Kogi Iron Limited advised that the Company has resolved to restructure its Board and Management. Non-Executive Chairman, Mr. Craig Hart and Non-Executive Director Mr. Richard Little offered to step down from the Board. The Board has accepted their resignations with immediate effect. Mr. Little has agreed to continue to provide financial management services on a consulting basis until a transition is effected. Mr. Ashley Pattison, Mr. Peter Huljich, and Mr. Sean Gregory are continuing as Non-Executive Directors. The Board has elected Mr. Sean Gregory as Non-Executive Chairman. The Board has resolved to commence the search for a dedicated Chief Executive Officer to drive the
Company's projects to the next level in their development. During this time, the business case for the Agbaja Iron and Steel project has significantly improved with the recent developments in the global and Nigerian steel market as highlighted in the Fastmarkets report and earlier Scoping Study. The company's asset base has also been diversified with the acquisition of the Western Australian Macro iron ore projects. Both of these projects now demand the focus of a dedicated Chief Executive Officer and a search has now commenced.