Mr. Matt Simpson reports

BLACK IRON SUBMITS UKRAINE GOVERNMENT INVESTMENT SUPPORT AGREEMENT

Black Iron Inc. has submitted a proposed legally binding special investment support agreement to Ukraine's Ministry of Economy for consultation. The investment agreement includes transfer of lands required for location of the Shymanivske iron ore project's processing plant, tailings and waste stockpiles upon the end of martial law.

The investment agreement is a relatively new Ukrainian government initiative being led by the Ministry of Economy with the backing of the entire cabinet of ministers. There are many benefits for Black Iron to put an investment agreement in place, including most importantly having key ministries in Ukraine's government approve this investment agreement to support the land transfer, rezoning, lease and general implementation of the project. The investment agreement also provides for meaningful exemptions from import duties on mine and processing plant equipment purchased. Having an investment agreement is also a prerequisite for the company to apply for political risk insurance from the World Bank's Multilateral Investment Guarantee Agency (MIGA), which may be a condition required by banks and larger investors for future project construction financing.

Submission of Black Iron's proposed investment agreement was a major undertaking that involved creation of a multihundred-page Ukraine feasibility study focused on the social and economic impacts of the project, discussions with Ukraine's government to ensure Black Iron is a qualified applicant, and obtaining updated letters of interest from investors proposing to finance future project construction.

It is unclear as to how long Ukraine's Ministry of Economy will take to complete its review of Black Iron's investment agreement submission, given this will be one of the first applications. Subsequent to the Ministry of Economy's review and support, the investment agreement will then be provided to Ukraine's cabinet of ministers for approval and execution.

As of writing, Black Iron's Ukraine-based team located in the city of Kryvyi Rih is all safe and in good health. Kryvyi Rih is located in the centre of Ukraine on the western side of the Dnipro River, and is where most of Ukraine's iron ore mines are located and continue to largely operate. Fortunately, there has not been any active fighting on the ground in this city although there have been instances of missile attacks. Citizens have good access to groceries and gasoline, and banks in the city are functioning normally.

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 Rescoped 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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