Iron Mask Industrial Park Receives Rezoning Approval

Sales for Lots to Launch for Kamloops' Newest Light Industrial Park

Kamloops, B.C. – Comet Industries Ltd. (Comet) is pleased to announce that Iron Mask Industrial Park (IMIP) has reached another key milestone: the rezoning approval to move the 200-acre light industrial development to sales launch of Phase 1a.

With municipal rezoning approvals in place, Comet is now advancing toward a Preliminary Layout Approval (PLA), enabling the team to move forward with presales and marketing for the first phase of the project.

“This is a significant step for our team and for Kamloops,” said Mike O’Reilly, President and CEO of Comet Industries Ltd. “With rezoning approvals now in place, we can begin sharing this opportunity with businesses ready to grow, expand, and invest in our city.”

Located in southwest Kamloops, IMIP is the newest light industrial park in the region in more than 30 years. The project offers near-direct access to Highways 1, 5, and the Coquihalla, and is designed to address the urgent need for modern, serviced industrial land in the Interior of British Columbia.

“Iron Mask Industrial Park will allow local companies to grow and expand, while also creating space for businesses from outside the region to relocate here,” O’Reilly added. “These initial lots offer something rare - access, scale, and certainty in an otherwise constrained market.”

With a development strategy shaped by demand and phased lot releases, Phase 1a will include seven lots ranging from approximately one to five acres. The launch of this phase follows years of planning, site preparation, and regulatory coordination.

“This capital investment by Comet Industries reflects the confidence we have in Kamloops and the long-term value of high-quality, shovel-ready industrial land,” said O’Reilly. “Kamloops is who we are. We’ve invested in this community for more than 50 years, and we’re committed to shaping its future for the next 50.”

Industry experts echo O’Reilly’s outlook. Brendan Shaw, local REALTOR®, noted, “A project like Iron Mask Industrial Park means more jobs and more opportunity in the Kamloops region. It gives growing companies space to build what they need and invites new businesses into our economy. Adding the industrial park to the Kamloops area, this land supply will unlock additional economic opportunity for several businesses that are currently space-constrained.”

Shaw notes that a common theme many local businesses share is that they cannot grow or reimagine their operations because of a small number of industrial opportunities located in areas that are ‘ready-to-go’ with services and immediate highway access. “The existing industrial stock in Kamloops is largely obsolete, and the market needs the opportunity to develop new buildings to remain relevant in B.C. Industrial market.”

Also on the real estate team is Blake Gozda, Vice President of Industrial Brokerage at Cushman & Wakefield, who has been encouraged by the number of inquiries.

“We have seen interest from a diverse mix of local businesses, investors, and builders looking for industrial lands close to the city core. The project team has been working on the development of this property for a decade or more. Although our involvement on the sales side has only been a couple of years, I am excited to see the project progress from an idea to excavators moving thousands of cubic metres of dirt, and soon, the launch of Phase 1a.”

Future phases of the development - Phases 1b and 1c - will be released based on absorption of existing lots from Phase 1a, ensuring a responsive approach to market demand. Local partners, including Extreme Excavating, have been key in preparing the site for the development’s newest milestone.

About Comet Industries Ltd.

Comet Industries Ltd. was established in 1972, incorporated in the Province of British Columbia, and is listed on the TSX Venture Exchange. The Company is in the business of holding and developing real estate properties, all in British Columbia (“BC”). The Company owns unimproved land in Kamloops and Nelson Island on a freehold basis. A major initiative by the company is the Iron Mask Industrial Park project.

Visit: https://www.cometindustries.ca/ 

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

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the reference to the proposed development of the Iron Mask Industrial Park. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the company at www.sedar.com for further information.