Mr. Matt Simpson reports

BLACK IRON APPOINTS NEW CHIEF FINANCIAL OFFICER

Black Iron Inc. has appointed Stephen Woodhead as chief financial officer of the company, effective immediately.

Mr. Woodhead is a graduate of the University of Cape Town and a member of the South African Institute of Chartered Accountants. Mr. Woodhead has over 30 years of experience in the resource sector, having worked for Trans Hex Group, a South African diamond producer, before relocating to Canada in 1997 as chief financial officer of Trans Hex International. Mr. Woodhead is a director of Lipari Mining and has worked as chief financial officer/vice-president, finance, with various public companies, including Desert Sun Mining, from 2003 until it was acquired by Yamana Gold in 2006, developer and operator of the Jacobina gold mine in Brazil, Homeland Energy (developer of a coal mine in South Africa), Crocodile Gold (developer, operator and acquiror of gold mines in Australia), Trigon Metals (developer of a copper mine in Namibia) and Gratomic (focused on graphite exploration and development in Namibia and Brazil). Mr. Woodhead also served as a director of Apogee Minerals (silver) and Vaaldiam Mining (diamonds).

Mr. Woodhead's appointment follows the resignation of Paul Bozoki as the former chief financial officer of the company. The company's management and board of directors thank Mr. Bozoki for his years of dedication to the company and wish him the best in his future endeavours. Matt Simpson, chief executive officer of the company, commented: "It has been a real pleasure working with Paul as, in addition to being a highly competent CFO, he took on a number of important tasks outside of his core role with strong leadership and follow-through plus shared extensive experience in land-transfer-related matters. On behalf of the board and myself, we welcome Stephen Woodhead to our team and look forward to leveraging his international experience."

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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