Comet Reports Results From Troilus East Exploration Program

Identifies three highly prospective geological wide spaced gold-in-till anomalies

ROUYN-NORANDA, QC, Nov. 13, 2024 /CNW/ - Comet Lithium Corp. (TSXV: CLIC) (FSE: 8QY) ("Comet Lithium" or the "Corporation") is pleased to announce the results of its large-scale surface exploration program conducted at the Corporation's Troilus East Property ("Troilus East Property"), located in the Chibougamau region of Québec.

"We're excited by the potential we're seeing at Troilus East. The summer exploration program successfully identified promising targets on wide line spacing, laying the groundwork for more focused and dense sampling in future phases," commented Vincent Metcalfe, President & CEO. "These anomalies are situated along a highly prospective geological and structural trend, and we're eager to build on these findings as we advance exploration at the Troilus East Property."

Exploration Program Highlights:

• Three gold-in-till anomalies identified along interpreted geophysical structure, on trend with the Parker intrusion contact (Figure 2)
• Cluster of outcrop rock samples ranging from 0.055 g/t to 0.224 g/t (Figure 3)

Troilus East 2024 Exploration Program

The 2024 exploration program at the Troilus East Property included detailed glacial till geochemical surveys and prospecting efforts targeting gold, copper, and lithium mineral systems. The exploration activities were carried out between August 16 and August 29, 2024.

The till sampling program focused on both regional and in-fill sampling:

• Coverage: ~9,000 hectares, with 500-metre line spacing for regional sampling.
• Till Sample Collection: 873 samples, including approximately 623 regional and approximately 250 in-fill fine fraction till samples, which provided enhanced coverage across the Troilus East Property.

A geological mapping and prospecting crew conducted up-ice programs to trace the sources of previously identified gold, copper, and lithium anomalies. The exploration team focused on locating and sampling mineralized boulders and outcrops that could help define future drill targets.

• Rock Sample Collection: 142 samples were collected from boulders and outcrops.

The exploration program's primary goals were to establish a systematic till sampling grid, refine the search area for potential bedrock sources of gold, copper, and lithium, and progress toward defining drill targets. To support this effort, the Corporation engaged Dahrouge Geological Consulting Ltd. to enhance its surface exploration team. This exploration initiative aimed to unlock the Troilus East Property's full potential and position the Corporation for future discoveries in this underexplored area.

The exploration program resulted in identifying three (3) discrete gold-in-till anomalies along the interpreted geophysical structure on trend with the Parker Intrusion contact (Figure 2). The mid-section anomaly also corresponds to the gold-in-till anomaly identified during the 2020 till program (Figure 2). These regional targets are to be followed up with infill till sampling, and additional boulder and outcrops prospecting. Pending positive results from the future infill till sampling, the Corporation would anticipate conducting Induced Polarization surveys and identifying potential drilling targets.

A cluster of outcrop samples identified gold anomalies ranging from 0.055 g/t to 0.224 g/t (Figure 3). Two of these samples are in a foliated basalt with rusty quartz veins and the other one, grading at 0.224 g/t, is in a gossanous gabbro. These samples are along the same trend as the gold-in-till anomaly and could be near the source of the gold-in-till anomaly down ice from these outcrops.

Marketing Activities:

We invite investors to visit our website to keep up to date with Comet Lithium's marketing activities, including conferences that our team will be attending and/or exhibiting.

• 121 London | London, United Kingdom | November 14-15, 2024
• Swiss Mining Institute | Zurich, Switzerland | March 18-19, 2025

Documents & Figures

Troilus East Maps, Images and Figures

Cautionary statements

Grab samples are selective by nature and may not be representative of mineralized zones.

QAQC

A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the sampling program.

All till and rock samples were collected under the supervision of Comet Lithium and Dahrouge Geological Consulting employees. All samples were logged and photographed on site while being collected. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and shipped to SGS laboratory in Val d'Or, Québec.

Approximately one kilogram of till material was collected from each sample site and shipped to SGS Laboratory in Val d'Or, Québec for preparation. Till samples were analyzed at SGS Laboratory in Burnaby, British Columbia for multi-element using multi-acid (four acid) followed by an ICP OES finishes under SGS codes GE_ICP40Q12 & GE_IMS40Q12, as well as for Au under code GE_FAI30V5.

Approximately one kilogram of rock material was collected from each sample site and shipped to SGS Laboratory in Val d'Or, Québec for preparation. Rock samples were analyzed at SGS Laboratory in Burnaby, British Columbia for multi-element using sodium peroxide fusion and ICP-AES/ICP-MS finishes under SGS codes GE_ICP91A50 & GE_IMS91A50, as well as for Au under code GE_FAA30V5.

Qualified Person

Vincent Cardin-Tremblay, P. Geo (ogq #1386, PGO #3347), registered in the Provinces of Québec, and Ontario, Vice President Exploration for Comet Lithium, is the Corporation'squalified person under National Instrument 43‑101 - Standards of Disclosure for Mineral Projects. He has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Dahrouge Geological Consulting Ltd.

Dahrouge Geological Consulting Ltd. Is a global mining and mineral exploration consulting group providing expertise in professional geological, logistical, and project management services through all stages of the mining value chain.

Based in Edmonton, AB, CAN, Montreal, QC, CAN, and Denver, CO, USA, Dahrouge and its predecessor, Halferdahl and Associates, have advised and assisted clients in identifying, exploring, developing, and optimizing mineral projects and resources since 1971.

About Comet Lithium Corporation

Comet Lithium is a dynamic focused exploration company active in the prolific James Bay District of Québec. Comet Lithium's flagship asset is its 100%-owned Liberty Property contiguous to Winsome Resources' Adina lithium deposit, a growing high-grade lithium discovery. The second prospective asset within Comet Lithium's portfolio of asset is the large Troilus East Property contiguous to Troilus Gold's Troilus deposit, a large multi million-ounce gold-copper deposit, which recently reached feasibility stage.

Forward-Looking Statements

This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Comet Lithium, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including if any future drill targets will be identified from the Troilus East 2024 exploration program, if any additional exploration program, including infill till samplings, Induced Polarization surveys or drilling, will occur on the Troilus East Property, the extent and the timing to conduct such exploration programs, and the results of such exploration programs, and if any discoveries will occur on the Troilus East Property ,and if it does so, what benefits Comet Lithium will derive from any such exploration programs or discoveries. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Comet Lithium's control. These risks, uncertainties and assumptions include, but are not limited to the risks, uncertainties and assumptions described under "Financial Instruments" and "Risk and Uncertainties" in Comet Lithium's Annual Report for the fiscal year ended December 31, 2023, a copy of which is available on SEDAR+ at www.sedarplus.ca, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Comet Lithium does not intend, nor does it undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

SOURCE Comet Lithium Corporation