Annual report
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Comet Ridge ANNUAL REPORT 2026 Comet Ridge Limited ABN: 47 106 092 577
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CONTENTS Overview of Activities Chairman and Managing Director Letter to the Shareholders 2024 Annual Reserves Statement Corporate Governance Overview Statement Directors’ Report Auditor’s Independence Declaration Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Consolitaed Entity Disclosure Statement Directors’ Declaration Independent Auditor’s Report Additional Information Corporate Directory 1 10 12 15 16 30 32 33 34 35 36 65 67 74 77
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Comet Ridge Limited | Annual Report 2026 1 CONTENTS Overview of Activities Chairman and Managing Director Letter to Shareholders 2026 Annual Reserves Statement Corporate Governance Overview Statement Directors’ Report Auditor’s Independence Declaration Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Consolidated Entity Disclosure Statement Directors’ Declaration Independent Auditor’s Report Additional Information Corporate Directory 2 18 20 25 26 39 41 42 43 44 45 69 70 71 78 81
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2 Comet Ridge Limited | Annual Report 2026 Overview of Activities About Comet Ridge Limited (ASX: COI) (Comet Ridge or Company) is an ASX listed Australian energy company focused on the development of natural gas for the east coast Australian market. The Company has tenement interests and a suite of projects in Queensland. The Company’s flagship Mahalo Gas Hub area consists of high-quality natural gas resources with low CO2, shallow coals and very competitive production costs. The Mahalo Gas Hub contains gross 2P (Reserves) and 2C (Contingent Resources) totalling 676 PJ (Petajoules) close to the Gladstone LNG export and domestic market precinct as well as gas transport infrastructure. There is an ever-increasing domestic and international demand for natural gas as a source for cleaner energy and as a key manufacturing feedstock that makes thousands of products, used daily. The Federal Government’s Future Gas Strategy reinforces the important role natural gas will play alongside renewables, batteries and pumped hydro in securing Australia’s energy future. Comet Ridge plans to transition its Mahalo Gas Hub assets, including the Mahalo Gas Project, into meaningful gas supply for Australia’s east coast gas market. The Mahalo Gas Project was a joint venture with Santos QNT Pty Ltd (Santos or Operator) at 30 June 2026. It is now wholly owned by Comet Ridge after completion of the acquisition of Santos’s 42.86% interest in late August this year. Comet Ridge is currently reviewing and optimising the Front End Engineering Design (FEED) of the Mahalo Gas Project by integrating Comet Ridge’s 100% owned Mahalo North and Mahalo East assets towards a Final Investment Decision (FID).
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Comet Ridge Limited | Annual Report 2026 3 Figure 1 – Comet Ridge's Mahalo Gas Hub permits, west of Gladstone. Injune Rolleston Springsure Emerald Gladstone Roma Wallumbilla Biloela Rockhampton N LEGEND Authority to Prospect Potential Commercial Area Petroleum Lease - Comet Ridge/Santos Gas Pipeline Proposed Pipeline Petroleum Lease 0 100km50 B O W E N B A S I N PL 1083 PL 1082 Mahalo Far East Mahalo Gas Project Mahalo North Mahalo East Rolleston Compressor Station PLA 1128 PLA 1132 Mahalo Far East Ext.
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Queensland Permits Petroleum Leases (2), Petroleum Lease applications (2), Potential Commercial Areas (7), Authorities to Prospect (9) Southern Bowen Basin (CSG) Galilee Basin (conventional and CSG) Upstream FEED: Santos until 21 August 2026, Comet Ridge now optimising towards FID Pipeline FEED: Jemena completed 26,592 km 676 PJ - 2P + 2C (gross)^ East coast domestic gas and power generation, plus export LNG Domestic Gas Reservation Scheme - draft Design Framework announced May 2026 and Exposure Draft in September 2026 Government's intent is for legislation to commence in 2027, with domestic supply obligations applying from 1 January 2028 Basins Queensland Acreage Area Mahalo Gas Hub Development Activities Mahalo Gas Hub Reserves and Resources Market Focus Gas Regulation Permits Development Activity Funding Corporate Ÿ 3P Reserves increased by 35% to 149 PJ.Mahalo North Ÿ (ATP 2072) awarded to Comet Mahalo Far East Extension Ridge, extending its significant position in the Mahalo Gas Hub area. Ÿ materially Mahalo North environmental approvals progressed during the financial year, with Queensland Environmental Authority awarded post year end and Federal EPBC approval working through further information requests. Ÿ , Mahalo Joint Venture partners Santos and Comet Ridge, finalising select phase facilities design and capital cost optimisation as a precursor to commencing upstream Front End Engineering Design (FEED). Ÿ Mahalo Joint Venture pipeline planning with Jemena is ongoing with a plan to commence both FEED studies concurrently. Ÿ completed to progress Mahalo Joint $15.0 million placement Venture and Mahalo North natural gas projects to Final Investment Decision (FID). Ÿ $5.0 million Queensland Government grant to be applied to a lateral pilot well at Mahalo East being drilled and tested during FY2025. Ÿ Underlying loss after tax of $7.17 million (2022: $6.57 million), including $1.78 million of non-cash expenses. Ÿ Cash balance of $16.8 million at 30 June 2024. Ÿ Gas Sales Agreement (GSA) with CleanCo Queensland Limited executed on 18 September 2023, becoming Comet Ridge's inaugural GSA for supply of gas into the domestic gas market. Ÿ Data room process experienced a high level of activity, particularly during the June quarter, with multiple parties engaged in ongoing technical and commercial due diligence and structuring discussions. ^ 2P Gas Reserves and 2C Contingent Gas Resources have been independently certified (see Page 20). 4 Comet Ridge Limited | Annual Report 2026 Snapshot FY2024 Highlights
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Comet Ridge Limited | Annual Report 2026 5 Permit Activity Development Activity Funding Activity Corporate Activity • Mahalo East achieved independent gas reserves certification of 51.8 PJ (2P) and 118.5 PJ (3P). • Mahalo North federal environmental approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC) for the Mahalo North (PLA 1128) natural gas development received in December 2025. FY2026 Highlights • Mahalo Gas Project: Santos completed input into Front End Engineering Design (FEED) for the gas field, gathering system, gas compression and water handling facilities (Upstream FEED) and handed over these workstreams to Comet Ridge. Comet Ridge is currently reviewing and optimising the FEED for the Mahalo Gas Project by integrating Comet Ridge's 100% owned Mahalo North and Mahalo East assets towards a Final Investment Decision (FID). • Mahalo Gas Hub Pipeline (MGHP) FEED: Jemena completed the technical work for FEED for construction of a new 10-inch diameter high pressure natural gas pipeline and the Queensland Government formally awarded to Jemena a Point-to-Point Petroleum Pipeline Licence (PPL) for the transport of natural gas from the Mahalo Gas Hub in Central Queensland, to connect into two major natural gas transmission pipelines to the south (into both the domestic market and LNG market). • Gas Sales Agreement (GSA) with CleanCo Queensland Limited amended in June 2026 to extend the date for first gas supply and apply a flat profile at full contract rate; extend the satisfaction dates of the financing and gas transportation conditions precedent which are now for the benefit of both parties; and to add two new conditions precedent requiring demonstration of gas production prior to gas supply commencement and providing for no adverse change to CleanCo’s requirement for gas to be supplied under this Agreement, as determined by CleanCo at its discretion by 31 March 2027. • Memorandum of Understanding (non-binding) executed with Highview Power Pty Ltd (Highview) in July 2026 for a GSA to supply Highview’s large scale electricity project located at the Aldoga State Development area at East End, near Gladstone, Queensland, targeting 3.6 PJ/a (10 TJ/d) for a minimum of five years. • Northern Australia Infrastructure Facility (NAIF) application for funding for Mahalo Gas Hub development has successfully completed Strategic Assessment Phase and received NAIF Board formal approval to proceed to Due Diligence stage. • $40.9 million equity placement and SPP: Equity placement Tranche 1 of $30.6 million completed on 24 June 2026 and Tranche 2 of $9.4 million subject of shareholder approval completed in August 2026. Share Purchase Plan (SPP) raised an additional $875,750. Placement and SPP included one unlisted free attaching option for every two securities allotted with a strike price of 15.0c per option expiring on 30 June 2028. • Acquisition of Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project executed in December 2025, to take Comet Ridge ownership to 100%. Key terms revised in May 2026, and acquisition completed in August 2026. • Cash balance of $27.7 million at 30 June 2026. • FY2026 loss after tax of $4.37 million (2025: $2.47 million), including non-cash items of $0.92 million. • Directors: Ms Gillian Swaby retired at the November 2025 AGM and Mr Shaun Scott retired to focus on other business commitments. Mr Mark McCabe was appointed in July 2026. • CFO Mr Phil Hicks resigned to pursue an external opportunity and Mr Robin Polson was appointed in November 2025.
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6 Comet Ridge Limited | Annual Report 2026 Portfolio Overview Comet Ridge has highly prospective, large footprint gas assets in two Queensland basins with near-term developments in the Mahalo Gas Hub area (see permit summary in Table 1). State CSG Interest Conventional Interest 2Area (km ) Mahalo Gas Hub, southern Bowen Basin Galilee Basin Mahalo Gas Project (PL 1082, PL 1083, PCA 338) 2Mahalo North (ATP 2048 - PLA 1128, PLA 1132) Mahalo East (ATP 2061) Mahalo Far East (ATP 2063) ATP 743, PCA 319 ATP 744, PCA 320, 321, and 322 ATP 1015, PCA 323 and 324 QLD QLD QLD QLD QLD QLD QLD 57.14%3 100% 100% 100% 100% 100% 100% 1n/a 100% 100% 100% 70% 70% 70% 989 360 97 338 750 2,182 1,810 Comet Ridge Queensland Permits Mahalo Far East Extension (ATP 2072) QLD 100% 100% 66 Table 1 – Summary of Comet Ridge Queensland Permits at 30 June 2026 1 Comet Ridge has rights for gas down to the level of the lower Mantuan coals. 2 Until both PLs are awarded formally the original ATP 2048 remains in place concurrent with both applications. 3 On 21 August 2026, Comet Ridge's ownership increased to 100% on completion of the acquisition of Santos's interest in the Mahalo Gas Project. 1. Mahalo Gas Hub, Bowen Basin, QLD Mahalo Gas Project - (PL 1082, PL 1083, PCA 338) Overview - Comet Ridge's Mahalo Gas Project, encompassing the joint venture with Santos QNT Pty Ltd (42.86%) (Santos or Operator) which ended with the completion of the acquisition of Santos's interest in late August this year, is located approximately 240 km west of Gladstone in the southern Bowen Basin, covering an area of approximately 989 km². The project area is approximately 80 km to the north of pipeline infrastructure connecting to the east coast gas market (Figure 2) for both domestic gas and LNG export. The initial focus for development of the project under Santos's operatorship had been in the two existing Petroleum Leases PL 1082 and PL 1083 (Figure 2 and Figure 3) which have been heavily appraised to date, with strong flow rates achieved and reserves independently certified. Comet Ridge is currently reviewing and optimising the Front End Engineering Design (FEED) for the Mahalo Gas Project by integrating Comet Ridge's 100% owned Mahalo North and Mahalo East assets towards a Final investment Decision (FID).
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Comet Ridge Limited | Annual Report 2026 7 B O W E N B A S I N Rolleston Springsure Emerald Gladstone Biloela Rockhampton N 0 100km50 PLA 1128 PL 1082 Mahalo Far East Mahalo Gas Project Mahalo North Mahalo East Rolleston Compressor Station PLA 1132 PL 1083 Mahalo Far East Ext. Figure 2 – Regional location of the Mahalo Gas Hub area showing proximity to pipeline infrastructure Gas Reserves and Resources - Comet Ridge's net 57.14% interest in Mahalo Gas Project Gas Reserves and Contingent Gas Resources at 30 June 2026 is shown in Table 2 below. Gas Reserves (PJ) Mahalo Gas Project COI 57.14% interest 1P 0 Table 2 – Comet Ridge's share of Mahalo Gas Project Gas Reserves and Contingent Resources at 30 June 2026 2P 3P 152 262 Contingent Gas Resources (PJ) 1C 109 2C 3C 180 294 (rounded to nearest whole number) LEGEND Authority to Prospect Potential Commercial Area Petroleum Lease Application - Comet Ridge Gas Pipeline Proposed Pipeline Petroleum Lease Petroleum Lease - Comet Ridge/Santos Development activities – During the second half of FY2026 Santos (Development Operator) completed input into Front End Engineering Design (FEED) for the gas field, gathering system, gas compression and water handling facilities (Upstream FEED) and, as a result of the completion of the acquisition of Santos's 42.86% interest in the Mahalo Gas Project, has now handed over these workstreams to Comet Ridge after the end of the financial year. Comet Ridge has engaged Equinox Engineering Limited (Equinox) to carry out preliminary value improvement and optimisation work to review the FEED outputs for both gas and water processing, and to provide independent high level cost estimates. Jemena Queensland Gas Pipeline (1) Pty Ltd and Jemena Queensland Gas Pipeline (2) Pty Ltd (collectively, Jemena) has completed the technical work for the FEED for construction of a new 10-inch diameter high pressure natural gas pipeline and the Queensland Government has formally awarded Jemena a Point-to-Point Petroleum Pipeline Licence (PPL) for the transport of natural gas from the Mahalo Gas Hub in Central Queensland, to connect into two major natural gas transmission pipelines to the south (see Figure 3). These supply to both domestic and international LNG markets.
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8 Comet Ridge Limited | Annual Report 2026 Gas Pipeline Rolleston Compressor Station Jemena GLNG QGP Pipeline Santos Proposed Gas Pipeline Rolleston Sirius Road 2 Sirius Road 1 Humboldt Creek 2 Memooloo 2 Katrina 1 Lowesby 1 Struan 2 Mira 1 Humboldt 1 Scrubber Gully 1 Scrubber Gully 2 Turkey’s Nest 1 Struan 3 Humboldt South 1 Mahalo 2Mahalo 1 Somerby 1 Struan 1 Luton 2 Blackdown 2 Zerogen 4 Zerogen 3 Memooloo 1 Luton 1 Zerogen 2 Mahalo North 1Mahalo North 2 Blackdown 3 PCA 302 PCA 303 PCA 304 PL 1082 2234km PL 1083 2234km ATP 2048 2360km ATP 2061 297km ATP 2063 2338km Mahalo North Mahalo Far East Mahalo East Comet Ridge 100% Operator Mahalo JV Project Comet Ridge (57.14%) Santos (42.86%) - Operator N PLA 1128 2141kmPLA 1132 2219km Mahalo Far East Ext. 266km ATP 2072 Figure 3 – Map of Mahalo Gas Project PL areas (PL 1082 and PL 1083) within the Mahalo Gas Hub showing the proposed MGHP corridor
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Comet Ridge Limited | Annual Report 2026 9 Mahalo North – (ATP 2048 including PLA 1128 & PLA 1132) Overview – Within Mahalo North, Comet Ridge has two Petroleum Lease (PL) application areas covering 360 km2 that are directly northwest of, and contiguous with, the Mahalo Gas Project. The initial exploration block (ATP 2048) was awarded to Comet Ridge as 100% equity holder by the Queensland Government on 29 April 2020, following a competitive bidding process and subsequent approval of an Environmental Authority (EA) for appraisal and execution of a Native Title agreement over the block. Gas produced from both PLs at Mahalo North will be subject to domestic supply conditions. How those Queensland Government conditions relate to, and interact with, the proposed reservation for domestic gas by the Federal Government is uncertain at this stage. Gas Reserves and Resources – Comet Ridge completed the successful Mahalo North 1 production test, resulting in certification of initial 2P and 3P Gas Reserves for Mahalo North in November 2022 and then a subsequent upgrade of 3P Reserves in December 2023 as shown in Table 3 below. The 3P Reserves upgrade was underpinned by five new geologic sectors being added to the Mahalo North Project 3P areas as a result of optimisation undertaken on project design during pre-FEED studies and additional open file data becoming available, giving further information on coal architecture and properties. Gas Reserves (PJ) Mahalo North COI 100% interest 1P 12 2P 3P 43 149 Contingent Gas Resources (PJ) 1C - 2C 3C - - Table 3 – Mahalo North Gas Reserves at 30 June 2026 (rounded to the nearest whole number) Development approvals – The initial gas development area will be in the south of ATP 2048 where Comet Ridge completed the Mahalo North 1 production test and where 1P and 2P Reserves are certified. PLA 1128 (see Figure 4 below), which was submitted by Comet Ridge in October 2023 for the initial development area, has been fully environmentally approved at state and federal levels and is awaiting approval by the Queensland Department of Resources after local council rating issues are clarified. In December 2025, Comet Ridge received formal approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act or EPBC) for the PLA 1128 natural gas development in Queensland’s Bowen Basin which clears the way for the award of the petroleum licence. This block sits to the northwest of, and directly adjacent to, the Mahalo Gas Project. The EPBC approval allows Comet Ridge to construct and operate up to 68 coal seam gas wells, associated gas facilities and gathering lines. In conjunction with the existing development approval for the Mahalo Gas Project, this is a
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10 Comet Ridge Limited | Annual Report 2026 FEED activities – The proposed development scope within PLA 1128 will now be integrated with the broader Mahalo Gas Hub development considering Comet Ridge is 100% owner and operator of all the Mahalo Gas Hub assets from August 2026. Gas Pipeline Memooloo 2 Mahalo 2 Mahalo 1 Luton 2 Zerogen 4 Zerogen 3 Memooloo 1 Luton 1 Zerogen 2 Mahalo North 1Mahalo North 2 10km50 PL 1082PL 1083 ATP 2048 2360km Mahalo North N PLA 1128 2141km PLA 1132 2219km Comet Tenement CSG well Pilot well Gas Pipeline LEGEND Petroleum well There is additional gas in place further north in the Mahalo North block which may lead to an expansion of certified Mahalo North 2P Reserves in the future. Figure 4 – Map of PLA 1128 (initial development area) and PLA 1132 within Mahalo North (both part of the original ATP 2048) key approval step for a larger development area and this area is being considered as part of the initial Mahalo Gas Hub development now that Comet Ridge is the 100% owner of the Mahalo Gas Project. A second Petroleum Lease application (PLA 1132) was submitted by Comet Ridge in April 2024 and is in the early stages of assessment (see Figure 4 below). During the 2024 financial year, Comet Ridge executed a Conduct and Compensation Agreement (CCA) with the landholder that occupies the main Mahalo North development area within PLA 1128. This development CCA covers the initial production wells, roads and tracks, compression facilities (if required), water treatment and storage facilities as well as a small site office and accommodation. The total land area impact on this property is expected to be approximately 1% and the relationship with the landholder remains very positive. Comet Ridge will be able to supply valuable, produced water for stock watering and agricultural use.
