Comet Resources Ltd. received favourable ruling from the NNTT following action bought by the Company in an effort to obtain access for exploration works to the area surrounding the historic Gulf Creek Mine at the Barraba Copper Project in NSW. After being unable to successfully negotiate access to this area of land for more than 12 months the Company was left with no option but to initiate an action at the NNTT to find a resolution. The Tribunal has found in favour of the Company in the matter and has imposed no further conditions for access, which paves the way for the Company to now complete permitting for exploration activities in the area with the NSW government, and to subsequently begin exploration on the ground.

The team in NSW is now working with providers of exploration drilling services to secure rig availability with drilling scheduled to commence in Third Quarter targeting the historic Gulf Creek Mine. Further, the Company has agreed an amendment with the vendors to a key term of the agreement for the acquisition of the Barraba Copper Project relating to the requirement to meet a minimum expenditure condition on exploration within 18 months of the date of the initial transaction. The key term of the acquisition for the Barraba Copper Project which was announced to the market in the Company's press releases on 23 January 2020 and 16 April 2020 has been varied as follows: the Purchaser shall satisfy the Minimum Expenditure Condition on Approved Exploration Expenditure, including the Minimum Drilling Requirement, within 12 months after the date of the favourable ruling by the National Native Title Tribunal, being 31 March 2022, therefore allowing the Purchaser until 31 March 2023 satisfy its obligations under clause 8 of the Agreement.