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For personal use only Kogi Iron Limited 30 April 2021 QUARTERLY REPORT – MARCH 2021 - 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 ) is pleased to provide the quarterly activities report for the three months ending 31 March 2021 ( the " Quarter " ) . Capital Planning On the 26 April 2021 , the Company announced details of a capital plan to raise up to $ 10.3 million before costs , by way of an institutional share placement to raise up to $ 6.5 million ( Placement ) , and a non - renounceable rights issue for existing shareholders to raise up to $ 3.8 million ( Rights Issue ) . These funding arrangements provide the Company with the following benefits : Access to tranche 1 of the Placement of $ 2 million , subject to shareholder approval , and a flexible pathway to fully fund planned activities , with tranche 2 of the Placement being at the discretion of the Company and tranche 3 being the subject to mutual consent of the Company and the subscriber ; and The ability to allow existing shareholders to participate in the capital plan through a Rights Issue on the basis of 1 new share for every 4 shares held by eligible shareholders on 7 May 2021. The Rights Issue offer memorandum was lodged with the ASX earlier today and is anticipated to be mailed to shareholders on 12 May 2021 . In addition , to clear the way for the above capital plan , the Company closed - out the existing equity swap and financing facility , with Sorbie Bornholm LP , resulting in a final payment to Kogi of $ 65,000 . The Company will provide further information shortly in relation to the extraordinary general meeting of shareholders to consider the approval of tranche 1 of the Placement . The meeting is expected to be held on or around 11 June 2021 . Feasibility Study The feasibility study for the Company's 100 % owned Agbaja Cast Steel project , located in Kogi State , Republic of Nigeria ( the Project ) , is utilising a base - case flowsheet for the production of steel , adopting an approach that utilises selective mining methods to recover high grade iron ore from the mine wherever possible . KFE's preliminary studies have indicated the technical viability of the base - case flowsheet utilising a 10 tonne sample for beneficiation , 4.2 tonne sample for pre- reduction , and has manufactured 50 kilograms of on - spec crude steel ingots ( refer ASX Announcements of 18 February 2021 and 25 September 2018 ) . Kogi Iron Limited : Quarterly Report KOGI IRON