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Comet Ridge Limited | Annual Report 2026 11 Mahalo East – (ATP 2061) Overview - This 97 km2 block is also highly prospective given its location directly north-east of, and contiguous with, the Mahalo Gas Project. The block was awarded to Comet Ridge as 100% equity holder by the Queensland Government on 25 September 2020, after a competitive tender process. Gas produced from Mahalo East is also subject to domestic supply conditions. How those Queensland Government conditions relate to, and interact with, the proposed reservation for domestic gas by the Federal Government is uncertain at this stage. Appraisal activities - Comet Ridge undertook a pilot drilling and production program at Mahalo East in the first half of FY2025, with drilling and testing costs largely funded from a $5 million grant under the Queensland Government’s Frontier Gas Exploration Grants Program. The pilot comprised a vertical production well (Mahalo East 1) and a lateral (horizontal) well (Mahalo East 2), similar in design to Comet Ridge’s successful Mahalo North pilot. The objective of the pilot production test was to convert previously certified 2C (31 PJ) and 3C (122 PJ) Contingent Resources into Gas Reserves and to also position the project for development. Gas Reserves and Resources – Following the successful pilot production test, Comet Ridge certified initial 2P and 3P Gas Reserves for Mahalo East as announced on 25 July 2025 shown in Table 4 below. Gas Reserves (PJ) Contingent Gas Resources (PJ) Mahalo East 1P 2P 3P 1C 2C 3C COI 100% interest - - --52 118 Table 4 – Mahalo East Gas Reserves at 30 June 2026 (rounded to the (nearest whole number)
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12 Comet Ridge Limited | Annual Report 2026 Mahalo Far East - (ATP 2063) and Mahalo Far East Extension - (ATP 2072) Overview – ATP 2063, a large 338 km2 block, was awarded to Comet Ridge on a 100% equity basis on 10 May 2021. Mahalo Far East contains coals that are generally deeper and have notably higher natural gas content than the main Mahalo high productivity fairway, adding significant additional gas-in-place volume to Comet Ridge’s portfolio in the Mahalo Gas Hub area. This block also contains conventional (sandstone) gas potential underneath the coals, for which Comet Ridge also holds 100% equity. Comet Ridge has also identified a large CSG opportunity on the eastern flank of the permit, known as the Blackdown play, which is deeper than the high- quality CSG fairway within the main Mahalo Gas Hub area. The Blackdown play is deeper, has elevated coal maturity and higher gas content which is likely to require longer lateral wells for commerciality, but could ultimately produce excellent gas volumes. In FY2025 Comet Ridge was awarded a new block in the Mahalo Gas Hub area (ATP 2072), called Mahalo Far East Extension. ATP 2072 covers an area of 66 km2 and is located immediately north of Mahalo East and west of Mahalo Far East (see Figure 3), approximately 85 km south-east of Emerald. The southern portion of the new block sits over the Mahalo Gas Hub high-quality fairway and is expected to be a location for future production wells for the Mahalo Gas Hub development. 2. Galilee Basin Permits Comet Ridge holds a large acreage position of 6,383km2 in the eastern part of the Galilee Basin. This acreage contains substantial 3C Contingent Resources, shown in Table 5 below, which have been independently certified at two stratigraphic levels. These comprise the sandstones or “Deeps” (from a depth of approximately 2,500 metres) in the Albany structure and also CSG or “Shallows” in the Gunn Project Area (from a depth down to approximately 1,000 metres). Comet Ridge Limited CSG, Gunn Project Area (COI 100%) Contingent Gas Resources (PJ) 0 67 1,870 Table 5 – Comet Ridge's share of Galilee Basin Contingent Gas Resources at 30 June 2024 (rounded to nearest whole number) Conventional, Albany Structure (COI 70%) 39 107 292 Galilee Basin Permits (COI net interests) 1C 2C 3C Total 39 174 2,162 In 2019, Comet Ridge and Vintage Energy created the Galilee Deeps Joint Venture (GDJV), with Vintage Energy earning a 30% interest by funding the Albany 1 well and additional 2D seismic aimed at the deeper sandstone reservoir sections. The Albany 1 well flowed 230,000 cubic feet of gas per day and confirmed these deeper sandstones could indeed be productive. The GDJV participants have identified up to 20 sandstone leads and prospects in this deeper section of the basin for future appraisal. PCAs numbered 319 to 324 (Figure 7) and have been awarded to Comet Ridge for a term of 15 years ending 9 September 2037. All three of the underlying permits, ATPs 743, 744 and 1015, have also been renewed for a further term of 12 years, ending 3 September 2033, 31 October 2033 and 30 November 2034 respectively. Comet Ridge continues to work through the next phase of appraisal with Vintage Energy and is focused on several studies to extend technical knowledge on charge (source & migration), reservoir, seal and trap. N G A L I L E E B A S I N 100km ATP 1015 Hughenden Longreach Barcaldine Charters Towers Aramac ATP 744 ATP 743 PCA 320 (Albany) PCA 319 (Koburra) (Schmitt East) PCA 324 (Ophir) (Schmitt) PCA 322 (Gunn) PCA 321 PCA 323
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2. Galilee Basin Permits 2 Comet Ridge holds a large acreage position of 4,742 km in the eastern part of the Galilee Basin. This acreage contains substantial 3C Contingent Resources, shown in Table 5 below, which have been independently certified at two stratigraphic levels. These comprise the sandstones or “Deeps” (from a depth of approximately 2,500 metres) in the Albany structure and also CSG or “Shallows” in the Gunn Project Area (from a depth down to approximately 1,000 metres). CSG, Gunn Project Area (COI 100%) Contingent Gas Resources (PJ) 0 67 1,870 Table 5 – Comet Ridge's share of Galilee Basin Contingent Gas Resources at 30 June 2026 (rounded to nearest whole number) Conventional, Albany Structure (COI 70%) 39 107 292 Galilee Basin Permits (COI net interests) 1C 2C 3C Total 39 174 2,162 In 2017, Comet Ridge and Vintage Energy (ASX: VEN) created the Galilee Deeps Joint Venture (GDJV), with Vintage Energy earning a 30% interest by funding the Albany 1 well and additional 2D seismic aimed at the deeper sandstone reservoir sections. The Albany 1 did not quite reach its full total depth objective and yet the well flowed 230,000 standard cubic feet of gas per day and confirmed these deeper sandstones could indeed be productive. The GDJV participants have identified up to 20 sandstone leads and prospects in this deeper section of the basin for future consideration and appraisal. PCAs numbered 319 to 324 (Figure 7) have been awarded to Comet Ridge and Vintage Energy for a term of 15 years ending in September 2037. All three of the underlying permits, ATPs 743, 744 and 1015, have also been renewed for a further term of 12 years, ending in September 2033, October 2033 and November 2034 respectively. Comet Ridge continues to work through the next phase of appraisal with Vintage Energy and is focused on several studies to extend technical knowledge on charge (source & migration), reservoir quality, seal and trap. N G A L I L E E B A S I N 100km ATP 1015 Hughenden Longreach Barcaldine Charters Towers Aramac ATP 744 ATP 743 PCA 320 (Albany) PCA 319 (Koburra) (Schmitt East) PCA 324 (Ophir) (Schmitt) PCA 322 (Gunn) PCA 321 PCA 323 Comet Ridge Limited | Annual Report 2026 13 Figure 7 – Galilee permits showing the PCAs within the three ATPs
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3. New South Wales Permits Comet Ridge has one remaining NSW exploration licence (PEL 427), which was renewed by the NSW Government on 12 May 2022 for a period of six years. The approved area was reduced to 12 blocks by the NSW Government over an area of 891 km2 located in the northern Gunnedah Basin, immediately north of Santos’s Narrabri CSG Project in the Bohena Trough. Comet Ridge holds a 59.1% CSG equity interest and 100% conventional equity interest in PEL 427. Comet Ridge is the Conventional Operator whilst Santos operates the CSG interest. Given the uncertainty and significant risk related to investment for natural gas in NSW, the Company is planning to be 100% focused on its Queensland operations for the foreseeable future. 14 Comet Ridge Limited | Annual Report 2026
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Comet Ridge Limited | Annual Report 2026 Other Activities Health, Safety and Environment Following completion of the production testing at Mahalo East in the 2025 financial year, appraisal field activity decreased significantly across the business during FY2026 as the Company prepared for development. Field visits continued in order to inspect assets and undertake environmental monitoring at Mahalo North in accordance with water monitoring requirements. This also allowed positive interaction with a number of landholders. Total operational hours worked across the business in FY2026 was 18,200 down from 40,192 in the previous year. Consistent with prior years, no safety or environmental incidents were recorded during the 2026 financial year. As the Company moves forward to development of the Mahalo Gas Project, and indeed the entire Mahalo Gas Hub, the business will focus on ensuring that its Safety and Environmental Management System remains fit for purpose and robust, so that operations comply with all applicable regulatory requirements and approvals. Community Comet Ridge takes its corporate social responsibility seriously. This is reflected in a strong commitment across the Company to working constructively with community stakeholders in the regions where it operates. This approach has helped maintain positive external and stakeholder relationships. Throughout FY2026 Comet Ridge has undertaken the following activities: • Attended and contributed to a number of government and industry organised workshops; • Sponsored local community events in Rolleston, Queensland; and • Continued engagement with Central Highlands Regional Council. Community engagement and respect for the communities where the Company operates are core values for Comet Ridge and are also supported by legislation and regulation. The Queensland ‘Land Access Code’, developed in concert with relevant legislation and enshrined in regulation, is the industry reference for landholder and community relations and for interaction between landholders and the gas industry. Comet Ridge has always acted consistently with the principles and guidelines set out in this Code of Practice. Comet Ridge Limited | Annual Report 2026 15
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Comet Ridge believes that co-existence and mutual respect are the cornerstones of community relations. The Company has built on the strong relationships developed over previous years and continues to enjoy excellent relationships with landholders, local government, the wider community, and relevant stakeholders. In its engagement with local government, the Company continues to maintain contact with relevant officials and elected representatives in the local government areas where Comet Ridge operates. This contact provides an opportunity to communicate with local communities at a broad level, listen to the views of local residents and businesses, and align those priorities with the Company’s plans. The Company also prioritises the use and support of local contractors and businesses in its operations. Through membership of the Australian Energy Producers (AEP – formerly APPEA), the Company interacts with government representatives (at multiple levels) and directly with other key agencies such as Coexistence Queensland which has grown out of the Queensland Gas Fields Commission. Comet Ridge maintains strong relationships with the relevant Queensland Government departments, including the Department of Natural Resources and Mines, Manufacturing and Regional and Rural Development and the Department of Environment, Tourism, Science and Innovation and also with the Co-ordinator General’s Department and State Development. Cultural Heritage Comet Ridge values its relationships with Traditional Owners and respects their heritage and culture. The Company acts to protect and secure Indigenous Cultural Heritage when conducting field activities by working with the local Cultural Heritage claimant group and briefing that group prior to any field activities. The Company also engages the local Cultural Heritage group to conduct field surveys before any field work or land disturbance and ensures compliance with all relevant legislation. Protecting, preserving and respecting Indigenous culture, Indigenous peoples’ deep connection to the land and ensuring artefacts and areas of cultural significance are secured are extremely important to Comet Ridge. The Company has a number of Native Title agreements in place. Environment and Sustainability As part of Australia’s community of oil and gas operators, Comet Ridge acknowledges the important role that the industry will play in the future energy mix. In delivering this essential component of the prosperity and wellbeing of all Australians, the Company recognises the need to minimise the impact of its activities and remediate areas affected by operations so that the environment it touches, or is connected to, experiences the lowest possible impact. Natural gas will provide long-term energy and manufacturing security for Queensland and Australia, and indeed for our Asian partners via LNG, which is fundamental to society’s wellbeing. The approach to environmental, social and governance (ESG) issues across the natural gas industry is an evolving and critical component of a company’s social licence to operate. Companies with strong ESG programs and performance benefit directly through stakeholder engagement and investor participation. Comet Ridge is actively engaging, independently and through AEP, to develop its own ESG program. The environmental aspects of its operations are governed by strict state and federal laws and regulations which are integrated into operational procedures, including the assessment of potential environmental impacts before any project commences. Comet Ridge also engages with relevant stakeholders, including landholders, native title claimants and local governments to minimise impact. Comet Ridge also understands that the world must use its resources wisely and that society is transitioning to produce fewer greenhouse emissions. Apart from domestic uses such as cooking and heating, gas remains an essential input for industries as diverse as glass, bricks, plasterboard, aluminium and other metals, plastics, pharmaceuticals, synthetic fibres and fertilisers. Natural gas can also support firming power because it burns more cleanly than other hydrocarbon fuels and can generate electricity at short notice with significantly fewer emissions. 16 Comet Ridge Limited | Annual Report 2026
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Comet Ridge Limited | Annual Report 2026 17 Natural gas is a critical input in the manufacture of thousands of products used every day. It is a key input for ammonia-based fertilisers, which help maximise crop yields and support food production for a growing global population. Synthetic fibres such as nylon are hydrocarbon (natural gas and oil) based, and many plastics used in cars, houses, phones, keyboards and computers are also made from natural gas. Natural gas is also used to build many components needed for solar panels and wind turbines, and to refine ore for metals used in renewable energy infrastructure. It is difficult to contemplate a world without the products that natural gas provides, and Australian manufacturing would be significantly constrained without it. Our goal is to operate efficiently and responsibly, with the support of our stakeholders. We want our communities, employees and shareholders to all enjoy the benefits of Comet Ridge developing Queensland’s natural gas resources.
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18 Comet Ridge Limited | Annual Report 2026 Chairman and Managing Director letter to shareholders Dear Fellow Shareholder, The past financial year for Comet Ridge was transformational, with the agreement to take full control of the Mahalo Gas Project from Santos and setting the building blocks in place to be able to work towards FID for the large Mahalo Gas Hub. Prior to the December agreement to consolidate the entire Mahalo area to Comet Ridge, Santos (Mahalo Gas Project operator) and Jemena (our Build Own Operate proponent for the Mahalo Gas Hub Pipeline) progressed their respective Front End Engineering Design (FEED) processes towards completion. A few weeks into the financial year we received an independent reserves certification for 51.8 PJ of 2P Reserves and 118.5 PJ of 3P Reserves, confirming our confidence in the Mahalo East (ATP 2061) block which we had won in a competitive tender a few years earlier. This gives us material additional developable area (100% equity position) to Mahalo North and the Mahalo Gas Project just to the south. Our CFO Phil Hicks resigned in July 2025 to pursue an external opportunity and was replaced by Robin Polson in November 2025, who brings deep experience in the ASX listed natural gas space and, in particular, in asset valuations, project funding and debt markets. The pivotal event for the financial year (and for perhaps the last several years) came in mid-December when we executed an agreement to acquire Santos QNT Pty Ltd’s 42.86% interest in the Mahalo Gas Project, taking Comet Ridge ownership to 100% on completion, which occurred on 21 August 2026. By moving to hold 100% equity across all gas blocks in the Mahalo Gas Hub area, and by boosting our 2P + 2C Reserve and Resource base to over 670 PJ, we are now able to optimise the development of the whole of the Mahalo gas resource and ensure Mahalo does make a significant contribution to the east coast gas market at a critical time. This transaction marks the culmination of a long and, at times, challenging journey for Comet Ridge and our shareholders. Securing control of the entire Mahalo Gas Hub represents a significant milestone for the Company, giving us the ability to shape its future on our own terms. We believe this places Comet Ridge in an enviable and unique position as we unlock the full value potential of the Mahalo Gas Hub. Funding this acquisition was achieved against the significant finance market headwinds of the Federal Government’s proposals regarding gas reservation on LNG producers (discussed below) and a temporarily weakened spot gas price. This was due mainly to temporary domestic oversupply as a result of maintenance outages at Gladstone LNG operations, a warmer than average southern winter compounded with full Victorian underground gas storage. $40.9 million (before costs) was raised through a two-tranche share placement and a share purchase plan. We are grateful for the support we received from shareholders. The board and management team also contributed to over $300,000 in this placement. A further $8.6 million of the purchase price was settled by the issue of 83.78 million ordinary securities to Santos at the placement price of 10.25 cents per share and three $10 million production milestone payments will be made to Santos when the project is up and moving sales gas into market. We were, of course, pleased to see Santos' continued confidence in the Mahalo development by taking Comet Ridge scrip and also production linked payments for this transaction. In May 2026, the Federal Government announced its intentions with regard to domestic gas reservation from LNG exporters, which was due to commence 1 July 2027 but, on the latest draft of information, is now set to commence on 1 January 2028. This has no direct policy impact on Comet Ridge but may influence markets in which we operate. It has created great uncertainty in the gas industry and a reluctance to progress any gas developments until certainty returns. The stated intent of the Federal Government policy is to provide downward pressure on natural gas prices in the domestic market, and this is to be achieved by mandating that LNG exporters provide a fixed proportion of their gas production to the domestic market. Whilst
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this was initially set at 20% of total production, the latest information has somewhat softened this to “up to” 20%. The final details of the scheme have not yet been released, and we have made strong recommendations and suggestions through the formal and informal channels made available to us. There is ongoing consultation between gas producers and the relevant Federal Government departments and the three involved Federal Ministers – Bowen, King and Ayers. The Federal Government is wanting more gas supply into the market, and we believe it will introduce a scheme that should incentivise new production from projects like Mahalo. We hold a considerable proportion of our current total natural gas reserves and resources in the Mahalo Gas Project Petroleum Leases (PLs 1082 & 1083) and the Potential Commercial Area (PCA 338) in the heart of the Mahalo Gas Hub. These tenures have no domestic market requirement and consequently the most logical outcome for the Company to balance its average market gas pricing would be to allocate a significant volume of this gas into the export market via LNG. This could be achieved through simple gas sales into the owners of LNG schemes or via a tolling arrangement (yet to be agreed) where Comet Ridge is exposed directly to international, US dollar, oil linked LNG prices. Given ongoing events in the Middle East with a loss of LNG capacity, many forecasters predict higher LNG prices to continue well into the future. In terms of development of the Mahalo Gas Project, Santos (Development Operator up to August 2026) completed input into FEED for the gas field, gathering system, gas compression and water handling facilities during the March quarter and handed over these workstreams to Comet Ridge on completion of the acquisition of the Santos share in the Mahalo Gas Project in August 2026. We have engaged Equinox Engineering Limited to conduct preliminary value improvement work to review the FEED outputs for both gas and water processing, and to provide independent high level cost estimates. Jemena has completed the technical work for the FEED for construction of a new 10-inch diameter high pressure natural gas pipeline. In June 2026, the Queensland Government formally awarded Jemena a Point-to-Point Petroleum Pipeline Licence for the transport of natural gas from the Mahalo Gas Hub in Central Queensland, to connect into two major natural gas transmission pipelines to the south, one owned by Jemena and one by the GLNG Joint Venture, participants of which are Santos, TOTAL, Petronas and Kogas. At Mahalo North we received approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC) for the Mahalo North (PLA 1128) natural gas development in Queensland’s Bowen Basin after a reasonably long process in December 2025. This block sits to the northwest of, and directly adjacent to, the Mahalo Gas Project. The EPBC approval will allow us to construct and operate coal seam gas wells, associated gas facilities and gathering lines over the application area which covers 141 km2. In conjunction with the existing development approval for the Mahalo Gas Project, this is a key approval step for a larger development area. CleanCo Queensland Limited (CleanCo) reconfirmed its commitment to purchase 21 PJ to 25 PJ of natural gas from the Mahalo Gas Hub in June 2026 by agreeing to extend the date of first gas supply and apply a flat profile at full contract rate, to extend the satisfaction dates of the financing and gas transportation conditions precedent, and to extend the date of remaining conditions. Two new conditions precedent were added requiring demonstration of successful gas production prior to gas supply commencement and providing for no adverse change to CleanCo’s requirement for gas to be supplied under this Agreement, as determined by CleanCo at its discretion by 31 March 2027. We continue to engage with a range of other potential gas buyers, and a Memorandum of Understanding (non-binding) was executed with Highview Power Pty Ltd in July 2026 for a GSA to supply Highview’s large scale electricity project located at the Aldoga State Development area at East End, near Gladstone, Queensland. This targets 3.6 PJ/a (10 TJ/d) for a minimum of five years. Gas marketing is now being ramped up with our full control of the Mahalo Gas Project and as we look towards a final investment decision (FID). Our funding data room remained open during the year and, whilst we undertook some productive discussions with several parties to fund Mahalo or otherwise generate value for Comet shareholders, we did not reach a conclusion on any of these that we thought was sufficiently compelling at this stage. The gas market continues to tighten, and we see a complete lack of greenfield onshore natural gas (in a safe jurisdiction) to bring into the east coast gas market, such as the Mahalo Gas Hub provides. Our 100% control of the entire Mahalo Gas Hub gives us both a strong reserves position and commercial room to manoeuvre. We applied for debt financing from the Australian Government’s Northern Australia Infrastructure Facility (NAIF) for the Mahalo Gas Project and, in November 2025, NAIF advised that, following a review of the Strategic Assessment Phase by the NAIF Board, the Mahalo Gas Project has now been approved to proceed to NAIF’s Due Diligence Phase for the debt financing. Recent discussions with NAIF have confirmed that NAIF remains interested in progressing this potential debt facility now that we have 100% control of the Mahalo Gas Project. For the current financial year, now that we have 100% control of the Mahalo Gas Project, the focus is on optimising the FEED by integrating Comet Ridge’s 100% owned Mahalo North and Mahalo East assets towards FID, gas sales agreements, and funding. We thank our shareholders for their continued support and Comet Ridge personnel for their hard work and dedication throughout the 2026 financial year. Tor McCaul Managing Director James McKay Chairman Comet Ridge Limited | Annual Report 2026 19
