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Kogi Iron Limited 29 July 2021 QUARTERLY REPORT - JUNE 2021 KCM MINING KM Ком LIMITED 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 30 June 2021 ( the " Quarter " ) . HIGHLIGHTS FOR THE QUARTER Completed key elements of the feasibility study • Completed key elements of the planned document and study review Developed inputs for the next phases of the feasibility study • • Planned exploration activities at the Agbaja northern tenements • Secured funding , approved by shareholders at a general meeting held on 11 June 2021 • Closed out a finance facility with Sorbie Bornholm LP INTRODUCTION As confirmed during the annual general meeting in December 2020 the Company's focus is to commission and complete , at the earliest possibility , a program of feasibility studies to prove up the opportunity that the Kogi Agbaja project represents . To achieve this primary objective , the Company set about raising capital sufficient to complete this task . Following the general meeting of shareholders in June 2021 we are pleased to confirm that access to the required capital is now in place . This is a critical milestone achievement and removes the frustration , for the Company and shareholders alike , regarding insufficient capacity to commit to the expenditure required for the feasibility study and other activities . The Company is now undertaking a number of feasibility activities simultaneously and significant progress has been achieved despite the fact that some modules have experienced delays due to factors out of our control . This disruption was primarily due to the unfortunate circumstances for consultants , located in South Africa being heavily compromised by both civil unrest in South Africa and Covid - 19 issues , substantially more serious than that encountered in Australia . This situation has now stabilised and a number of reports have been received in the last week and are currently being evaluated . The preliminary findings associated with the operating cost review ( part of the first phase of the feasibility study ) are particularly pleasing in that they demonstrate technical feasibility , insofar as an ability to produce commercial grade steel utilising technology commonly available . From here the next steps in the feasibility study are likely to be less technically complex than may have been the case if this review had been less favourable . Moreover , the initial review does confirm the inherent value of the substantial iron ore resource held by the Company . Kogi Iron Limited : Quarterly Report KOGI IRON