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For personal use only Kogi Iron Limited 29 January 2021 QUARTERLY REPORT – DECEMBER 2020 Australian based iron ore and steel development company , Kogi Iron Limited ( ASX : KFE ) ( Kogi , Kogi Iron , or the Company ) and its 100 % owned Nigerian operating company , KCM Mining Limited ( KCM ) provides the quarterly activities report for the three months ending 31 December 2020 ( the " Quarter ” ) . Early in the Quarter , the Company set its immediate priorities as : 1. Board renewal . 2. Capital Raising : to urgently cover imminent financial obligations ; and to prepare for a more substantial capital raising , in early 2021 , required to fund the scoping and feasibility studies for the Company's Agbaja Project . 3. Establishing a timetable and milestones for further assessment and validation of the critical aspects of those scoping and feasibility studies . Board Renewal In mid - September 2020 , the Company engaged an executive search firm , Foley Durham , to undertake a process to identify two new directors . The Company was pleased to announce the appointment of Sean Gregory and Richard Little as Non - Executive Directors , on the 9 November 2020 . These appointments coincided with the appointment of Craig Hart as Chairman of the Kogi Board , and the retirement of Greg Boulton as Chairman , and David Turvey as Managing Director . Both Messrs Boulton and Turvey remained as Non - Executive Directors of the Board until the completion of the Annual General Meeting ( AGM ) on 15 December 2020 , providing an appropriate transition . Pleasingly , all of the new Directors , Messrs Hart , Gregory and Little were re - elected at the Company's AGM , with strong shareholder voting support . Peter Huljich continues as a Director , with his African domain experience and his financial and legal skills being an important component of the new Board . For the near term , the Board has decided not to appoint a Managing Director , as the Board are taking on a more hands - on role , focussing on the immediate priorities for the Company . Kogi Iron Limited : Quarterly Report KOGI IRON