MACRO METALS LIMITED — Capital/Financing Update 2019

Nov 20, 2019

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21 November 2019

KOGI IRON LIMITED

Notice Under Section 708A(5)(e) of the Corporations Act

Kogi Iron Limited (ASX: KFE – the “Company” or “Kogi”) refers to the issue of 68,409,091 fully paid ordinary shares announced today to an institutional investor and various professional and sophisticated investors.

Below is the applicable Cleansing Notice.

Secondary Trading Exemption:

The Corporations Act 2001 (Cth) (the "Act") restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Act. By the Company giving this notice, a sale of the Shares noted above will fall within the exemption in section 708A(5) of the Act.

The Company gives notice pursuant to section 708(A)(5)(e) of the Act that:

• a) The Company issued the Shares 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 to be disclosed which is excluded information (as defined in section 708A(7) of the Corporations Act) that is reasonable for investors and their professional advisers to expect to find in a disclosure document.

Yours sincerely

KOGI IRON LIMITED

Kevin Hart

Company Secretary

PO Box 1934 West Perth Western Australia 6872 Australia

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)

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