Comet Resources Ltd (ASX:CRL) is pleased to announce it has received commitments for a placement of 100,000,000 new fully paid ordinary shares in Comet to eligible sophisticated and institutional investors at $0.02 per New Share.

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce it has received commitments for a placement of 100,000,000 new fully paid ordinary shares in Comet (Placement Shares) to eligible sophisticated and institutional investors at $0.02 per New Share (the Placement). The Placement will raise $2 million (before costs) and is priced at a 9.52% discount to the last closing price of Comet shares on 2 September 2020.

The Placement was well supported by new and existing sophisticated investors and the Company is pleased to welcome strategic investors on to the register. Proceeds raised will be used to fund activities at the Company’s Santa Teresa Gold Project and also the Barraba Copper Project, as well as for working capital purposes.

Comet Managing Director, Matthew O’Kane, commented “It was great to see strong support for the placement as an endorsement of the Company’s recent acquisitions. We are looking forward to commencing exploration including drilling, first at the Barraba Cooper Project once the final permits are issued, and then moving on to the Santa Teresa Gold Project as soon as possible afterwards.”

The Placement Shares are intended to be issued under the Company’s refreshed capacity pursuant to ASX Listing Rule 7.1 and 7.1A. The Placement Shares to be issued under 7.1A are conditional on the minimum pricing condition under ASX Listing Rule 7.1A.3 being satisfied. Where this does not occur, the issue of those Placement Shares will be subject to Shareholder approval at the Company’s forthcoming Annual General Meeting (AGM). The Company is seeking to complete the Placement under its refreshed capacity following shareholder approval at the General Meeting of Shareholders (GM) to be held on 21 September 2020. Settlement of the Placement is expected shortly after the GM with allotment expected to occur and normal trading of those shares expected to commence thereafter. Placement Shares issued under the Placement will rank equally with existing Comet ordinary shares from their date of issue.

Share Purchase Plan

Comet proposes to offer existing eligible shareholders the opportunity to participate in a nonunderwritten share purchase plan (SPP) to raise up to $500,0001 . Under the SPP, eligible Comet shareholders, being shareholders with a registered address in Australia or New Zealand on Comet’s register as at 5.00pm (AWST) on Wednesday, 9 September 2020, will have the opportunity to apply for up to $30,000 of New Shares at an offer price of $0.02 per New Share. The SPP price equates to approximately a 10.13% discount to the 5-day volume weighted average market price of the Company’s Shares as traded on the ASX immediately prior to the announcement of the SPP.

The SPP offer period will open on Thursday, 10 September 2020 and is expected to close at 5.00pm (AWST) on Thursday, 1 October 2020.

The terms and conditions of the SPP will be set out in the SPP offer booklet, which is expected to be released to the ASX and dispatched to eligible shareholders via their preferred method of contact on Thursday, 10 September 2020.

1As the SPP is not underwritten, the SPP may raise more or less than this amount. If the SPP raises more than $500,000, Comet may decide in its absolute discretion to accept applications (in whole or in part) that result in the SPP raising more than $500,000. If Comet decides to conduct any scale back of applications, for example because the aggregate amount applied for under the SPP exceeds Comet’s requirements, the scale back will be applied on a pro rata basis to shareholdings of participating eligible shareholders at the record date for the SPP.

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Drilling Commences at Santa Teresa Gold Project

Highlights:

  • 2,000m diamond drilling program has now commenced at the Santa Teresa Gold Project
  • Drilling aims to:
    • Follow on prior drilling in key areas where high grade intersections such as ST-005 with 1 m at 958.4 g/t were encountered (see Comet Asx announcement of 9 June 2020) Test extensions of known gold mineralisation along strike and down dip
    • Expand knowledge of the structure of the veins and controlling features of the mineralisation
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Drilling Commences at Santa Teresa Gold Project

Highlights:

  • 2,000m diamond drilling program has now commenced at the Santa Teresa Gold Project
  • Drilling aims to:
    • Follow on prior drilling in key areas where high grade intersections such as ST-005 with 1 m at 958.4 g/t were encountered (see Comet Asx announcement of 9 June 2020) Test extensions of known gold mineralisation along strike and down dip
    • Expand knowledge of the structure of the veins and controlling features of the mineralisation
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Completion of Acquisition of Highly Prospective Copper Projects in Northern Territory

