Komet Provides Update on Filing of Q1 2020 Financial Disclosure and Announces Delayed Holding of AGM

MONTREAL, June 29, 2020 (GLOBE NEWSWIRE) -- Komet Resources Inc. ("Komet" or the "Corporation") (TSX-V : KMT) provides an update with respect to filing of its interim financial statements and related MD&A for the three months ended March 31, 2020 (the "Required Q1 Filings"). The Corporation is providing this update in accordance with Decision No 2020-PDG-0023 of the Autorité des marchés financiers (Québec) (the "Exemption"). The Corporation intends to make the Required Q1 Filings on or prior to July 14, 2020.

Blackout in Effect for Management and Other Insiders

Until such time as the Required QI Filings are completed, Komet's management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 ? Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Business Developments

Since June 12, 2020, when the Corporation filed its financial statements and MD&A for the year ended December 31, 2019, there has been no material business development for the Corporation.

Annual Meeting of Shareholders

Komet further announces that it is relying on the exemptions provided in Decision 2020-PDG-0034 of the Autorité des marchés financiers (Québec) and similar exemptions provided by members of the Canadian Securities Administrators in each of the provinces and territories of Canada, to delay the filings of its executive compensation disclosure for the year-ended December 31, 2019 and to delay the requirements to send copies of its annual or interim financial statements and MD&A to investors that have requested so. All required disclosure and documents will be provided in advance of December 31, 2020.

The Corporation intends to hold its annual meeting of shareholders in September 2020.

Investor Relations/information:

Mr. Robert Wares, Chairman and interim President:  514-951-4235 / [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.