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20 Comet Ridge Limited | Annual Report 2026 2026 Annual Reserves Statement Comet Ridge is pleased to present its Annual Reserves Statement in Table 6 below for the year ending 30 June 2026. Table 6 – Comet Ridge Limited – Reserves and Resources Annual Statement 1. Movements in Net Recoverable Reserves and Resources are explained in responses to Listing Rule 5.39.3 and 5.40.2 below. References to Petroleum Reserves in this Statement relate to the Company's independently certified Gas Reserves. 2. Subsequent to the booking of the Reserves and Resources for ATP 1191, the Authority to Prospect and the area that it covered has been converted on application to PL 1082 and PL 1083 along with PCAs 302, 303, and 304. PCA 338 replaces the individual PCAs under an amalgamation application. With effect from 21 August 2026, the 100% ownership of these permits were transferred to Comet Ridge and the joint venture that had existed between Santos QNT Pty Ltd and Comet Ridge Mahalo Pty Ltd formally ended. 3. 1P Petroleum Reserves for the Mahalo North Project have been included in this Reserves certification on the basis that a development decision by Comet Ridge (as 100% owner and operator of the project) is planned as soon as transport arrangements and PL application are concluded. Similarly, with Comet Ridge now focused on development plans for the Mahalo Gas Project to the south, the re-instatement of 1P Reserves for the Mahalo Gas Project will be reviewed and actioned as development plans are finalised. 4. Initial Petroleum Reserves (2P and 3P) were certified by the Company for the Mahalo East Project (ATP2061) as at 30 June 2025, as announced on 25 July 2025. These Petroleum Reserves replace the previous certified Contingent Gas Resources (1C, 2C and 3C) for Mahalo East (ATP 2061). ASX Listing Rules Annual Report Requirements * Listing Rule 5.39.1: Ÿ All 2P Petroleum Reserves recorded in Table 6 at 30 June 2026 are undeveloped and are attributable to unconventional gas. Ÿ 100% of the 2P Petroleum Reserves are located in the southern Bowen Basin. Ÿ No 1P Petroleum Reserves were recorded for the period ending 30 June 2026 for the Mahalo Gas Project or Mahalo East Project. Refer to ASX Announcement “Mahalo Reserves and Resources Revision” 30 October 2019 for details of the reason for the removal of the 1P Petroleum Reserves and the ASX Announcement "Mahalo East 2P Reserves Certification of 51.8 PJ" for explanation (in Notes to Table 1) of nil 1P Reserves. * Listing Rule 5.39.2: Ÿ The proportion of 1P and 2P Petroleum Reserves that are unconventional is 100%. The 1P and 2P Reserves recorded for the Company are located in the Company's southern Bowen Basin Mahalo Gas Project area (PL 1082, PL 1083 and PCA 338) and its Mahalo North project area (ATP 2048) and Mahalo East Project area (ATP 2061) both of which are also in the southern Bowen Basin. Listing Rule 5.39.3: Ÿ Table 6 records a comparison of Contingent Resources and Petroleum Reserves at 30 June 2026 as against the previous year and discloses that the Petroleum Reserves (2P and 3P) and Contingent Resources (2C and 3C) have changed as a result of the initial certification of Petroleum Reserves for the Mahalo East project (ATP 2061). COI InterestBasin Project/Permit Southern Bowen Basin, QLD Southern Bowen Basin, QLD Southern Bowen Basin, QLD Galilee Basin, QLD Galilee Basin, QLD Gunnedah Basin, NSW Total Mahalo JV (ATP 1191)2 Mahalo East (ATP 2061)4 Mahalo North (ATP 2048) Gunn (ATP 744) Albany (ATP 744) PEL 427 57.14% 100% 100% 100% 70% 59.09% *- 3*12 - - - - *12 *- 3*12 - - - - *12 *152 *43 *52 - - - *247 262 149 118 - - - 529 262 149 118 - - - 529 *152 *43 *52 - - - *247 **180 - - **67 **107 - **354 109 - - - 39 - 148 109 - - - 39 - 148 **180 - - **67 **107 - **354 294 - - 1,870 292 281 2,737 294 - - 1,870 292 281 2,737 1P 1P 2P *2P 3P 3P 1C 1C **2C **2C 3C 3C 30-6-25 30-6-25 30-6-25 30-6-25 30-6-2530-6-26 30-6-26 30-6-26 30-6-26 30-6-26 30-6-26 1Reserves (PJ) 1Contingent Resources (PJ) 1Comet Ridge Limited – Net Recoverable Reserves and Resources 30-6-25
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Comet Ridge Limited | Annual Report 2026 21 Listing Rule 5.39.4: • Comet Ridge first reported certified Petroleum Reserves for the Mahalo Gas Project on 27 August 2014 and these Reserves have remained undeveloped for greater than 5 years since the date initially reported. • The Mahalo Joint Venture has yet to reach a FID on the Mahalo Gas Project, which until 21 August 2026 had required the approval of both Joint Venture participants. From 21 August 2026 this project is 100% owned and operated by Comet Ridge Mahalo Pty Ltd, a wholly owned subsidiary of Comet Ridge Ltd. Comet Ridge is now optimising the project economics based on 100% ownership and in combination with its adjacent assets as it progresses a FID. • On 28 June 2022 Comet Ridge completed the acquisition of APLNG's 30% interest in the Mahalo Joint Venture to provide a pathway to project development with a streamlined joint venture comprising Comet Ridge and Santos with material equity positions and Santos continuing as Operator. • Concurrent with this holding in the Mahalo Gas Project, Comet Ridge holds a large 100% operated acreage position immediately adjacent to the Mahalo Gas Project area to the northwest and northeast and has, since the award of these permits, certified additional Petroleum Reserves and Resources in these areas. Comet Ridge plans to make use of common infrastructure that will be available to the Mahalo Gas Project following final investment decision, as well as Comet Ridge's 100% held projects. • Following an appraisal program Comet Ridge announced (ASX: 2 November 2022) the initial independent certification of 1P , 2P & 3P Reserves for its 100% held Mahalo North (ATP 2048) tenure, which has subsequently been updated with an upgrade in the 3P Reserves announced 20 December 2023. • Following an appraisal program by Comet Ridge in FY2025, the independent certification of 2P and 3P Reserves for its 100% Mahalo East (ATP 2061) tenure was announced (ASX: 25 July 2025). Governance Arrangements and Internal Controls Listing Rule 5.39.5: • Comet Ridge has obtained all of its Petroleum Reserves and Contingent Gas Resources estimates reported at 30 June 2026 from external independent consultants who are qualified petroleum Reserves and Resources evaluators as prescribed by the ASX Listing Rules. • Comet Ridge estimates and reports its Petroleum Reserves and Resources for its southern Bowen Basin tenures in accordance with the definitions and guidelines of the Petroleum Resources Management System 2018 and Guidelines for Application of PRMS 2011 as published by the Society of Petroleum Engineers (SPE PRMS). In respect to the Galilee Basin (Gunn Project Area) and Gunnedah Basin Resources estimates, these were made in accordance with the definitions and guidelines of the Petroleum Resources Management System 2007, published by the Society of Petroleum Engineers (SPE PRMS). In respect to the Galilee Basin (Albany Structure) Resources estimates, these were made in accordance with definitions and guidelines of the Petroleum Resources Management System 2007
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22 Comet Ridge Limited | Annual Report 2026 Guidelines for Application of PRMS 2011 as published by the Society of Petroleum Engineers (SPE PRMS). • To ensure the integrity and reliability of data used in the Reserves estimation process, the raw data is reviewed by senior reservoir engineering and geological staff at Comet Ridge before being provided to the independent reserve certifiers. Comet Ridge has not and does not currently intend to conduct internal certification of P etroleum Reserves preferring to appoint independent external experts prior to reporting any updated estimates of Reserves or Resources so as to ensure an independent and rigorous review of its data. • Comet Ridge reviews and updates its Petroleum Reserves and Resources position on a regular basis to ensure that if there is any new data that might affect the Reserves or Resources estimates of the Company, steps can be taken to ensure that the estimates are adjusted accordingly. **Listing Rule 5.40.1: • All 2C Contingent Resources at 30 June 2026 are undeveloped. Approximately 70% of the reported 2C Contingent Resource is attributable to unconventional gas with the remainder attributable to a sandstone reservoir referred to in Table 6 as the Albany Structure. • The geographical areas where the 2C Contingent Resources are located appear in the far-left column of Table 6. Listing Rule 5.40.2: • Table 6 records a comparison of the 2P and 3P Petroleum Reserves at 30 June 2026 against the previous year and discloses that the Petroleum Rese rves (2P and 3P) remain unchanged since the initial independent certification of Petroleum Reserves for the Mahalo East project (ATP 2061) as at 30 June 2025, announced 25 July 2025. Listing Rule 5.44: • The estimates of Reserves and Contingent Resources appearing in the 2026 Annual Reserves Statement for Comet Ridge Limited and its subsidiaries are based on, and fairly represent, information and supporting documentation determined by the various qualified petroleum reserves and resource evaluators listed below. • The estimate of the unconventional (CSG) Contingent Resources for the Gunn Project Area in A TP 744 were determined by Mr John Hattner, a full-time employee of Netherland, Sewell and Associates Inc. (NSAI), an independent petroleum reserve and resource evaluation company. Mr Hattner is a qualified petroleum reserves and resource evaluator as defined under the ASX Listing Rule 5.42. and is a member of the Society of Petroleum Engineers. Mr Hattner has previously consented to the publication of the Contingent Resources estimate for the Gunn Project Area in the form and context in which they appear in this Annual Reserves Statement for 2026.
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Comet Ridge Limited | Annual Report 2026 23 • The estimate of Contingent Resources for the Albany Structure in ATP 744 is taken from an independent report by Dr Bruce McConachie, an Associate Principal Consultant with SRK Consulting (Australasia) Pty Ltd, an independent petroleum reserve and resource evaluation company. Dr McConachie is a qualified petroleum reserves and resource evaluator as defined under the ASX Listing Rule 5.42 and is a member of the American Association of Petroleum Geologists, the Society of Petroleum Engineers and Australasian Institute of Mining and Metallurgy. Dr McConachie has previously consented to the publication of the Contingent Resources figures for the Albany Structure in ATP 744 in the form and context in which they appear in this Annual Reserves Statement for 2026. • The estimate of the Reserves and Contingent Resources for the Mahalo Gas Project, as part of ATP 1191+ (PL 1082 and PL 1083 along with PCA 338 ) was determined by and under the supervision of Mr Timothy L. Hower MHA Petroleum Consultants LLC (now part of the Sproule Group). Mr Hower is a full-time employee of Sproule and is a qualified petroleum reserves and resource evaluator as defined under the ASX Listing Rule 5.42. Mr Hower is a Licensed Professional Engineer in the state of Colorado, USA as well as being a member of The Society of Petroleum Engineers. Mr Hower has previously consented to the publication of the Reserve and Contingent Resource estimates for the Mahalo Gas Project in the form and context in which they appear in this Annual Reserves Statement for 202 6. • The estimate of the unconventional (CSG) Contingent Resources for PEL 427 were also determined by Mr Timothy L. Hower of Sproule. Mr Hower consented to the publication of the resource figures which appeared in the announcement of 7 March 2011 made by Eastern Star Gas Limited (ASX:ESG). Any reference and reliance on the Resource figures for PEL 427 as they appear in this Annual Reserves Statement is only a restatement of the information contained in the ASX:ESG announcement. • The estimate of the unconventional (CSG) Reserves for the Mahalo North area (ATP 2048) were also determined by Mr Timothy L. Hower of Sproule. Mr Hower has previously consented to the publication of Reserve figures in the form and context in which they appear in this Annual Reserves Statement for 2026. • The estimate of the unconventional (CSG) Reserves for the Mahalo East area (ATP 2061) was determined by Mr Timothy L. Hower of Sproule. Mr Hower has previously consented to the publication of Reserve figures in the form and context in which they appear in this Annual Reserves Statement for 2026. Notes to Net Recoverable Reserves and Resources Table: 1) Gas Reserve and Resource numbers have been rounded to the nearest whole number. 2) Comet Ridge's net Reserves, with the exception of Mahalo East, have not been adjusted for fuel or shrinkage (estimated at approximately 3%) and have been calculated at the wellhead (which is the reference point for the purposes of Listing Rule 5.26.5). Mahalo East Reserves assume 3% fuel and shrinkage losses as production activities such as wellsite compression and water treatment are planned to be powered using electricity from onsite gas fuelled generation (which is the reference point for the purposes of Listing Rule 5.26.5).
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Securing control of the entire Mahalo Gas Hub represents a significant milestone for the Company, giving us the ability to shape its future on our own terms. 24 Comet Ridge Limited | Annual Report 2026
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Comet Ridge Limited | Annual Report 2026 25 Corporate Governance Overview Statement The Directors and management of Comet Ridge are committed to the creation of shareholder value and recognise the need for high standards of corporate governance as integral to that objective. The Board is pleased to report that during the year ending 30 June 2026 the Company's corporate governance practices and policies have substantially accorded with those outlined in the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (4th Edition) (ASX Recommendations or ASX Guidelines) except as outlined in the Company's annual Corporate Governance Statement. Even where there is a deviation from the recommendations the Company continues to review and update its policies and practices in order that these keep abreast of the growth of the Company, the broadening of its activities, current legislation and good practice. The ASX Corporate Governance Council's (the Council) recommendations are not prescriptive but rather they are guidelines. If certain recommendations are not appropriate for the Company given its circumstances, it may elect not to adopt that particular practice in limited circumstances. Where the Company's Corporate Governance practices do not correlate with the practices recommended by the Council, the Company does not consider that the recommended practices are appropriate due to either the size of the Board or the management team or due to the current activities and operations being carried on by and within the Company. A copy of Comet Ridge's 2026 Corporate Governance Statement, which provides detailed information about governance and a copy of Comet Ridge's Appendix 4G which sets out the Company's compliance with the ASX Recommendations, is available on the corporate governance section of the Company's website at: http://www.cometridge.com.au/corporate- governance/.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 26 Comet Ridge Limited I Annual Report 2026 Directors’ Report Your Directors present their report on Comet Ridge Limited (Comet Ridge or the Company) and the consolidated entity (the Group) for the financial year ended 30 June 2026. The Company was incorporated on 23 August 2003 and listed on the Australian Securities Exchange on 19 April 2004. 1. Information on Directors The following persons were the Directors of Comet Ridge who held office for the whole or part of the year and up to the date of this Report. James McKay B.Com, LLB, Non-executive Chairman (Director since 16 April 2009) Special Responsibilities Ch airman Member of the Audit Committee Member of the Remuneration Committee Experience James McKay is Executive Chairman and co -founder of Walcot Capital, a venture capital business specialising in early stage commodity investments. Walcot Capital has established a number of large and successful resource projects including Tlou Energy Limite d, an ASX and AIM listed southern Africa focused coal seam gas company, and ERPM a South African based gold company that purchased the historic East Rand Proprietary Mine with a 51M oz reserve. James is the former Chairman of successful coal seam gas company Sunshine Gas Limited, having overseen that company’ s growth to join the ranks of Australia ’s Top 150 and a top ten Queensland company with a market capitalisation over $1 b illion, prior to its merger with Queensland Gas Company. Mr McKay is also a director and shareholder of Centenary Memorial Gardens Pty Ltd, a major Brisbane cemetery and crematorium. He is a past president of the Australasian Cemeteries and Crematoria Association, having served on its board for over eight years. James McKay has a strong commercial background, with sound finance, investment markets, business management and legal expertise. He holds degrees in commerce and law. Interest in Shares and Options 38,076,275 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Nil. Tor McCaul B.E (Hons/Petroleum), B.Econ, MBA, Managing Director (Director since 16 April 2009) Special Responsibilities Man aging Director Member of the Risk Committee Experience Tor McCaul was appointed Managing Director of Comet Ridge in April 2009 when the Company merged with Chartwell Energy Limited (Chartwell). He previously held the position of Chief Executive Officer of Chartwell having commenced with that company in 2008. Tor has over 30 years’ experience in the oil and gas industry. He graduated in Petroleum Engineering from UNSW in 1987 and spent the next nine years based in Brisbane working with operating companies in technical roles on projects in Queensland, New Zealand and PNG, w hich included a secondment to Chevron Niugini. He spent the following 11 years in Asia (Karachi, Jakarta, Chennai and Delhi) in technical, finance, commercial and managemen t roles. At VICO Indonesia (a BP-ENI JV) he was their LNG Contract Manager on the 23 million-tonne-per-annum Bontang LNG project. In India, he was Cairn plc’s Head of Commercial for the Indian business. Mr McCaul is currently a Director of the Australian Energy Producers (AEP) and has previously been the Chairman for the Queensland Section of the Society of Petroleum Engineers and was the 2013 Queensland Petroleum Exploration Association (QUPEX) President. Interest in Shares and Options 10,802,333 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Nil.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 27 Chris Pieters B.Sc (Hons), B.Bus, Executive Director (Director since 16 April 2009) Appointed Executive Director 17 June 2015. Special Responsibilities Nil. Experience Chris Pieter s is the M anaging Director a nd c o-founder o f W alcot C apital, a pr i vate venture c apital bus iness specialising i n early -st age commodity investments, and the former Managing Director of Tlou Energy Limited, when it was a private unlisted public company with CSG exploration interests in southern Africa. Previ ously he was Chief Commercial Officer at Sunshi ne Gas Limited prior to its merger with the Queensland Gas Company in 2008. Mr Pi eters also held other technical and business development roles at Sunshi ne Gas Limited. He is a member of the Petroleum Exploration Society of Australia. Interest in Shares and Options 1,576,178 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Nil. Gillian Swaby B.Bus, FAICD, FCIS, MAusIMM, Non-executive Director (Director since 9 January 2004 – did not stand for re-election at the AGM held on 14 November 2025) Special Responsibilities Chairperson of the Audit Co mmittee Experience Gillian Swaby has been involved i n financial a nd corporate administration f or listed companies for over 3 5 years, as both Director a nd Company Secretary covering a broad range of industry sectors. Ms Swaby has extensive experience in the area of corporate governance, corporate and financial ma nagement a nd board practice. Gillian is a past Chair of the Western Australian Council of Chartered Secretaries of Australia and State Councillor of the Australian Institute of Company Directors. Interest in Shares and Options 295,372 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Deep Yellow Limited, joined 10 October 2005, resigned 2 February 2026 Panoramic Resources Ltd, joined 8 October 2019, resigned 27 March 2024 Martin Riley B.E (Hons 1/Chem), Non-executive Director (Director since 13 March 2019) Special Responsibilities Cha irperson of the Risk Committee Chairperson of the Remuneration Committee (upon Shaun Scott’s resignation) Member of the Audit Committee Experience Martin Riley holds a first-class honours degree from Sydney University in Chemical Engineering and has 35 years’ experience in the upstream oil and gas industry in a variety of roles. Martin was influential in the commercial inception and development of the Coal Seam Gas (CSG) industry in Queensland in the 1990s with Origin Energy. Martin has held a number of sub- surface technical roles, and senior executive positions within the industry, across both CSG and conventional assets, through exploration, development and production. Interest in Shares and Options 850,895 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Nil.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 28 Comet Ridge Limited I Annual Report 2026 Shaun Scott B.A (Rec Admin), B.Bus (Acc), ACA, Non-executive Director (Director since 16 October 2019 – resigned 3 June 2026) Special Responsibilities Ch airperson of the Remuneration Committee Member of the Audit Committee Experience Shaun Scott is an experienced independent non- executive director on both public and private boards. As an executive, Mr Scott was CEO of Arrow Energy Limited and was instrumental in taking this business from a $20 million coal seam gas explorer to a significa nt gas and energy producer and leader in the development of the Queensland LNG industry, until Ar row’s $3.5 billion acquisition by Shell and Petro - China in 2010. At the Board level, Shaun has operated as Chairman and non- executive director of a number of publicly listed companies and chaired numerous Board sub -committees. Mr Scott has specific expertise and experience in business strategy, negotiations, financial and risk management, executive remuneration, governance and safety leadership. He is a member of the Chartered Accountants Australia and New Zealand. Interest in Shares and Options 1,038,074 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Noble Helium Limited (Executive Chairman), joined 25 January 2022, resigned 7 March 2024 Noble Helium Limited (Managing Director), appointed 7 March 2024, resigned 17 January 2025 Mark McCabe BCom, CA, MAppFin, GAICD, Non-executive Director (Director since 13 July 2026) Special Responsibilities Cha irperson of the Audit Committee Member of the Remuneration Committee Experience Mark McCabe is a Chartered Accountant who holds a Bachelor of Commerce from Adelaide University and a Masters in Applied Finance and Investment. He started his energy career with Origin Energy in Adelaide in the retail and energy markets business, working in business development and strategy for electricity and gas acquisitions. Mark then moved through management positions in Sydney and Melbourne and later became the Chief Financial Officer and Deputy CEO for Australia Pacific LNG, where he led the finance function through project inception, construction and commissioning. Prior to accepting his current role as Chief Financial Officer for MidOcean in Australia, Mark was the Chief Financial Officer and then Chief Commercial Officer for ASX-listed Senex Energy between 2019 and 2023. He is also a Graduate Member of the Australian Institute of Company Directors (AICD). Interest in Shares and Options 500,000 ordinary shares Directorships Held in Other Listed Entities in Last 3 Years Nil 2. Company Secretary Stephen Rodgers was appointed Company Secretary on 16 April 2009 and continues in office at the date of this report. He is a lawyer with over 30 years’ experience and holds a Bachelor of Laws degree from Queensland University of Technology. After practising law with several firms in Brisbane over a 12-year period he then operated his own specialist commercial and property law practice for seven years. Mr Rodgers then joined the successful team at Sunshine Gas Limited, where he was the in -house Legal and Commercial Counsel; a broad role which also included assisting the Company Secretary with many of the facets of that position. During this period, Mr Rodgers gained invaluable experience in the operation and running of an ASX200 coal seam gas company as well as being an instrumental member of the team which led the takeover negotiations and implementation of QGC’s friendly acquisition of that Company. He also holds the position of Company Secretary of Blue Energy Limited, an ASX listed CSG exploration company operating in Australia, as well as ASX listed Mastermyne Group Limited, an underground mining solutions company. Mr Rodgers brings to Comet Ridge strong legal and commercial experience with a particular emphasis on the coal seam gas industry.
