Comet Ridge (COI) H2 2025 earnings summary

Executive summary

• Significant progress in appraisal and development, including a $5M grant for Mahalo East pilot and new acreage awarded in Mahalo Far East Extension.

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

• FEED commenced for Mahalo JV Gas Project and Mahalo Gas Hub Pipeline, with Santos and Jemena as key partners.

• $12M equity placement completed to fund FEED and project advancement; PURE Asset Management loan extended to 2027.

• Focus for FY2026 is on gas sales agreements, funding, and progressing FEED to FID.

Financial highlights

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

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

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

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

• No dividend declared for FY2025.

Outlook and guidance

• Planned FID for Mahalo JV Gas Project in 2026 following completion of FEED.

• Continued focus on securing funding, progressing gas sales agreements, and advancing Mahalo North and East developments.

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