Comet Ridge (COI) investor relations material

Capital raising and funding update

• Raised $40 million via placement and $0.88 million via SPP, with options attached, to fund acquisition and project development.

• Placement proceeds will settle acquisition costs for the remaining 42.86% of Mahalo Gas Project and support project funding to FID.

• $27.7 million cash on hand at quarter end, with a $9.5 million secured debt facility maturing June 2027.

• Estimated 7 quarters of funding available based on current cash and outgoings.

Mahalo Gas Project acquisition and development

• Acquisition terms restructured to reduce upfront cash, with $18 million cash and $10 million in shares due at completion, plus up to $30 million in contingent payments.

• Completion date for acquisition extended to September 2026, subject to shareholder approval.

• 100% ownership will consolidate 2P reserves and 2C resources to 676 PJ and provide full operational control.

• FEED for upstream and pipeline completed; Jemena awarded pipeline licence and will operate the pipeline.

Gas sales and commercial agreements

• MoU signed with Highview Power for supply of 3.6 PJ/a for at least five years to a large-scale electricity project.

• CleanCo GSA reconfirmed for 21–25 PJ, with supply start reset to 2030 and take-or-pay adjusted to 80%.

• Active discussions ongoing with multiple gas buyers to secure additional GSAs for project financing.