MACRO METALS LIMITED — Capital/Financing Update 2013

Sep 24, 2013

ASX Announcement & Media Release

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25 September 2013

KOGI RAISES $1.2 MILLION FOR AGBAJA SCOPING STUDY AND INITIATES SHARE PURCHASE PLAN

Highlights

• Successfully raised $1.2 million via a book build to professional and sophisticated investors

• Launch of Share Purchase Plan (SPP) allowing all shareholders to participate

• Funds raised to be applied to the completion of the Agbaja Scoping Study

Australian based iron ore development company, Kogi Iron Limited (ASX: KFE) (“Kogi Iron” or the “Company”) is pleased to announce that it has raised $1.2 million via a capital book build and share placement to professional and sophisticated investors (“Placement”).

Funds from the Placement will be applied to the completion of the Scoping Study underway to evaluate a 5 Mtpa iron ore operation at its 100% owned Agbaja Project in Nigeria and for working capital. The Scoping Study is expected to be completed by the end of quarter one, 2014.

The Placement shares are issued at a price of $0.09 per share and are issued pursuant to the Company’s 15% annual placement capacity in accordance with ASX Listing Rule 7.1. The 5 day VWAP price at the close of trading on 20 September 2013 was $0.11 per share, meaning the Placement shares will be issued at a discount of approximately 18%.

Subject to shareholder approval at the upcoming Annual General Meeting, Kogi Chairman Dr Ian Burston and Non Executive Director Mr Don Carroll, will participate in the Placement through investments of $500,000 and $100,000 respectively. As related parties of the Company, Dr Burston and Mr Carroll’s participation in the Placement requires shareholder approval.

Kogi Managing Director Iggy Tan said: “The personal support of the Chairman and Mr Carroll demonstrates the confidence the Kogi Board of Directors and Management team has in the Agbaja Project. We believe we have a unique project, existing infrastructure solutions, a clear development plan, strong Nigerian Government support and a focused Management team determined to bring the project to fruition for our shareholders.”

Share Purchase Plan

The Company is pleased to announce an opportunity for shareholders to participate in the current capital raising through a Share Purchase Plan (“SPP”).

The SPP entitles eligible shareholders of the Company to purchase fully paid ordinary Kogi Iron shares worth up to $15,000 at the Placement price of $0.09 per share, free from all brokerage and commission.

Funds raised through the SPP will also be used for costs associated with completing the Scoping Study and for working capital purposes.

13 Colin Street West Perth Western Australia 6005 Australia

PO Box 1934 Telephone: +61 8 9200 3456 West Perth Western Australia 6872 Facsimile: +61 8 9200 3455 Australia Website: www.kogiiron.com

Kogi Iron Limited ABN 28 001 894 033 ASX: KFE

To be eligible, participants are required to be registered as a holder of Shares, with a registered address in Australia and New Zealand as at 5pm Western Standard Time (WST) on 24 September 2013.

The offer of Shares under the SPP opens on 27 September 2013 and closes at 5.00pm WST on 25 October 2013. No late applications will be accepted, however the directors of the Company (Directors) reserve the right to extend the closing date.

The SPP documentation will be mailed to all eligible shareholders in the coming week.

The Company has engaged outbound shareholder communication company, Orient Capital to contact eligible shareholders to provide information and answer any queries regarding the Company’s plans and the SPP. Feedback from shareholders will also be sought and appreciated.

Expected Timetable

The expected timetable for the SPP is as follows:

Item	Expected Timing
Record Date	24 September 2013
SPP Opening Date	27 September 2013
SPP Closing Date	25 October 2013
Allotment of Shares	1 November 2013
Issue of Holding Statements	4 November 2013

-End-

For more information, please contact:

Corporate Media Contact Iggy Tan Michael Vaughan Managing Director Cannings Purple Kogi Iron Limited Tel (office): +61 8 9200 3456 Tel (office): +61 8 6314 6300 Email: info@kogiiron.com Email: mvaughan@canningspurple.com.au

About Kogi Iron (ASX: KFE)

Kogi Iron Limited is a Perth-based company with the objective of becoming an African iron ore producer through the development of its 100% owned Agbaja iron ore project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”). The Company is conducting a Scoping Study on a potential iron ore operation at the Agbaja Plateau potentially utilizing barging transport of its iron ore product along the Niger River to Warri Port and world export markets. The Company will continue to advance access and usage agreements for an existing under-utilised heavy haulage railway that runs from near the Agbaja Project to Port Warri. This existing railway remains an important part of a longer term transport solution for an expanded production profile.

In recent years Nigeria has sought to diversify its economy, which is dominated by hydrocarbons, into minerals and related industries. Nigeria is the largest country by population in Africa with a GDP growth rate of 7.2% in 2013. The country has very transparent and consistent mining regulations and very favourable fiscal terms for foreign investment in mining.

The Company holds a land position of approximately 400km[2 ] covering 15 tenements, with the main focus being EL12124 which covers a large part of the Agbaja Plateau. The Agbaja Plateau hosts an extensive, shallow, flat-lying channel iron deposit with an Inferred Mineral Resource of 488 million tonnes with an in-situ iron grade of 42.7% reported in accordance with the 2004 JORC Code. This mineral resource covers approximately 20% of the prospective plateau area within EL12124.

Scoping Study

Investors are advised that the purpose of the Scoping Study is to assess the potential viability of the development of a mining and processing operation at the Company’s Agbaja Project against a set of key commercial parameters. Neither the commencement of the Scoping Study, nor the results of such Scoping Study, will establish the economic viability or definite value of the Agbaja Project. While it is proposed that the Scoping Study will be based on the Company’s existing and previously announced Inferred Mineral Resource estimates, these estimates and the commencement of a Scoping Study are not in themselves sufficient enough to define the economic viability of the Agbaja Project. This is because under the JORC Code, these Inferred Mineral Resource estimates are not sufficient to permit the application of the type of technical and economic parameters required to imply economic viability.

Investors should note that for the Company to establish economic viability of its Agbaja Project, the Company will need to establish sufficient Indicated Mineral Resources and further consider mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and government factors. As a result, some of the economic assumptions that may be used in the Scoping Study may never be realised. Statements implying economic viability require a reasonable basis, otherwise they are taken to be misleading to shareholders. Given that the Company is concerned that investors may attribute the commencement of the Scoping Study as proving the Agbara Project’s economic viability and cautions investors against using those statements as a basis for investment decisions relating to securities in the Company.

Forward-looking Statements

This announcement contains forward-looking statements which are identified by words such as ‘anticipates’, ‘forecasts’, ‘may’, ‘will’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, ‘plan’ or ‘intends’ and other similar words that involve risks and uncertainties. Indications of, and guidelines or outlook on, future earnings, distributions or financial position or performance and targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources are also forward looking statements. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and estimates regarding future events and actions that, while considered reasonable as at the date of this announcement and are expected to take place, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of our Company, the Directors and management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward looking statements are subject to various risk factors that could cause actual events or results to differ materially from the events or results estimated, expressed or anticipated in these statements.

Competent Person’s Statement

The information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Kim Bischoff, a member of The Australasian Institute of Mining and Metallurgy. Mr Bischoff is a consultant to Kogi Iron Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Bischoff consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.