Ann: Company Update, page-25

Received response. See below. My email is at bottom of post that I sent yesterday.


Hi ,

Previously we were aiming to raise funds by end of June BUT subject to market and COVID.

We have had largely negative responses from target equity investors due to their focus on less risk assets and this is mentioned in Newsletter under “Significant impacts of COVID on current business activities”. Most have us on a 'watchlist' and said they'll evaluate participation in future raisings

In this tough environment we now think it could take a further 5-6 months to develop funding from opportunities a) to e) detailed on last page of newsletter.

Several other funding structures were offered that we'll follow-up.

A bit disappointing but other prospects for funds being worked on.

Regards,

David Turvey

Managing Director – Kogi Iron Limited

“Hi David, from today’s company update can I presume that within the two weeks of sending me your below email that something has gone awry with securing funding? Or will funding for the BFS still be announced this month?”