Comet Resources Limited (ASX:CRL) entered into a share sale agreement to acquire Mount Margaret Mining Pty Ltd from Mount Isa Mines Limited for AUD 10 million on February 3, 2022. The consideration for the acquisition of the MTM Shares is: a non-refundable payment by MMM of AUD 5 million to MIM; and on completion, the issue by Comet of 25 million fully paid ordinary shares in the capital of Comet to MIM at an aggregate deemed issue price for those Shares of AUD 0.20 per Share, equal to an amount of AUD 5 million. Completion of the MTM Acquisition Agreement, including the issue of the consideration to MIM (or its nominee) must occur on the date that is 5 business days after the date of satisfaction (or waiver) of the last of the Conditions Precedent, or such other time and date that the parties agree. The transaction is expected to complete on July 15, 2022. As of February 18, 2022 Comet Resources Limited paid the non refundable deposit of AUD 5 million from the capital raised to MIM As of September 16, 2022. Company will now raise AUD 27 million to fund acquisition and initial post-acquisition pre- development activities – Equity component of the raise is now reduced due to addition of debt financing. As of January 5, 2023, the conditions which are presented in share purchase agreement were not fulfilled by December 2, 2022. The date has extended to March 31, 2023, to met the fulfillment of all the conditions precedent in share purchase agreement. On January 20, 2023, a Second Supplementary Prospectus was lodged with ASIC. The effect of the Second Supplementary Prospectus was to withdraw the offers the subject of the Company's prospectus dated October 19, 2022 as the Corporations Act timeframe for issue and quotation of the shares the subject of the prospectus had expired. As on February 21, 2023, the terms of the revised deal structure for the acquisition of the Mount Margaret on completion, Along with a non-refundable payment by MMM of AUD 5 million to MIM and on completion, the issue by Comet of 25,000,000 fully paid ordinary shares in the capital of Comet, the issue by Comet (such issue to be procured by MMM) of 10,000,000 options exercisable at AUD 0.30 per option on or before the date which is 5 years from issue and a 2% net smelter return royalty from the sale of any copper, gold or silver extracted, produced and sold from the Mount Margaret Project for the life of the mine.

Comet Resources Limited (ASX:CRL) cancelled the acquisition of Mount Margaret Mining Pty Ltd from Mount Isa Mines Limited on May 24, 2023.