Mr. Matt Simpson reports

BLACK IRON ANNOUNCES 2023 AGM RESULTS AND PROVIDES PROJECT UPDATE

The nominees listed in Black Iron Inc.'s management information circular dated May 8, 2023, were elected as directors of the company at the annual general meeting of shareholders of the company held today.

Detailed results of the vote for the election of directors are as shown in the attached table.

A total of 32,662,981 common shares were voted in connection at the meeting, representing approximately 10.752 per cent of the issued and outstanding common shares of the company.

Project development update

The company has now completed all of the extensive documentation required to file an application to Ukraine's government to put a formal investment support agreement in place that will include transfer of the Ministry of Defence lands upon there being peace. This documentation is going through a final review process involving company management and external legal counsel, with the aim of submitting to Ukraine's Ministry of Economy around June month-end. Several correspondences have also been made directly with Ukraine's recently appointed Deputy Minister of Defence assigned to Black Iron's file to progress land transfer negotiations.

About Black Iron Inc.

Black Iron is an iron ore exploration and development company, advancing its 100-per-cent-owned Shymanivske iron ore project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the National Instrument 43-101 technical report entitled "(Amended) Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit" published in March, 2020, with an effective date of Nov. 21, 2017, under the company's profile on SEDAR. The project is surrounded by five other operating mines, including Metinvest's YuGOK and ArcelorMittal's iron ore complex.

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