Ann: Company Update, page-55

Its a bit hard to know where this is all at, like most things regarding this company its a little ambiguous. However it looks like initial dialogue opened in April as per below:

https://www.kogiiron.com/sites/default/files/MinDiver%20KFE%20article.pdf

I'm being the eternal optimist here and thinking that there may be some rays of light coming through on this.

The general scope of the project can be found below:

https://projects.worldbank.org/en/projects-operations/project-detail/P159761?lang=en

As per the last newsletter:

While in Abuja, Mr. Alabi Samuel visited officers of the MinDiver Project for an update on the Company’s application for MinDiver Project funding.

The Company was requested to provide additional information on key World Bank criteria:
a) Concept clarification and specific details.
b) Environmental and social management plans.
c) Stakeholder engagement and Community plan.

The Company anticipates making a separate ASX announcement on Government relationships and the MMSD – World Bank MinDiver Project in due course.

I think they have about $150M USD to distribute, of which $110 USD is committed. Project is to finish by June 2022

Not sure how the process works, if they have applied for a specific dollar amount or just applied for funding.

However the comments below don't fill me with much hope:

David Turvey commented: “Support for the Company by MMSD - World Bank MinDiver Project funding of related activities is important for both parties to demonstrate Environmental, Social and Governance (ESG) best practice”. “The Community expects and deserves tangible ESG and economic benefits from sustainable development of the Company’s Agbaja Cast Steel Project”

Hopefully related activities isn't including things like tidying up and painting the shed.