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Comet Resources: Quarterly Activities Report — December 2020

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2020 (the Quarter). Highlights: • Successful completion of a Share Purchase Plan, which raised $1 million • Santa Teresa Gold Project initial JORC compliant Inferred Mineral Resource estimate of 88.6koz at 7.47g/t gold Knowledge gained to be used to assist in planning for Comet’s upcoming drilling program • Appointment of Interminco Services as Project Manager for Santa Teresa • Initial Field Program completed at the Murchison Mine at the Barraba Copper Project Extensive surface mineralisation identified Post Quarter End • High Grade Copper and Zinc assays received from Initial Field Program at the Murchison Mine at the Barraba Copper Project

Santa teresaMatthew okaneField programAppointment of interminco services asComet resources limitedQuarterly activities reportShare purchase planSanta teresa gold projectInferred mineral resourceInterminco servicesProject managerInitial field programMurchison mineBarraba copper projectHigh grade copperBarraba copper

Santa Teresa Gold Project Drilling to Commence Q1 2021

Comet Resources Limited (ASX:CRL) is pleased to announce that its Project Manager for the Santa Teresa Gold project, Interminco Services Limited, has made significant progress in Baja California Norte, Mexico, having recently appointed a local geological consultant, Minera Cascabel, which operates a Joint Venture with the Imdex Group based in Tucson, Arizona. Highlights Project Manager Interminco Services making significant progress on the Santa Teresa Gold Project in Baja California, Mexico Appointment of local geological consultancy Minera Cascabel to assist with geological programs, including permitting of drilling Drilling expected to commence in Q1 2021 Prior to drilling, a mapping and trenching program focussed on vein outcrops will assist with final drill-hole positioning

United statesBaja californiaSanta teresaMatthew okaneCompany mexicanInterminco servicesComet resources limitedImdex groupBoard of comet resourcesProject managerSanta teresa goldInterminco services limitedBaja california norteMinera cascabelJoint ventureManager interminco services

Comet set to drill high-grade Mexican gold resource

Comet Resources says drilling is expected to commence in the new year at its 50 per cent-owned Santa Teresa Gold Project in the Baja California region of Mexico where Comet has already booked a maiden high-grade resource of 369,000 tonnes at a solid 7.47 g/t gold. The company said local contractors were already on the ground in preparation for the start-up of fresh drilling around the historical workings. Comet Resources says drilling is set to commence in the new year at its 50 per cent-owned Santa Teresa Gold Project in the Baja California region of Mexico where Comet has already booked a maiden high-grade resource of 369,000 tonnes at a solid 7.47 g/t gold.

United statesBaja californiaWestern australiaSan diegoEl alamoSanta teresaMatthew okaneInterminco servicesImdex groupComet resourcesSanta teresa gold projectMinera cascabelTuscon arizonaResources managing directorMatthewo kaneGeological consultants