Ann: Share Placement, page-94

Hi bizzo, thanks for your insights. Kogi expects to secure financing by the end of the year (Jan presentation) which should go a long way to minimising any impact from any future market uncertainty on Kogi's ability to implement its business plan. There are incentives in place for Martin Wood that indicate that the company wants finance completed as quickly as possible to get to production as quickly as possible: 25% of the Equity Incentive will vest upon the successful completion of a Fund Raising needed to complete a Definitive Feasibility Study for the Agbaja Iron Ore Project (“Project”); 40% of the Equity Incentive will vest upon the successful completion of a debt and equity raising by no later than 31 December 2018 to fund the Project construction and pre-production phases. If these deadlines are achieved then the company will be generating an income relatively soon thereafter further minimising any impacts of market instability. And if what you suggest is on a GFC scale then the Kogi business model will be a further safety net from such global impacts. Timing is everything, however the company is very aware of the need to progress its business model as quickly as possible.