Mr. Vincent Metcalfe reports

COMET ANNOUNCES FINAL CLOSING FOR ADDITIONAL PROCEEDS OF $588,991, AND A TOTAL OF A PRIVATE PLACEMENT OF $2.58 MILLION

Comet Lithium Corp. has held a second and final closing of a non-brokered private placement in which it issued 1,048,000 common shares at a price of 50 cents per share, and 76,461 flow-through common shares at a price of 85 cents per flow-through share, for aggregate gross proceeds to Comet Lithium of $588,991.85.

Comet Lithium will use the net proceeds from the sales of the shares for general and administrative purposes and for exploring the corporation's mining properties and will use the net proceeds from the sales of the flow-through shares for exploring the corporation's mining properties located in the province of Quebec, with a focus on its 100-per-cent-owned Liberty and Troilus lithium properties.

"The completion of this financing marks another great milestone for Comet Lithium as we are now well positioned to move our 2024 exploration plans forward. We look forward to receiving the results from our gravity survey, as we move towards the drilling phase at our Liberty property," commented Vincent Metcalfe, executive chairman.

As previously announced, following a first closing of the private placement held on Dec. 18, 2023, Comet Lithium issued 1,673,000 shares as well as 1,356,836 flow-through shares for aggregate gross proceeds to Comet Lithium of $1,989,810.60. As a result of the second closing, Comet Lithium issued a total of 2,721,000 shares and 1,433,297 flow-through shares in the private placement for aggregate gross proceeds of $2,578,802.45 from the private placement of the shares and flow-through shares.

As a result of the second and final closing, there are 24,728,990 common shares of Comet Lithium issued and outstanding. Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the second closing are subject to a four-month hold period expiring on April 21, 2024.

In connection with the second and final closing of the private placement, Comet Lithium paid a cash commission to Argonaut Securities Pty. Ltd. in an amount of $6,930, which represents 7 per cent of the gross proceeds raised through such securities dealer.

Related party transactions

Two officers, one of which is also a director of Comet Lithium, and one director of Comet Lithium (collectively, the insiders) purchased indirectly, an aggregate of 150,000 shares for a total consideration of $75,000, as follows: (i) Vincent Metcalfe, the executive chair of the board of directors of the corporation, purchased 100,000 shares at a price of 50 cents per share (representing approximately 0.40 per cent of the issued and outstanding common shares of the corporation following the closing of the private placement); (ii) Vincent Cardin-Tremblay, the vice-president, exploration, of the corporation, purchased 20,000 shares at a price 50 cents per share (representing approximately 0.08 per cent of the issued and outstanding common shares of the corporation following the closing of the private placement); and (iii) Sebastien Bellefleur, a director of the corporation, purchased 30,000 shares at a price 50 cents per share (representing approximately 0.12 per cent of the issued and outstanding common shares of the corporation following the closing of the private placement).

Immediately after the closing of the private placement, (i) Mr. Metcalfe owned, directly and indirectly, 183,000 common shares of the corporation; (ii) Mr. Cardin-Tremblay owned, directly and indirectly, 32,500 common shares of the corporation; and (iii) Mr. Bellefleur owned, directly, 30,000 common shares of the corporation, 66,425 stock options and 25,000 deferred share units of the corporation. Mr. Metcalfe and Mr. Cardin-Tremblay are two of the three officers and directors of Nomad Resource Partners Inc., a company that owns 1.85 million common shares of the corporation. The ultimate control of Nomad Resource Partners is shared equally among Mr. Metcalfe, Mr. Cardin-Tremblay and Joseph de la Plante through their respective family trusts. No individual director of Resource Partners exercises control or direction over the common shares of Comet Lithium.

Each of the insiders is considered a related party and an insider of the corporation for the purposes of applicable securities laws and stock exchange rules. The subscription and issuance of shares to each of the insiders constitute a related party transaction, but is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions as the corporation's securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the shares issued to each of the insiders, nor the fair market value of the subscription of each insider under the private placement, exceeds 25 per cent of the corporation's market capitalization. The corporation did not file a material change report with respect to the participation of the insiders at least 21 days prior to the closing of the private placement as the insiders participation was not determined at that time.

Mr. Metcalfe and Mr. Bellefleur, each of whom is a director of the corporation, have disclosed their interest to the board of the directors of the corporation pursuant to Section 120 of the Canada Business Corporations Act to the effect that they may participate in the private placement and subscribe to shares. The terms of the private placement and the agreements relating thereto were submitted to and unanimously approved by way of a resolution adopted by all the directors of the corporation other than the non-independent directors. The non-independent directors did not vote on the resolution to approve the private placement and the agreements relating thereto. The remaining directors determined that the private placement was in the best interest of the corporation.

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.

We seek Safe Harbor.