MACRO METALS LIMITED — Capital/Financing Update 2013

Jul 16, 2013

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17 July 2013

Company Announcements Office ASX Limited Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000

AGBAJA PROJECT EXPLORATION UPDATE

Highlights

• Exploration drill results received for the southern and western portions of the Agbaja Plateau area within EL12124 with significant intercepts including:

• 11m at 34.5% Fe and 6m at 39.2% Fe in the overlying Laterite, and

• 20m at 41.5% Fe and 11m at 52.2% Fe in the underlying Oolite.

• The results:

• confirm the extensive nature of the shallow, flat lying channel iron mineralisation within EL12124 of the Agbaja Project, and

• demonstrate that the iron mineralisation extends south and west of the Stage 1 Resource Area to the edges of the plateau at similar grades and thicknesses to the maiden Inferred Mineral Resource announced on 28 September 2012.

• Channel iron mineralisation extended more than 15km and 2km to the south and west respectively, of the Stage 1 Resource Area.

• Exploration Target update to incorporate these drill results remains on schedule for completion in the September 2013 quarter.

Australian based iron ore exploration and development company, Kogi Iron Limited (ASX: KFE) (“Kogi” or the “Company”) is pleased to announce the results of the exploration drilling program completed in March 2013 on EL12124 at its 100% owned Agbaja Iron Ore Project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”) (refer Figure 1).

Kogi’s Non-Executive Chairman, Dr Ian Burston said “The exploration results from the scout drilling program are very pleasing as they have extended the iron mineralisation at Agbaja, significantly increasing the prospectivity of the Agbaja Project and the potential mineralised inventory available for exploitation”.

He further added “We look forward to updating our existing Exploration Target[1] of 1.2 to 2.0 billion tonnes at 35 to 50% Fe within the Agbaja Project over the current quarter”.

1 The estimate of Exploration Target should not be misunderstood as an estimate of a mineral resource. The estimate of Exploration Target is conceptual in nature and insufficient exploration has been completed to estimate a mineral resource in accordance with the JORC Code (2004). Further, it is uncertain if further exploration will result in the determination of a mineral resource.

Kogi Iron Limited ABN 28 001 894 033 ASX: KFE

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

Drilling

The Company completed 23 scout reverse circulation (“RC”) drill holes for a total of 468m on EL12124 late in the March 2013 quarter. Assay results for all holes have now been received. Details of the drill holes, the sampling and assay procedures, and the assays are summarised in Tables 1 and 2. The scout drill hole collar locations are shown on Figure 2.

The 23 holes were designed to test the continuation of iron mineralisation to the south and west of the Stage 1 Resource Area. The Stage 1 Resource Area currently contains an Inferred Mineral Resource of 488 million tonnes at 43% Fe. This total comprises 141 million tonnes at 35% Fe of Laterite and 347 million tonnes at 46% Fe of Oolite (refer ASX announcement dated 28 September 2012 for details) (“Maiden JORC Resource”).

The holes were drilled on 2 to 3km spaced traverses oriented roughly east-west, with spacings of approximately 0.5 to 1km along the traverses.

Geology

All the scout holes intersected lateritic iron-bearing sandstone with minor interbedded oolite (referred to as Zone A or Laterite in the Maiden JORC Resource) before passing into the underlying ironbearing oolite-pisolite (referred to as Zone B or Oolite in the Maiden JORC Resource). Both the Laterite and Oolite units comprise the Agbaja Formation of Cretaceous age. Iron mineralisation in the Laterite is predominantly goethite, with minor hematite in the uppermost beds. The principal iron minerals in both the matrix and in the ooids and pisoids of the Oolite unit are goethite and maghemite/magnetite.

The Laterite unit intersections varied from 3 to 10m in thickness from surface with an average of 6.3m. The Oolite unit intersections varied from 3 to 20m in thickness with an average of 9.4m. The average depths from surface to the top and bottom of the Oolite unit are 7 and 17m respectively. The lithostratigraphy and orientation of the Laterite and Oolite units is very similar to the Stage 1 Resource Area where the units are similarly shallow and sub-horizontal. The thicker Oolite intersections are interpreted to correspond to paleochannels located in the Agbaja Formation.

Assay Results

The surficial Laterite unit intersections for the scout drill holes averaged 33.7% Fe and in the underlying Oolite unit averaged 44.7% Fe.

