30 November 2021

For personal use only

Successful Springdale Graphite Optimisation Test Results

Highlights:

  • Further optimisation testing on yield improvements in the production of spherical graphite have been successful with yield increasing from 40% to 60%
  • Tap density of the 15 micron SPG produced also increased from 0.90kg/l to industry standard 0.93kg/l
  • Successful results highlight the amenability of Springdale product for use in commercial lithium-ion battery anode materials

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to provide the successful results of the final phase of specialist test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia. The results of optimisation work aimed at improving the yield in the production of spherical graphite (SPG) were highly successful. By classifying the material in an air classifier into fine and coarse fractions to separate the fines fraction prior to the production of the SPG, yield was improved from 30-40% in prior testing, to 60%, which is considered a good yield. Further, as less material was input into the process of spheronisation after the classifying stage was completed, the throughput increased and energy consumption was reduced.

In addition to the positive results from optimisation on yield, testing for tap density on the 15 micron SPG produced revealed that tap density had also increased. Prior testing results for tap density of the 15 micron SPG were 0.90kg/l, however on the material that was produced after use of the air classifier, tap density increased to 0.93kg/l, which is in line with generally accepted commercial specification for production of SPG to be used in the manufacture of battery anode material for use in lithium-ion batteries.

Further test work will be paused pending the completion of the proposed transaction with International Graphite (see CRL announcement of 27 October 2021), which is subject to shareholder approval at the Company's Annual General Meeting scheduled to be held on Friday 17 December 2021 at 9:00 am (WST).

Testing Background:

Test work completed initially in 2019 and 2020 identified that graphite concentrate from Springdale, in particular in the high grade mineralisation, was quite a unique product due to its very fine size fraction, and also due the platy nature of the fine flake. Recognising that these properties may potentially have applications for battery anode material, a decision was made earlier in 2021 to generate a bulk sample of graphite concentrate to send to Germany for evaluation by a specialist graphite test facility. This press release details the final results of that testing process.

This announcement has been authorised by the Board of Comet Resources Limited

For further information please contact:

MATTHEW O'KANE

Managing Director

(08) 6489 1600

comet@cometres.com.au

cometres.com.au

Suite 9, 330 Churchill Avenue Subiaco WA 6008 PO Box 866 Subiaco WA 6904

30 November 2021

For personal use only

About Comet Resources

Santa Teresa Gold Project (Mexico)

The Santa Teresa Gold Project is comprised of two mineral claims totalling 202 hectares located in the gold rich El Alamo district, approximately 100 km southeast of Ensenada, Baja California, Mexico; and 250 km southeast of San Diego, California, USA. The Project is prospective for high grade gold. In addition to the two claims of the Project, two additional claims totalling a further 378 hectares in the surrounding El Alamo district are being acquired from EARL.

Barraba Copper Project (NSW)

The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.

Northern Territory Projects (NT)

The portfolio of Northern Territory exploration licenses and exploration license applications covers an area of approximately 840km2. Although historical exploration results were indicative of near surface gold and copper mineralisation, very limited modern exploration has occurred. Comet plans to utilise modern exploration techniques to rapidly advance the scale of known mineralisation, especially where known geophysical and geochemical anomalies exist that have not been comprehensively drill tested.

Springdale Graphite Project (WA)

The 100% owned Springdale graphite project is located approximately 30 kilometres east of Hopetoun in South Western Australia. The project is situated on free hold land with good access to infrastructure, being within 150 kilometres of the port at Esperance via sealed roads. The tenements lie within the deformed southern margin of the Yilgarn Craton and constitute part of the Albany-Fraser Orogen. Comet owns 100% of the three tenement's (E74/562 and E74/612) that make up the Springdale project, with a total land holding of approximately 198 square kilometres.

Competent Persons Statement

The information in this report that relates to Mineral Resources is based on information compiled by Matthew Jones, who is a Competent Persons and Member of The Australasian Institute of Mining and Metallurgy. Matthew Jones is a consultant and was previously Exploration Manager of the Company. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Matthew Jones consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to metallurgical test work results is based on information reviewed by Mr David Pass, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pass is an employee of BatteryLimits. Mr Pass has sufficient experience relevant to the mineralogy and type of deposit under consideration and the typical beneficiation thereof to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Pass consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears.

