Comet Ridge (COI) Investor presentation summary

Strategic acquisition and ownership

• Achieved 100% ownership of the 1,850 km² Mahalo Gas Hub, consolidating all project assets and reserves.

• Acquisition included $21.4 million cash, $8.6 million in scrip, and up to $30 million in contingent payments, totaling up to $60 million.

• Full control enables coordinated development, operational flexibility, and cost optimization.

• Ownership provides access to 361 PJ 2P reserves and up to 1,240 PJ in combined 3P+3C reserves and resources.

• Acquisition funded by $40.9 million equity raise and share purchase plan.

Project development and economics

• Mahalo Gas Hub features shallow, low-cost wells with proven commercial pilots and attractive flow rates.

• Project is development-ready with key environmental approvals and production permits in place for 86% of 2P reserves.

• Simple plant design requires only compression, dehydration, and water handling, reducing capex.

• Jemena awarded pipeline licence for connection to east coast gas market and LNG export; gas transportation agreement is next step.

• Integrated development leverages centralised infrastructure and minimises surface disturbance.

Market positioning and policy environment

• Gas reservation policy is softening, allowing potential for direct sales to LNG exporters at international prices.

• Global LNG market disruption has driven spot prices up, with expectations for continued elevated pricing.

• Domestic reservation may temporarily lower local prices, but new supply is incentivised for LNG export.

• Mahalo Gas Hub is strategically located near infrastructure and key markets, supporting low transmission costs.

• Active engagement with multiple gas buyers and ongoing evaluation of upside resource potential.