Conclusions

These results are consistent with the grade, thickness and lithostratigraphic and structural characteristics of the iron mineralisation delineated in the Stage 1 Resource Area. The scout drill results confirm that the overlying, at-surface Laterite and shallow underlying Oolite channel iron mineralisation extends more than 15km to the south and more than 2km to the west up to the edges of the Agbaja Plateau.

Further Work

The scout drill results will provide important deposit context for the Stage 1 Resource Area mineral resource update planned to be completed in the September 2013 quarter, and enable the Exploration Target for the Agbaja Project to be updated at this time.

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For further information, please contact:

Ian Burston

Non-Executive Chairman

or

Shane Volk Company Secretary

+61 (0)8 9200 3456 info@kogiiron.com

Competent Person’s Statements:

The information in this report 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 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Bischoff consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

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Table 1: List of Drill Holes and Significant Intersections

	Hole Details	Hole Details	Hole Details				Intersection	Intersection	Intersection			Head Assay	Head Assay			Lithology
Hole ID	Easting	Northing	RL	Dip	Azimuth	E.O.H.	From	To	Length	Fe	SiO2	AI2O3	P	S	LOI
	UTM WGS84 Zone 32N			Degrees		m	m	m	m	%	%	%	%	%	%
SOH-1	238265 883902 394			90 -		18.0	0.0 6.0	6.0 9.0	6.0 3.0	33.8 39.7	23.0 20.0	15.5 10.2	0.21 0.43	0.03 0.04	10.9 10.9	Lateritic Sandstone Oolite
SOH-3	238971 883709 396			90 -		17.0	0.0 7.0	7.0 12.0	7.0 5.0	35.5 43.0	21.8 15.4	14.4 9.1	0.27 0.88	0.04 0.03	10.8 11.2	Lateritic Sandstone Oolite
SOH-7	244154 880853 365			90 -		19.0	0.0 6.0	6.0 16.0	6.0 10.0	31.9 46.9	24.7 8.3	17.1 11.0	0.22 0.97	0.02 0.01	10.4 10.7	Lateritic Sandstone Oolite
SOH-9	244964 880814 356			90 -		19.0	4.0 8.0	8.0 15.0	4.0 7.0	22.6 42.3	32.5 13.4	21.1 12.8	0.26 0.88	0.16 0.03	11.3 10.6	Lateritic Sandstone Oolite
SOH-11	245767 880889 345			90 -		19.0	0.0 7.0	7.0 15.0	7.0 8.0	34.0 43.0	28.7 9.8	10.9 11.0	0.58 1.01	0.01 0.19	9.6 13.5	Lateritic Oolite & Ferruginous Sandstone Oolite
SOH-13	246039 878877 357			90 -		19.0	0.0 4.0	4.0 17.0	4.0 13.0	36.4 40.9	18.8 15.2	16.1 10.1	0.25 0.83	0.03 0.11	11.1 12.5	Lateritic Sandstone Oolite
SOH-15	240962 880468 405			90 -		20.0	0.0 11.0	11.0 16.0	11.0 5.0	34.5 46.5	26.1 12.3	12.8 6.9	0.27 0.88	0.04 0.01	9.7 11.3	Lateritic Sandstone & Oolite Oolite
SOH-17	241752 880312 400			90 -		20.0	1.0 14.0	10.0 18.0	9.0 4.0	26.5 35.6	32.0 30.9	17.1 6.5	0.30 0.74	0.03 0.01	10.4 9.2	Lateritic Sandstone Oolite
SOH-19	242552 878774 398			90 -		19.0	0.0 8.0	8.0 17.0	8.0 9.0	38.5 46.2	19.6 15.7	12.7 6.2	0.33 0.86	0.05 0.02	10.5 9.3	Lateritic Sandstone Oolite
SOH-21	243727 877875 392			90 -		25.0	0.0 3.0	3.0 23.0	3.0 20.0	30.3 41.5	25.6 18.5	18.4 7.6	0.25 0.87	0.02 0.29	10.7 10.6	Lateritic Sandstone Oolite
SOH-23	244474 877693 383			90 -		22.0	0.0 6.0	6.0 20.0	6.0 14.0	39.2 41.7	16.6 17.4	14.1 9.5	0.44 0.87	0.05 0.09	10.7 10.4	Lateritic Sandstone Oolite
SOH-25	245304 876981 383			90 -		24.0	0.0 12.0	6.0 21.0	6.0 9.0	33.2 42.1	22.9 10.5	16.9 9.1	0.23 0.97	0.05 0.20	10.6 15.2	Lateritic Sandstone Oolite