For personal use only

30 November 2021

Forward-Looking Statement

This announcement includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Comet Resources Limited's planned exploration programs, corporate activities and any, and all, statements that are not historical facts. When used in this document, words such as "could," "plan," "estimate," "expect," "intend," "may", "potential," "should" and similar expressions are forward-looking statements. Comet Resources Limited believes that its forward-looking statements are reasonable; however, forward looking statements involve risks and uncertainties and no assurance can be given that actual future results will be consistent with these forward-looking statements. All figures presented in this document are unaudited and this document does not contain any forecasts of profitability or loss.

30 November 2021

For personal use only

JORC Code, 2012 Edition - Table 1

Section 1. Sampling Techniques and Data

(Criteria listed in the preceding section also apply to all succeeding sections)

Criteria

JORC Code explanation

Commentary

Sampling

• Nature and quality of sampling (eg cut channels, random

•

Diamond drilling was done to collect adequate

techniques

chips, or specific specialised industry standard

samples for metallurgical and ore characterisation

measurement tools appropriate to the minerals under

testwork.

investigation, such as down hole gamma sondes, or

• Individual sample intervals including graphitic zones

handheld XRF instruments, etc). These examples should not

were sampled based on logged geology intervals

be taken as limiting the broad meaning of sampling.

and can vary from 0.3m to 1.5m with the majority of

• Include reference to measures taken to ensure sample

samples at 1m intervals.

representivity and the appropriate calibration of any

• Samples were ¼ PQ3 or ¼ HQ3 core and were cut

measurement tools or systems used.

and sampled at Nagrom Labs from Comet specified

• Aspects of the determination of mineralisation that are

cut sheets using either an automatic diamond core

Material to the Public Report.

saw where competent, or manually by hand using a

• In cases where 'industry standard' work has been done this

paint scraper, where soft and friable (oxidised clays).

would be relatively simple (eg 'reverse circulation drilling was

• Core was first cut in half lengthwise and then one half

used to obtain 1 m samples from which 3 kg was pulverised

was cut in half again for the ¼ core sample. This

to produce a 30 g charge for fire assay'). In other cases more

produced an approximate 2kg sample which is

explanation may be required, such as where there is coarse

considered representative of the full drill metre

gold that has inherent sampling problems. Unusual

interval sampled.

commodities or mineralisation types (eg submarine nodules)

• Drill samples selected for analysis were limited to

may warrant disclosure of detailed information.

those containing visible graphite, together with a one

to two metre buffer of barren country rock.

•

Graphite quality and rock classifications were

visually determined by field geologist.

• Metallurgical test samples of 3/4 PQ diameter core

were visually selected from mineralised intervals of

HD024 and HD031. The samples represent typical

mineralised zones drilled within the project area.

Drilling

Drill type (eg core, reverse circulation, open-hole hammer,

• Diamond Drilling (DD) was conducted with Rotary

techniques

rotary air blast, auger, Bangka, sonic, etc) and details (eg core

Mud (MR) pre-collars.

diameter, triple or standard tube, depth of diamond tails, face-

• DD and RM was completed by DDH1 Drilling using a

sampling bit or other type, whether core is oriented and if so, by

track mounted Sandvik DE710 diamond rig (Rig 42).

what method, etc).

• Core size was PQ3 (85mm diameter) and HQ3

(61.1mm diameter) triple tube system.

• All inclined core holes were oriented using a True

Core PQ or HQ orientation tool, TC0999/TC0156.

Due to the deeply oxidized nature of the core not all

orientations were successful, so the majority of the

core remains un-orientated.

• Where orientated successfully dip and dip direction

structural measurements were collected using a

rocket launcher style CORE Orientation device or

cradle.

Drill sample

• Method of recording and assessing core and chip sample

• DD Sample recovery was measured and recorded

recovery

recoveries and results assessed.

for each core run.

• Measures taken to maximise sample recovery and ensure

• Downhole depths were validated against core blocks

representative nature of the samples.

and drillers sheets.

• Whether a relationship exists between sample recovery and

•

DD core recoveries were good in fresh and

grade and whether sample bias may have occurred due to

moderately weathered material.

preferential loss/gain of fine/coarse material.

• Core recovery was reduced in some instances in

highly weathered clay zones and this was recorded

in sampling details.

• Twin hole comparison of RC vs Diamond Indicated

that there is no sample bias for graphite assays

• There does not appear to be any relationship

between sample recovery and grade.

