Comet Reports Results from Liberty Property Phase 1 Exploration Program Assays reveal strong potential for LCT bearing pegmatites Stardust Dyke identified in southeast

Comet Reports Results from Liberty Property

Phase 1 Exploration Program

Assays reveal strong potential for LCT bearing pegmatites

Stardust Dyke identified in southeast

Highlights:

Completed two weeks of fieldwork at the Liberty Property.

Collected and sent 127 rock samples to the laboratory for assaying.

Two highly prospective zones have been identified: one along strike with Adina East and

another in the southeastern portion of the Liberty Property, where additional outcrops

and boulders have been observed.

Seven anomalous angular boulder and outcrop samples reported K/Rb ratio values below 55,

with five samples showing ratios below 7.5, indicating strong potential for LCT pegmatites.

ROUYN-NORANDA, QC, Aug. 26, 2024 /CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE:

8QY) ("Comet Lithium" or the "Corporation") is pleased to announce the results of the Phase 1

Exploration program conducted during the month of June 2024 at the Corporation's Liberty property

("Liberty Property"), located in the Chibougamau region of Québec.

"Our recently completed fieldwork program has greatly reinforced our confidence in the Liberty

Property's potential, particularly with the identification of the Stardust dyke and two highly

prospective areas—both of which are very positive developments. The exploration program has

provided us with valuable insights into the property's topography, glacial landforms and geology. The

discovery of highly anomalous boulders in the southeast corner is especially encouraging. As we

continue our work, we believe that further updates from the Adina and Galinee summer programs

will further highlight the continuity and significance of the Trieste Lithium greenstone belt",

commented Vincent Metcalfe, President & CEO.

Liberty Fieldwork and Results

Dahrouge Geological Consulting ("DGC") was commissioned to conduct fieldwork at the Liberty

Property, with Comet's VP of Exploration, Vincent Cardin-Tremblay, accompanying DGC during this

exploration program. The fieldwork took place in early June 2024 and involved helicopter

reconnaissance and ground traverses, focusing on the southernmost portion of the Liberty Property.

During this exploration program, the three field teams successfully completed all priority traverses,

covering a total of 214 kilometres. They sampled 33 outcrops and 94 boulders, and recorded 77

observation points. Seven pegmatite samples (one outcrop and six boulders) returned a K/Rb ratio

of ≤ 55 (see figure 1 and Table 1). The pegmatite outcrop with a low K/Rb ratio is a north-south

striking dyke. The seven angular boulders with low ratios, found in the southeast corner, contain the

appropriate mineral assemblage of tourmaline, muscovite, and apatite. Except for one rounded

boulder found on the west side of the Liberty Property, all these prospective samples are from the

southeast portion of the property, which is deemed highly prospective.

Dykes Identified

Numerous outcrops of amphibolitized basalt were identified in the southeastern area of the Liberty

Property. Several tonalitic dykes were observed and sampled, along with numerous blocks of felsic

intrusive rock, some of which were pegmatitic. Underneath and adjacent to thick vegetation cover, a

north-south striking pegmatite dyke measuring between 50 and 100 centimetres in thickness was

observed over a length of 3 metres (see figure 2). The Stardust dyke displayed white pegmatite with

5-10% large muscovite crystals and 1-5% black and green tourmaline (see figure 3). The sample

C00282855 returned a K/Rb ratio of 4.4 and assayed 5,659 ppm Rb, 919 ppm Cs, 274 ppm Ta, and

0.07% Li2O. The dyke was manually excavated, but further tracing was not possible due to the

increasing thickness of the overburden in the area.

Southeast Corner of the Liberty Property

In the southeast corner of the Liberty Property, three angular blocks of white pegmatite containing

muscovite, green tourmaline, and traces of blue apatite were observed 10 metres apart (C00282878

and C00282879). Their respective K/Rb ratios were 5.8 and 7.2, classifying them as differentiated

and prospective, with Li2O content of 0.22% and 0.18%. Notably, sample C00282879 returned a

high rubidium value of 8,000 ppm Rb. The shape and number of these blocks suggest a proximal

origin to the main source.