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Comet Ridge Limited I Annual Report 2026 29 Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 3. Principal Activities The principal activities of the Group during the financial year were to carry out oil and gas exploration, appraisal and development activities. The Group has tenement interests and a number of prospective projects in eastern Australia. There have been no significant changes in the nature of the Group’s principal activities during the financial year. 4. Operating and Financial Review The loss after tax of the Group for the financial year ended 30 June 2026 amounted to $4,368,000 (2025: loss after tax of $2,470,000), including non-cash items of $920,000 (2025: $1,229,000). During the financial year, the Group capitalised exploration expenditure of $6,795,000 (2025: $3,748,000) on the Maha lo Gas Project , $938,000 (2025: $1,192,000) on Mahalo North, $486,000 (2025: $3,524,000) on Mahalo East, $27,000 (2025: $63,000) combined on Mahalo Far East and Far East Extension and $149,000 (2025: $153,000) on the Galilee Deeps Joint Venture. At 30 June 2026, the Group had $27,730,000 in cash on hand and net current liabilities of $11,009,000 (which includes the CleanCo financial liability, PURE loan and PURE warrant share financial liability disclosed as current obligations). Comet Ridge has future commitments for the Mahalo Gas Project, 100% owned Mahalo northern projects and Galilee Basin permits which will be funded from existing cash and other funding sources as required when they fall due. The Company executed a GSA with CleanCo on 18 September 2023 which contains a number of conditions prior to commencement of gas delivery under the GSA. If these conditions are not satisfied in the future, a cash payment would arise, which is not presently funded. Note 2 (d) Going Concern, and the independent auditor ’s report both acknowledge the existence of these matters and the material uncertainty that exists as a consequence. If Comet Ridge was not able to secure funding to meet this payment (if it was required to do so), that may cast significant doubt about the Group’s ability to continue as a going concern. Comet Ridge is actively pursuing a number of potential funding transactions to progress the appraisal and development of the Company ’s projects including project sell-down, project finance, farm-out and gas prepay arrangements. The Board is confident of being able to source funding at the necessary time. Further information on the operations of the Group and likely developments is set out in the Overview of Activities and Significant Affairs outlined below. 5. Significant Affairs There have been no significant changes in the state of affairs of the Group during the financial year ended 30 June 2026. 6. Dividends Paid or Recommended The Directors r ecommend that n o dividend be paid or dec lared. No a mounts have been paid or declared by w ay of dividend during the financial year. 7. Post Balance Date Events a) Completion of Share Purchase Plan and Tranche 2 placement Comet Ridge announced on 30 July 2026 the completion of its Share Purchase Plan (SPP) resulting in applications received tota lling $875,750. This SPP comprised the issue of 8,543,902 shares at an issue price of $0.1025 per share and t he SPP shares were al lotted on 31 July 2026. As announced on 6 August 2026, shareholders approved the issue of Tranche 2 Placement Shares to institutional and sophisticated investors to raise $9.4 million (before costs). This placement comprised the issue of 91,824,387 shares at an issue price of $0. 1025 per share. The placement shares were allotted to investors on 14 August 2026. Both the SPP a nd Tranche 2 Placement included one unlisted free attaching option for every two securities allotted with a s trike price of $0.15 per option expiring on 30 June 2028. b) Santos Mahalo JV acquisition completion As announced on 24 August 2026, Comet Ridge completed the acquisition of Santos QNT Pty Ltd’s (Santos) 42.86% interest in the Mahalo Gas Project, increasing Comet Ridge’s ownership to 100%. As part of the completion consideration, Santos accepted 83,782,550 new fully paid ordinary shares in Comet R idge (consideration shares) at an issue price of $0.1025 per share. The consideration shares were allotted to Santos on 24 August 2026. No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 30 Comet Ridge Limited I Annual Report 2026 8. Principal Risks Risk Management Framework Comet Ridge has an established Risk Committee to provide advice and assistance to the Board in developing policy and assessing risks of the business. The Comet Ridge risk management procedure is based on the Australian Standard AS/NZS ISO 31000:2018 as hav ing prominence in guiding the facilitation and management of risk within the Company. Comet Ridge recognises that effective risk management is a fundamental consideration in the decision- making process within the Company. The process of identifying, assessing and managing material business risks is designed to manage risks, mitigate risks to an acceptable level and, where appropriate, accept risk to generate returns. The Comet Ridge risk management framework is reviewed annually, in which an analytical revi ew is undertaken of all the Company’s operational, corporate, legal, regulatory and financial risk exposures. The Comet Ridge risk management procedure incorporates an enterprise level view of risk, an understanding of risk management options and the use of consistently developed risk information. This is a continuous process and provides the foundation for the execution of business management activities. The use of common language around risk identification, management and reporting across field and office- based teams enables management, the employees and contractors who work for the company to focus on the key risks to achieve organisational goals. The Comet Ridge risk management procedure defines oversight responsibilities for the Board to enable effective risk identific ation, assessment and management across the business. Material Risks as at 30 June 2026 The material business risks for Comet Ridge as at 30 June 2026 are outlined in this section. These risks may materialise independently, concurrently or in combination. The active management of these risks through our risk management framework is imperative to C omet Ridge meeting strategic objectives and delivering shareholder value. This summary is neither an exhaustive list of risks that may affect Comet Ridge, nor are the risks listed in order of importance. Operational Risks Risk Joint Venture arrangements – Comet Ridge is in several joint ventures for some of the assets it owns and, as such, is dependent on technical and commercial alignment with our Joint Venture partners. Cause Mi salignment between Joint Venture partners can lead to inefficient utilisation of available capital and may impact approaches to prioritisation of exploration or development opportunities. Impact Delayed approvals of development plans may impact on the timing of Comet Ridge’s growth. Mitigations We ensure that our team works closely with our Joint Venture partners and are actively involved to achieve mutually beneficial outcomes. Risk Exploration and development – Our growth is dependent on our ability to successfully discover, develop and deliver new resources and reserves. Cause Ex ploration is a speculative activity with an associated risk of discovery to find oil and gas in commercial quantities and a risk of development. If Comet Ridge is unsuccessful in locating and developing or acquiring existing or new reserves and resources that are commercially viable, this may have a material adverse effect on the Company’s future business, results of operations, financial position and prospects. Impact Comet Ridge’s ability to deliver our strategy may be impacted by the success of our exploration and development efforts. Mitigations To ensure the highest possibility of success and therefore confidence of investors, we seek to employ the most technically capable staff, who analyse our existing acreage for drilling prospects by applying best -in-class technologies and process es for exploration and development. Comet Ridge seeks partnering and farm -in opportunities to diversify risk. Risk Access to infrastructure – Comet Ridge’s growth strategy is largely dependent on access to infrastructure owned by third parties. Cause We r ely on third parties to process, transport and market the product Comet Ridge is seeking to produce. Impact Comet Ridge’s growth may be impacted by the failure to obtain access to appropriate supporting facilities or access on favourable commercial terms. Mitigations We seek to work closely with suppliers of infrastructure to mitigate the risk of not obtaining access and we continue to explore alternative routes to market to diversify risk where possible.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 31 Risk Development Risk – Development and production of oil and gas projects may be exposed to low side reserve outcomes, cost overruns, production decrease or stoppage. Cause Thes e outcomes may result from facility shutdowns, mechanical or technical failure and other unforeseen events. Impact The future development of the Company’s projects is dependent on the outcome of feasibility studies for those projects and will require the Company to undertake ongoing environmental, resource, production, geotechnical, plant and non-plant infrastructure, operational and capital costs studies. There is a risk where the outcomes or results of such studies are not as expected or are unfavourable, that the Company will not proceed with the development of its projects or that the capital expenditure, operating costs or proposed timing of the Company’s projects are less favourable than anticipated or otherwise determined in the relevant studies. M itigations Co met Ridge will undertake technical, financial, business, and other analysis in order to determine a project’s readiness to proceed from an operational, commercial and economic perspective. Even if Comet Ridge recovers commercial quantities of oil and gas, there is no guarantee that a commercial return can be generated. Any development investment decision will be subjected to assurance reviews which include external experts and contractors where appropriate. Risk Operations – Oil and gas drilling activities, including well abandonment activities, are subject to numerous risks, many of which are beyond the Company’s direct control. Drilling activities may be curtailed, delayed or cancelled as a result of weather conditions, unexpected drilling conditions, mechanical difficulties, dela ys i n Government or regulatory approvals, availability of the necessary technical equipment and appropriately skilled and experienced technicians. Cause There are a number of risks associated with operating in the oil and gas industry, including fire, explosions, blowouts, pipe failures, abnormally pressured formations, asset loss, production disruption, personnel safety and environmental hazards such as accidental spills or leakage of petroleum liquids, gas leaks, ruptures, or discharge of toxic gases. Impact The occurrence of any event associated with these risks could result in substantial losses to the Company due to injury or loss of life, damage to or destruction of property, natural resources, or equipment, pollution or other environmental damage, clean-up responsibilities, regulatory investigation and penalties or suspension of operations that may have a material adverse effect on Comet Ridge’s business, results of operations, financial position and prospects. Mitigations Co met Ridge strives through its Risk Management framework to implement an integrated operational risk management system which includes preventative maintenance, predictive hazard analysis, regular emergency planning training and continual work force training. Risk Renewal of Tenure – All permits and tenure are subject to compliance with certain requirements, including but not limited to meeting minimum exploration work commitments, lodgement of reports, payment of fees and compliance with environmental conditions and legislation. Cause We rely on a number of external factors as well as internal to ensure that we are able to satisfy these conditions which might not be able to be met on time or at all due to various factors some of which may be out of the control of the Company. Impact Comet Ridge could risk losing title to or its interest in any of the permits or tenure to any of its assets if these requirements are not met. Mitigation We have a very experienced team who are familiar with the regulatory environment and continue to monitor the Company’s progress against work commitments and reporting obligations. These commitments are continually reviewed throughout the year not only by the operations team level but also are overseen by the Risk Committee who reports directly to the Board who has the authority to secure further resources and funding to ensure commitments are not missed. Risk Land Access – Land access is critical for the success of Comet Ridge’s exploration and development activities. Cause We r ely on being able to negotiate with landholders and other stakeholders’ access and entry agreements onto private and public lands over which Comet Ridge’s exploration and production tenures overlay. Impact Comet Ridge’s future exploration operations and profitability may be adversely impacted or delayed in the event of a dispute with a land holder or user that delays or prevents the Company carrying out its projects and this could materially adversely affect its financial position and performance. Mitigations We seek to work closely with landholders and other stakeholders and engage with them as early as possible to ensure that they are kept apprised of our proposed activities and seek to develop working partnerships with these pa rties where possible.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 32 Comet Ridge Limited I Annual Report 2026 Strategic Financial Risks Risk Access to Funding – The Company is likely to need capital in the future to progress the exploration and development of its assets. There can be no guarantee that future capital, debt or equity will be available, or available on suitable terms. It could adversely impact the Company’s ability to fund operations and future growth. Cause The c ontinued operations of the Company are dependent on its ability to obtain financing through sources of debt and equity or generating sufficient cash flows from future operations. There is a risk that the Company may not be able to access capital from debt or equity markets for future projects or developments, which could have a material adverse impact on the Company’s business and financial condition. Impact Comet Ridge’s growth aspirations require the investment of significant capital to generate returns. The Company’s ability to borrow or raise money will be subject to the equity market and the availability of debt at the time the Company wishes to raise or borrow money and the cost of doing so. Mitigations We ha ve prudent expenditure management and forecasting with an annual Board approved budget. We actively seek partnering opportunities to help fund key activities on a project -by-project basis such as farm-ins and pre-sale gas agreements. Risk Commodity Price & Gas Market Volatility – Changes in the gas price for uncontracted gas volumes, crude oil price and electricity demand and price will impact Comet Ridge’s future revenue, cash flows, profitability and ability to service its debt levels. Cause Suppl y and demand for and pricing of oil and gas remain sensitive to energy prices, external economic and political factors, weather, climate conditions, natural disasters (including pandemics), timing of final investment decisions for new operations, construction and startup and operating costs for new oil and gas supply, buyer preferences for oil and gas, and the energy transition. Impact Future value, growth and financial conditions of Comet Ridge are dependent upon the prevailing prices for oil and gas. Prices for oil and gas are subject to fluctuations and are affected by numerous factors beyond the control of Comet Ridge. Mitigations Co met Ridge monitors developments and changes in the international oil and domestic gas markets to enable the Company to be best placed to address changes in market conditions. This activity includes ongoing research and analysis of future demand for and supply of energy, most particularly gas, in the east coast of Australia. Safety, Environmental and Sustainability Risks Risk Climate Change – Management of carbon emissions and increased regulatory obligations may lead to increasing regulation and costs. Policies related to Climate Change and the energy transition that Australia is presently undergoing may adversely affect demand for natural gas , its pricing and gas industry investment. Climate change may also have a direct physical impact on our operations e.g. through changing climate patterns such as wet seasons and increased frequency of large storms. Cause Th ere continues to be focus from governments, regulators, activism and investors in relation to how companies are managing the impacts of climate change policy and expectations. Impact Comet Ridge’s growth and operating costs may be impacted by increasing regulation and financial imposts associated with climate change, compliance with increased regulatory obligations and the management of carbon emissions. Mitigation Co met Ridge actively monitors current and emerging areas of climate change risk and opportunities to ensure appropriate action can be taken. Comet Ridge continuously focuses on improving its energy efficiency and emissions management in delivering cost efficiencies and will adopt , when required, industry best practice to minimise the impact of the risk. Risk Health, S afety and Environment – There is a risk of harm to employees, contractors , the environment and communities near our operations, particularly in remote locations, from exploration and development activities. Cause Our activities are subject to operating hazards which could result in harm to our people, communities and the environment. Impact In addition to physical damage, injury or negative effects to the health or wellbeing of affected people and the environment, impacts may include reputational damage and fines. Mitigations The i dentification, effective control and overall management of health, safety and environmental risks are the highest priority for Comet Ridge. We have developed detailed HSE management plans and safeguards, as well as rigorous processes to ensure we operate at the highest standards of safety management. The risk management process is applied to all activities conducted by Comet Ridge in the field. This is aligned to the Corporate Risk Management Procedure. Risk Cyber Security – Comet Ridge’s operations are and will continue to be reliant on various computer systems, data storage facilities and interfaces with networks and other systems.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 33 Cause Eve ry business, regardless of its size, is a potential target of cyber -attack. That is because every business has key assets (financial or otherwise) that bad actors may seek to exploit. The occurrences of cyber- attacks have increased exponentially in recent times. Impact Failures or breaches of these systems (including by way of virus and hacking attacks) have the potential to materially and/or negatively impact the Company’s operations and reputation. Examples of these woul d include the theft or loss of data and publication of materially sensitive information. Mitigations The Co mpany has put in place barriers, continuity plans and risk management systems, as well as inhouse training, however there are inherent limits to such plans and systems. Further, Comet Ridge has no control over the cyber security plans and systems of third parties which may interface with our operations, or upon whose services the Company’s operations are reliant. Regulatory Risks Risk Significant regulatory change – A change in government or policy and / or unexpected changes to legislation and regulation may significantly impact Comet Ridge financially and operationally. Cause Chang es in legislation, regulations and / or policy can result from changes in Government or from changes by Government or external pressures. Impact Changes in legislation, regulation and / or policy may impact on exploration and development of our product. In turn, such changes would impact on sustainable returns for investors, through profit erosion and loss of company value. Retrospective or unexpected regulatory changes potentially impact the longer-term viability of projects. Mitigations We a ctively monitor regulatory and political developments and constructively engage with government, regulators and industry bodies. 9. Future Developments and Expected Results The Group proposes to continue its exploration, appraisal and development programs and investment activities. Further information on the operations of the Group and likely future developments is set out in the Overview of Activities. 10. Environmental Regulations The Group’s operations are subject to environmental regulation under the federal and state laws of Australia, where it undertakes its exploration and development activities. It is the Group’s policy to engage appropriately experienced contractors and consultants to advise on, and ensure compliance with, its environmental performance obligations. There have been no r eports of breaches of any environmental regulations or obligations in the financial year and as at the date of t his report. 11. Auditor’s Independence Declaration The auditor’s independence declaration for the year ended 30 June 2026 has been received and is attached to this report as required under section 307C of the Corporations Act 2001. 12. Meetings of Directors The number of meetings of the Company’s Board of Directors and of each Board committee held during t he financial year ended 30 June 2026 and the number of meetings attended by each Director were: Boa rd Audit Remuneration Committee Risk Committee Committee Number eligible to attend Number attended Number eligible to attend Number attended Number eligible to attend Number attended Number eligible to attend Number attended J McKay 8 8 1 1 0 0 * * T McCaul 8 8 * * * * 3 2 G Swaby 3 3 2 2 * * * * C Pieters 8 8 * * * * * * S Scott 8 8 3 3 0 0 * * M Riley 8 8 3 3 0 0 3 3 * Not a member of the relevant committee
