MACRO METALS LIMITED — Capital/Financing Update 2016

May 17, 2016

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18 May 2016

KOGI IRON LIMITED

CLEANSING STATEMENT

Kogi Iron Limited (“Kogi “or “the company”) (ASX: KFE) today issued and allotted 36,400,000 ordinary

shares upon undertaking a private placement to sophisticated investors. Below is the applicable Cleansing Notice.

Secondary Trading Exemption:

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under Section 708 or 708A. By the Company giving this notice, a sale of the Securities noted above will fall within the exemption in section 708A(5) of the Act.

The Company hereby notifies the ASX under paragraph 708(A)(5)(e) of the Act that:

• a) The Company issued the Securities without disclosure to investors under Part 6D.2 of the Act;

• b) As at the date of this notice the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and

• c) As at the date of this notice there is no information:

  • i) that has been excluded from a continuous disclosure notice in accordance with the Listing Rules; and

ii) that investors and their professional advisors would reasonably require for the purpose of making an informed assessment of:

• (1) The assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

• (2) The rights and liabilities attaching to the Securities.

Yours sincerely

Piers Lewis Company Secretary

ENDS

Kogi Iron Limited ABN 28 001 894 033 KCM Mining Limited (Nigerian Subsidiary)

Unit 23, 4 Ventnor Avenue 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