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TUPPER JONSSON & YEADON

BARRISTERS & SOLICITORS

AN ASSOCIATION OF LAWYERS AND LAW CORPORATIONS

CARL R. JONSSON*

GLENN R. YEADON*

LEE S. TUPPER*

JEFFREY T.K. FRASER*

1710 - 1177 WEST HASTINGS STREET

VANCOUVER, B.C., CANADA

V6E 2L3

*denotes a Personal Law Corporation

REPLY ATTENTION OF : LEE S. TUPPER

TEL: (604) 640-6358

FAX: (604) 681-0139

Email: tupper@securitieslaw.bc.ca

OUR FILE: 10078

May 14, 2025

BY EMAIL

Canada Stockwatch

Vancouver, B.C.

By Email: news@stockwatch.com

Market News Publishing Inc.

Vancouver, B.C.

By Email: news@baystreet.com

Dear Sirs:

Re: COMET INDUSTRIES LTD.

We are the solicitors for the above-mentioned company, and are enclosing a copy of its News Release of even date, which we would ask that you disseminate following the close of market on May 14, 2025 pursuant to the TSX Venture Exchange's requirements, as well as for distribution in the normal fashion. (Please note that we will be handling the SEDAR filing of this News Release.)

Yours truly,

TUPPER JONSSON & YEADON

"Lee S. Tupper"

LEE S. TUPPER

LST:wb

Enc.

C: Comet Industries Ltd. - via email

Attention: Mike O'Reilly, CEO

TSX Venture Exchange - via SEDAR

British Columbia Securities Commission - via SEDAR

Alberta Securities Commission - via SEDAR

File: Attachment Iron Mask Next Phase May 2025.pdf

For Immediate Release May 14, 2025

Iron Mask Industrial Park Prepares for the Next Phase of Development

Kamloops, B.C.- Comet Industries Ltd. (Comet) is pleased to share the latest progress on Iron Mask Industrial Park, a light industrial park aimed at supporting growth and opportunity in Kamloops' 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 now 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 CEO of Comet.

Iron Mask Industrial Park is being developed in phases to align with market demand and support a thoughtful, long-term build-out strategy. The current rollout includes:

Phase 1a: 7 parcels of land, totaling 17.71 acres

Lot 6 2.99 acres Lot 19 1.41 acres

Lot 7 1.86 acres Lot 23 5.15 acres

Lot 8 1.05 acres Lot 22 3.87 acres

Lot 18 1.38 acres

Phase 1b: 5 parcels of land, totaling 12.2 acres

Lot 3 3.26 acres Lot 9 1.09 acres

Lot 4 2.94 acres Lot 20 2.29 acres

Lot 5 2.62 acres

Phase 1c: 10 parcels of land, totaling 22.07 acres

Lot 1 5.30 acres Lot 13 1 acre

Lot 2 4.37 acres Lot 12 1 acre

Lot 16 2.06 acres Lot 11 1.25 acres

Lot 15 1 acre Lot 10 1.43 acres

Lot 14 1 acre Lot 21 3.66 acres 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, 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 Q3 of 2025, with lot registration expected in Q4 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 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."

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 Ltd. 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 ("BC"). 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. Visit: https://www.cometindustries.ca/

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the reference to proposed development of the Iron Mask Industrial Park. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward looking statements, include market prices, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.