Mr. Matt Simpson reports

UKRAINE'S GOVERNMENT HAS FINALIZED INVESTMENT SUPPORT AGREEMENT LEGISLATION

Ukraine's Ministry of Economy has finalized all of its planned updates to the investment support agreement legislation and is now accepting applications through Ukraine Invest.

Black Iron Inc.'s management and legal counsel are currently reviewing the legislation updates with the plan to resubmit the Investment Agreement application and supporting documentation as soon as possible.

This is very important legislation in support of Black Iron because it provides:

Government (Ministry of Defence) land transfer at preferred lease rates - critical for construction of Black Iron's processing plant, tailings and waste dumps

Locks in current tax and royalty rates over the 15 year term of the Investment Agreement, to not increase future rates but allows Black Iron investors to benefit from any reductions

Exemption of import duty and VAT for new equipment purchased for project construction - saves tens of millions of dollars in project construction costsProvides a Ukraine Government formal project support commitment as required by MIGA (World Bank) to potentially secure political risk insurance

Further details on the benefits of this legislation are contained in this presentation: STATE-SUPPORT-FOR-INVESTMENT-PROJECTS-WITH-SIGNIFICANT-INVESTMENTS-IN-UKRAINE-LAW-NO.-1116-1.pdf (ukraineinvest.gov.ua)

Black Iron's CEO, Matt Simpson commented, "although it has taken Ukraine's government much longer than they indicated to finalize this legislation update, it is a major milestone to have this update completed and the acceptance of applications reopened. Black Iron has been trying several routes to secure land essential for project development with the Ministry of Defence for years, and this has become even more difficult during the ongoing war. Applying to secure this land through the signing of an Investment Agreement is showing significantly greater promise as these agreements are being championed by Ukraine's Ministry of Economy and Ukraine Invest whose primary focus are to attract investments for the rebuilding of Ukraine."

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

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