Highlights:

  • Agreement to acquire a portfolio of copper-gold and base metals assets in Australia’s Northern Territory now completed
  • Assets include: Oonagalabi Copper-Zinc Project, Paradise Well Copper-Gold Prospect and the Silver Valley Copper-Gold-Silver-Lead Prospect, which combined cover approximately 840 km1
  • Oonagalabi best intersections from historical drilling include 36.6m at 1.0% copper and 1.7% zinc from 1.5m, 5m @ 1.26% copper and 1.22% zinc from 70m, 6m at 0.9% copper from 102m and 14m at 0.7% copper from 148m1
  • Paradise Well rock chip samples returned up to 8.9% copper and 2.2g/t gold, Silver Valley rock chip samples returned 554 g/t silver, 20% lead, 9% copper and 2 g/t gold, providing exciting earlier stage exploration potential1

Comet Resources Ltd (“Comet” or “the Company”) (ASX: CRL) is pleased to advise that it has now finalised its due diligence and has completed the acquisition of a portfolio of highly prospective copper-gold-zinc-silver-lead assets in the Northern Territory of Australia (“Portfolio”) from Bath Resources Pty Ltd (“Vendor” or “Bath”).

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Comet Resources Drilling Permit for Santa Teresa Gold Project Received

Highlights:

  • Drilling permit for Santa Teresa Gold Project has now been issued
  • Details of initial drill program being finalised by in country team and consultant geologists
  • Drilling expected to commence in late Q2

Comet Resources Limited (Comet or the Company) (ASX:CRL) is pleased to announce that the drilling permit for the Santa Teresa Gold Project (the “Project”) has now been received from the Environmental Impact and Risk department of the Baja California Sub-Delegation for Environmental Protection and Natural Resources. This significant milestone for the Company paves the way for the commencement of diamond drilling at the Project. Comet is now finalising the details of its proposed Santa Teresa drilling program and engaging a drilling contractor to perform the works, with the aim that the program commences as soon as possible.

Comet Managing Director, Matthew O’Kane, commented, “We are very pleased to have received the permit to allow the commencement of drilling at the Santa Teresa Gold Project in Baja California, Mexico. We have been preparing for the receipt of this permit, having plans for the drill program near ready, and also having conducted the process of selecting the drilling contractor. This should allow us to move ahead quickly now to engage the contractors and commence the drilling program. We look forward to providing periodic updates from the commencement of the program to the results once they become available.”

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Comet Resources' Quarterly Activities Report – June 2021

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2021 (the Quarter). The Company proactively progressed various exploration programs across its projects and successfully completed the acquisition of a portfolio of copper-gold and base metals assets in Australia's Northern Territory. Post Quarter end, the Company provided an update regarding the status of ongoing metallurgical test work on graphite from its Springdale Graphite Project located in Western Australia.

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In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

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Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

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Lake Resources NL Argentina based Director Strengthens Board

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has strengthened its Board, announcing today the appointment of experienced energy/natural resources lawyer, Sra. Amalia Saenz as a Non-Executive Director.

Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

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Classic Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.

Highlights of the quarter include:

– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.

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In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

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Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

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Lake Resources NL Argentina based Director Strengthens Board

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has strengthened its Board, announcing today the appointment of experienced energy/natural resources lawyer, Sra. Amalia Saenz as a Non-Executive Director.

Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

Keep reading... Show less

Classic Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.

Highlights of the quarter include:

– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.

Keep reading... Show less

Rio Tinto commits funding for Jadar lithium project

Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest greenfield lithium projects. The project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society.

The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition.

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Lake Resources NL Appoints New CFO

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has appointed Peter Neilsen as Chief Financial Officer (CFO). The Company is ramping up its international project funding and development activities.

A key focus of the new CFO will be to guide a panel of international project financiers to successfully secure funding for Lake’s lithium production.

His other key role will be to develop and assist Lake’s team in Argentina to organise development activities and lithium production. He will also serve as joint Company Secretary.

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