Comet Ridge (COI) H1 2026 earnings summary

Executive summary

• Comprehensive loss for the half-year ended 31 December 2025 was $2.1 million, up from a $1.2 million loss in the prior year, mainly due to non-cash movements in financial liabilities at fair value.

• Entered a binding agreement to acquire Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project, moving towards 100% ownership and operatorship of the Mahalo Gas Hub.

• Received key environmental approvals for Mahalo North, advancing development readiness.

• Cash position at period end was $7.05 million.

Financial highlights

• Revenue and other income for the half-year totaled $434,000, down from $2.7 million in the prior period.

• Loss before income tax was $2.1 million, compared to $1.2 million loss in the prior year.

• Net cash used in operating activities was $1.81 million; net cash used in investing activities was $4.39 million.

• Proceeds from share issues totaled $12.03 million, offset by $605,000 in share issue costs.

• Cash and cash equivalents decreased from $13.3 million at June 2025 to $7.05 million at December 2025.

Outlook and guidance

• Upstream and pipeline FEED for Mahalo Gas Project nearing completion, with a final investment decision pending.

• Actively pursuing additional gas sales agreements and funding arrangements to support project development.

• Directors remain confident in securing necessary funding to meet future commitments and continue as a going concern.