Comet Enters Agreement to Acquire Three Lithium Projects from Troilus Gold

Comet Lithium has entered into a purchase and sale agreement with Troilus Gold to acquire three promising lithium projects in Canada's James Bay region. The projects—Mercator, Monarch, and Elmer East—are central to the deal. Upon closing, Comet Lithium will issue 1,500,000 common shares to Troilus Gold. Troilus Gold, in turn, gains a 24-month participation right in equity financing to maintain its share percentage, contingent on holding a minimum of 750,000 common shares during financing. The agreement includes a 2% net smelter royalty (NSR) on each project, with Comet Lithium having the option to buy back 1% for $3 million (C$4.11 million). Regulatory approvals, including from the TSX Venture Exchange, are necessary for deal completion, expected in Q3 2024.

The Mercator Project, located 40km southeast of Comet’s Liberty property and adjacent to Winsome Resources’ Adina project, covers 14.91 km² with 29 mining claims. It is positioned alongside Winsome Resources’ Tilly Project and Loyal Lithium’s Trieste Project in a geologically favorable zone for lithium-cesium-tantalum pegmatites.

The Monarch Project, accessible by road and spanning 20.61 km² with 39 mining claims, is surrounded by Cygnus Metals’ Auclair Project. Situated 60km northeast of the Whabouchi lithium mine, it holds significant potential for orogenic gold and volcanogenic massive sulphide deposits.

Previous exploration by Troilus Gold identified robust soil anomalies in lithium, tantalum, cesium, and beryllium. The Elmer East Project, covering 16.7 km² with 32 mining claims, lies 20km southwest of Arcadium’s Galaxy project and north of Azimut Exploration’s Wapatik Project, which has pinpointed multiple target areas and outcropping pegmatites.

Vincent Metcalfe, President and CEO of Comet Lithium, stated: "This acquisition represents a step towards consolidating our presence in the James Bay area, strengthening our strategic land holdings, and offering substantial potential for Comet shareholders.

"Acquiring these promising assets at favorable terms reflects our strategic investment approach.

"These strategically positioned and highly promising projects will play a key role in our future expansion and bolster our standing within the dynamic Trieste Lithium Greenstone Belt."

Comet Lithium is an energetic exploration company focused on lithium, operating in Quebec's productive James Bay District. The company's primary asset is the Liberty Property, wholly owned and adjacent to Winsome Resources' Adina lithium deposit, which represents a developing high-grade lithium find. Comet Lithium is currently progressing toward its inaugural drilling campaign at the Liberty Property. The company's main asset is the Liberty Property, fully owned and situated next to Winsome Resources’ high-grade lithium pegmatite discovery at the Adina Project.