MACRO METALS LIMITED — Capital/Financing Update 2021

Apr 25, 2021

Proposed issue of securities

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Announcement Summary

Entity name

KOGI IRON LIMITED

Announcement Type

New announcement

Date of this announcement

Monday April 26, 2021

The Proposed issue is:

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A standard pro rata issue (including non-renounceable or renounceable)

Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)

Maximum Number of ASX +security code +Security description +securities to be issued KFE ORDINARY FULLY PAID 211,446,432

ASX +security code +Security description

Ex date

Thursday May 6, 2021

+Record date

Friday May 7, 2021

Offer closing date

Tuesday June 22, 2021

Issue date

Tuesday June 29, 2021

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

KOGI IRON LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

Registration Number

ABN 28001894033

1.3 ASX issuer code

KFE

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday April 26, 2021

1.6 The Proposed issue is:

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A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

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• Non-renounceable

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 - Are any of the following approvals required for the entitlement offer to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

KFE : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

If the entity has quoted company options, do the terms entitle option holders to participate on exercise? Yes

Details of +securities proposed to be issued

ASX +security code and description

KFE : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

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Proposed issue of securities
The quantity of additional +securities	For a given quantity of +securities
to be issued	held
1	4
What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	211,446,432
whole number
Offer price details for retail security holders
In what currency will the offer be	What is the offer price per +security
made?	for the retail offer?
AUD - Australian Dollar	AUD 0.01800

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes Describe the limits on over-subscription

Not limited

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

A scale back will be undertaken at the discretion of the Company's Board

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Details of company options where holders entitled to participate in the offer

ASX +security code and description

KFEOA : OPTION EXPIRING 31-DEC-2021

Date Option must be exercised by

Wednesday May 5, 2021

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Part 3C - Timetable

3C.1 +Record date

Friday May 7, 2021

3C.2 Ex date

Thursday May 6, 2021

3C.4 Record date

Friday May 7, 2021

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue Wednesday May 12, 2021

3C.6 Offer closing date

Tuesday June 22, 2021

3C.7 Last day to extend the offer closing date

Thursday June 17, 2021

3C.9 Trading in new +securities commences on a deferred settlement basis Wednesday June 23, 2021

3C.10 Last day for entity to announce the results of the offer to ASX, including the number and percentage of +securities taken up by existing +security holders and any shortfall taken up by underwriters or other investors

Friday June 25, 2021

3C.11 +Issue date

Tuesday June 29, 2021

3C.12 Date trading starts on a normal T+2 basis

Wednesday June 30, 2021

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Friday July 2, 2021

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? No

3E.2 Is the proposed offer to be underwritten? No

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3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Part 3F - Further Information 3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue Progressing the feasibility study for the development of the Company's100% Agbaja Project located in the Republic of Nigeria, and the provision of general working capital requirements. 3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue British Virgin Islands, China, Malaysia, the Netherlands, Papua New Guinea, Qatar, Singapore, South Africa, Taiwan, United Kingdom, United States of America. 3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes 3F.5a Please provide further details of the offer to eligible beneficiaries Information will be provided in the Offer document 3F.6 URL on the entity's website where investors can download information about the proposed issue 3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? No

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