Having read over the KFE Response to ASX Query Letter a number...

Having read over the KFE Response to ASX Query Letter a number of times it appears that the directors may have proceeded with the deal with Macro Metals without everything being in place and may have gone to shareholders for approval for the deal without informing shareholders that this was the case?

In the response the company states: "the requirement for funding was delayed as the Company was waiting on heritage approvals for the Macro projects. Discussions to schedule the Heritage Survey are ongoing with the Traditional Owners".

https://www.asx.com.au/asxpdf/20220622/pdf/45b4fxv7ybc55n.pdf

This means that the company entered into a deal with Macro Metals without a completed heritage survey.

Now whether this was a Kogi responsibility to have completed as part of their due diligence or whether it was part of Macro Metals responsibility to deliver as part of the deal is unknown and an interesting question in its itself.

However, the important issue here is whether shareholders were informed of this risk, that the heritage survey was not completed and needed to be completed for the funding deal to proceed, as the company states the requirement for funding was delayed due to waiting for heritage approvals. Yet in a classic KFE contradictory manner at the time of writing the response to the ASX, the heritage surveys are yet to be completed. So apparently the requirement for funding is still delayed. I.e., no exploration in the Macro Metals tenements anytime soon. And yet KFE went ahead with an SPP, why if the need for funding was delayed? Was this explained to anyone?

So in the rush to complete this deal with Macro Metals, recall that Craig Hart stated that the "Macro assets were acquired at an opportunistic dip in the iron ore price", lol, the heritage surveys delayed the requirement for funding and hence not proceeding with the advertised placement of 23-09-21. So who knew about this delay? Did shareholders? Were shareholders informed that heritage surveys needed to be undertaken? Were shareholders informed that heritage surveys needed to be undertaken at the General meeting on 19-11-21? Because everyone knows that heritage surveys can take a very long time to be completed. Why weren't shareholder informed that heritage surveys needed to be undertaken prior to the funding going ahead before voting on the acquisition?

Does anyone have any insights here?