Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2021 (the Quarter).


Highlights:

  • Comet to gain participation in high-technology, vertically integrated battery anode and industrial graphite product company, International Graphite (IG) via the vend-in of its Springdale Graphite Project for $8M of shares in IG at its IPO
  • International Graphite has commenced work on Stage 1 of its advanced downstream graphite product manufacturing and R&D facility in Collie, WA
  • International Graphite’s technology has been recognised by and received strong support from the WA Government, with a recent award of a $2M grant to contribute to the development of the Collie facility
  • Successfully completed optimisation test work on the production of spherical graphite at test facilities in Germany
  • Assays from the drilling program completed at Santa Teresa Gold Project delivered multiple high-grade intersections, including ‘bonanza’ grades
  • Significant intersections include:
    • STDDH-21-006:
      • 1.2m at 63.2g/t gold from 124.8m; and
      • 0.7m at 27.5g/t gold from 140.9m
    • STDDH-21-007: 1.6m at 31.0g/t gold from 239.8m
    • STDDH-21-001: 1.0m at 26.9g/t gold from 91.9m
  • Comet has commenced disclosing Environmental, Social, and Governance (ESG) metrics. Disclosures are made using World Economic Forum ESG universal framework

Post Quarter End:

  • The Company has entered a trading halt pending an announcement of a material transaction

During the Quarter, the Company announced that it would participate in the creation of a vertically integrated high-technology battery anode and industrial graphite product business located in Western Australia via a transaction with International Graphite Limited (International Graphite or IG). Under the proposed transaction Comet will vend its Springdale Graphite Project into International Graphite in return for shares initially valued at $8M upon completion of an initial public offering and subsequent listing on the ASX by International Graphite. The transaction will see Comet now participate in both the value created by the graphite resource itself, as well as the substantial value created by downstream processing into end user products.

Click here for the full ASX Release

This article includes content from Comet Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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