Mr. Matt Simpson reports

BLACK IRON SIGNS LAND LEASE AGREEMENT WITH KRYVYI RIH CITY

Black Iron Inc. has signed a legally binding multiyear land lease with the Kryvyi Rih city, which owns the surface rights upon which Black Iron's Shymanivske iron orebody is located. The land lease covers 248 hectares of land critical for completion of currently continuing Ukraine-based environmental and engineering studies required as part of special permit No. 4537 renewal. Additional Kryvyi Rih city-owned land will be required to be leased to cover the balance of the envisaged future open pit, and discussions to transfer and lease this land have commenced.

The land lease covers a large portion of the future mining pit, and it extends west beyond the pit limits to the Ukrainian-central-government-owned land currently being used by its Ministry of Defence as a firing range for training. Black Iron aspires to acquire or lease a portion of this central government land for the location of its future processing plant, tailings and waste rock stockpiles.

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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