MACRO METALS LIMITED — Capital/Financing Update 2017

Jul 5, 2017

==> picture [596 x 143] intentionally omitted <==

----- Start of picture text -----

Nigerian Subsidiary
Nigerian Subsidiary Nigerian Subsidiary
----- End of picture text -----

6 July 2017

KOGI IRON LIMITED

INVESTOR UPDATE

Kogi Iron Limited (ASX: KFE , “ Kogi ”, “the Company ”) is pleased to announce the following, further to the project update provided to shareholders on the 20[th] April 2017.

Project Testwork

The Company had been engaged in discussions with Tenova Pyromet (‘Tenova’), the PW Group (‘PW’) and Mintek to progress the pyrometallurgical testing necessary to satisfy commercial requirements and to progress engineering and technical design. Final estimates for this test work have now been received.

The Company has experienced unforeseen delays with the in-country process of exporting mined material to South Africa, including obtaining the necessary governmental approvals. These approvals are now complete.

Funding

On the 27[th] June, a drawdown of additional funds from Bergen was announced to assist this work.

As previously advised commercial-in-confidence discussions with interested joint venture partners are ongoing and subject to strict confidentiality. If joint venture discussions are unsuccessful then the Company will consider other funding options.

Successful results from the testing to be undertaken will allow engineering design and further DFS work to be progressed and finalised. The time expected for the testing to be completed is as announced previously, i.e. 45 to 60 days from commencement. Directors will keep shareholders informed of progress.

• End -

Telephone: +61 8 9200 3456 Facsimile: +61 8 9200 3455 Website: www.kogiiron.com

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

PO Box 1934 West Perth Western Australia 6872 Australia

Unit 23, 4 Ventnor Avenue West Perth Western Australia 6005 Australia