MACRO METALS LIMITED — Capital/Financing Update 2021

Apr 29, 2021

30 April 2021

Notice Under Section 708AA(2)(f) of the Corporations Act

Kogi Iron Limited (ASX: KFE – the “ Company ” or “ Kogi ”) has announced its intention to undertake an equity raising of up to approximately $3,800,000 via a non-renounceable entitlement offer of fully paid ordinary shares ( Shares ), on the basis of 1 new Share for every 4 Shares held as at 7 May 2021 ( Record Date ) to eligible shareholders with a registered address in Australia and New Zealand ( Entitlement Offer ).

Based on the current capital structure (assuming no options are exercised prior to the Record Date) a total of an additional 211,446,432 Shares will be issued if the Entitlement Offer is fully subscribed and the amount raised will be approximately $3,800,000.

Any shortfall under the Entitlement Offer will be dealt with by the Company at its discretion.

The Company hereby confirms that in respect of the Entitlement Offer (as per the requirements of paragraph 708AA(2)(f) of the Corporations Act):

• (a) the Company will offer the Shares for issue without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) the Company is providing this notice under paragraph 2(f) of section 708AA of the Corporations Act;

• (c) as at the date of this notice the Company has complied with:

  • (i) the provisions of Chapter 2M of the Corporations Act as they apply to the Company;

  • (ii) section 674 of the Corporations Act as it applies to the Company;

• (d) as at the date of this notice, there is no excluded information of the type referred to in sections 708AA(8) and 708AA(9) of the Corporations Act; and

• (e) the potential effect that the issue of the new Shares pursuant to the Entitlement Offer will have on the control of the Company, and the consequences of that effect, will depend on a number of factors, including investor demand. If all shareholders subscribe for their entitlements, then all shareholders will retain their percentage ownership in the Company, and the issue of Shares under the Entitlement Offer is not expected to have any material effect on the control of the Company.

Approved for release by the Board

For further information, please contact:

KOGI IRON LIMITED Ray Ridge Company Secretary

About Kogi Iron (ASX: KFE)

Kogi Iron Limited is an Adelaide-based company with the objective of becoming a producer of cast steel billet product that can be sold to fabricators of finished steel products through the development of its 100% owned Agbaja Cast Steel project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”).

Nigeria has substantial domestic demand for steel products, which is currently met largely through imports of scrap steel raw materials. The Agbaja project, located on the Agbaja plateau approximately 15km northwest of Lokoja city in Kogi State and 200km southwest of Abuja, the capital city of Nigeria, opens the opportunity for domestic production of steel.

The Company holds a land position which covers a large part of the Agbaja Plateau. The Agbaja Plateau hosts an extensive, shallow, flat-lying channel iron deposit with an Indicated and Inferred Mineral Resource of 586 million tonnes with an in-situ iron grade of 41.3% reported in accordance with the JORC Code (2012) – Refer ASX announcement 10 December 2013. This mineral resource covers approximately 20% of the prospective plateau area within ML24606 and ML24607.