Quarterly Activities/Appendix 5B Cash Flow Report

• Mahalo Joint Venture upstream FEED progresses
• Mahalo Gas Hub pipeline connection FEED underway
• Mahalo East receives 51.8 PJ of 2P Reserves certification
• Mahalo North EPBC referral process nearing completion

Comet Ridge Ltd has reported on its quarterly activities, highlighting key progress on its Mahalo Gas Hub projects. The Mahalo Joint Venture, in which Comet Ridge holds a 57.14% interest, has progressed the Front End Engineering Design (FEED) for the gas field, gathering system, gas compression and water handling facilities (Upstream FEED) during the quarter. Additionally, Jemena has progressed the FEED for construction of a new 10-inch diameter pipeline to connect the Mahalo Gas Hub with Jemena's Queensland Gas Pipeline and the GLNG pipeline. Comet Ridge has also received independent certification of 51.8 Petajoules (PJ) of 2P Reserves and 118.5 PJ of 3P Reserves for its 100% owned Mahalo East project. The company's Mahalo North project has also made progress, with Comet Ridge submitting its final response to the Department of Climate Change, Energy, the Environment and Water (DCCEEW) and anticipating approval by the end of 2025. Comet Ridge continues to engage with potential gas buyers and progress funding arrangements to enable a Final Investment Decision for the Mahalo JV Gas Project.

Comet Ridge has not provided any high-importance, price-sensitive forward-looking financial metrics in the announcement.

Comet Ridge plans to continue progressing the FEED processes for the Mahalo Joint Venture and the pipeline connection, as well as completing the EPBC approval process for the Mahalo North project. The company is also working to finalize gas supply agreements and funding arrangements to enable a Final Investment Decision for the Mahalo JV Gas Project.