Comet Industries Announces Contract for Purchase and Sale of Certain Lands Located Within Iron Mask Project in Kamloops BC.

(TheNewswire)

Kamloops, BC January 29, 2026 – TheNewswire - Comet Industries Ltd.(“Comet” or the “Company”) announces that it has entered intoa Contract for Purchase and Sale (the “Purchase Agreement”) dated October 30, 2025 with an arm’s length purchaser(the “Purchaser”). Pursuant to the Purchase Agreement, the Company hasagreed to sell to the Purchaser certain lands (the “Lands”) to becreated as a result of the consolidation and subsequent subdivision ofcertain parcels of land currently held by the Issuer as part of theCompany’s Iron Mask project in Kamloops, British Columbia (the“Iron MaskProject”). The Lands represent 1 acre of thetotal 50.69 acres (1.97%) of sellable land in Phase 1 of the Iron MaskProject.

The purchase price for the Lands is $1,100,000 plus anyapplicable GST (the “Purchase Price”). The completion date will be no later than 30 days afterthe date that the subdivision plan with respect to the Lands isaccepted for final registration at the Land Title Office (the“Completion Date”). The Companycurrently estimates that the Completion Date will occur on or aboutDecember 1, 2026. If the Completion Date has not occurred by December31, 2027, the Purchase Agreement may be terminated by either theCompany or the Purchaser.

Prior to the Completion Date, the Company is requiredto remediate any areas containing contaminated soil in accordance witha remediation plan process approved by the Ministry of Environment andParks and provide the Purchaser with confirmation that suchremediation work has been completed, or, if the Lands do not containany contaminated soil, confirmation that there is no knownenvironmental contamination.

All parties to the Offer to Purchase are arm’s-lengthparties, and the transaction does not constitute a related-partytransaction under applicable securities laws. There are nosecurities of the Company, finder’s fees, and/or any other type ofcompensation payable in connection with the transaction.

About Comet Industries Ltd.

Comet Industries Ltd. was established in 1972,incorporated in the Province of British Columbia, and is listed on theTSX Venture Exchange. The Company is in the business of holding anddeveloping real estate properties, all in British Columbia. TheCompany owns unimproved land in Kamloops and Nelson Island on afreehold basis. A major initiative by thecompany is the Iron Mask Industrial Park project. Visit: https://www.cometindustries.ca/

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"Michael O'Reilly"

COMET INDUSTRIES LTD.

Michael O'ReillyPresident and CEO

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE

This news release contains statements that constituteforward-looking statements and forward-looking information, as definedunder applicable Canadian securities laws (collectively,“forward-looking statements”). The words “will”, “intend”,“anticipate”, “could”, “should”, “may”, “might”,“expect”, “estimate”, “forecast”, “plan”,“potential”, “project”, “assume”, “contemplate”,“believe”, “shall”, “scheduled”, and similar terms and,within this news release, include, without limitation, any statements(express or implied) respecting the terms and conditions of the saleof the Lands, the proposed timing and completion of the sale of theLands and the satisfaction of the conditions precedent to the sale ofthe Lands, and all other statements that are not statement ofhistorical facts.

Forward-looking statements are not guarantees of futureperformance, actions, or developments and are based on expectations,assumptions and other factors that management currently believes arerelevant, reasonable, and appropriate in the circumstances, includingassumptions regarding regulatory approvals, construction timelines,costs, availability of contractors, market conditions, and theCompany’s ability to meet its obligations under the Offer toPurchase. Such forward-looking information is subject to a number ofrisks and uncertainties that may cause actual results to differmaterially from those expressed or implied, including but not limitedto delays in construction or permitting, cost overruns, changes inregulatory requirements, adverse market conditions, and generaleconomic, financial, and operational risks.

Readers are cautioned not to place undue reliance onforward-looking statements. The forward-looking statements containedin this news release are made as at the date hereof and the Companydoes not undertake any obligation to update publicly or to revise anyof the included forward-looking statements, whether as a result of newinformation, future events, or otherwise, except as may be required byapplicable securities laws. Except as required by applicablesecurities laws, the Company does not undertake to update or reviseany forward-looking information to reflect new events orcircumstances.

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