Comet to Divest Non-Controlling Interests IN New Brunswick and Retain Royalties

COMET TO DIVEST NON-CONTROLLING

INTERESTS IN NEW BRUNSWICK AND

RETAIN ROYALTIES

ROUYN-NORANDA, QC

,

Nov. 18, 2024

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

8QY) ("

Comet Lithium

") is pleased to announce that it has signed a non-binding letter of intent

("

LOI

") with Puma Exploration Inc. ("

Puma

") to sell its non-controlling interests in the Northwest and

Grog Properties (collectively, the "

Properties

") located in New Brunswick,

Canada

(the

"

Transaction

").

Transaction Details

Comet Lithium's non-controlling interest (45%) in the Properties encompasses a land package of

approximately 6,800 hectares across 8 claim blocks within the McKenzie Gold Project. Located 10

kilometres east of

St. Quentin

in northern

New Brunswick

, the McKenzie Gold Project lies

approximately 20 kilometres west of Puma's Williams Brook Project, recently optioned to Kinross

Gold Corporation.

In exchange for its interests in the Properties, Comet Lithium will receive:

450,000 common shares of Puma

2% net smelter return royalty

("

NSR

") on the Northwest Property (claim numbers 7298-7734)

2% net smelter return royalty

on the Grog Property (claim numbers 7211-8167-7683-9131-

9132-9133)

Puma reserves the right to purchase one-half (1%) of each NSR at any time for a cash payment to

Comet Lithium of

$500,000

.

"These assets were non-core to Comet, and this transaction provides an excellent opportunity to

retain exposure to a large land package while streamlining our portfolio and creating value for

shareholders," said

Vincent Metcalfe

, President & CEO. "We are pleased to work with Puma on this

and look forward to seeing these properties advance under their leadership."

Comet Lithium expects to close the Transaction before the end of this year.

Map of McKenzie Gold Project and Retained Royalties (CNW Group/Comet Lithium Corporation)

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 the Transaction will be completed and

the timing to complete the Transaction. with Puma for the divestiture of . 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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%SEDAR: 00035962E

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 08:00e 18-NOV-24