Mr. Michael O'Reilly reports

COMET INDUSTRIES ANNOUNCES CONTRACT FOR PURCHASE AND SALE OF CERTAIN LANDS LOCATED WITHIN IRON MASK PROJECT IN KAMLOOPS BC

Comet Industries Ltd. has entered into a contract for purchase and sale dated Oct. 30, 2025, with an arm's-length purchaser. Pursuant to the purchase agreement, the company has agreed to sell to the purchaser certain lands to be created as a result of the consolidation and subsequent subdivision of certain parcels of land currently held by the issuer as part of the company's Iron Mask project in Kamloops, B.C. The lands represent one acre of the total 50.69 acres (1.97 per cent) of sellable land in phase 1 of the Iron Mask project.

The purchase price for the lands is $1.1-million plus any applicable GST. The completion date will be no later than 30 days after the date that the subdivision plan with respect to the lands is accepted for final registration at the Land Title Office. The company currently estimates that the completion date will occur on or about Dec. 1, 2026. If the completion date has not occurred by Dec. 31, 2027, the purchase agreement may be terminated by either the company or the purchaser.

Prior to the completion date, the company is required to remediate any areas containing contaminated soil in accordance with a remediation plan process approved by the Ministry of Environment and Parks and provide the purchaser with confirmation that such remediation work has been completed or, if the lands do not contain any contaminated soil, confirmation that there is no known environmental contamination.

All parties to the offer to purchase are arm's-length parties, and the transaction does not constitute a related-party transaction under applicable securities laws. There are no securities of the company, finders' fees and/or any other type of compensation payable in connection with the transaction.

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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