Comet Ridge (COI) Trading Update summary

Project development and operational progress

• Upstream and pipeline FEED for Mahalo JV Gas Project advanced, with FID expected after completion of FEED and assurance activities in early 2026.

• Jemena progressed FEED for a new pipeline connecting Mahalo Gas Hub to key Queensland pipelines for domestic and LNG markets.

• Mahalo East received independent certification of 51.8 PJ 2P and 118.5 PJ 3P gas reserves, increasing the net reserves portfolio by 27% and 29% respectively.

• Mahalo North is advancing through the Federal EPBC approval process, with final approval anticipated by end of 2025.

• Field work and environmental studies, including groundwater monitoring, have been completed to support regulatory submissions.

Financial position and funding

• Cash balance at 30 June 2025 was $13.3 million (unaudited).

• PURE Asset Management loan facility of $9.5 million was refinanced and extended to June 2027, with $3.5 million co-investment from family offices.

• 55 million new warrants issued to PURE, expiring June 2028 at $0.16 per share; 39.4 million prior warrants cancelled.

• Payments to related parties totaled $251k for the quarter, covering director and management remuneration.

• Estimated quarters of funding available is 5.1, based on current cash and outgoings.

Commercial and corporate activities

• Gas Sales Agreement with CleanCo extended to align with Mahalo JV FID, with supply to commence in 2027 at a lower initial rate.

• Active negotiations with multiple gas buyers for additional GSAs and prepayment arrangements to support project financing.

• Data room process ongoing for potential project and corporate transactions, including equity and funding arrangements.

• No change in ordinary shares during the quarter; total securities on issue include 1,196,438,720 shares and 77,727,273 warrants.