MACRO METALS LIMITED — Capital/Financing Update 2022

Apr 5, 2022

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SECTION 708A CLEANSING NOTICE AND APPENDIX 2A

6 April 2022: Australian based iron ore and steel development company, Kogi Iron Limited ( ASX: KFE ) ( Kogi, Kogi Iron , or the Company ) give notice under Section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) that:

The Company hereby confirms that:

• (a) the Company has issued a total of 190,125,000 Fully Paid Ordinary Shares ( Shares ) at an issue price of $0.008 (0.8 cents) per Share to institutional and sophisticated investors as per the Placement announced on 30 March 2021.

(b) the Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

• (c) the Company is providing this notice under paragraph 5(e) of Section 708A of the Corporations Act;

• (d) as at the date of this notice the Company, as a disclosing entity under the Corporations Act, has complied with:

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

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

• (e) as at the date of this announcement, there is no excluded information of the type referred to in Sections 708A(7) and 708A(8) of the Corporations Act.

An Appendix 2A lodged relating to the issue of shares noted above is attached.

-ENDS-

Level 4, 100 Albert Road, South Melbourne, VIC 3205 website: www.kogiiron.com.au ACN: 001 894 033

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The release of this announcement was authorised by the Board.

For further information, please contact:

Craig Hart

Non-Executive Chairman

Kogi Iron Limited Tel (office): +61 8 7324 4047 Email: info@kogiiron.com

About Kogi Iron (ASX: KFE)

Kogi Iron Limited is a 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 Iron and 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.

Level 4, 100 Albert Road, South Melbourne, VIC 3205 website: www.kogiiron.com.au ACN: 001 894 033