An anonymous director reports

UKRAINE INVESTMENT AGREEMENT STATUS UPDATE

Black Iron Inc. has received feedback from Ukraine's Ministry of Economy on its investment support agreement application that updates to the applicable legislation are currently being finalized and Black Iron will be required to update and resubmit its investment agreement application to reflect such legislative changes prior to submitting the Investment Agreement to Ukraine's Cabinet of Ministers for approval. While Black Iron appreciates the Ukrainian government's primary focus is on the war, it is unfortunate those not directly involved in the war efforts are not working more constructively and in a timelier manner with investors, as Black Iron understands that to date, not a single investment agreement has been signed.

Signing of investment agreements with Black Iron and other meaningful investors is important to improve living standards for everyday Ukrainians by supporting the foreign direct investment needed for the reconstruction of Ukraine and to reinvigorate its war-ravaged economy. The seemingly ever-changing Ministerial personnel, coupled with taking well over two years to finalize the investment agreement legislation makes it difficult for companies to invest in Ukraine's reconstruction. Fundamentally, it's imperative Ukraine government officials not directly involved in the war effort are highly focused on working proactively with engaged major investors such as Black Iron to prepare practical solutions for the country's reconstruction.

Black Iron management has been advised the updated investment support agreement legislation is in the final review process and should be published within the next few weeks. Upon this legislation being published, it is Black Iron's intention to update its Investment Agreement application and supporting documentation for resubmission in hopes of receiving more direct and timely engagement to finalize the Investment Agreement for submission to Ukraine's Cabinet of Ministers for approval.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the NI 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 November 21, 2017 under the Company's profile on SEDAR at www.sedar.com. The Project is surrounded by five other operating mines, including Metinvest's YuGOK and ArcelorMittal's iron ore complex. Please visit the Company's website at www.blackiron.com for more information

We seek Safe Harbor.