COMET RIDGE LIMITED (COI)
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04/08/2025

1

Speculative Buy

$0.25

92.31%

Morgans notes Comet Ridge's Mahalo gas project JV is making steady progress and remains on track for completion of dual FEED studies by late 2025. Final investment decision is still targeted for 1Q26.

Mahalo East saw a material reserve upgrade, with net 2P up by 27% and 3P by 29%. Cash balance at the end of the June quarter was $13.3m, with $9.5m of debt rolled to June 2027 and 55m new warrants issued at 16c/share.

Speculative Buy. Target rises to 25c from 23c on model roll-forward.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.30 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.80 cents.

13/08/2025

3

Hold

$0.15

15.38%

Canaccord Genuity notes Comet Ridge made further progress with FEED works in 4Q25 at the Maholo gas project.

However, commentary admits the market remains skeptical until it sees tangible progress, given 2P reserves were booked over a decade ago.

The Maholo North project is still awaiting state and federal government approvals, and Maholo East received independent certification of 51.8Pj of 2P reserves and 118Pj of 3P reserves.

The company made no mention of Orica ((ORI)) as a target customer. Quarter ended with $13.3m cash and $9.5m debt.

Hold. Target trimmed to 15c from 21c after revising Maholo project risk.