Comet Lithium Commences Gravity Survey at Liberty

COMET LITHIUM COMMENCES GRAVITY

SURVEY AT LIBERTY

ROUYN-NORANDA, QC

,

Oct. 24, 2023

/CNW/ - Comet Lithium Corporation (TSXV: CLIC)

(

FRANKFURT

: 8QY) ("Comet Lithium" or the "Corporation") is pleased to announce the

commencement of a ground geophysical gravity survey at its 100%-owned Liberty Property in

James Bay

, Québec,

Canada

. The exploration crew is in place to complete the gravity survey by mid

November. Insights generated from the gravity survey will assist the upcoming drill program by

generating strategic exploration targets. The gravity survey will optimize pegmatite drill targets

across Liberty for phase one. This survey will complement the recently completed field and soil

sample program.

Figure 1: Planned 2023 Liberty ground gravity survey (CNW Group/Comet Lithium Corp.)

GRAVITY SURVEY APPROACH:

The ground gravity survey will be carried out by

Val-d'Or

, Québec based Géophysique TMC using a

Scintrex CG-6. The gravity survey will cover approximately 1.7 km

2

following a

20m

x

100m

grid

pattern for a total of 778 stations. This gravity survey is exploratory and aims to delimit the extents

of the Winsome Resources Adina pegmatite trend to the east inside the Liberty Property. Comet

Lithium will use the data from the gravity survey to better interpret the subsurface geology and

structures of the Liberty Property, and detect potential pegmatite contacts in amphibolitized basalt.

Mr.

Mansoor Jan

, Comet Lithium Interim President & CEO, commented: "The gravity data will

greatly assist Comet Lithium's technical team with completing drill targets for the inaugural drill

program to validate the Adina trendline at Liberty. This gravity survey adds another building block to

refine the targets and may further validate the evidence that Liberty and Adina together may

potentially be part of a similar corridor".

Comet Lithium has engaged a

Perth

-based consultancy to assist in the interpretation of data from

the gravity survey and drill target generation, as well as provide on-going technical guidance.

The Company also wishes to draw attention to Azimut Exploration Inc.'s recent Lithium discovery,

where they reported significant intercepts of spodumene pegmatites from the maiden core drilling

program on the Galinée Property which is on trend and very close to Comet's Liberty Property.

From Azimut's

October 23, 2023

: "All drill holes carried out so far intersect spodumene pegmatites,

currently recognized over a distance of 400 metres laterally. Intercepts of up to 78.4 metres in core

length were observed in the first four (4) holes totalling 1,252.8 metres. Additional, prospecting

results from a mineralized boulder field in the same area (see press release of

September 6, 2023

)

have yielded grades up to 4.09% Li2O."

Source:

https://www.azimut-exploration.com/site/assets/files/7138/azimut_pr_20231023.pdf

Qualified Person

Martin Demers

, P. Geo (ogq #770, APEGNB L5980, PGO #3785), registered in the Provinces of

Québec,

New-Brunswick

, and

Ontario

a consultant to Comet Lithium, is a qualified 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 Comet Lithium Corporation

Comet Lithium is a dynamic lithium-focused exploration company active in the prolific

James Bay

District of

Quebec

. Comet Lithium's flagship asset is its 100%-owned Liberty Property contiguous to

Winsome Resources' Adina deposit, a growing high-grade discovery. Comet Lithium is advancing

Liberty to first-ever drilling.

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 the exploration programs, the results

therefor and development (including results from the geophysics gravity survey program, the

identification of drill targets and future drill program and other exploration programs on the Liberty

Property, or if it does so, what benefits Comet Lithium will derive from the Liberty Property and any

such exploration programs. 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 relating to the capital market conditions, risk that the Company might not be able

to obtain the capital resources necessary to complete a drill program or any exploration program on

the Liberty Property, as well those 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, 2022

, 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

.

Figure 2: Planned 2023 Liberty ground gravity survey and interpreted prospective corridor over

government regional airborne magnetic map (reduced to pole tilt angle filter image). (CNW

Group/Comet Lithium Corp.)

SOURCE

Comet Lithium Corp.

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For further information:

Comet Lithium Corporation: Mansoor Jan, Interim President & CEO, 147

Québec Avenue, Rouyn-Noranda, Québec, J9X 6M8, Email: [email protected], Website:

CometLithium.com; MarketSmart Communications Inc., Adrian Sydenham, Toll-free: 1-877-261-

4466, Email: [email protected]

CO: Comet Lithium Corp.

CNW 08:00e 24-OCT-23