Comet Ridge (COI) Investor presentation summary

Strategic position and asset overview

• Holds 100% ownership of the Mahalo Gas Hub, consolidating 1,850 km² with 361 PJ 2P reserves and 676 PJ 2P+2C resources, supporting a long-life 50–70 TJ/day project.

• Full control enables optimization of project scope, capex, and development sequencing, with all key permits and environmental approvals in place.

• Mahalo Gas Hub is development-ready, with FEED optimization underway and a final investment decision (FID) targeted for 1Q 2027.

• Close proximity to infrastructure and major markets, including LNG plants, ensures low transmission costs and rapid speed to market.

Transaction and funding

• Acquired Santos' 42.86% interest, achieving 100% equity in Mahalo Gas Hub; amended consideration includes $18M cash, $10M scrip, and up to $30M in contingent payments.

• Raised A$40M via a two-tranche placement, with an additional SPP to raise up to A$5M; options issued at 15c, expiring June 2028.

• Funds allocated to complete the Santos transaction, working capital, and costs to reach FID.

• Pro-forma market capitalization post-transaction and placement is A$177.6M, with net cash position detailed.

Project development and operational efficiency

• Four successful commercial pilots demonstrate strong gas flow rates and commerciality across the Mahalo Hub.

• Shallow coal seam gas (CSG) wells reduce development costs and surface disturbance, with high-quality methane and centralized infrastructure.

• Single-owner structure enables economies of scale, streamlined management, and fit-for-purpose design, reducing overall costs.

• Jemena to manage gas export via a build-own-operate pipeline, with agreements and approvals progressing.