Mr. Michael O'Reilly reports

COMET INDUSTRIES ANNOUNCES IRON MASK INDUSTRIAL PARK REZONING APPLICATION APPROVAL

Comet Industries Ltd.'s rezoning application for the development of Iron Mask Industrial Park has been approved after a public hearing hosted by the City of Kamloops on May 30, 2023.

The public hearing provided the public with the opportunity to comment on the proposed rezoning of the company's 190-acre property between Sugarloaf Road and Bowers Place from agricultural and future development area to light industrial -- site specific to allow general industry, RV (recreational vehicle) sales, service and/or rental, and laundry and dry cleaning; and open space to allow an industrial park and privately owned open space.

With the zoning amendment approved, Iron Mask Industrial Park will now work on the next steps, which will include continuing work on a feasibility study expected to be completed in Q3 2023.

Iron Mask Industrial Park sits on the land of the former Iron Mask mine active until the 1980s. With the rezoning approval, the project is on track to have available lots for lease or sale by 2024 or 2025.

About Comet Industries Ltd.

Comet Industries was incorporated in the province of British Columbia and is listed on the TSX Venture Exchange. The address of the company's corporate office and its principal place of business is 1177 West Hastings St., Suite 1710, Vancouver, B.C., Canada, V6E 2L3. The company is in the business of holding and developing real properties, all in British Columbia. The company owns unimproved land in Kamloops, Terrace and Pender Harbor, B.C., and a rental property in Vancouver, B.C., all on a freehold basis.

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