11)(12,700)----------(2)
		(2,870)	(12,713)

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms

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Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
			(9 months)
		$A’000	$A’000
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)
		-	11 614
3.2	Proceeds from issue of convertible debt securities	-	-
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equity securities or convertible debt
	securities	(53)	(524)
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and borrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from /(used in) financing activities	(53)	11 090
4.	Net increase / (decrease) in cash and cash equivalents for the
	period
4.1	Cash and cash equivalents at beginning of period	12 437	12 997
4.2	Net cash from / (used in) operating activities (item 1.9 above)	(533)	(2,393)
4.3	Net cash from / (used in) investing activities (item 2.6 above)	(2,870)	(12,713)
4.4	Net cash from / (used in) financing activities (item 3.10 above)	(53)	11 090
4.5	Effect of movement in exchange rates on cash held	-	-
4.6	Cash and cash equivalents at end ofperiod	8 981	8 981
5.	Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement of cash flows)to the related items in the accounts	Current quarter$A’000	Previous quarter$A’000
5.1	Bank balances	8 981	12 437
5.2	Call Deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of quarter (should equal item
	4.6 above)	8 981	12 437
		Current	quarter
6.	Payments to related parties of the entity and their associates	$A’000
6.1	Aggregate amount of payments to related parties and their associates included in
	item 1		149
6.2	Aggregate amount of payments to related parties and their associates included in
	item 2
			-

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

The amount shown in 6.1 relates to fees paid to the Board during the Quarter.

7.7.17.27.37.4Loan facilitiesCredit standby arrangementsOther (please specify)Financing facilitiesNote: the term "facility" includes all forms of financing arrangements available tothe entity. Add notes as necessary for an understanding of the source of financeavailable to the entity.Total financing facilities	ncing facilities	Total facility amountat quarter end	Amount drawn atquarter end
		$A’000	$A’000

7.5 Unused financing facilities available at quarter end

• 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have not been enterested into or are proposed to be entered into after the quarter end, include a note providing details of those facilities as well.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms

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8.Estimated cash available for future operating activities	$A’000
8.18.28.38.48.58.68.7Total available funding (Item 8.4 + Item 8.5)Capitalised exploration & evaluation (Item 2.1(d))Total relevant outgoings (Item 8.1 + Item 8.2)Cash and cash equivalents at quarter end (Item 4.6)Unused finance facilities available at quarter end (Item 7.5)Estimated quarters of funding available (item 8.6 divided by item8.3)Net cash from / (used in) operating activities (Item 1.9)	(533)
	(2,855)
	(3,388)
	8 981
	-
	8 981
	2.7
8.8If item 8.7 is less than 2 quarters, please provide answers to the following questions:

1. Does the entitiy expect that it will continue to have the current level of net operating cash flows from the time being and, if not, why not?

Answer:

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer:

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

Compliance statement

1. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2. This statement gives a true and fair view of the matters disclosed.

Date: 30/04/2020

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Authorised by: ____________________________________________

By the Authority of the Board

Print Name: Stephen Rodgers Company Secretary

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encourages to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms

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