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31 July 2026 June 2026 Quarterly Activities Report Highlights • Successful Placement to Raise $ 40 million and SPP : On 24 June 2026 Comet Ridge announced had received firm commitments for a two - tranche placement of new shares ( at 10.25c ) to existing and new investors to raise $ 40 million ( before costs ) . Comet Ridge also , through a Share Purchase Plan ( SPP ) offered eligible shareholders the opportunity to participate via the SPP to raise up to an additional $ 5 million . Participants in the Placement and the SPP ( collectively the Offer ) will also receive one unlisted free attaching option for every two securities allotted in the Offer . The Placement and SPP Options will have a strike price of 15.0c per option and will expire on 30 June 2028. The SPP closed on 24 July raising $ 875,750 . The issue of the Placement and SPP Options remain subject to shareholder approval . Placement proceeds will be used to settle the Santos Transaction costs to acquire the remaining 42.86 % of the Mahalo Gas Project¹ from Santos QNT Pty Ltd , to fund the Mahalo Gas Project to FID and for working capital . • • Update on Acquisition of Mahalo Gas Project : Comet Ridge and Santos Limited agreed on 21 May 2026 to restructure the terms of the Acquisition Agreement entered into on 17 December 2025 , significantly reducing the up - front cash component of the transaction and extending the Completion Date by three months , as follows : о The amount of the firm consideration under the Acquisition Agreement that Santos QNT Pty Ltd will receive at the Completion Date of the acquisition will be $ 28 million ( Completion Amount ) which will be payable as follows : $ 18 million in cash ; and $ 10 million through the issue to Santos of fully paid ordinary shares in Comet ( Consideration Shares ) . ○ ○ Up to an additional $ 30 million in contingent payments with the first tranche payable after 10 PJ sales gas , the second tranche after 20 PJ sales gas and the third tranche after 30 PJ sales gas from the Mahalo Gas Project . The extension of the satisfaction date for the arranging of funding has been extended to 14 August 2026 and the date for the remaining outstanding conditions precedent including any approval of Comet Ridge's shareholders required ( if applicable ) to 30 September 2026 . The issue of the Consideration Shares remains subject to shareholder approval under LR 7.1 which will be sought before 30 September 2026 . The previously announced key terms of the Acquisition Agreement remain unchanged . Mahalo Gas Project upstream FEED progresses : Santos ( Development Operator ) completed input into Front End Engineering Design ( FEED ) for the gas field , gathering system , gas compression and water handling facilities ( Upstream FEED ) during the previous March quarter and is handing over these workstreams to Comet Ridge . Comet Ridge has engaged Equinox Engineering Limited ( Equinox ) to carry out preliminary value improvement work to review the FEED outputs for both gas and water processing , and to provide independent high level cost estimates . 1 PL 1082 , 1083 and PCA 302 , 303 , 304 ( combining to become PCA 338 )