COMET RIDGE LIMITED — Interim / Quarterly Report 2020

Jan 30, 2020

Appendix 5B

Mining exploration entity and oil and gas exploration entity

Name of entity

COMET RIDGE LIMITED

ABN

Quarter ended (“current quarter”)

47 106 092 577 31 December 2019

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows related to operating activities
1.1 1.2 (a) exploration & evaluation (includes GST paid on E&E to be reimbursed) (b) development (c) production (d) staff costs (e) 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Net cash from / (used in) operating activities* Payments for: administration and corporate costs (includes GST paid on transaction costs for financing activities) Dividends received (see note 3) Interest received Interest and other costs of finance paid Income taxes paid Receipts from customers Research and development refunds Other - JV recoveries	- (7,467) - - (265) (435) - 31 - - - 261	- (9,614) - - (692) (1,027) - 73 - - - (199)
	(7,875)	(11,459)
*1.2 (a) Exploration and Evulation payments were higher that expected due to challenging technical and operational conditions with Albany drilling, compensation for lost in hole tool on Albany 2, unbudged spend on Mahalo North after being appointed preferred tenderer and additional studies costs and well testing services at the Mahalo JV.
2. Cash flows related to investing activities
2.1 (a) Property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.2 (a) Property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 2.4 Dividends received (see note 3) 2.5 2.6 Cash flows from loans to other entities Other (Restricted cash term deposits) Net cash from/ (used in) investing activities Payments to acquire: Proceeds from the disposal of:	(5) - - - - - - - - - - 8	(6) - - - - - - - - - - 8
	3	2

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
3. Cash flows related to financing activities
3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 Proceeds from issues of shares Proceeds from sale of convertible notes Dividends paid Other (provide details if material) Net cash from/ (used in) financing activities Proceeds from exercise of share options Transaction costs related to issues of shares, convertible notes or options Proceeds from borrowings Repayment of borrowings Transaction costs related to loans and borrowings		11 614 - - (471) - - - - -	11 614 - - (471) - - - - -
		11 143	11 143
4. Net increase/ (decrease) in cash and cash equivalents for the period
4.1 4.2 4.3 4.4 4.5 4.6 Cash and cash equivalents at beginning of quarter Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period		9 413 (7,875) 3 11 143 -	12 998 (11,459) 2 11 143 -
		12 684	12 684
5. Reconciliation of cash and cash equivalents		Current quarter $A’000	Previous quarter $A’000
5.1 5.2 5.3 5.4 Bank balances Call Deposits Bank overdrafts Other (provide details) at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts.
		12 684	9 413
		-	-
		-	-
		-	-
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	12 684	9 413
6. 6.1 6.2 6.3 7. 7.1 7.2 7.3	Payments to directors of the entity and their associates Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 Explanation necessary for an understanding of the transactions in items 6.1 and 6.2
		Current quarter $A’000
		208
		-
	Directors' fees
	Payments to related entities of the entity and their associates Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 Explanation necessary for an understanding of the transactions in items 7.1 and 7.2
		Current quarter $A’000
		-

Consolidated statement of cash flows

Consolidated statement of cash flows	Consolidated statement of cash flows	Consolidated statement of cash flows	Consolidated statement of cash flows	Consolidated statement of cash flows	Consolidated statement of cash flows
8. 8.1 8.2 8.3	Add notes as necessary for an understanding of the position. Financing facilities available Loan facilities Credit standby arrangements Other (please specify)			Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
8.4	Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.
9.	Estimated cash outflows for next quarter			$A’000
9.1 9.2 9.3 9.4 9.5 9.6 9.7	Exploration and evaluation Administration and corporate costs Other (provide details if material) Total estimated cash outflows Development Production Staff Costs			(3,400)
				(215)
				(375)
				-
				(3,990)
10.	Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	ATP 743, ATP 744, ATP 1015	Farmout of the 'Deeps Area' within each of the Petroleum blocks, defined as including all strata commencing underneath the Permian Coals	85%	70.0%
10.2	Interests in mining tenements and petroleum tenements acquired or increased

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.

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Sign here : _________ ~~(Director/~~ Company secretary) Print Name: Stephen Rodgers

Date: 31/01/2020

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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

• 2 If this quarterly 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 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.