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	Hole Details	Hole Details	Hole Details				Intersection	Intersection	Intersection			Head Assay	Head Assay			Lithology
Hole ID	Easting	Northing	RL	Dip	Azimuth	E.O.H.	From	To	Length	Fe	SiO2	AI2O3	P	S	LOI
	UTM WGS84 Zone 32N			Degrees		m	m	m	m	%	%	%	%	%	%
SOH-27	246218 876921 373			90 -		22.0	0.0 8.0	6.0 20.0	6.0 12.0	33.5 47.7	24.4 9.0	14.7 10.3	0.33 1.07	0.09 0.02	10.3 9.3	Lateritic Sandstone Oolite
SOH-29	246987 877069 352			90 -		19.0	0.0 3.0	3.0 12.0	3.0 9.0	37.5 45.5	19.3 11.1	14.5 11.1	0.46 0.94	0.02 0.02	10.3 9.8	Lateritic Sandstone Oolite
SOH-31	247599 877477 356			90 -		31.0	0.0 13.0	8.0 28.0	8.0 15.0	32.1 44.4	23.4 12.5	18.2 11.1	0.18 0.96	0.03 0.02	10.2 9.0	Lateritic Sandstone Oolite
SOH-33	245601 874873 391			-90 -		23	0.0 8.0	8.0 20.0	8.0 12.0	36.0 47.9	21.3 9.1	14.7 8.9	0.28 0.81	0.05 0.02	10.2 10.8	Lateritic Sandstone Oolite
SOH-35	246260 874741 387			-90 -		22	0.0 10.0	10.0 21.0	10.0 11.0	37.3 52.2	23.4 10.6	11.4 10.5	0.39 1.05	0.03 0.02	9.7 11.0	Lateritic Sandstone Oolite
SOH-37	246953 874446 377			-90 -		22	0.0 8.0	8.0 18.0	8.0 10.0	31.1 47.7	25.5 9.6	17.1 9.5	0.28 1.07	0.03 0.02	10.8 9.3	Lateritic sandstone with minor interbedded oolite Oolite
SOH-39	247722 874077 368			-90 -		17	0.0 4.0	4.0 14.0	4.0 10.0	35.5 46.8	25.6 9.1	12.0 10.8	0.42 0.95	0.03 0.02	9.6 10.4	Lateritic Sandstone Oolite
SOH-41	248600 874258 353			-90 -		18	0.0 4.0	4.0 13.0	4.0 9.0	35.1 45.0	25.7 12.1	12.5 8.7	0.43 0.96	0.02 0.03	9.7 11.2	Lateritic Sandstone Oolite
SOH-43	249260 875269 338			-90 -		17	0.0 3.0	3.0 14.0	3.0 11.0	34.6 44.5	29.2 13.4	9.9 9.2	0.46 0.83	0.04 0.07	9.2 10.5	Lateritic Sandstone Oolite
SOH-45	249390 872419 359			-90 -		11	0.0 6.0	4.0 9.0	4.0 3.0	29.0 43.4	26.8 14.7	19.2 9.6	0.18 0.53	0.04 0.02	10.3 11.3	Lateritic Oolite and Sandstone Oolite
SOH-47	250535 870300 356			-90 -		25	0.0 13.0	9.0 21.0	9.0 8.0	34.2 45.7	22.3 7.3	16.2 9.3	0.32 1.01	0.03 0.08	10.3 13.8	Lateritic Sandstone and Oolite Oolite

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Table 2: Checklist of Assessment and Reporting Criteria

