Comet Lithium Announces Adoption of Semi-Annual Reporting

ROUYN-NORANDA, QC, May 25, 2026 /CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE: 8QY) ("Comet Lithium" or the "Corporation") is pleased to announce that it has elected to rely on Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the "Blanket Order") and move to semi-annual reporting ("SAR"). The Blanket Order is a pilot program from the Canadian Securities Administrators which allows eligible venture issuers to voluntarily move from quarterly to semi-annual financial reporting.

The Corporation's fiscal year ends on December 31. Under the SAR pilot program, the Corporation will be exempt from filing interim financial reports and related management discussion and analysis ("MD&A") for its first and third quarters. Accordingly, the Corporation will not file interim financial statements or related MD&A for the three-month period ending March 31, 2026 and the nine-month period ending September 30, 2026, and all subsequent periods ending March 31 and September 30.

The Corporation will continue to file audited annual financial statements (due within 120 days of December 31) and six-month interim financial reports and related MD&A (due within 60 days of June 30). The Corporation remains committed to timely disclosure and will continue to report all material changes and significant developments in accordance with National Instrument 51-102 - Continuous Disclosure Obligations.

The Corporation confirms that it meets the eligibility criteria under the Blanket Order. The Corporation has determined that participation in the SAR pilot program will ease the administrative and financial burden associated with quarterly reporting and is consistent with the objectives of the Blanket Order.

This news release is being filed pursuant to Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers.

About Comet Lithium Corporation

Comet Lithium is a Québec-based mineral exploration company focused on advancing high-potential caesium and lithium assets, led by its flagship Pollux project in the James Bay District. The Corporation's strategy is to create shareholder value through systematic exploration, targeted technical advancement and disciplined capital allocation, while maintaining strategic exposure to additional high-quality assets, including the Liberty Property and the Troilus East Property. Comet Lithium also continues to build complementary royalty exposure through selected non-core asset transactions. Comet Lithium has 29,710,953 common shares outstanding.

Forward-Looking Statements

This news release contains certain statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the Corporation's adoption of SAR; the Corporation's intention not to file interim financial reports for the three-month and nine-month interim periods; the Corporation's ongoing eligibility and intention to rely on the Blanket Order; the Corporation's commitment and intention to file the audited annual financial statements and the six-month interim financial reports as well as report all material changes and significant developments as required under National Instrument 51-102 Continuous Disclosure Obligations; and the Corporation's expectation in potential reduction of its administrative and financial burden. Forward-looking information is generally identified by the use of words such as "may", "would", "could", "will", "believe", "expect", "anticipate", "intend", "plan" or similar expressions. Such forward-looking information is based on management's reasonable assumptions and expectations as of the date of this news release and is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated.

These risks and uncertainties include, but are not limited to, risks related to reduced frequency of financial reporting for interim periods, including changes in trading, volatility, liquidity and coverage of the Corporation's shares,, exploration activities, market conditions, regulatory approvals, changes to the Corporation's financial or regulatory standing; changes to or revocation or expiration of the Blanket Order; changes in securities legislation or the rules and policies of the TSX Venture Exchange and those risks described in the Corporation's MD&A for fiscal year ended December 31, 2025 available on the Corporation's SEDAR+ profile at www.sedarplus.ca. Although the Corporation believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that such expectations will prove to be correct. The Corporation does not undertake to update or revise any forward-looking information, except as required by applicable securities 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

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