Comet Ridge (COI) H2 2025 earnings summary

Executive summary

• Achieved significant progress in appraisal and development, including a $5M grant for Mahalo East pilot and award of Mahalo Far East Extension acreage.

• Net 2P Reserves increased by over 26% to 247 PJ, with Mahalo East certification adding 27% to 2P and 29% to 3P reserves.

• Mahalo JV and pipeline FEED processes advanced, with FID targeted for 2026.

• $12M equity raised and PURE loan refinanced to support ongoing development.

Financial highlights

• FY2025 loss after tax was $2.47M, a significant improvement from $7.17M loss in FY2024.

• Cash balance at 30 June 2025 was $13.3M.

• Exploration expenditure capitalised: $3.75M (Mahalo JV), $1.19M (Mahalo North), $3.52M (Mahalo East), $0.06M (Mahalo Far East/Extension), $0.15M (Galilee JV).

• Net current liabilities of $19.7M, including CleanCo, PURE, and APLNG obligations.

Outlook and guidance

• Focus for FY2026 is on securing gas sales agreements, progressing FEED, and funding for Mahalo JV and adjacent projects.

• Anticipates completion of federal environmental approvals for Mahalo North by end of 2025.

• Ongoing pursuit of funding transactions, including project sell-down, farm-out, and gas prepay arrangements.