Criteria	Explanation
Section 1
Sampling techniques	Reverse Circulation (“RC”) drilling was used to obtain 1m interval samples. Samples were riffle split to 1-2kg then dispatched for sample preparation at ALS Ghana.
Drilling techniques	RC drilling with face-sampling drill bit.
Drill sample recovery	RC samples weighed and compared to theoretical drilled sample weight.
Logging	All holes logged at each sample interval of 1m for lithology, color, weathering, minerals, magnetism and general observations in standard template.
Sub-sampling techniques and sample preparation	Laboratory sample preparation comprises crushing to <2mm p70%, riffle split 250g, pulverize to 75micron p85%.
Quality of assay data and laboratory test	Assay data based on industry standard techniques performed by ALS Geochemistry, Perth, Western Australia; elements by XRF fusion, LOI1,000by TGA furnace.
Verification of sampling and assaying	Standards are inserted randomly at a ratio of approximately 1 in 8 prime samples; blanks and duplicates are inserted at a ratio of approximately 1 in 16 prime samples. QAQC sample results are statistically analysed and followed up where variation is unacceptable. Also random umpire assays by Company. Entered data checked by Company geologist.
Location of data points	Drill hole collars surveyed by DGPS tied into global grid.
Data spacing and distribution	Drill holes located adjacent to existing local roads on 5 traverses approximately 2-3km apart, with hole spacings at approximately 750m along the traverses.
Orientation of data in relation to geological structure	Drill holes are drilled vertically being perpendicular to flat-lying to sub-horizontal sedimentary beds and channels that host the iron mineralisation; hence drilled thicknesses are approximately equivalent to true thickness of the iron-bearing mineralised beds.
Sample security	Drill samples packed into large drums and sealed for export. Samples enter ALS laboratory security-train in Ghana.
Audits or reviews	Conducted by independent industry consultant on annual basis.
Section 2
Mineral tenement and land tenure status	The drill holes are located on EL12124 granted to KCM Mining Limited, a fully owned subsidiary of the Company, by the Nigeria Ministry of Mines and Steel Development in January 2012 for 3 Years.
Exploration done by other parties	Previous exploration on the Agbaja Plateau area was reported in the Company’s prospectus released on 15 December 2011. Other exploration carried out is reported in this announcement.

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Section 2
Geology	The iron mineralisation on the Agbaja Plateau comprises a channel iron deposit (CID) of Cretaceous age. The CID consists of lateritised ferruginous sandstone and reworked ferruginous oolite beds at surface, which overly a thicker Oolite unit comprising rounded iron-rich ooids (<2mm, dominant) and pisoids (>2mm) in a ferruginous matrix. The lateritic and oolite units form the top of the Agbaja Plateau, which is an elevated mesa structure (see Figure 2 for topographic setting). The geometry of the iron bearing units is approximately horizontal and is known from drilling of the Stage 1 Resource Area to the north (where continuity of the units is well established over 5km cross strike and over 4km along paleo-channel strike by 100 by 200m spaced drill holes), and from geological mapping of the escarpment in 2011.
Drill hole information	Drill hole information is shown in Table 1 of this announcement.
Data aggregation methods	The reported assayed intervals are based on length-weighted averages of the 1m sampled and assay intervals. The reported intervals are selected based on a minimum sample length of 2m, the dominant lithology, and a lower cut-off grade of 20% Fe for the Laterite unit, and 30% Fe for the underlying Oolite unit.
Relationship between mineralisation widths and intercept lengths	See “Orientation of data in relation to geology structure” under Section 1.
Diagrams	Refer Figure 2 for drill hole locations.
Balanced reporting	Results, based on the selection criteria noted above, are reported for all drill holes where assay results have been received by the Company.
Other substantive exploration data	Other geological observations that are important to the context of the iron mineralisation in EL12124 are reported in the announcement.
Further work	Refer to the text of this announcement.

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About Kogi Iron Limited

Kogi Iron Limited ( ASX: KFE ) (“Kogi Iron” or the “Company”) is an ASX listed company focused on the exploration and development of its 100% owned Agbaja iron ore project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”).

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. Nigeria had a GDP real growth rate of 7.2% in 2011, and in 2007 passed a new Mining and Minerals Act, which includes favorable 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 covering most 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 JORC Code. This mineral resource comprises approximately 18% by area of EL12124.

The Agbaja Project is uniquely positioned being approximately 60km from an existing and underutilised standard gauge railway, which accesses port infrastructure at Warri.

The Company is currently completing resource definition and metallurgical test work programs, and infrastructure and transport studies to define salient project parameters and to underpin preparation of a scoping study later in 2013.

Kogi Iron has on issue 288,084,126 fully paid ordinary shares.

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For further information, please contact us by email info@kogiiron.com by telephone on +61 (0)8 9200 3456

or visit us at www.kogiiron.com

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