MACRO METALS LIMITED — Capital/Financing Update 2013

Apr 23, 2013

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24 April 2013

Company Announcements ASX Limited Level 8, Exchange Plaza PERTH WA 6000

AGBAJA PROJECT UPDATE

• Definition drilling of the Stage 1 Resource Area now complete.

• Mineral resource update scheduled to commence in late June on receipt of final resource definition drilling assays.

• Updated mineral resource expected to be published late in the September 2013 quarter.

• • Determination of an updated Exploration Target for the Agbaja Project exploration licence (EL12124) to commence on receipt of scout RC drill assays.

• Updated Exploration Target expected to be published late in the September 2013 quarter.

• Bateman Engineering has now completed its review of the Phase 1 metallurgical test work program and proposes a simple conceptual metallurgical flow sheet incorporating spiral concentrators and wet, high intensity magnetic separation.

• Environmental and Social Impact Assessment commenced, with dry season baseline data gathering now complete.

Australian based iron ore exploration and development company, Kogi Iron Limited (ASX: KFE) (“Kogi” or the “Company”) is pleased to update shareholders in respect of activities related to its 100% owned Agbaja Iron Ore Project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”) (refer Figure 1).

Resource Definition – Drilling

Further to its ASX announcement dated 28 February 2013, the Company has now completed an additional 30 hole diamond drilling program at the Agbaja Project (refer Figures 2 and 3). This represents the last component of the resource definition program designed to complete drilling of the 15km[2] Stage 1 Resource Area (refer Figure 2).

A total of 726 reverse circulation (“RC”) holes were drilled, including 138 RC holes completed in the current dry season program, covering an additional 1.2km[2] . RC drilling has been carried out at a spacing of 200 x 100m within the Stage 1 Resource Area.

A total of 41 PQ diamond holes were drilled, including 30 diamond holes in the current dry season program. The diamond drilling has been carried out at a spacing of approximately 400 x 800m within the Stage 1 Resource Area.

The purpose of the diamond drill holes is as follows:

• As part of the QA/QC program for mineral resource estimation to twin 41 RC drill holes to cover the full extent of the Stage 1 Resource Area to confirm the thickness, grade and geological characteristics of the Laterite and Oolite units;

• To obtain representative measurements of bulk density and increase confidence in the estimation of resource tonnages;

• To obtain samples for additional physical rock strength tests, and

• • For the preparation of additional bulk sample composites for metallurgical testing.

Kogi Iron Limited ABN 28 001 894 033 ASX: KFE

13 Colin Street PO Box 1934 Telephone: +61 8 9200 3456 West Perth Western Australia 6005 West Perth Western Australia 6872 Facsimile: +61 8 9200 3455 Australia Australia Website: www.kogiiron.com

Following completion of geological and geotechnical logging, bulk density measurements, core photography and core cutting at ALS Metallurgy in Perth, one quarter of the core will be submitted for head assay, one half utilised for the preparation of representative bulk sample composites for the next stages of metallurgical test work, and one quarter retained as a reserve for future purposes.

The diamond drill core is being prepared for shipment to Perth, Australia.

Resource Definition – Mineral Resource Update

Global, independent mining consulting group, Coffey, is engaged by the Company to prepare a mineral resource update in accordance with the JORC Code (2004) guidelines. The mineral resource update will incorporate all drill results from the 2012 and 2013 RC and diamond drilling programs.

The additional RC and diamond drilling completed since the assay cut off date for the maiden mineral resource of 28 August 2012, will increase the area covered and the confidence levels within the Stage 1 Resource Area.

The mineral resource update is now scheduled for completion late in the September 2013 quarter. This is later than earlier advised and results from transport delays in shipping drill samples from Nigeria.

Exploration Target

The current Exploration Target[1] estimate for the channel iron deposits and overlying laterite on the Company’s land holdings is 1.6 to 2.7 billion tonnes at 35 to 50% Fe. This estimate includes 1.2 to 2 billion tonnes at 35 to 50% Fe within the Agbaja Project exploration licence EL12124 (inclusive of the Stage 1 Resource Area maiden Inferred Mineral Resource estimate of 488 million tonnes at 43% Fe (refer ASX Announcement dated 28 September 2012)).

The Company has commenced a program to review and update the Exploration Target for EL12124 with a view to applying the information gained from the resource definition drilling, plus recent scout drilling, to better define the exploration potential at the Agbaja Project.

As announced to ASX on 28 February 2013, the Company has completed 25 scout RC drill holes to the west and south of the Stage 1 Resource Area on EL12124 (refer Figure 2), and additional scout RC holes to the northeast of EL12124.

Geological mapping along the west escarpment of the Agbaja Plateau and prospecting pits excavated by the Company in 2011 documented the occurrence, and laterally extensive distribution, of ferruginous laterite underlain by oolitic-pisolitic ironstones elsewhere on the Agbaja Plateau within EL12124, similar to the iron mineralisation defined in the Stage 1 Resource Area. Most of these 2011 exposures were not able to determine the full thickness of the iron mineralisation. The recently completed scout drilling program was designed to test the full thickness, grade and continuity of the iron mineralisation on traverses at spacings from 3 to 4km apart.

The earlier prospecting and recent scout drilling data, combined with acquired high resolution digital satellite imagery, will be utilised to update the Exploration Target for EL12124. It is expected this update will be completed in the September 2013 quarter.

Metallurgical Test Work

Following the completion of the Phase 1 metallurgical test work program, the Company engaged Bateman Engineering (now part of the global Tenova Iron & Steel and Mining Industries group) (“Bateman”) to review the Phase 1 test work results and propose a conceptual metallurgical flow sheet, which would then be validated and optimised through a series of laboratory scale metallurgical tests. Bateman has now completed its review and has proposed a conceptual flow sheet.

1 The estimates of exploration target sizes mentioned in this report should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of Exploration Target sizes are conceptual in nature and there has been insufficient exploration completed to date to determine the quantity and grade, or to estimate a Mineral Resource in accordance with the JORC Code (2012) guidelines. Further, it is uncertain if future exploration will result in the determination of a Mineral Resource.

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The conceptual flow sheet contemplates feed size reduction to minus 0.6mm followed by simple gravity separation using spiral concentrators and wet, high intensity magnetic separation to upgrade the iron mineralisation from an average in-situ grade of 42.7% to 56-58% Fe.

The next step of the Phase 2 metallurgical test work program involves validating and optimising the conceptual flow sheet through a series of laboratory scale tests using representative composite samples prepared from the 2012 PQ diamond drill holes.

The Phase 2 metallurgical test work program remains on schedule for completion by the end of the June 2013 quarter.

Environmental and Social Impact Assessment

The Company has engaged Nigerian environmental consulting firm, Greenwater Environmental Services Limited (“Greenwater”), to undertake the first phase of an Environmental and Social Impact Assessment (“ESIA”) for the Agbaja Project in accordance with the requirements for all mining development projects under Nigeria’s Environmental Impact Assessment Act (86/1992). The acquisition of baseline and social data for the ESIA is envisaged to take approximately 12 months to complete.

During the March quarter, Greenwater completed dry season baseline data gathering. In the forthcoming wet season Greenwater will undertake its wet season baseline work program. Data collection is extensive and includes meteorology and air analysis, socio–economic and health conditions, geophysical studies, vegetation and wildlife, waste management, soil and surface water studies.

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 2004 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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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 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 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 a metallurgical test work programs 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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