Comet Ridge's Mahalo gas project advances with NAIF board approval

Comet Ridge Limited announced that the Northern Australia Infrastructure Facility (NAIF) board has approved the Mahalo JV Gas Project (MJVGP) to proceed to the due diligence phase for debt financing. This follows the successful completion of NAIF’s strategic assessment phase.

While this does not yet represent a formal commitment of finance, Comet Ridge anticipates NAIF will be a significant funding participant. The company is also in discussions with other debt providers as it works towards finalizing an overall funding package, including both debt and equity.

This package is crucial for reaching a final investment decision on the MJVGP, targeted for the first half of calendar year 2026. This timeline includes the completion of front end engineering design work and ongoing gas sales agreement discussions.

The MJVGP's development aligns with the Federal Government's Future Gas Strategy, which projects a need for natural gas until 2050 and beyond, supporting domestic demand on the east coast.