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 34 Comet Ridge Limited I Annual Report 2026 13. Remuneration Report – Audited This report outlines the remuneration arrangements in place for the Non -executive Directors, E xecutive Directors and other Key Management Personnel of the Company. Remuneration Committee The Board has established a Remuneration Committee which provides advice and specific recommendations on the remuneration packages and other terms of employment for Non-executive Directors, Executive Directors and other senior executives, including: • the level of Non-executive Director fees; • the amount and nature of remuneration arrangements for Executive Directors and other executives; and • the type and nature of incentive arrangements including key performance targets effecting the remuneration of the executive team. The objective of the Remuneration Committee is to ensure that the remuneration policies and arrangements are fair and competitive and aligned with the long-term interest of the Company. The level of remuneration and other terms and conditions of employment for Executive Directors and Company executives are rev iewed annually having regard to performance and relevant comparative information and are approved by the Board after the Remunerati on Committee has sought independent professional advice, as required. In this respect, consideration is given to normal commerci al rates of remuneration for similar levels of responsibility. At this stage of the Group’s development, the Remuneration Committee is focused on long-term value generation for shareholders and therefore considers Long-Term Incentives (LTIs) based on achieving specific milestones, to be the preferred method of incentivising Executive Directors and Senior Executives. With the LTIs selected, the Committee has focused on ensuring Executive Directors and Senior Executives’ long-term performance aligns with long-term value for shareholders. The Corporate Governance Statement provides further information on the role of this Committee. Key Management Personnel For the 2026 financial year (FY), the Key Management Personnel (KMP) for Comet Ridge comprised: Jame s McKay Non-executive Chairman Tor McCaul Managing Director Christopher Pieters Executive Director Gillian Swaby Non-executive Director (did not stand for re-election at the AGM held on 14 November 2025) Martin Riley Non-executive Director Shaun Scott Non-executive Director (resigned 3 June 2026) Based on the Group’ s current activities, it is the view of the Committee that the Board remain as the KMPs for the organis ation. As the Company moves closer to development and ultimately production, the Committee intends to review its position on those personnel who could be considered as KMPs. Non-executive Director Remuneration The Board’s policy is to remunerate Non-executive Directors at market rates for time, commitment and responsibilities. The Remuneration Committee determines payments to the Non -executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to Non -executive Directors is subject to approval by shareholders at the Annual General Meeting. The latest determination was at the Annual General Meeting held on 22 November 2023 when shareholders approved an aggregate remuneration of $750,000 per year. Fees for Non-executive Directors are not linked to the performance of the Group, however, to align Directors ’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company. There is no minimum holding prescribed in the Constitution. No increases to Non-executive Directors’ fees have been made in FY2026 apart from the increase in superannuation guarantee from 11.5% to 12% effective from 1 July 2025. The Non-executive Directors’ remuneration shown below is reported on a gross basis.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 35 Non-e xecutive Directors ’ fees (inclusive of superannuation) have been paid on the following basis as at the end of each financial year: Director fees 2026 2025 $ $ Base Fees Chair 159,561 158,847 Other Non-executive Directors 82,850 82,480 Additional Fees Chair of Audit Committee 10,229 10,183 Chairs of Remuneration and Risk Committees 5,114 5,092 Members of committees 3,069 3,055 Executive Remuneration Framework The objective of the executive remuneration policy is to ensure that the Group ’s remuneration arrangements are competitive and reasonable, enabling it to attract and retain the right calibre of staff and to align the remuneration of Executive Directors and other executives with shareholder and business objectives. Executive remuneration arrangements comprise a fixed remuneration compon ent and may also include specific incentives based on key performance areas affecting the Group’ s financial and/or operational results as follows: (a) a base salary (which is based on factors such as length of service, qualifications and experience), superannuation, fringe benefits and performance incentives; (b) short -term performance incentives in the form of cash bonuses which are paid only when predetermined key performance indicators have been met; (c) executives engaged through professional service entities are paid fees based on an agreed market based hourly and/or daily rate for the services provided and may also be entitled to short term performance-based incentives; and (d) long -term performance-based incentives comprising performance rights which are designed to align the remuneration of executives with the business objectives of the Company and its shareholders. The Remuneration Committee reviews executive remuneration arrangements annually by reference to the Group’s performance, executive performance and comparable information from industry sectors. Executive and Non-executive Directors and other employed executives receive the superannuation guarantee contribution required by the Commonwealth Government. For the financial year ended 30 June 2026 the rate was 12% up to a maximum contribution of $ 30,000. Executive and Non- executive Directors and other employed executives do not receive any other retirement benefits; however, some individuals may choose to sacrifice part of their salary to increase payments towards superannuation. Details of Remuneration Details of remuneration of each of the KMP of the Group during the financial year are set out in the following table: Benefits and Payments Year Ended 30 June 2026 Short-term Benefits & Fees Post- Employment Long-term Benefits Share-based Payments Salary, Fees & Benefits Super- annuation Long Service Leave Total Fixed Remuneration Performance Rights Total Directors $ $ $ $ $ $ J McKay 146,804 17,616 - 164,420 - 164,420 T McCaul 433,067 30,000 8,821 471,888 - 471,888 G Swaby1 30,886 3,706 - 34,592 - 34,592 C Pieters 73,973 8,877 - 82,850 - 82,850 M Riley 84,018 10,082 - 94,100 - 94,100 S Scott2 78,422 9,411 - 87,833 - 87,833 Total KMP 847,170 79,692 8,821 935,683 - 935,683 1 Did not stand for re-election at the AGM held on 14 November 2025 2 Resigned 3 June 2026
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 36 Comet Ridge Limited I Annual Report 2026 Benefits and Payments Year Ended 30 June 2025 Short-term Benefits& Fees Post- Employment Long-term Benefits Share-based Payments Salary, Fees & Benefits Super- annuation Long Service Leave Total Fixed Remuneration Performance Rights Total Directors $ $ $ $ $ $ J McKay 145,205 15,832 - 161,037 - 161,037 T McCaul 418,521 28,082 8,739 455,342 26,644 481,986 G Swaby 83,105 9,557 - 92,662 - 92,662 C Pieters 73,973 8,507 - 82,480 - 82,480 M Riley 84,018 9,662 - 93,680 - 93,680 S Scott 81,279 9,347 - 90,626 - 90,626 Total KMP 886,101 80,987 8,739 975,827 26,644 1,002,471 The relative proportions of actual remuneration recognised are as follows: At Risk At Risk Fixed Remuneration Short-term Incentives Long-term Incentives Executive Director 2026 2025 2026 2025 2026 2025 T McCaul 100.0% 94.5% 0.0% 0.0% 0.0% 5.5% C Pieters 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% Lon g-term incentives are provided by way of p erformance rights and the percentages disclosed above are based on the value of the performance rights expensed during the year. Comparison of KMP Remuneration to Company Performance The table below shows the total remuneration cost of the KMP , loss per ordinary share (EPS), and the closing price of ordinary shares on the ASX at year end for the current year and previous four years. 2026 2025 2024 2023 2022 935,683 1,002,471 1,100,425 1,107,728 1,045,961 (0.37) (0.21) (0.69) (0.67) (1.02) 9.2 14.0 20.0 16.5 17.0 Relation to performance Total remuneration ($) Loss per share (cents) Share price at year end (cents) Service Agreements R emuneration and other terms of employment for the Managing Director and the Executive Director are formalised in employment contracts. The contracts provide for the provision of performance related bonuses and participation in the Comet Ridge Employ ee Performance Rights Plan. Other major provisions of the employment agreements are set out below. Tor McCaul Managing Director (appointed 16 April 2009) Term of Agreement: No fixed term Base Salary: $483,306 per annum (inclusive of superannuation) Termination Benefit: Three months’ base salary is to be paid in lieu of notice of termination. Twelve months is payable if services are terminated due to change of control event. Subject to Board discretion, a further six months can be paid in addition. Termination Notice: The Company or Mr McCaul may terminate the Agreement at any time providing each other a minimum of three months’ notice. No termination benefit is required if terminated for cause. Chris Pieters Executive Director (appointed 17 June 2015) Term of Agreement: Four months with options for parties to extend as needed Remuneration: Services provided as a consultant at $1,500 (excluding GST) per day Termination Benefit: No termination benefits payable Termination Notice: Either party may terminate the Agreement with a minimum of three months’ notice
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 37 KPIs: A bonus of $50,000 for each KPI achieved listed below: • Agreement for the commercial offtake of more than 50% of the gas from the Mahalo Gas Project; • FID Mahalo Gas Project; • Agreement for the commercial offtake of more than 50% of the gas from Galilee Basin; • FID Galilee Basin; and • Farmout of the Shallow Coals in the Galilee Basin. In the event that the position was to become redundant or other factors prevented Mr Pieters from achieving those KPIs within the allowed time, which were outside of his control, they could be treated as having been satisfied and able to be paid. Share-based Compensation Long-term incentives are provided to certain employees through the Comet Ridge Employee Performance Rights Plan as approved by shareholders for the purposes of ASX Listing Rule 7.2 Exception 9 most recently at the 20 16 Annual General Meeting. Share-based compensation is equity-settled. Key Management Personnel Performance Rights No performance rights affecting remuneration in the current or a future period with respect to KMP were granted during the year. When performance rights are granted, KMP must satisfy a service condition of continuous employment with the Company up to and including the date when the performance conditions are achieved, in addition to the performance conditions. Performance rights are issued for nil consideration, and no amount is payable on vesting. Key Management Personnel Shareholdings The number of ordinary shares in the Company held by each of the KMP of the Group is as follows: 30 June 2026 Balance at beginning of the year Shares purchased Number of Rights Vested Balance on Resignation Balance at end of the year J McKay 38,076,275 - - - 38,076,275 T McCaul 10,802,333 - - - 10,802,333 G Swaby 295,372 - - 295,372 - C Pieters 1,576,178 - - - 1,576,178 M Riley 850,895 - - - 850,895 S Scott 1,038,074 - - 1,038,074 - Total 52,639,127 - - 1,333,446 51,305,681 END OF AUDITED REMUNERATION REPORT 14. Performance Rights No new performance rights were granted to Directors or the five most highly remunerated officers in the 2026 financial year. Since the end of the financial year and up to the date of this report no new performance rights have been issued. 15. Insurance of Directors and Officers The Company has entered into agreements with Directors to indemnify them against any claims and related expenses that may arise in their capacity as Directors and Officers of the Company or a related body corporate, except where the liability arises out of conduct involving a lack of good faith and subject to the provisions of the Corporations Act 2001. During the financial year, the Company paid premiums for Directors ’ and Officers’ Liability Insurance. The contract prohibits disclosure of the details of the nature of the liabilities covered or the premium paid. The Company has not during or since the end of the financial period indemnified or agreed to indemnify an auditor of the Company. 16. Proceedings on Behalf of Company No person has applied for leave of Court under section 237 of the Corporations Act 2001 to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 38 Comet Ridge Limited I Annual Report 2026 17. Rounding of Amounts to Nearest Thousand Dollars Pursuant to Legislative Instrument 2026/183 issued by the Australian Securities & Investments Commission, amounts in the Financial Report have been rounded off to the nearest thousand dollars unless otherwise indicated. 18. Non-Audit Services The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Company and/or the Group are important. The Group did not pay the auditor for any non-audit services. The Board of Directors will continuously consider the position and, in accordance with advice received from the Audit Committee, ensure that the provision of the non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the provision of non-audit services (where applicable) by the auditor does not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons: all non-audit services will be reviewed to ensure they do not impact the impartiality and objectivity of the auditor; and none of the services (where applicable) undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants (including Independence Standards). Details of the amounts paid or payable to the auditor for audit services provided during the year are set out in Note 5 Auditors’ Remuneration. This report is made in accordance with a resolution of the Board of Directors. Tor McCaul Managing Director Brisbane, Queensland, 24 September 2026
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Comet Ridge Limited I Annual Report 2026 39
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FINANCIAL 2026 STATEMENTS Comet Ridge Limited | Annual Report 2026 40
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 41 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2026 Consolidated June 2026 June 2025 Note $000’s $000’s 57 184 14 / 16 688 2,599 - 6 4 (971) (1,250) (230) (508) (13) - (304) (117) (287) (315) (313) (302) 4 (2,612) (3,334) (237) (447) (146) (136) (4,368) (3,620) 6 - - (4,368) (3,620) - 1,150 (4,368) (2,470) - (1,226) - (1,226) Other income Interest received Net gain on fair value movement of financial liability at fair value Foreign exchange gain realised Expenses Employee benefits expense Contractors & consultancy costs Exploration and evaluation expenditure written-off Professional fees Corporate expenses Information technology costs Finance costs Other expenses Depreciation LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS Income tax expense/(benefit) LOSS AFTER INCOME TAX FOR THE YEAR FROM CONTINUING OPERATIONS Profit/(loss) after income tax from discontinued operations LOSS AF TER INCOME TAX FOR THE YEAR Other comprehensive loss, net of income tax Items that may be reclassified subsequently to profit and loss Exchange differences on translation of foreign operations TOTAL OTHER COMPREHENSIVE LOSS, NET OF INCOME TAX TOTAL COMPREHENSIVE LOSS (4,368) (3,696) Loss attributable to: Owners of the parent (4,368) (2,470) Total comprehensive loss attributable to: Owners of the parent (4,368) (3,696) LOSS PER SHARE FROM CONTINUING OPERATIONS Cents Cents Basic loss per share 7 (0.37) (0.31) Diluted loss per share 7 (0.37) (0.31) EA RNINGS/(LOSS) PER SHARE FOR/(FROM) DISCONTINUED OPERATIONS Basic loss per share 7 - 0.10 Diluted loss per share 7 - 0.10 LO SS PER SHARE Basic loss per share 7 (0.37) (0.21) Diluted loss per share 7 (0.37) (0.21) Th e above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 42 Comet Ridge Limited I Annual Report 2026 Consolidated Statement of Financial Position as at 30 June 2026 Consolidated Note June 2026 June 2025 $000’s $000’s CURRENT ASSETS Cash and cash equivalents 8 27,730 13,299 Trade and other receivables 9 1,186 166 Financial assets at fair value 10 - 809 Other assets 11 2,801 773 TOTAL CURRENT ASSETS 31,717 15,047 NON-CURRENT ASSETS Property, plant and equipment 8 14 Right-of-use assets 148 284 Exploration and evaluation expenditure 12 118,046 109,650 TOTAL NON-CURRENT ASSETS 118,202 109,948 TOTAL ASSETS 149,919 124,995 CURRENT LIABILITIES Trade and other payables 13 3,157 1,431 Borrowings 14 7,769 - Lease liabilities 148 127 Financial liability at fair value 16 30,097 32,530 Provisions 15 1,555 696 TOTAL CURRENT LIABILITIES 42,726 34,784 NON-CURRENT LIABILITIES Borrowings 14 - 6,661 Lease liabilities 14 163 Provisions 15 2,204 3,068 TOTAL NON-CURRENT LIABILITIES 2,218 9,892 TOTAL LIABILITIES 44,944 44,676 NET ASSETS 104,975 80,319 EQUITY Contributed equity 17 225,597 196,573 Reserves - - Accumulated losses (120,622) (116,254) TOTAL EQUITY 104,975 80,319 T he above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 43 Consolidated Statement of Changes in Equity for the year ended 30 June 2026 Contributed Equity Foreign Currency Translation Reserve Share-based Payments’ Reserve Accumulated Losses Total $000’s $000’s $000’s $000’s $000’s Balance at 1 July 2024 184,835 1,226 335 (113,890) 72,506 Loss for the period - - - (2,470) (2,470) Other comprehensive loss for the period - (1,226) - - (1,226) Total comprehensive loss for the period - (1,226) - (2,470) (3,696) Transactions with owners in their capacity as owners Contributions of equity net of transaction costs 11,382 - - - 11,382 Transfer of previous performance rights to accumulated losses - - (106) 106 - Shares issued on vesting of performance rights 356 - (356) - - Share-based payments - - 127 - 127 11,738 - (335) 106 11,509 Balance at 30 June 2025 196,573 - - (116,254) 80,319 Balance at 1 July 2025 196,573 - - (116,254) 80,319 Loss for the period - - - (4,368) (4,368) Other comprehensive loss for the period - - - - - Total comprehensive loss for the period - - - (4,368) (4,368) Transactions with owners in their capacity as owners Contributions of equity net of transaction costs 29,024 - - - 29,024 Transfer of previous performance rights to accumulated losses - - - - - Shares issued on vesting of performance rights - - - - - Share-based payments - - - - - 29,024 - - - 29,024 Balance at 30 June 2026 225,597 - - (120,622) 104,975 T he above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 44 Comet Ridge Limited I Annual Report 2026 Consolidated Statement of Cash Flows for the year ended 30 June 2026 Consolidated Note June 2026 June 2025 $000’s $000’s CASH FLOWS FROM OPERATING ACTIVITIES Interest received 57 183 Payments to suppliers and employees (2,381) (3,186) Interest paid (1,201) (1,116) NET CASH USED IN OPERATING ACTIVITIES 18 (3,525) (4,119) CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation assets (6,920) (14,294) Deposit paid on Mahalo acquisition transaction to Santos (2,000) - Frontier Gas Exploration Grant received - 5,000 Proceeds from sale of exploration interest to Santos - 857 Payment for exploration interest purchased from APLNG (2,000) (2,000) Movements in restricted cash (35) (162) Payment for property, plant and equipment (4) (13) NET CASH USED IN INVESTING ACTIVITIES (10,959) (10,612) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares 30,573 12,028 Share issue costs (1,531) (646) Principal elements of lease payments (127) (128) NET CASH FROM FINANCING ACTIVITIES 28,915 11,254 Net increase/(decrease) in cash held 14,431 (3,477) Cash at the beginning of the year 13,299 16,776 CASH AT THE END OF THE YEAR 8 27,730 13,299 T he above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 45 Notes to the Financial Statements Note 1 General information These financial statements include the consolidated financial statements and notes of Comet Ridge Limited (the Company or Comet Ridge) and its controlled entities (the Group). Comet Ridge Limited is a for-profit entity for the purpose of preparing the financial statements. Disclosures with respect to the parent entity are included in Note 26. The financial statements were approved for issue by the Directors on 24 September 2026. Comet Ridge Limited is a public company limited by shares, incorporated and domiciled in Australia. Note 2 Summary of material accounting policies Accounting policies applied in the preparation of this financial report, which are consistent with the previous financial period unless otherwise stated, are disclosed throughout the notes to the financial statements together with the associated transactions or balances. Compliance with Accounting Standards These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. Compliance with IFRS The consolidated financial statements of the Group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB). Historical cost convention The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected financial assets and financial liabilities. Going concern The consolidated financial statements have been prepared on a going concern basis which contemplates that the Group will continue to meet its commitments and can therefore continue normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. At 30 June 2026, the Group had $27,730,000 in cash at bank. The Group had cash outflows from operating activities of $3,525,000 for the period ended 30 June 2026, and, as at that date, its current liabilities exceeded its current assets by $11,009,000. The current liabilities include the CleanCo Queensland Limited (CleanCo) financial liability of $28,667,000, PURE warrant shares financial liability of $1,430,000 and PURE loan liability of $7,769,000. On 18 September 2023, Comet Ridge and CleanCo executed a long-term GSA for Comet Ridge to supply gas to CleanCo from its Mahalo Gas Hub permits. The GSA remains subject to conditions precedent, the main conditions being a transport and gas processing condition, a finance condition which requires Comet Ridge to obtain finance to satisfy the supply requirements under the GSA by 31 March 2027, evidence of gas production of an average of at least 9 TJ per day during the period 1 December 2028 to 28 February 2029, and no adverse change to CleanCo’s requirement for Gas to be supplied under this Agreement, as determined by CleanCo at its discretion by 31 March 2027. If any of the financing, evidence of gas production, or no adverse change to CleanCo’s requirement for Gas conditions are not met, extended or waived, the GSA may terminate and within 30 days (being 30 April 2027) a cash payment of approximately $28,667,000 ($20,000,000 financial liability indexed for CPI) would be due. The Group has a number of commitments to continue to progress the Mahalo Gas Hub permits and Galilee permits. These commitments are made over various timeframes with exploration commitments required to be undertaken by 30 June 2027 amounting to $4,539,000 as disclosed in Note 21. The ability of the Group to continue to adopt the going concern basis of preparation will depend upon a number of matters including the successful raising in the future of necessary funding through debt, GSA prepayment, equity, selldown or farm-out of assets, meeting the remaining condition precedent under the GSA with CleanCo, and/or the successful exploitation of the Group’s tenements to meet these commitments as they arise. The existence at 30 June 2026 of the CleanCo financial liability, and loan payable to PURE by 30 June 2027 as well as exploration expenditure commitments beyond the next 12 months, creates a material uncertainty that may cast significant doubt on the ability of the Group to continue as a going concern in the absence of being successful in relation to one of the above financing strategies. In the absence of this the Group may have to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts different from those stated in the financial statements. No adjustments for such circumstances have been made in the financial statements.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 46 Comet Ridge Limited I Annual Report 2026 Note 2 Summary of material accounting policies (continued) Comet Ridge continues to actively pursue a number of potential funding transactions to progress the appraisal and development of the Group’s projects including debt and equity funding, selldown, farm-out and GSA prepay arrangements. At the date of this financial report, given the high demand for natural gas on the east coast and the significant acreage, equity and 2P+2C Reserves and Resources position that the Group has established in the Mahalo Gas Hub area, the Directors have a reasonable expectation that the Group will be successful with its future funding initiatives and, as a result, will have adequate resources to fund its future operational requirements and for these reasons they continue to adopt the going concern basis in preparing the financial report. Rounding of amounts The Group is of a kind referred to in Legislative Instrument 2026/183 issued by the Australian Securities & Investments Commission, relating to the “rounding” of amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with the Legislative Instrument to the nearest one thousand dollars, unless otherwise indicated. Fair value measurement For financial reporting purposes, fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants (under current market conditions) at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. When estimating the fair value of an asset or liability, the Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. New accounting standards and interpretations for application in future periods The new Australian Accounting Standards and Interpretations either adopted or issued but not yet adopted for the 30 June 2026 annual reporting period are set out below. New or amended accounting standards and Interpretations adopted There are no new or amended accounting standards effective in the reporting period commencing 1 July 2025 that are relevant to the Group’s operations. Accounting standards issued but not yet adopted The following Australian Accounting Standard has been issued but is not yet effective and has not been early adopted by the Group. AASB 18 Presentation and Disclosure in Financial Statements: This standard replaces AASB 101 Presentation of Financial Statements effective for for-profit entities from annual reporting periods beginning on or after 1 January 2027. AASB 18 introduces new requirements for the categorisation of income and expenses into defined categories in the Statement of Profit or Loss and Other Comprehensive Income, mandates two new required subtotals, introduces rules for the disclosure of management-defined performance measures (MPMs), and enhances guidance on the aggregation and disaggregation of financial information. The Group is currently assessing the detailed impact of AASB 18 on its financial statements. While the standard will change how financial performance is presented and grouped, it is not expected to change the recognition or measurement of amounts recognised in the financial statements. Note 3 Material balances - critical accounting estimates and judgements The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement when applying the Group’s accounting policies. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances. Management has identified the following critical estimates and judgements applied in the preparation of the financial statements. Going concern – Note 2 Exploration and evaluation assets – Note 12 Borrowings – Note 14 Rehabilitation provisions – Note 15 Financial liabilities at fair value – Note 16 Details of the nature of assumptions and conditions can be found in the relevant notes to the financial statements.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 47 Note 4 Other Income and Expenses Consolidated June 2026 June 2025 Loss before income tax includes the following specific expenses: $000’s $000’s (774) (911) - (127) (197) (212) (971) (1,250) (1,140) (1,140) (1,108) (1,685) 48 94 (255) (479) (134) (111) (a) Employee benefits expense Employee benefits expense Share-based payments expense Defined contribution superannuation expense (b) Financing costs Interest expense on borrowings – coupon interest at 12% Unwinding of discount on Pure loan – effective interest method Amortisation of fair value adjustment on Santos deferred consideration receivable Amortisation of fair value adjustment on APLNG deferred consideration payable Unwinding of discount on rehabilitation and restoration provision Lease liability expense (23) (13) (2,612) (3,334) Note 5 Auditors’ remuneration During the year the following fees were paid or payable for services provided by the auditors of th e Group: Consolidated June 2026 June 2025 $ $ 105,500 90,000 Pitcher Partners Auditing or reviewing the financial statements Tax related services 19,470 18,850 124,970 108,850 Note 6 Income tax Income Tax Expense Consolidated June 2026 June 2025 $000’s $000’s (a) Recognised in the Consolidated Statement of Profit and Loss and Other Comprehensive Income Current tax - - Deferred tax expense - - Income tax expense - - (b) Numerical reconciliation of income tax expense to prima facie tax on accounting loss Loss before income tax (4,368) (2,470) Tax benefit at the Australian tax rate of 25% 1,092 618 Tax effect of amounts which are not deductible/(taxable) in calculating taxable income: Share options expensed Non-deductible accounting fair value - - - - - Other non-deductible items (39) Current year tax losses not recognised in deferred tax assets (1,053) (58) (560) Income tax expense - -
