MACRO METALS LIMITED — Capital/Financing Update 2017

May 2, 2017

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3 May 2017

NOTICE OF EXPIRY LETTER TO LISTED OPTION HOLDERS

Kogi Iron Limited (ASX: KFE, “Kogi”, “the Company”) advises that the attached letter was dispatched today to holders of its listed options “KFEO” exercisable at 8 cents each and which expire on 31 May 2017.

Yours sincerely,

KOGI IRON LIMTED Kevin Hart Company Secretary

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Nigerian Subsidiary

3 May 2017

Notification of Listed Option Expiry – KFEO

The Company advises you, as a registered holder of the above mentioned 31 May 2017 expiry options (“Options”) in Kogi Iron Limited that the Options will expire at 5.00pm (WST) on 31 May 2017.

Your option holding may be exercised in whole or in part by payment of $0.08 for each Option by no later than 31 May 2017. If payment is not received by 5.00pm (WST) on 31 May 2017 the Options will lapse and all rights under the Options will cease at that time.

The courses of action available to registered holders of these soon to expire Options are:

1. Exercise the Options on or before 31 May 2017; or

2. Sell those Options. Quotation of the Options on the ASX will cease at the close of trading on 25 May 2017; or

3. Do nothing and allow those Options to expire.

There is no obligation on holders to exercise their Options. If you do not exercise or sell your Options they will expire on 31 May 2017 and your right to subscribe for ordinary shares in Kogi Iron Limited at $0.08 per share will lapse.

The market sale price of ordinary shares in Kogi Iron Limited on ASX was $0.020 on 2 May 2017, being the last trading day prior to the date of this notice.

During the three (3) months preceding the date of this notice:

• The highest market sale price of ordinary shares on ASX was $0.038 on 9 March 2017; and

• The lowest market sale price of ordinary shares on ASX was $0.013 on 1 March 2017.

Yours faithfully

Kevin Hart

Company Secretary

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

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