Comet Industries Announces Contract for Purchase and Sale of Certain Lands Located Within Iron Mask Project in Kamloops BC.

Executive Summary

• Comet Industries Ltd. entered into a Purchase Agreement to sell 1 acre of land (1.97% of Phase 1) from its Iron Mask Project for CAD 1,100,000 plus GST.
• Completion is expected around December 1 2026, with a termination right if not closed by December 31 2027.
• Prior to closing, the Company must remediate any contaminated soil per an approved environmental plan and provide confirmation of remediation (or lack thereof) to the Purchaser.

Key Details

• Transaction: Sale of 1 acre of land created from consolidation/subdivision of parcels held for the Iron Mask Industrial Park project.
• Purchase Price: CAD 1,100,000 plus applicable GST.
• Completion Timeline: Expected on or about December 1 2026; final deadline is 30 days after subdivision plan registration; termination possible if not completed by December 31 2027.
• Conditions Pre‑Closing:
• Completion of any required soil remediation in accordance with a Ministry‑approved plan, or confirmation that no contamination exists.
• Parties: Arm’s‑length purchaser; transaction is not a related‑party deal under securities laws.
• No Additional Compensation: No securities, finder’s fees, or other compensation are payable in connection with the sale.

Notable Quotes

• “Michael O'Reilly – President and CEO” (signature only; no quoted statement provided).