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 48 Comet Ridge Limited I Annual Report 2026 Note 6 Income tax (continued) Deferred Tax Balances Consolidated June 2026 June 2025 $000’s $000’s Deferred tax asset - - The balance of deferred tax asset comprises: Deferred tax assets Tax losses 40,634 33,380 Capital costs deductible over 5 years 628 439 Exploration and evaluation purchase write-off over 15 years 4,541 5,010 Provisions 3,464 3,638 Leased liabilities 41 73 Accrued expenses 96 92 49,404 42,632 Deferred tax liabilities Exploration and evaluation expenditure (29,511) (27,412) Leased assets (37) (71) Accrued interest (2) (2) Temporary difference relating to PURE loan (433) (710) (29,983) (28,195) Net deferred tax asset 19,421 14,436 Deferred tax asset not recognised (19,421) (14,436) Deferred tax asset recognised in accounts - - Acc ounting Policies Income tax expense The income tax expense is the tax payable on the Group’s taxable income for the financial year based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities. Recoverability of unused tax losses Deferred tax assets and liabilities are recognised for temporary differences at the applicable tax rates that will apply when the assets are expected to be recovered or liabilities are expected to be settled. Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that future taxab le profit will be available against which the deductible temporary differences and unused tax losses can be utilised. Deferred tax assets have not been recognised with respect to the following items because it is not probable that future taxable profit will be available against which the Group can utilise the benefits from the deferred tax assets: Consolidated June 2026 June 2025 $000’s $000’s Australian temporary differences and tax losses 19,421 14,436 Ta x consolidation Comet Ridge Limited and its wholly owned Australian subsidiaries have implemented the tax consolidation legislation and formed a tax consolidated group from 1 July 2009. The members of the tax consolidated g roup have entered into a tax funding agreement such that each member recognises the assets, liabilities, expenses and revenues in relation to its own transactions, events and balance s only. This means: i. the parent entity recognises all current and deferred tax amounts relating to its own transactions, events and balances; ii. the subsidiaries recognise all current and deferred tax amounts relating to its own transactions, events and balances; and iii. current tax liabilities and deferred tax assets arising with respect to losses in subsidiaries are transferred from the subsi diaries to the parent entity as inter-company payables or receivables.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 49 Note 6 Income tax (continued) The ta x consolidated group also has a tax sharing agreement in place to limit the liability of subsidiaries in the tax consolidated group arising under the joint and several liability requirements of the tax consolidation system, in the event of default of the parent ent ity to meet its payment obligations. Note 7 Earnings per share The earnings and weighted average number of ordinary shares used in the calculations of basic and diluted earnings per share are as follows: June 2026 June 2025 $000’s $000’s (4,368) (3,620) - 1,150 (4,368) (2,470) Number Number 1,196,438,720 1,155,662,899 - - 1,196,438,720 1,155,662,899 (0.37) (0.31) - 0.10 (0.37) (0.21) (0.37) (0.31) - 0.10 (a) Reconciliation of earnings used in calculating basic and diluted earnings per share: Loss for the year from continuing operations Profit/(loss) from discontinuing operations Loss used in the calculation of the basic and diluted earnings per share (b) Weighted average number of ordinary shares used as the denominator Weighted average number of ordinary shares used in calculating basic earnings per share Adjustments for the calculation of di luted earnings per share: Options/Performance Rights Weighted average number of ordinary shares used in calculating diluted earnings per share (c) Basi c earnings per share: Basic loss per share from continuing operations (cents) Basic earnings/(loss) per share from discontinued operations (cents) Total basic loss per share (d) Diluted earnings per share: Di luted loss per share from continuing operations (cents) Di luted earnings/(loss) per share from discontinued operati ons (cents) Total diluted loss per share (0.37) (0.21) (e) Options and performance rights are considered to "be potential ordinary shares" and have been included in the determination of diluted earnings per share to the extent to which they are dilutive. Note 8 Cash and cash equivalents Consolidated June 2026 June 2025 $000’s $000’s 27,730 13,299 Cash at bank and on hand Interest earned on bank accounts ranges from 0.00% - 1.3%. Note 9 Trade and Other Receivables Consolidated June 2026 June 2025 $000’s $000’s Trade debtors 14 11 Receivable from joint operations1 908 57 GST receivables 256 90 Other receivables 8 8 1,186 166
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 50 Comet Ridge Limited I Annual Report 2026 Note 9 Trade and other receivables (continued) 1 I ncludes $857,000 receivable from Santos QNT Pty Ltd for their share of the final deferred consideration payment to APLNG (ref er Note 10) Accounting Policy Trade receivables are recognised initially at the amount of consideration that is unconditional. Subsequent to initial recognition, trade and other receivables are measured at amortised cost. Note 10 Financial asset at fair value Consolidated June 2026 June 2025 Current $000’s $000’s Santos – deferred consideration receivable - 809 - 809 Accounting Policy Financial assets are recognised when the Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted by transaction costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group has classified the deferred consideration receivable from Santos as a financial asset at fair value through profit or loss. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. Critical accounting estimates and judgements Santos deferred consideration receivable On 28 J une 2022, C omet R idge a cquired Australia P acific L NG Pty L td’s (APLNG) 3 0% i nterest in t he Mahalo Gas Project for a to tal consideration of $ 20,000,000 pa yable in s taged payments. Comet R idge paid a $1 ,000,000 deposit on 5 August 2 021 and the upfront payment balance of $11,000,000 to APLNG on 28 June 2022. The remaining $8,000,000 of deferred consideration is payable in four annual instalments of $2,000,000 each commencing from June 2023, unless a post completion trigger event occurs requiring earlier payment. At the same time as entering the agreement with APLNG, Comet Ridge executed funding and option agreements with Santos QNT Pty Ltd (Santos) to provide loan funding of $13,150,000 to fund the initial consideration paya ble to APLNG and stamp duty costs. In exchange, Santos was given an option to purchase 12.86% of the 30% APLNG interest acquired by Comet Ridge at proport ional acquisition value of $8,573,000. Comet Ridge received a notice from Santos to exercise their option on 23 September 2022, and the sale agreement was executed by both parties on 26 September 2022. At that date, the $13,150,000 loan owing to Santos was fully repaid via a reduction of $5,143,00 0 (being Santos’ share of the $12,000,000 initial consideration paid t o APLNG) and cash repayment of $8,007,000 by Comet Ridge. Santos also assumes liability for its pro -rata share of the $8,000,000 deferred consideration payable to APLNG, being $3,429,000. The upfront consideration of $5,143,000 and the present value of the deferred consideration receivable of $2,971,000 has been recognised against the Mahalo Gas Project exploration and evaluation asset to reflect a partial sale of the asset. On 12 June 2026, Comet Ridge invoiced Santos for the fourth and final deferred consideration payment of $857,333, which is included in trade and other receivables at year end. Interest income on the unwinding of the applied discount of $48,000 (2025: $94,000) was recognised for the year to 30 June 2026.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 51 Note 11 Other assets Consolidated June 2026 June 2025 $000’s $000’s Prepayments 2,282 254 Restricted cash (term deposits held as security for bank guarantees) 519 519 2,801 773 Prepayments for the current year include a $2,000,000 upfront payment to Santos QNT Pty Ltd for the acquisition of their 42.86% interest in the Mahalo Gas Project completed in August 2026. Note 12 Exploration and evaluation assets Consolidated Exploration and evaluation expenditure June 2026 June 2025 $000’s $000’s Exploration and evaluation expenditure 140,370 131,961 Less provision for impairment (22,324) (22,311) 118,046 109,650 Movements in exploration and evaluation phase June 2026 June 2025 $000’s $000’s Balance at the beginning of year 109,650 100,970 Exploration and evaluation expenditure during the year 8,565 13,327 Frontier Gas Exploration Grant offset - (5,000) Exploration and evaluation expenditure written-off/impaired (13) - Restoration and rehabilitation asset (156) 353 Balance at the end of year 118,046 109,650 Acc ounting Policy Cost Exploration and evaluation costs, including the costs of acquiring licences, are capitalised as exploration and evaluation as sets on an area of interest basis. Costs incurred before the Group has obtained the legal rights to explore an area are expensed in the profit or loss. The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phase is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. Government Grants Government grants received by the Group are deducted from the carrying amount of the exploration and evaluation asset to which they relate in accordance with the capital approach as defined in AASB 120 Accounting for Government Grants and Disclosure of Government Grants. Recognition Exploration and evaluation assets are only recognised if the rights to the area of interest are current and either: i. the expenditures are expected to be recouped through successful development and exploitation of the area of interest or by its sale; or ii. activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. Once the technical feasibility and commercial viability of the area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified from exploration and evaluation assets to property and development assets within property, plant and equipment. The timing and amount of restoration costs expected to be incurred are estimated, and the net present value is included as part of the cost of the exploration and evaluation activity that gives rise to the need for restoration. A corresponding provision for restoration and rehabilitation is also re cognised. Finance charges arising from the unwinding of the liability are recognised as an expense in the profit or loss.
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52 Comet Ridge Limited I Annual Report 2026 Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Note 12 Exploration and evaluation assets (continued) Critical accounting estimates and judgements Exploration expenditure commitments In order t o maintain an interest in the exploration tenements i n which it i s involved, the Group i s required to m eet certain conditions imposed by the various statutory authorities granting the exploration tenements or that are im posed by the joint venture agreements entered into by the Group. These conditions include minimum expenditure commitments. The timing and amount of minimum exploration expenditure obligations o f t he Group may v ary s ignificantly from t he forecast based on the results o f the w ork performed, w hich will determine the prospectivity of the relevant area of interest. The Group’s minimum expenditure obligations, which are not provided for in the financial statements, are set out in Note 21. Recoverability of exploration and evaluation expenditure Exploration and evaluation assets are a ssessed for impairment if sufficient data exists to d etermine technical feasibility and commercial viability, and facts and circumstances suggest that the carrying amount exceeds the recoverable amount. For the purposes of impairment testing, e xploration a nd e valuation a ssets are a llocated t o c ash-generating units t o w hich the exploration activity r elates. T he ca sh- generating unit shall not be larger than the area of interest. The Group assesses the recoverability of the carrying value of capitalised exploration and evaluation assets at each reporting date (or during the year should the need arise). In completing this assessment, regard is given to the Group’ s intentions with respect to proposed future exploration and development plans for individual areas, to the success or otherwise of activities undertaken in individual areas, to the likely success of future planned exploration activities, and to any potential plans for divestment of individual areas. Any required impairment of capitalised exploration and evaluation expenditure is completed based on the results of the assessment. Furthermore, for various areas of interest, exploration and evaluation activiti es may not have reached a stage to allow a reasonable assessment to be made regarding the existence of economically recoverable reserves. Accordingly, exploration and evaluation assets may be subject to further impairment in the future. In the second half of the 2020 financial year, the Mahalo Gas Project received Commonwealth and Queensland environmental approvals and Petroleum Leases (PL 1082 and PL 1083) awarded for a term of 30 years. In addition, the remaining tenure of ATP 1191 has been secured with the award of three Potential Commercial Areas (PCA 302, PCA 303 and PCA 304) for a term of 5 years. The joint venture partners, Comet Ridge and Santos, progressed the project into front -end engineering design during the 2026 financial year, as a precursor to FID. Comet Ridge is comfortable with the recoverability of the exploration and evaluation expenditure for the Mahalo Gas Project at 30 June 2026. The Company was awarded ATP 2048 (Mahalo North project) in April 2020. The Mahalo North project contains a no rth-west extension of the same coal reservoirs as the Mahalo Gas Project. Comet Ridge has been successful in certifying 43 PJ of 2P Reserves and 3P Reserves of 149 PJ. Capitalised exploration and evaluation expenditure at 30 June 2026 totals $17,149,000 (2025: $16,211,000), relating to office-based geological and geophysical interpretation and analysis, work to support a Petroleum Lease (PL) application and environmental approvals, and the costs of the 20 22 financial year appraisal drilling and production testing . There are no indicators of impairment to t he carrying value at 30 June 2026. The Company was awarded ATP 2061 (Mahalo East project) in September 2020, which contains a north-e ast extension of the same coal reservoirs as the Mahalo Gas Project. Comet Ridge was successful in certifying 51.8 PJ of 2P Reserves and 118.5 PJ of 3P Reserves as at 30 June 2025 (refer to ASX announcement dated 25 July 2025) , based on a successful pilot production test . Capitalised exploration and evaluation expenditure at 30 June 2026 totals $4, 914,000 (2025: $ 4,427,000), relating to the cost of appraisal drilling and production testing, office-based geological and geophysical interpretation and analysis. The Mahalo East appraisal drilling and production testing was supported by the Queensland Government’s Frontier Gas Exploration Grants Program, under which Comet Ridge was allocated $5,000,000 of funding, which has been offset against the capitalised exploration and evaluation balance for this project. ATP 2063 (Mahalo Far East project) was awarded to Comet Ridge in May 2021 while a new block ATP 2072 (Mahalo Far East Extension project) was awarded in July 2024. Both Mahalo Far East blocks contain coals that are generally deeper and have notably higher gas content than the main Mahalo high production fairway, adding a significant additional gas-in-place volume to Comet Ridge’s portfolio. Capitalised exploration and evaluation expenditure at 30 June 2026 totals $626,000 (2025: $599,000), relating to native title negotiations and office- based geological and geophysical interpretation and analysis. Mahalo Far East and Mahalo Far East Extension have not yet reached a stage to allow a reasonable assessment to be made regarding the existence of economically recoverable reserves.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 53 Note 12 Ex ploration and evaluation assets (continued) ATP 743, ATP 744 and ATP 1015 are still under evaluation for both “ Shallow” CSG and Conventional “Deeps” and have not yet reached a stage to allow a reasonable assessment to be made regarding the existence of economically recoverable reserves. The Company has secured the long-term tenure on these permits via the award of Potential Commercial Areas (PCAs) and renewal of ATP 743, ATP 744 and ATP 1015 by the Queensland Department of Resources . As part of the PCA award process within the Galilee permits, Comet Ridge relinquished acreage where Contingent Resources do not exist and in the 2022 financial year wrote of f $0.24 million of capitalised seismic costs in the relinquished areas of ATP 743. Capitalised exploration and evaluation expenditure at 30 June 2026 totals $34,569,000 (2025: $34,420,000). Comet Ridge has reviewed the carrying value of capitalised exploration and evaluation expenditure in the Galilee permits at 30 June 2026 and no impairment has been made during this financial year. The remaining Gunnedah Basin permit (PEL 427) was renewed in May 2022 for only 12 of 57 blocks and has been fully impaired because of the current uncertainty around the CSG industry in NSW which has created significant limitations on the Company ’s ability to undertake any exploration or development activity . During the 2026 financial year an amount of $13,100 (2025: $ nil) of exploration and evaluation expenditure was written-off. Consolidated Permit June 2026 June 2025 $000’s $000’s PEL 427 (13) - Total (13) - Inter est in joint operations The Group’s exploration activities are often conducted through joint arrangements. Joint arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations that each investor has, rather than the legal structure of the joint arrangement. In accordance with AASB 11 Joint Arrangements, all of the Group’s interests in joint arrangements are classified as joint operations. A joint operation involves joint control of the assets contributed or acquired for the purpose of the joint operation. Each party may take their share of the output of the joint operatio n and each bears its share of the expenses incurred. The interests of the Group in joint operations are brought to account by recognising the Group’s share of jointly controlled assets, liabilities, revenue and expenses. No revenue has been received from joint operations and all expenses have been capitalised to Exploration and Evaluation assets. The carrying amount of exploration and evaluation expenditure includes the Group’s interest in the exploration and evaluation expenditure of a number of joint operations. Comet Ridge’s share of the respective joint operations is as follows: GDJV Mahalo Gas Project PEL 427 Total 70.0% 57.14% 59.1% $000’s $000’s $000’s $000’s 75 - 3 78 50 857 1 908 125 857 4 986 19,367 47,544 821 67,732 - - (821) (821) 19,367 47,544 - 66,911 19,492 48,401 4 67,897 135 2,007 6 2,148 135 2,007 6 2,148 30 June 2026 Current assets Cash and cash equivalents Trade and other receivables Total current assets Non -current assets Exploration and evaluation expenditure Provi sion for impairment Total non-current assets Total assets Current liabilities Trade and other payables Total current liabilities Share of joint operations net assets/(liabilities) 19,357 46,394 (2) 65,749
