Mr. Mike O'Reilly reports

IRON MASK INDUSTRIAL PARK PREPARES FOR THE NEXT PHASE OF DEVELOPMENT

Comet Industries Ltd. has shared the latest progress on the Iron Mask industrial park, a light industrial park aimed at supporting growth and opportunity in Kamloops's industrial sector.

As part of the next phase of development, Comet Industries has awarded the earthworks contract to Extreme Excavating, a trusted Kamloops-based family-run company with decades of reliable and proven experience. The civil construction company previously delivered exceptional results during the initial earthworks for phase 1a. It will lead the final round of site preparation activities for this phase, which is scheduled to begin today. The scope of work will include blasting, clearing, grading and preparing the site for future servicing and development.

"Extreme Excavating did fantastic work in the early stages of the Iron Mask industrial park project, and we're confident in their ability to deliver once again in these next phases," said Mike O'Reilly, president and chief executive officer of Comet.

The Iron Mask industrial park is being developed in phases to align with market demand and support a thoughtful, long-term buildout strategy. The current rollout includes the following.

Together, these 22 lots represent the foundation of the larger plan that will see up to 57 lots delivered across the entire industrial park project. The phased release approach ensures flexibility, responsiveness to business needs and a clear path to successful absorption.

Designed for businesses in distribution, logistics, manufacturing and the service sector, the Iron Mask industrial park offers strategically located, fully serviced lots that will meet the needs of growing companies and new entrants alike.

Sales of the fee simple lots for phase 1a are anticipated to roll out in third quarter of 2025, with lot registration expected in fourth quarter 2025, following final provincial approvals. All timelines are subject to government approval.

"With the first seven lots nearing completion, we're reaching a defining moment for Iron Mask industrial park," added Mr. O'Reilly. "This project is about more than just land. It's about creating space for local businesses to expand and to welcome new enterprises into Kamloops. It's a forward-looking investment in our local economy."

The Iron Mask industrial park represents a significant opportunity to strengthen the region's industrial base, offering fully serviced land in a prime location with access to major transportation corridors. More updates will be provided as the project advances through 2025.

About Comet Industries Ltd.

Comet Industries was established in 1972, incorporated in the province of British Columbia, and is listed on the TSX Venture Exchange. The company is in the business of holding and developing real estate properties, all in British Columbia. The company owns unimproved land in Kamloops and Nelson Island on a freehold basis. A major initiative by the company is the Iron Mask industrial park project.

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