In the southeasternmost corner of the Liberty Property, two angular blocks of white muscovite

pegmatite, located 20 metres apart, were also observed (C00282872 and C00282873). Their

respective K/Rb ratios were 3.6 and 4.1, classifying them as differentiated and prospective. These

samples returned anomalous lithium levels, with readings of 0.03% Li2O and 0.16% Li2O,

respectively. The shape of these blocks suggests a proximal origin, and they are directly aligned

with the Stardust dyke located 420 metres to the north.

Southwest of the Liberty Property

On the west side of the Liberty Property, near where Winsome Resources Inc. ("Winsome") drilled

the Adina East pegmatite, approximately 500 metres west of the border, no outcrops were

encountered. The area is dominated by thick glacial cover, with numerous boulders present.

Although felsic blocks were sampled, the majority did not show the desired level of fractionation.

Despite the absence of outcrops, certain areas with higher topography along the strike of Adina

East remain prospective and warrant further investigation. As noted below, Winsome recently

released results from the Adina East area, and several results are amongst their best results based

on thickness and grade. Notably, hole AD-24-211 intersected 16.0m at 2.15% Li2O from 82.3m and

hole AD-24-227 intercepted 15.3m at 1.35% Li2O from 38.3m.

Comments from Adina East drill results:

Winsome Resources Inc. released additional Adina drilling results on August 19, 2024. Eight

reported drill hole results came from the Adina East area, with the closest drill collar located about

500 meters away from the Liberty boundary.

Notable reported intercepts from the Adina East area include:

16.0m at 2.15% Li2O from 82.3m (AD-24-211)

15.3m at 1.35% Li2O from 38.3m (AD-24-227)

5.5m at 1.56% Li2O from 57.1m (AD-24-205A)

Winsome reported that drilling has both confirmed the presence of high-grade mineralisation to the

east and has identified the mineralisation remains open in this direction. Winsome noted the results

from the furthest holes to the east are amongst the best results based on thickness and grade and

provided encouragement for further drilling to be completed at Adina East. (source: Winsome news

release dated August 19, 2024 https://wcsecure.weblink.com.au/pdf/WR1/02839872.pdf)

Figure 1: Anomalous outcrop and samples with K/Rb ratios below 150 (CNW Group/Comet Lithium

Corporation)

Figure 2: Stardust Dyke Showing (C00282855) (CNW Group/Comet Lithium Corporation)

Figure 3: Mineralogy of Dyke (C00282855) (CNW Group/Comet Lithium Corporation)

Table 1: Highlighted Samples Presented

Table 1: Highlighted Samples Presented (CNW Group/Comet Lithium Corporation)

This table provides the most significant information from the samples collected during fieldwork

program conducted in June 2024 at the Liberty Property. The information relating to the other

samples is not presented, however, such other samples returned results ranging from <10 Li ppm to

89 Li ppm.

Documents & Figures

Liberty Maps, Images and Figures

Cautionary statements

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

Lithium mineralization occurring at Winsome's Adina deposit is not necessarily indicative of

mineralization that may be encountered on the Liberty Property held by Comet Lithium Corporation.

QAQC

A Quality Assurance / Quality Control protocol following industry best practices was incorporated

into the sampling program.

Samples were analyzed by SGS Natural Resources laboratories using a Sodium Peroxide Fusion /

Combined ICP-AES and ICP-MS package for 57 elements (GE_ICP91A50 & GE_IMS91A50

methods).

In this batch of 127 primary samples, Comet Lithium Corporation included four quartz blanks and five

commercial CRMS (OREAS 750 and OREAS 752). SGS included 3 in-lab duplicate analyses, 14

additional CRMS and 6 blanks.

Qualified Person

Vincent Cardin-Tremblay, P. Geo (ogq #1386, PGO #3347), registered in the Provinces of Québec,

and Ontario is Vice President Exploration for Comet Lithium, is a qualified person under National

Instrument 43101 – 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

Quebec. 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 planned exploration programs on

the Liberty Property, including any planned exploration program, the timing to conduct such

exploration program and the results of such exploration programs, and if it does so, what benefits

Comet Lithium will derive from 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, 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

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For further information: For further information: Comet Lithium Corporation, Vincent Metcalfe,

Chairman and CEO, [email protected], +1.514.249.9960; 147 Québec Avenue (back

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

CometLithium.com

CO: Comet Lithium Corporation

CNW 07:30e 26-AUG-24