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 54 Comet Ridge Limited I Annual Report 2026 Note 12 Exploration and evaluation assets (continued) GDJV Mahalo Gas Project PEL 427 Total 70.0% 57.14% 59.1% $000’s $000’s $000’s $000’s 46 - 9 55 - - - - 46 - 9 55 19,286 43,691 816 63,793 - - (816) (816) 19,286 43,691 - 62,977 19,332 43,691 9 63,032 304 425 11 740 304 425 11 740 30 June 2025 Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Exploration and evaluation expenditure Provision for impairment Total non-current assets Total assets Current liabilities Trade and other payables Total current liabilities Share of joint operations net assets/(liabilities) 19,028 43,266 (2) 62,292 A s at 30 June 2026, the principal place of business for PEL 427 is c/- Santos Limited, Level 5, 60 Flinders Street, Adelaide SA 5000. For Mahalo Gas Project, the principal place of business is c/- Santos Limited, Level 5, 60 Flinders Street, Adelaide SA 5000. For GDJV, the principal place of business is c/- Comet Ridge Ltd, Level 12, 410 Queen Street, Brisbane QLD 4000. The Group has fully impaired its interest in the Gunnedah Basin Licences PEL 427. The Group’s minimum expenditure obligations with respect to its interests in joint operations are as follows: Consolidated June 2026 June 2025 Minimum expenditure requirements $000’s $000’s ● not later than 12 months 1,042 5,983 ● between 12 months and 5 years 3,776 4,507 4,818 10,490 Note 13 Trade and other payables Consolidated June 2026 June 2025 Current $000’s $000’s Trade payables 3,064 1,195 Payroll tax and other statutory liabilities 58 162 Other payables 35 74 3,157 1,431 Trade payables include $2,148,000 (2025: $740,000) for the Group’s share of joint operation liabilities (refer Note 12). These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from reporting date. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 55 Note 14 Borrowings Consolidated June 2026 June 2025 $000’s $000’s Current Loan payable to PURE Asset Management Pty Ltd 7,769 - 7,769 - Non-current Loan payable to PURE Asset Management Pty Ltd - 6,661 - 6,661 7,769 6,661 P URE Asset Management loan Comet Ridge entered into a binding facility agreement with PURE Asset Management Pty Ltd (PURE) on 9 September 2021 to provide the Company access to a term loan facility for $10 ,000,000 provided in two tranches of $6 ,500,000 and $3,500,000 respectively. The facility provides funding to progress appraisal activities for the Mahalo Gas Hub area and other corporate activities. Both tranches were drawn with a maturity date of 17 September 2025. On drawdown of the respective tranches, Comet Ridge issued warrant shares that entitle PURE to acquire one Comet Ridge share per warrant share at the exercise prices outlined in the facility terms below. The warrant shares are exercisable by PURE at any point in time prior to the maturity date outlined in the Warrant Deeds. The fair value of the warrant shares and loan establishment costs have been deducted from the gross proceeds of the loan on the date of drawdown reflecting the fair value of the loan on that date as set out in the table below. The warrant shares are separately recognised as a financial liability a t fair value through the Consolidated Statement of Profit or Loss and Other Comprehensive Income as disclosed in Note 1 6. T he difference between the face value of the loan (repayment amount) and determined fair value is recognised in the profit and loss over the loan period using the effective interest rate method. On 26 March 2024, PURE exercised 3,787,879 Tranche 2 warrant shares at $0.132 per share for cash consideration received by the Company of $500,000. The funds received by Comet Ridge were used to make a partial prepayment on the loan, reducing the face value of the loan balance to $9,500,000. On 21 May 2025, the $9,500,000 loan was refinanced and extended to 30 June 2027 at an interest rate of 12% per annum. At the same date, the existing 39,393,939 Tranche 1 warrant shares were cancelled, and 55,000,000 new warrant shares were issued. Tran che 2 warrant shares were unchanged. Coupon interest of $1,140,000 (2025: $1,140,000) was incurred during the year and recognised in profit or loss. On 30 March 2026 the 22,727,273 Tranche 2 warrant shares expired. Refer to Note 16 for further information regarding the warrant shares. Consolidated Measured at amortised cost using the effective interest method: June 2026 June 2025 $000’s $000’s Opening balance 6,661 7,367 Fair value remeasurement on refinancing of loan - (2,392) Loan establishment costs amortised - 133 Unwinding discount on financial liability at amortised cost 1,108 1,553 Fair value of loan payable 7,769 6,661 S hould PURE exercise all of their warrant shares on issue being 55,000,000 warrant shares (2025: 77,727,273 warrant shares), Comet Ridge would receive cash consideration of $6,700,000 (2025: $11,800,000) which can be used to partially repay the loan amount.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 56 Comet Ridge Limited I Annual Report 2026 Note 14 Borrowings (continued) Facility terms and security Lender: PURE Asset Management Pty Ltd Structure: Term loan with detached warrant shares Coupon Interest: 12% per annum Interest-only payment in quarterly instalments Term: 30 June 2027 Repayment: Non-amortising bullet repayment Voluntary repayment(s) subject to cascading fees Warrant shares: 55,000,000 warrant shares issued on 26 May 2025 with an adjusted exercise price of 12.2 cents per warrant share Financial Covenant: Minimum $2 million cash balance at all times Security: First ranking general security over all present and after-acquired property of the Company and subsidiaries Acc ounting Policy Borrowings are interest bearing and are initially recognised at fair value, net of transaction costs incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the Consolidated Statement of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. When an existing borrowing is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non- cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Note 15 Provisions Consolidated June 2026 June 2025 $000’s $000’s 511 489 1,044 207 1,555 696 55 59 2,149 3,009 2,204 3,068 3,759 3,764 June 2026 June 2025 $000’s $000’s 3,216 2,752 (157) 485 - (132) 134 111 Current Employee benefits Restoration & rehabilitation Non-current Employee benefits Restoration & rehabilitation Movements in carrying amounts of restoration and rehabilitation Balance at the beginning of the year (Reductions)/Additions to exploration and evaluation expenditure Write-off of New Zealand provision Unwind of discount - finance charges Balance at the end of the year 3,193 3,216
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Comet Ridge Limited I Annual Report 2026 57 Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Note 15 Provisions (continued) Accounting Policy Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result, and that outflow can be reliably measured. Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled wholly within 12 months after the end of the reporting period in which the employees render the related service, are recognised in respect of employees’ services up to the end of the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. The liability for annual leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are presented as payables. Rehabilitation provision The Group records the present value of the estimated cost of legal and constructive obligations to r estore disturbances in t he period in which the obligation arises. The nature of rehabilitation activities includes the abandonment of wells, removal of facilities and restoration of affected areas. Typically, the obligation arises when the well is spudded (commences drilling) or the infrastructure is installed. When the liability is initially recorded, the estimated cost is capitalised by increasing the carrying amount of the related asset. Over time, the liability is increased for the change in the present value based on a risk adjusted pre-tax discount rate appropriate to the risks inherent in the liability. The unwinding of the discount is recorded as an expense within finance costs. The carrying amount capitalised will be amortised over the useful life of the related asset once production commences. The assets’ useful lives are currently estimated at between one and fifteen years. Costs incurred which relate to an existing condition caused b y past operations, and which do not give rise to a future economic benefit, are expensed. Where the underlying cost to rehabilitate has increased, this is capitalised to the asset and amortised over the remaining life of the asset once in production. Critical accounting estimates and judgements The Group estimates the future rehabilitation costs of gas wells and associated infrastructure at the time of installation. In most instances, rehabilitation of assets occurs many years into the future. This requires assumptions to be made on the rehabilit ation date, the extent of rehabilitation activities required, requirements of future environmental legislation, methodology and technologies used to determine the future rehabilitation cost. The rehabilitation obligation is discounted to present value using a ten-year government bond discount rate as this is reflective of the risk- free rate over the period to rehabilitation of the assets. These estimates require significant management judgemen t, in particular to the estimated future timing and cost of well rehabilitation and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of assets and the value of rehabilitation obligations at each reporting date. Note 16 Financial liabilities at fair value Consolidated June 2026 June 2025 $000’s $000’s Current CleanCo - financial liability 28,667 27,564 PURE Asset Management - warrant shares 1,430 3,221 APLNG - deferred consideration payable - 1,745 30,097 32,530 Critical accounting estimates and judgements CleanCo liability On 18 September 2023, Comet Ridge Mahalo Pty Ltd (CML) executed a seven -ye ar Gas Sales Agreement (GSA) with CleanCo, subject to approval by CleanCo’s shareholding Ministers within 90 days. Approval by the shareholding Ministers was subsequently confirmed by CleanCo on 15 December 2023.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 58 Comet Ridge Limited I Annual Report 2026 Note 16 Financial liabilities at fair value (continued) On 30 June 2026, an Amending Deed was executed by both parties amending the satisfaction dates for the financing and gas transportation conditions precedent to 31 March 2027, adding two new conditions precedent, changing the Commencement Date of the GSA to 1 January 2030 and adjusting the Daily Contract Quantity for gas supply. A summary of the key GSA terms resulting from the Amending Deed dated 30 June 2026 are as follows: Commencement Date 1 January 2030 The GSA also has provisions which provide for a Commencement Date after 1 January 2030. Volume 8.219 TJ/day from the Commencement Date. Delivery Point Wallumbilla Contract Period The contract is for a seven-year period, with CleanCo having the option to reduce this to five years, and both parties having the option to agree to extend for up to a further five years. Price Pricing is market-based, with CPI escalation in Australian dollars from 1 January 2026. Monthly Repayments CML to make monthly loan repayments during the GSA term to account for previous investment made in CML and the Mahalo JV by Stanwell Limited, prior to the arrangement being assigned to CleanCo. Remaining Conditions from original GSA CML obtaining finance to satisfy the supply requirements under the GSA; and CML entering into gas transportation agreements to provide gas to the Delivery Point. New Conditions CML providing evidence to CleanCo it is producing from the Mahalo Fields an average of at least 9 TJ/day over the period 1 December 2028 to 28 February 2029; and CML receiving confirma tion from CleanCo there ha s been no adverse change to the buyer's requirement for gas to be supplied under the GSA. If CML is unable to secure finance on terms acceptable to CleanCo or have the condition extended (if required) or waived by 31 March 2027, then the GSA may be terminated, and a cash settlement would be triggered on or before 30 April 2027. As the gas transportation agreement condition will most likely form part of the Mahalo Gas Hub infrastructure process and can be waived by CML, CML’s view is that this condition will not trigger an earlier possible cash settlement. Similarly, if there is an adverse change to CleanCo’s requirement for gas to be supplied under the GSA by 31 March 2027, then the GSA may be terminated, and a cash settlement would be triggered on or before 30 April 2027. Further, if CML is not able to provide evidence to CleanCo it is producing from the Mahalo Fields an average of at least 9 TJ/day over the period 1 December 2028 to 28 February 2029; by 15 March 2029 then the GSA may be terminated, and a cash settlement would be triggered. As there continues to be demand for gas for power generation, CML does not expect CleanCo’s requirement for gas to change adversely in the medium term, and therefore that this condition will not trigger an earlier possible cash settlement. As CML is largely in control of the timing of gas production, CML’s view is that this condition will not trigger an earlier possible cash settlement. The amount owing to CleanCo has been recognised as a current liability as the Group does not have a right to defer settlement for at least twelve months due to the condition’s satisfaction date of 31 March 2027. Based on the longstanding relationship between the parties and the progress Comet Ridge has made with development of the Mahalo Gas Hub permits and its dataroom funding process, Comet Ridge believes it will be able to meet these timelines or agree extensions (if required), noting the window for gas supply under the GSA is 1 January 2030. Fair value measurement In considering the above, Comet Ridge has determined that a cash settlement continues to represent the maximum liability under the GSA and has therefore continued to recognise the liability as a “financial liability at fair value through profit or loss”. An expense of $1,103,000 (2025: $822,000) has been recorded in the 2026 financial year. Valuation techniques and process used to determine fair value at 30 June 2026 The fair value of the CleanCo liability is based on the a nticipated financial liability arising from the GSA executed o n 18 September 2023. The CleanCo liability is classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 59 Note 16 Financ ial liabilities at fair value (continued) The inputs used in the calculation of the fair value of the financial liability at fair value are as follows: 1. The option with the greatest liability that a market participant would want to be compensated for is a cash settlement based on the remaining condition precedent contained within the executed GSA not being met or waived, representing the maximum liability under the GSA. As a result, the $20,000,000, indexed for CPI, is the basis for determining the liability. 2. The earliest date for the cash payment under point 1 is 30 April 2027 (2025: 30 April 2026), giving a period of indexation of 13.2 years (2025: 12.2 years) from March 2014. 3. The CPI rate used to index the $20,000,000 cash payment from March 2014 is based on actual quarterly CPI rates from March 2014 to 30 June 2026 and forecast at 1.43% (2025: 1.37%) per quarter for the remaining period to 30 April 2027 (2025: 30 April 2026). The relationships between the unobservable inputs and the fair value of the financial liability at fair value are as follows: Unobservable input Relationship to fair value Agreement term CPI rate If CML is unsuccessful in satisfying condition precedent (No. 4) specified in the GSA, or having it extended or waived by 31 March 2027 the cash payment would be payable no earlier than 30 April 2027 (2025: 30 April 2026). If the forecast CPI escalation since March 2014 of 1.43% (2025: 1.37%) per quarter reduces/increases to a low of 0.93% per quarter or a high of 1.93% per quarter (2025: low of 0.87% and high of 1.87% per quarter), the indexed liability will reduce or increase by approximately 0.9% or $250,485 (2025: 0.9% or $246,580) respectively. Parent Entity Guarantee Comet Ridge Limited has provided a parent company financial guarantee to Comet Ridge Mahalo Pty Ltd (CML) in favour of Comet Ridge Mahalo’s potential $20,000,000 liability (indexed at CPI from 2014) to CleanCo. The guarantee represents a contingent liability of the parent should CML not be able to settle the obligation if and when it falls due. Deferred consideration payable – APLNG On 28 June 2022, Comet Ridge acquired Australia Pacific LNG Pty Ltd’s (APLNG) 30% interest in the Mahalo Gas Proje ct for a total consideration of $20,000,000 payable in staged payments. Comet Ridge paid a $1,000,000 deposit on 5 August 2021 and the upfro nt payment balance of $11,000,000 was paid to APLNG on 28 June 2022. The remaining $8,000,000 of deferred consideration was payable in four annual instalments of $2,000,000 each commencing from June 2023, unless a post completion trigger event occurred requiring earlier payment. The trigger events that would have required earlier repayment are any of the following: a) a final investment decision is made for development of gas from the Mahalo Gas Project; b) gas production from the Mahalo Gas Project equalling or exceeding 10 Terajoules per day, c) a change in control of the Group; d) Comet Ridge disposing of more than a 15% interest in the Mahalo Gas Project; or e) Comet Ridge is subject to an insolvency event. Comet Ridge paid the fourth and final post completion deferred consideration payment of $2,000,000 to APLNG on 30 June 2026. Fair value measurement The fair value of the deferred consideration payable was initially recognised as the present value of the $8 ,000,000 payable in 4 equal annual instalments and has been capitalised to the Mahalo Gas Project exploration and evaluation asset. For subsequent measurements, the present value was adjusted for yearly instalments paid and the unwinding of the discount applied expensed to profit and loss. An expense of $255,000 (2025: $479,000) has been recorded in the 2026 financial year. The APLNG liability is classified as L evel 3 in the fair value hierarchy due to the use of unobservable inputs. Given there is no remaining liability, the inputs used in the prior year calculation of the financial liability at fair value are as follows: 1. The remaining agreed cash settlement of $2,000,000 over one final instalment due in June 2026. 2. The pre-tax discount rate applied being 14.7%.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 60 Comet Ridge Limited I Annual Report 2026 Note 16 Financial liabilities at fair value (continued) Warrant shares – PURE Asset Management Pty Ltd On 21 May 2025, Comet Ridge refinanced a $9,500,000 secured loan with PURE Asset Management Pty Ltd (PURE) to 30 June 2027. The original PURE loan also contain ed two tranches of detached warrant shares . As part of the loan refinance, the original 39,393,939 Tranche 1 warrant shares were cancelled, and 55,000,000 new warrant shares (New Warrants) were issued on 26 May 2025. At the time of the loan refinance, the 22,727,273 Tranche 2 warrant shares remained unchanged however have subsequently expired on 30 March 2026. The warrant shares currently on issue are 55,000,000 new warrant shares issued on 26 May 2025 exercisable at $0.1221 per sh are and expiring on 30 June 2028. 1 Following the share placement announced in June 2026, the exercise price of the new warrant shares was amended from $0.16 per share to $0.122 per share. June 2026 June 2025 Movements in carrying amounts of warrant shares $000’s $000’s Balance at the beginning of the year 3,221 4,250 Fair value movement (1,155) (3,145) Derecognition of Tranche 2 warrant share liability on expiry (636) - Adjustment to fair value on cancellation of existing 39.4 million Tranche 1 warrant shares and issue of 55,000,000 new warrant shares - 2,116 Balance at the end of the year 1,430 3,221 F air value measurement The fair value of the warrant share financial liability is calculated using a Black-Scholes valuation methodology. The key inputs into the fair value calculation are: a) Exercise price of new warrant shares $0.122 (2025: $0.16); b) Expected volatility of the Company ’s share price calculated at 63.3% (2025: 51.8%), reflecting the assumption that historical volatility is indicative of future trends (which may not necessarily be the actual outcome); c) Share price of the Company on each balance date being $0. 092 (2025: $0.14) ( noting that no allowance has been made for discounting the share price to reflect the issue price of an alternate equity raising if the warrant shares had not been issued); and d) Expected remaining term of the new warrant shares being 2.0 years (2025: 3.0 years). The warrant share financial liability has been classified as Level 3 in the fair value hierarchy and is recognised as a “financial liability at fair value through profit or loss”. A gain of $1,791,000 (2025: gain $ 1,029,000) has been recorded in the 202 6 financial year to reflect the reduction in the fair value of the new warrant shares due to share price fluctuations since 30 June 202 5 and expiration of the Tranche 2 warrant shares. Unobservable input Relationship to fair value Expected volatility The expected volatility used is based on historical data and reflects the assumption that the historical volatility over a period is indicative of future trends, which may not necessarily be the actual outcome. A change in volatility by 1,000 basis points would decrease/increase the fair value by $nil and $55,000 (2025: $612,819 and $566,181) respectively.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 61 Note 17 Contributed equity Consolidated June 2026 June 2025 $000’s $000’s Ordinary shares - fully paid 225,597 196,573 Movements in ordinary shares June 2026 June 2025 June 2026 June 2025 Number of Shares Number of Shares $000’s $000’s Balance at the beginning of the period 1,196,438,720 1,107,801,434 196,573 184,835 Share placement @ 10.25 cents per share pending allotment of shares 1 - - 30,573 - Share placement @ 14 cents per share 2 - 85,914,286 - 12,028 Performance rights vested3 - 2,723,000 - 356 Share issue costs - - (1,549)1 (646)2 Balance at the end of the year 1,196,438,720 1,196,438,720 225,597 196,573 1 On 24 June 2026, Comet Ridge announced a placement of new shares to institutional and sophisticated investors to raise $30,573,000 (before share issue costs). The placement comprised the issue of 298,419,512 new shares at an issue price of $0.1 025 per share. The placement shares were allotted to investors on 1 July 2026. Share issue costs of $ 1,549,000 were payable by Comet Ridge in relation to the placement. As at 30 June 2026, the placement was considered substantively complete, with Comet Ridge having received the funds with no remaining substantive conditions preventing the allotment of shares. Accordingly, the proceeds were classified as equity at reporting date. 2 On 12 December 2024, Comet Ridge announced a placement of new shares to institutional and sophisticated investors to raise $12,028,000 (before share issue costs). The placement comprised the issue of 85,914,286 new shares at an issue price of $0.14 per share. The placement shares were allotted to investors on 18 December 2024. Share costs of $64 6,000 were payable by Comet Ridge in relation to the placement. 3 The fair value of vested performance rights at grant date is transferred from the Share-based Payments’ Reserve. Accounting Policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held. In most situations, Comet Ridge will conduct voting procedures at General Meetings, including the Annual General Meeting, via a poll. Note 18 Cash flow information Consolidated June 2026 June 2025 Reconciliation of cash flow from operations $000’s $000’s Loss for the year (4,368) (2,470) Depreciation and amortisation of borrowing costs 146 269 Exploration and evaluation assets written-off 13 - Share-based payments - 127 Discount unwinding on rehabilitation provision and fair value liabilities 1,449 2,048 Net exchange differences - (1,226) Movement in financial liability at fair value (688) (2,599) Changes in assets and liabilities (Increase)/Decrease in trade and other receivables (251) 71 Decrease in prepayments and deposits paid 8 167 Increase/(Decrease) in trade payables and accruals 149 (331) Increase/(Decrease) in provisions 17 (175) (3,525) (4,119)
