COMET RIDGE LIMITED — Share Issue/Capital Change 2007

Jul 4, 2007

Comet Ridge Limited
ASX Announcement

5 July 2007

The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000

By electronic Lodgement

Dear Sir

EXERCISE OF LISTED OPTIONS

We attach a corrected Appendix 3B in respect of the conversion of 25,014 listed options, expiring 29 June 2007 at 40 cents.

Yours faithfully COMET RIDGE LIMITED

GILLIAN SWABY Company Secretary

For more information visit www.cometridge.com.au

Comet Ridge Limited
ABN 47 106 092 577

Email: comet@cometridge.com.au Website: www.cometridge.com.au

AUSTRALIA
Level 9, Wesfarmers House 40 The Esplanade, Perth WA 6000 Phone: +61 8 6464 0499 Fax: +61 8 6464 0498

USA
600-17^th Street, Suite 600-S Denver, Colorado 80202 Phone: +1 (303) 226 1300 +1 (303) 226 1301 Fax:

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

Comet Ridge Limited

ABN

47 106 092 577

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued

Fully Paid Shares

• $\overline{2}$ Number of *securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the *securities (eg, if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates for payment; if *convertible securities, the conversion price and dates for conversion)

25,014

• See chapter 19 for defined terms.

4	Do the securities rank equally in all respects from the date of allotment with an existing class of quoted *securities?	Yes
	If the additional securities do not rank equally, please state: the date from which they do which the extent to to they participate for the next dividend, case (in the οf ä trust. distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
5.	Issue price or consideration	40 cents
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Exercise of listed options, exercisable at 40 cents each and expiring 29 June 2007.
7	Dates of entering *securities into
	uncertificated holdings or despatch of certificates
		Number	+ Class

Number and $\text{°class}$ of all $\boxed{104,875,950}$ Fully Paid Shares $\,8\,$ *securities quoted on ASX (including the securities in clause Listed Options 14,159,224 2 if applicable) expiring 29 June 2007

⁺ See chapter 19 for defined terms.

		Number	+ Class
9	Number class $\alpha$ and aIl securities not quoted on ASX (including the securities in clause	500,000	Options exercisable at 20 cents expiry 18/8/08
	2 if applicable)	1,500,000	Options exercisable at 20 cents expiry 31/12/08
		450,000	Options exercisable at 40 cents expiry 11/5/09
		75,000	Options exercisable at 45 cents expiry 26/6/09
		1,000,000	Options exercisable at 45 cents expiry 31/7/09
		955,000	Options exercisable at 45 cents expiry 10/11/09
		3,500,000	Options exercisable at 45 cents expiry 31/12/09
		100,000	Options exercisable at 50 cents expiry 18/1/10

$10¹⁰$ Dividend policy (in the case of a $\sqrt{\frac{1}{2}}$ Dividends not yet paid trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11	holder approval security Is. required?	N/A
12	Is the issue renounceable or non- renounceable?	I N/A
13	Ratio in which the "securities will b be offered	N/A
14	+ Class of + securities to which the offer relates	N/A
15	to determine *Record date entitlements	N/A
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	N/A

⁺ See chapter 19 for defined terms.

17	Policy for deciding entitlements in $N/A$ relation to fractions
18	Names of countries in which the $N/A$ entity has *security holders who not be sent new will issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.

Closing date for receipt of $N/A$
acceptances or renunciations $19\,$

• See chapter 19 for defined terms.

20	Names of any underwriters	N/A
21	Amount of any underwriting fee or commission	N/A
22	Names of any brokers to the issue	N/A
23.	Fee or commission payable to the broker to the issue	N/A
24	of any handling fee Amount payable to brokers who lodge acceptances or renunciations on behalf of + security holders	N/A
25.	If the issue is contingent on *security holders' approval, the date of the meeting	N/A
26.	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled	N/A
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	N/A
28	Date rights trading will begin (if applicable)	N/A
29.	Date rights trading will end (if N/A applicable)
30	How do *security holders sell their entitlements in full through a broker?	N/A
31	How do *security holders sell part of their entitlements through a broker and accept for the balance?	N/A

⁺ See chapter 19 for defined terms.

32	How do + security holders dispose N/A of their entitlements (except by sale through a broker)?
-33	+ Despatch date	N/A

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34	Type of securities
	(tick one)

$(b)$

Securities described in Part 1 $(a)$ Ĥ.

		All other securities
--	--	----------------------

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of conve

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35	If the "securities are "equity securities, the names of the 20 largest holders of the additional securities, and the number and percentage of additional securities held by those holders
36	If the securities are equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1.000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ $100,001$ and over
37	A copy of any trust deed for the additional *securities

$+$ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

• 38 Number of securities for which ⁺quotation is sought
• 39 Class of *securities for which quotation is sought
• 40 Do the *securities rank equally in all respects from the date of allotment with an existing *class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend. (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• $41$ Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

Number	+ Class

Ouotation agreement

• $\mathbf{1}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for $\bullet$ an illegal purpose.
• There is no reason why those *securities should not be granted *quotation. $\bullet$
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any "securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation of the "securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

05.07.07

Sign here:

(Director/Company secretary)

Print name:

$GILIAN SWARY$

......................................

$== == == == == ==$

⁺ See chapter 19 for defined terms.