Logging

• Whether core and chip samples have been geologically and

• All drillholes were geologically logged in full by an

geotechnically logged to a level of detail to support

independent geologist. MR pre-collars were bagged

appropriate Mineral Resource estimation, mining studies and

from the collar water and logged but not sampled.

metallurgical studies.

• All data is initially captured on paper logging sheets

30 November 2021

• Whether logging is qualitative or quantitative in nature. Core

and transferred to pre-formatted excel tables and

only

(or costean, channel, etc) photography.

•

loaded into the project specific drillhole database.

• The total length and percentage of the relevant intersections

The logging and reporting of visual graphite

logged.

percentages on field logs is semi‐quantitative. A

reference to previous logs and assays is used as a

reference.

• All logs are checked and validated by an external

geologist before loading into the database. Logging

is of sufficient quality for current studies.

Sub-

•

If core, whether cut or sawn and whether quarter, half or all

• All sampling was carefully marked up on core and

sampling

core taken.

core trays (where oxidised and difficult to write on)

techniques

•

If non-core, whether riffled, tube sampled, rotary split, etc

with paint markers and photographed before core

and sample

and whether sampled wet or dry.

trays were sent to the Nagrom for cutting and

preparation

•

For all sample types, the nature, quality and appropriateness

sampling.

use

of the sample preparation technique.

• Diamond core samples were cut lengthwise using a

• Quality control procedures adopted for all sub-sampling

manual core saw. The core was cut in half, and then

stages to maximise representivity of samples.

one half was quartered to provide samples for

•

Measures taken to ensure that the sampling is

metallurgical testwork and assaying respectively.

representative of the in situ material collected, including for

One quarter core is kept for reference in the trays.

instance results for field duplicate/second-half sampling.

• Individual ¼ core samples were collected in labelled

• Whether sample sizes are appropriate to the grain size of the

foil trays and prepped as below.

material being sampled.

• Duplicate samples were inserted at the NAGROM

Lab in Perth using a coarse crushed split of the

specified sample interval. Coarse duplicates were

inserted approximately 1:25 samples.

personal

• Samples sizes are considered appropriate and

representative of graphite material being sampled.

Quality of

•

The nature, quality and appropriateness of the assaying and

• Analysis was completed at Nagrom.and IMO

assay data

laboratory procedures used and whether the technique is

• Quarter core analytical samples were separately

and

considered partial or total.

coarse crushed to a nominal topsize of 6.3mm

laboratory

•

For geophysical tools, spectrometers, handheld XRF

(CRU01), dried at 105°C (DRY01), and where over

tests

instruments, etc, the parameters used in determining the

2.5kg riffle split (SPL01).

analysis including instrument make and model, reading

• The sample is then pulverised to 80% passing 75μm

times, calibrations factors applied and their derivation, etc.

(PUL01).

• Nature of quality control procedures adopted (eg standards,

• A LabfitCS2000 combustion /IR analyser was used

blanks, duplicates, external laboratory checks) and whether

for Graphitic Carbon analysis (0.1 % to 100%

acceptable levels of accuracy (ie lack of bias) and precision

detection limits).

have been established.

•

Graphitic Carbon (TGC; CS003, 0.1% lower

detection), Total Carbon (TC; CS001, 0.1% detection

limit) and Total Sulphur (TS; CS001, 0.1% detection

limit) is analysed by Total Combustion Analysis.

• For TC and TGC, the prepared sample is dissolved

in HCl over heat until all carbonate material is

removed. The residue is then heated to drive off

organic content. The final residue is combusted in

oxygen with a Carbon-Sulphur Analyser and

analysed for Total Graphitic Carbon (TGC) and Total

Carbon (TC).

• Sample size is appropriate for the material being

For

tested.

• QC measures include duplicate samples, blanks and

certified standards (1:20)

• CRL is confident that the assay results are accurate

and precise and that no bias has been introduced.

• All data is initially captured on paper logging sheets

and transferred to pre-formatted excel tables and

loaded into the project specific drillhole database.

Paper logs are scanned and stored on the

companies server. Original logs are stored in the

Perth office.

• Assay data is provided as .pdf and .csv files from the

laboratory and entered into the project specific

drillhole database. Spot checks are made against the

laboratory certificates.

• No adjustments have been made to assay data.

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Comet Resources Limited published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 00:30:10 UTC.