Mr. Mansoor Jan reports

COMET ANNOUNCES THE APPOINTMENT OF VINCENT METCALFE AS DIRECTOR AND EXECUTIVE CHAIRMAN, VINCENT CARDIN-TREMBLAY AS VP EXPLORATION, AND ACQUIRES ADDITIONAL MINERAL PROPERTIES IN LITHIUM-RICH REGION OF QUEBEC

Comet Lithium Corp. has appointed Vincent Metcalfe as a director of the company and executive chairman of the board of directors and Vincent Cardin-Tremblay as vice-president, exploration, of the company. It has also engaged Joseph de la Plante as a strategic adviser to the company.

All three of these new members previously founded and worked in the precious metal royalty space at Nomad Royalty Company Ltd., which was subsequently acquired by Sandstorm Gold Ltd. in an all-stock transaction valued at approximately $755-million in August, 2022.

Mr. Metcalfe is an accomplished executive with domestic and international experience in the metals and mining sector. Mr. Metcalfe was one of the founders and was the chief executive officer and chair of the Nomad Royalty, which was acquired by Sandstorm in August, 2022. Prior to his involvement with Nomad Royalty, Mr. Metcalfe held a number of officer and senior executive roles with Toronto Stock Exchange and New York Stock Exchange listed resource companies within the Osisko group of companies. As an executive, he helped several companies advance and develop mining projects. He has extensive shareholder relations and proven experience in capital raising, mergers and acquisitions, and financial engineering. Prior to his executive roles, he advised resource clients, in both merger and acquisition advisory and financing at large Canadian investment banks for nearly 10 years. Mr. Metcalfe holds a bachelor's degree in finance from HEC Montreal. In 2023, Mr. Metcalfe was awarded with the YMP Peter Munk award, which recognizes a young mining professional, who, over the past year, and during his or her career, has demonstrated exceptional leadership skills and innovative thinking to provide value for his or her companies and shareholders.

Vincent Cardin-Tremblay, PGeo, is an accomplished geologist who will bring extensive national and international experience in exploration and mine geology operating in the Americas and Africa to Comet Lithium. Mr. Cardin-Tremblay was vice-president, geology, for Nomad Royalty. Prior to joining Nomad Royalty, he was vice-president, geological services, at Harte Gold. Prior to that, he worked as director, exploration and geology at Golden Star Resources Inc. and geology superintendent at the Rosebel mine in Suriname for Iamgold. Mr. Cardin-Tremblay also worked for Freeport-McMoRan and for Glencore at the Matagami and Raglan mines. He holds a BSc in geology from Universite du Quebec a Montreal. He is also a member of the board of directors of l'Association de l'exploration miniere du Quebec.

Mr. de la Plante is an accomplished executive with public company experience in all aspects of the mine development cycle and is a partner of Nomad Resource Partners Inc. Mr. de la Plante was one of the founders and was the chief investment officer and a director of Nomad Royalty. Prior to his involvement with Nomad Royalty, Mr. de la Plante played a key role in the creation of Osisko Gold Royalties Ltd., where he led the execution of more than $1-billion in financing equity, royalty and stream transactions and two major transactions in his role as vice-president of corporate development. Prior thereto, he was with Osisko Mining Corp. through the development, operation and subsequent $4.3-billion sale of the Canadian Malartic mine in 2014 to Yamana Gold and Agnico Eagle Mines Ltd. Prior to his executive roles, Mr. de la Plante advised resource clients in both mergers and acquisitions and financing at BMO Capital Markets. Mr. de la Plante currently serves on the board of directors of Dore Copper Mining Corp. Mr. de la Plante holds a bachelor's degree in mechanical engineering from McGill University.

Mansoor Jan, Comet's interim chief executive officer and president, stated: "We are very pleased and excited with the addition of Messrs. Metcalfe, de la Plante and Cardin-Tremblay to the Comet Lithium team; they are bringing collectively to Comet Lithium a depth of experience and knowledge in all areas of exploration and mining, project management and development, and investor engagement, and M&A, which Comet Lithium and its shareholders will greatly benefit from. These new additions will help make Comet Lithium stand out in the prolific lithium discovery area in James Bay region of Quebec."

Mr. Metcalfe, Comet's executive chair and director, stated: "This is an exciting new chapter for Comet. We are excited to work with the Comet team to increase shareholder value by supporting the development of Liberty and its other landholdings. We aim to put to work our in-depth knowledge of the Quebec sector and global network to the benefit of Comet's shareholders."

The company has entered into an agreement dated Oct. 25, 2023, to acquire a 100-per-cent interest in two lithium exploration stage mineral properties from Nomad Resource Partners pursuant to an asset purchase and sale agreement. Located in the west-central Eeyou Istchee Baie-James territory in Northern Quebec adjacent to Li-FT Power Ltd.'s Pontax project, the newly acquired properties consist of 76 mining claims within an active hard-rock lithium district. The James Bay region is now one of Canada's best-known regions for lithium with several known deposits, numerous spodumene showings and a continuous array of new discoveries. The properties are made up of 32 claims comprising the Pontax South property and 44 claims comprising the Pontax East property. The consideration for the acquisition of the properties will be paid by the issuance of 1.85 million common shares of the company to Nomad Partners upon closing the proposed transaction.

The properties are well situated near Li-FT's Pontax project, which contains the most extensive lithium anomaly within Li-FT's projects in the province of Quebec. The properties are highly accessible as the area is four kilometres from the James Bay road (Route Billy-Diamond Highway), which is maintained year-round and offers one of the only routes into the James Bay region of Quebec.

The proposed transaction is being conducted on an arm's-length basis and no finders' fees are payable in connection therewith. Mr. Metcalfe, Mr. de La Plante and Mr. Cardin-Tremblay are the principals of Nomad Resource Partners. The purchase agreement is subject to regulatory approval, including that of the TSX Venture Exchange. The closing of the proposed transaction is expected to occur on or about Nov. 1, 2023. The consideration shares will be subject to a resale restriction period of four months and one day.

Qualified person

Martin Demers, PGeo (OGQ No.770, APEGNB L5980 and PGO No.3785), registered in the provinces of Quebec, New Brunswick and Ontario, a consultant to Comet Lithium, is a qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects. He has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Comet Lithium Corp.

Comet Lithium is a dynamic lithium-focused exploration company active in the prolific James Bay district of Quebec. Comet Lithium's flagship asset is its 100-per-cent-owned Liberty property contiguous to Winsome Resources' Adina deposit, a growing high-grade discovery. Comet Lithium is advancing Liberty to first-ever drilling, with the aim to deliver long-term value for its stakeholders.

We seek Safe Harbor.