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 62 Comet Ridge Limited I Annual Report 2026 Note 18 Cash flow information (continued) (b) Non- cash financing and investing activities Non-cash investing and financing activities disclosed in other notes are: • $48,000 gain on unwinding of discount on deferred consideration receivable from Santos – Note 10. • $255,000 expense on unwinding of discount on deferred consideration payable to APLNG – Note 16. Note 19 Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision m akers. The chief operating decision makers, who are responsible for allocating resources and assessing performance of the operating segments, are the Board of Directors. The principal operat ing activities of the Group are the exploration and evaluation of its tenements for gas reserves. The interna l report used by the Board of Directors in assessing performance and determining the allocations of resources is cash flow reporting of exploration and evaluation activities as one segment. Note 20 Contingent liabilities There are no contingent liabilities of the Group as at 30 June 2026 ( 2025: $nil). Note 21 Commitments Exploration expenditure In order to maintain an interest in the exploration tenements in which the parent is involved, the parent is committed to meet the conditions under the agreements. The timing and amount of exploration expenditure and obligations of the parent are subject to the minimum work or expenditure requirements of the permit conditions or farm-in agreements (where applicable) and may vary significantly from the forecast based on the results of the work performed which will determine the prospectivity of the relevant area of interest. The obligations are not provided for in the financial statements. Consolidated June 2026 June 2025 Minimum expenditure requirements $000’s $000’s ● not later than 12 months 4,539 7,238 ● between 12 months and 5 years 7,016 9,790 11,555 17,028 Ba nk guarantees Westpac Banking Corporation have provided bank guarantees totalling $519,380 (2025: $519,380) as follows: • $398,700 (2025: $398,700) to the State of Queensland - Group’s exploration permits and environmental guarantees; and • $120,680 (2025: $120,680) to P.G.A. (Queen) Pty Ltd – office premises’ rental bond The bank guarantees are secured by term deposits as disclosed in Note 11. Note 22 Risk management Overview The Group’s principal financial instruments comprise receivables, payables, cash, term deposits and financial liabilities at fair value . The main risks arising from the Group ’s financial assets and liabilities are interest rate risk, foreign currency risk, credit risk and liquidity risk. This note presents information about the Group’s exposure to each of the above risks, its objectives, policies and processes for measuring and managing risk. Key risks are monitored and reviewed as circumstances change (e.g. acquisition of new entity or project) and policies are created or revised as required. The overall objective of the Group’s financial risk management policy is to support the delivery of the Group’s financial targets whilst protecting future financial security. Given the nature and size of the business and uncertainty as to the timing and amount of cash inflows and outflows, the Group does not enter into derivative transactions to mitigate the financial risks. In addition, the Group’s policy is that no trading in financial instruments shall be undertaken for the purpose of making speculative gains. As the Group’s operations change, the Directors will review this policy.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 63 Note 22 R isk management (continued) The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and agrees policies for managing the Group’s financial risks as summarised below. The Group holds the following financial instruments which are carried at amortised cost unless otherwise stated: Consolidated June 2026 June 2025 Financial Assets $000’s $000’s Cash and cash equivalents 27,730 13,299 Trade and other receivables 1,186 166 Restricted cash 519 519 Financial asset at fair value – Santos deferred consideration receivable - 809 29,435 14,793 Financial Liabilities Trade and other payables 3,157 1,431 Lease liabilities 162 290 Borrowings 7,769 6,661 Financial liability at fair value – PURE warrant shares 1,430 3,221 Financial liability at fair value – APLNG deferred consideration payable - 1,745 Financial liability at fair value – CleanCo 28,667 27,564 41,185 40,912 Interest rate risk Exposure to interest rate risk arises on cash and term deposits recognised at reporting date whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. Borrowings are fixed rate borrowings and not exposed to fluctuations in interest rates. A forward business cash requirement estimate is made, identifying cash requirements for the following period (generally up to one year) and interest rate term deposit information is obtained from a variety of banks over a variety of periods (usually one month up to six-month term deposits) accordingly. The funds to invest are then scheduled in an optimised fashion to maximise interest returns whilst preserving liquidity. Interest rate sensitivity A sensitivity of 1% interest rate has been selected as this is considered reasonable given the current market conditions. A 1% movement in interest rates at the reporting date would have increased/(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. Profit or Loss Equity 1% increase 1% decrease 1% increase 1% decrease 2026 – Consolidated $000’s $000’s $000’s $000’s Cash and cash equivalents and restricted cash 282 (282) 282 (282) 2025 – Consolidated Cash and cash equivalents and restricted cash 138 (138) 138 (138) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board’s approach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient resources to meet its obligations when due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. This is based on the undiscounted cash flows of the financial liabilities based on the earliest date on which they are required to be paid. With respect to the liability to CleanCo, the Group is managing this liquidity risk via an executed Gas Supply Agreement (GSA) with CleanCo. In the event the financing condition precedent is not met, extended or waived, then a cash payment of $20 million escalated by CPI until the date of payment will be required and has been disclosed in the below table.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 64 Comet Ridge Limited I Annual Report 2026 Note 22 Risk management (continued) The following are the contractual maturity for non-derivative financial assets and liabilities. <1 year Between 1 to 3 years Between 3 to 5 years Total Contractual Cash Flows Carrying Amount Consolidated - 30 June 2026 $000’s $000’s $000’s $000’s $000’s Financial Assets Cash and cash equivalents 27,730 - - 27,730 27,730 Trade and other receivables 1,186 - - 1,186 1,186 28,916 - - 28,916 28,916 Financial Liabilities Trade and other payables (3,157) - - (3,157) (3,157) Lease liabilities (159) (14) - (173) (162) Borrowings (10,640) - - (10,640) (7,769) Financial liability at fair value – CleanCo (28,667) - - (28,667) (28,667) (42,623) (14) - (42,637) (39,755) Consolidated - 30 June 2025 Financial Assets Cash and cash equivalents 13,299 - - 13,299 13,299 Deferred consideration receivable - Santos 857 - - 857 809 14,156 - - 14,156 14,108 Financial Liabilities Trade and other payables (1,431) - - (1,431) (1,431) Lease liabilities (151) (173) - (324) (290) Borrowings (1,140) (10,640) - (11,780) (6,661) Deferred consideration payable – APLNG (2,000) - - (2,000) (1,745) Financial liability at fair value – CleanCo (27,564) - - (27,564) (27,564) (32,286) (10,813) - (43,099) (37,691) Cr edit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from cash and cash equivalents, restricted cash, and trade and other receivables. The Group exposure and the credit ratings of its counterparties are continuously monitored by the Board of Directors. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets as summarised in the table above. Credit risk exposures Trade and other receivables Trade and other receivables comprise primarily of charges to joint operations. Where possible the Group trades with recognised, creditworthy third parties. The receivable balances are monitored on an ongoing basis. The Group’s exposure to bad debts is not significant. At 30 June 2026 $nil (2025: $nil) of the Group’s receivables were past due. The Group has no other significant concentration of credit risk. Cash and cash equivalents, restricted cash and term deposits The Group has a significant concentration of credit risk with respect to cash deposits with banks. AAA rated banks are mostly used and non- AAA banks are utilised where commercially attractive returns are available. Capital risk management When managing capital, management ’s objective is to ensure the Group continues as a going concern and to maintain a structure that ensures the lowest cost of capital available and to ensure adequate capital is available for exploration and evaluation of tenements. In order to maintain or adjust the capital structure, the Group may seek to issue new shares. Consistent with others in the industry, the Group monitors capital on the basis of forecast exploration and evaluation expenditure required to reach a stage which permits a reasonable assessment of the existence or otherwise of an economically recoverable reserve. Total capital is calculated as ‘equity’ as shown in the Consolidated Statement of Financial Position. There were no changes in the Group’s approach to capital management during the year. The Group is not subject to externally imposed capital requirements. Fair value measurement The fair value of financial assets and financial liabilities must be estimated for recognition and measurement and for disclosure purposes.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 65 Note 22 R isk management (continued) Fair value hierarchy AASB 7 Financial Instruments: Disclosures requires disclosure of fair value measurements by level as determined by the following fair value measurement hierarchy: a) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; b) Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and c) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table shows the fair value classification of the Group’s assets and liabilities measured and recognised at fair value at 30 June 2026. Consolidated Financial Assets - Level 3 (Note 10) June 2026 June 2025 $000’s $000’s Santos deferred consideration receivable - 809 Balance at the beginning of the year 809 1,572 Unwinding of discount 48 94 Deferred consideration payment receivable (857) (857) Balance at the end of the year - 809 Financial Liabilities - Level 3 (Note 16) June 2026 June 2025 $000’s $000’s CleanCo financial liability 28,667 27,564 APLNG deferred consideration payable - 1,745 PURE warrant shares 1,430 3,221 30,097 32,530 Balance at the beginning of the year 32,530 34,258 Unwinding of discount 255 479 Movement in financial liabilities at fair value (688) (207) Deferred consideration payment made (2,000) (2,000) Balance at the end of the year 30,097 32,530 O ther fair value disclosures The Directors consider that the carrying amount of trade receivables and payables recorded in the financial statements approximates their fair values due to their short-term nature. Note 23 Group structure The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries: Name of entity Country of Incorporation Class of Shares Equity Holding % 2026 2025 Chartwell Energy Pty Ltd1 Australia Ordinary - 100 Comet Ridge NZ Pty Ltd2 Australia Ordinary - 100 Comet Ridge Mahalo Pty Ltd Australia Ordinary 100 100 Comet Ridge Gunnedah Pty Ltd Australia Ordinary 100 100 Comet Ridge Galilee Pty Ltd Australia Ordinary 100 100 Comet Ridge Mahalo North Pty Ltd Australia Ordinary 100 100 Comet Ridge Mahalo East Pty Ltd Australia Ordinary 100 100 Comet Ridge Mahalo Far East Pty Ltd Australia Ordinary 100 100 1 Chartwell Energy Pty Ltd was deregistered with ASIC on 7 December 2025. 2 Comet Ridge NZ Pty Ltd was deregistered with ASIC on 13 August 2025.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 66 Comet Ridge Limited I Annual Report 2026 Note 23 Group structure (continued) Joint arrangements The Group has interests in the following Joint Arrangements: 2026 2025 ATP 1191 Mahalo Gas Project1 57.14% 57.14% 1 includes PLs 1082 and 1083, and PCA 338 ATP 743 Galilee Deeps Joint Venture 70.00% 70.00% ATP 744 Galilee Deeps Joint Venture 70.00% 70.00% ATP 1015 Galilee Deeps Joint Venture 70.00% 70.00% PEL 427 Gunnedah 59.09% 59.09% In accordance with AASB 11 Joint Arrangements , the accounting treatment adopted for these joint arrangements depends upon an assessment of the rights and obligations of the parties to the arrangement that are established in each of the joint operatin g agreements (JOAs) or the farm-in agreement as the case may be. The JOA or farm-in agreement sets out the voting rights of the parties to the agreement. The voting rights determine who has control i.e. the power to direct the operating activities of the joint arrangement. Based on the analysis of each JOA and farm-in agreement, the Group has classified each of its joint arrangements as a “joint operation”. As a result, the Group recognises in its financial statements its share of the revenue, expenses, assets and liabilities of each of the joint operations in which it has an interest. Note 24 Related party transactions Parent entity The legal parent entity is Comet Ridge Limited. Details of controlled entities are set out in Note 23. Key Management Personnel There were no transactions with KMP during the year, other than those disclosed in Note 25. Transactions with controlled entities Transactions between Comet Ridge Limited and its subsidiaries during the year included: • loans advanced to/repayments from subsidiaries; and • investments in subsidiaries. The loans and investments have been impaired as shown in the parent entity disclosures section of this note. The loans to subsidiaries are interest free, repayable in cash at call and are unsecured. Loans to subsidiaries an d investments i n subsidiaries The parent entity has recorded investments in subsidiaries at cost of $nil (2025: $44,081,000) less provisions for i mpairment $nil (2025: $44,081,000) as a result of the deregistration of Chartwell Energy Pty Ltd on 7 December 2025. The parent entity has also loaned funds to its subsid iaries of net $74,701,000 (2025: $ 63,609,000) primarily to undertake exploration expend iture. The parent entity has impaired the carrying amount of the loans by $21,130,000 (2025: $18,532,000). The impairment of the investments and loans has been based on the underlying net assets of the subsidiaries. In future periods, as the underlying exploration and evaluation activities progress on various tenements, and with changes in other market conditions, the carrying amounts of the investments and loans may need to be reassessed in line with the net asset po sition of the subsidiaries or as otherwise appropriate. Note 25 Key Management P ersonnel Details of Key Management Personnel Key Management Personnel comprise all of the Directors of the Company. James McKay Non-executive Chairman Tor McCaul Managing Director Christopher Pieters Executive Director Gillian Swaby Martin Riley Shaun Scott Non-executive Director – Did not stand for re-election at the AGM held on 14 November 2025 Non-executive Director Non-executive Director – Resigned 3 June 2026
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 67 Note 25 Ke y management personnel (continued) Consolidated June 2026 June 2025 $ $ Short-term employee benefits 847,170 886,101 Post-employment benefits 79,692 80,987 Long-term employment benefits 8,821 8,739 Share-based payments - 26,644 935,683 1,002,471 Note 26 Parent entity disclosures June 2026 June 2025 $000’s $000’s Current assets 28,536 12,941 Non-current assets 105,278 95,366 Total assets 133,814 108,307 Current liabilities 27,726 17,343 Non-current liabilities 1,119 10,645 Total liabilities 28,845 27,988 Net assets 104,969 80,319 Contributed equity 240,205 211,181 Share-based payments’ reserve - - Accumulated losses (135,236) (130,862) Total equity 104,969 80,319 Loss for the period 4,368 3,697 Other comprehensive income - - Total comprehensive loss 4,368 3,697 Bank guarantees Bank guarantees are disclosed in Note 21. Contingent liabilities Contingent liabilities are disclosed in Note 20. P arent Entity Guarantee Comet Ridge Limited has provided a parent company financial guarantee for Comet Ridge Mahalo Pty Ltd (CML) in favour of Comet Ridge Mahalo’s potential $20,000,000 liability (indexed at CPI from 2014) to CleanCo. The guarantee represents a contingent liability of the parent should CML not be able to settle the obligation if and when it falls due. Note 27 Post balance date events a) Completion of Share Purchase Plan and Tranche 2 placement Comet Ridge announced on 30 July 2026 the completion of its Share Purchase Plan (SPP) resulting in applications received tota lling $875,750. This SPP comprised the issue of 8,543,902 shares at an issue price of $0.1025 per share and the SPP shares were al lotted on 31 July 2026. As announced on 6 August 2026, shareholders approved the issue of Tranche 2 Placement Shares to institutional and sophisticated investors to raise $9.4 million (before costs). This placement comprised the issue of 91,824,387 shares at an issue price of $0. 1025 per share. The placement shares were allotted to investors on 14 August 2026.
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68 Comet Ridge Limited I Annual Report 2026 Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Both the SPP a nd Tranche 2 Placement included one unlisted free attaching o ption for every two securities allotted with a s trike price of $0.15 per option expiring on 30 June 2028. b) Santos Mahalo JV acquisition completion As announced on 24 August 2026, Comet Ridge completed t he acquisition of Santos QNT Pty Ltd’s (Santos) 42.86% interest in the Mahalo Gas Project, increasing Comet Ridge’s ownership to 100%. As part of the completion consideration, Sa ntos accepted 83,782,550 new fully paid ordinary shares in Comet Ridge (consideration shares) at an issue price of $0.1025 per share. The consideration shares were allotted to Santos on 24 August 2026. No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 69 Consolidated Entity Disclosure Statement As at 30 June 2026 Comet Ridge L imited is required by Australian Accounting Standards to prepare consolidated financial statements in relation to the company and its controlled entities (the consolidated entity). In accordance with subsection 295(3A) of the Corporations Act 2001 , this consolidated entity disclosure statement provides information about each entity that was part of the consolidated entity at the end of the financial year. Name of Entity Type of entity Place formed or incorporated Percentage of share capital held (if applicable) Australian tax resident or foreign tax resident Foreign tax jurisdiction (if applicable) Comet Ridge Limited Body corporate Australia n/a Australian n/a Comet Ridge Mahalo Pty Ltd Body corporate Australia 100% Australian n/a Comet Ridge Gunnedah Pty Ltd Body corporate Australia 100% Australian n/a Comet Ridge Galilee Pty Ltd Body corporate Australia 100% Australian n/a Comet Ridge Mahalo North Pty Ltd Body corporate Australia 100% Australian n/a Comet Ridge Mahalo East Pty Ltd Body corporate Australia 100% Australian n/a Comet Ridge Mahalo Far East Pty Ltd Body corporate Australia 100% Australian n/a At the end of the financial year, no entity within the consolidated entity was a trustee of a trust within the consolidated entity, a partner in a partnership within the consolidated entity, or a participant in a joint venture within the consolidated entity.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 70 Comet Ridge Limited I Annual Report 2026 Directors’ Declaration The directors declare that: 1) In the directors’ opinion, the consolidated statements and notes thereto, as set out on pages 34 to 61, are in accordance with the Corporations Act 2001, including: (a) complying with Australian Accounting Standards and the Corporations Regulations 2001; and (b) as stated in Note 2, the consolidated financial statements also comply with International Financial Reporting Standards; and (c) giving a true and fair view of the financial position of the Group as at 30 June 2026 and of its performance for the year ended on that date. 2) In the directors’ opinion, the consolidated entity disclosure statement required by subsection 295(3A) of the Corporations Act 2001 is true and correct. 3) In the directors’ opinion there are reasonable grounds, at the date of this declaration, to believe that the Company will be able to pay its debts as and when they become due and payable. The directors have been given the declarations by the Managing Director and Chief Financial Officer required in accordance with section 295A of the Corporations Act 2001 for the financial year ending 30 June 2026. This declaration is made in accordance with a resolution of the Board of Directors. Tor McCaul Managing Director Brisbane, Queensland, 24 September 2026
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 78 Additional Information The addi tional information set out below was applicable as at 1 September 2026: 1. Number of Equity Holders Ordinary Share Capital 1,679,009,030 fully paid ordinary shares are held by 2,939 individual shareholders. 2. Voting Rights In accordance with the Company ’s constitution, on a show of hands every shareholder present in person or by a proxy, attorney or representative of a shareholder has one vote and on a poll every shareholder present in person or by a proxy, attorney or representative has in respect of fully paid shares, one vote for every share held. No class of option holder has a right to vote, however the shares issued upon exercise of options will rank pari passu with the then existing issued fully paid ordinary shares. 3. Distribution of Shareholdings Holdings No. of Holders Units Percentage of Issued Capital* 1 - 1,000 192 8,480 0.001% 1,001 - 5,000 375 1,319,302 0.079% 5,001 - 10,000 370 2,954,356 0.176% 10,001 - 100,000 1,130 46,460,359 2.767% 100,001 - maximum 872 1,628,266,533 96.978% 2,939 1,679,009,030 100.000% ∗ Percentages have been rounded to the nearest 1/1000 decimal place. The numbers of shareholders holding less than a marketable parcel (being 5,435 units or less) were: 597 Holders (1,485,585 Shares) 4. Substantial Shareholders The following information is extracted from the Company’s Register of Substantial Shareholders: Name Number of Shares Held Percentage of Issued Capital Copia Investment Partners Ltd 272,593,837 16.24% The above shareholding is disclosed pursuant to section 671B (3) of the Corporations Act 2001 but the relevant interests shown do not necessarily represent the beneficial interest in the share capital of the Company or the parties concerned. 5. Unquoted Securities Unlisted Performance Rights: The Company has nil performance rights on issue, issued in accordance with the Comet Ridge Employee Performance Rights Plan last approved by shareholders at the Company’s AGM on 24 November 2016. Unlisted Warrant Shares: The Company has 55,000,000 warrant shares on issue, exercisable at $0.1 22 per share. These have been issued to PURE Asset Management Pty Ltd in connection with refinance and extension of the $9.5 million loan on 21 May 2025. The warrant shares have a term of 37 months from the refinance date until expiry on 30 June 2028.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 79 Comet Ridge Limited I Annual Report 2026 6. The 20 Largest Holders of Ordinary Shares Number of Ordinary Fully Paid Shares Held Percentage of Issued Capital % 1. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 439,535,744 26.18% 2. CITICORP NOMINEES PTY LIMITED 116,077,099 6.91% 3. SANTOS QNT PTY LTD 83,782,550 4.99% 4. UBS NOMINEES PTY LTD 36,035,167 2.15% 5. BUTTONWOOD NOMINEES PTY LTD 33,837,440 2.02% 6. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2 26,025,000 1.55% 7. WARBONT NOMINEES PTY LTD <UNPAID ENTREPOT A/C> 25,260,943 1.50% 8. BRAZIL FARMING PTY LTD 23,757,487 1.41% 9. BNP PARIBAS NOMS PTY LTD 22,809,753 1.36% 10. J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 22,297,543 1.33% 11. BRIXIA INVESTMENTS LTD 21,425,501 1.28% 12. MCKAY SUPER PTY LTD 20,253,129 1.21% 13. SIXTH ERRA PTY LTD 20,245,846 1.21% 14. MR JOHN NAUGHTON 17,500,000 1.04% 15. GILBY RESOURCES PTY LTD 15,000,000 0.89% 16. BOND STREET CUSTODIANS LIMITED <LAMAN – D05019 A/C> 14,793,103 0.88% 17. MICHAEL JOYCE PTY LTD 14,000,000 0.83% 18. MRS KIRSTY ELLEN MCKAY 13,750,000 0.82% 19. KABILA INVESTMENTS PTY LIMITED 12,380,775 0.74% 20. ROOKHARP CAPITAL PTY LIMITED 11,617,700 0.69% TOTAL 990,384,780 58.99% 7. Restricted Securities There were no restricted securities issued or held during the reporting period. 8. Interest in Petroleum Tenements - Authority to Prospect (ATP), Petroleum Lease (PL), Petroleum Commercial Area (PCA), Petroleum Exploration Lease (PEL) Interests ATP / PL / PCA / PEL Location Interest1 Operator PL 1082 2 Bowen Basin 100% 6 Co met Ridge Mahalo Pty Ltd PL 1083 2 Bowen Basin 100% 6 Co met Ridge Mahalo Pty Ltd PCA 338 2,3 Bowen Basin 100% 6 Co met Ridge Mahalo Pty Ltd ATP 2048 Bowen Basin 100% Comet Ridge Mahalo North Pty Ltd ATP 2061 Bowen Basin 100% Comet Ridge Mahalo East Pty Ltd ATP 2063 Bowen Basin 100% Comet Ridge Mahalo Far East Pty Ltd ATP 2072 Bowen Basin 100% Comet Ridge Mahalo Far East Pty Ltd ATP 743 4 Galilee Basin 70% Conventional 100% CSG Comet Ridge Limited ATP 744 4 Galilee Basin 70% Conventional 100% CSG Comet Ridge Limited ATP 1015 4 Galilee Basin 70% Conventional 100% CSG Comet Ridge Limited PEL 427 5 Gunnedah Basin 100% Conventional 59.09% CSG Comet Ridge Limited (Conventional) Santos NSW (Betel) Pty Ltd (CSG) 1 The interest is held either by Comet Ridge Limited or one of its wholly owned subsidiaries. 2 Pa rt of ATP 1191 Mahalo Gas Project Permit has been converted to Petroleum Leases (PLs) 1082 and 1083 with the remaining Mahalo Gas Project area covered by Potential Commercial Area (PCA) 338.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 Comet Ridge Limited I Annual Report 2026 80 3 4 5 6 PCA 338 is an amalgamation of the previously held PCAs 302, 303 and 304. The Authorities to P rospect (ATPs) located in the G alilee Basin have be en divided by wa y of a f arm-in to Vintage Energy Limited into t he Conventional (Deeps) and Unconventional (Shallows) joint ventures. The percentages recorded show the interests that Comet Ridge (or a wholly owned subsidiary) holds in these respective ATPs. The Queensland Government has granted 6 PCAs numbered 319 to 324 totalling approximately 4,742 km2 for 15 years as well as renewing the underlying ATPs for a further 12 years. PEL 427 located in the Gunnedah Basin is divided into Conventional oil and gas equity and CSG Joint Ventures. PEL 427 was renewed in May 2022. The approved area was reduced to 12 blocks over an area of 891 km2. On 21 August 2026, Comet Ridge Mahalo Pty Ltd acquired Santos QNT Pty Ltd’s 42.86% interest in these PLs and PCAs taking Comet Ridge’s holding to 100%.
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Comet Ridge Limited – Annual Report for the Year Ended 30 June 2026 81 Comet Ridge Limited I Annual Report 2026 Corporate Directory Directors James McKay – Non-executive Chairman Tor McCaul – Managing Director Christopher Pieters – Executive Director Martin Riley – Non-executive Director Mark McCabe – Non-executive Director Company Secretary – Stephen Rodgers Registered Office Comet Ridge Limited ABN 47 106 092 577 Level 12 410 Queen Street Brisbane, Queensland, 4000 Telephone: +61 7 3221 3661 Website: www.cometridge.com.au Email: info@cometridge.com.au Share Registry Computershare Investor Services Pty Ltd Level 1 200 Mary Street Brisbane, Queensland, 4000 Telephone: +61 7 3237 2100 Facsimile: +61 7 3229 9860 Auditors Pitcher Partners Level 38, 345 Queen Street Brisbane, Queensland, 4000 Telephone: +61 7 3222 8444 Securities Exchange Listing Australian Securities Exchange Ltd Home Exchange: Brisbane ASX Code: COI
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Comet Ridge Level 12 410 Queen Street Brisbane QLD 4000 +61 7 3221 3661 www.cometridge.com.au info@cometridge.com.au A T W E