Mr. Matt Simpson reports

BLACK IRON CONGRATULATES THE U.S. AND UKRAINE ON THEIR MINERALS DEAL AND AIMS TO HELP PAVE THE WAY WITH ITS HIGHLY ADVANCED UKRAINE NEW MINING PROJECT

Black Iron Inc. congratulates the governments of Ukraine and the United States on signing a landmark agreement to jointly develop Ukraine's vast mineral resources -- a strategic move designed to accelerate postwar reconstruction and reduce global dependency on hostile-state supply chains. With potentially trillions of dollars worth of untapped mineral resources and growing Western support, Ukraine is positioning itself as a future powerhouse in the critical-minerals sector. The challenge is that there has not been a new large-scale mine constructed in Ukraine since the Soviet era.

Black Iron's high-purity Shymanivske iron ore project is one of the most advanced mining developments in Ukraine and was on the brink of starting construction prior to the outbreak of conflict in 2022. As one of the most advanced large-scale mining projects in Ukraine, the project will pave the way by developing a road map under which future investments under the U.S.-Ukraine minerals agreement can follow. With a dearth of companies and operators experienced in starting a Ukrainian mining operation of this scale, Black Iron is well positioned to participate in the postwar reconstruction of Ukraine. The project is already well advanced in its engineering and permitting, plus it is strategically located in central Ukraine (Kryvyi Rih) and surrounded by seven operating iron ore mines with institutional financial support. The project itself has the financial support of global miner Anglo American, as evidenced by the royalty investment and offtake agreement entered into between the company and Anglo American (see company press release dated Nov. 7, 2024).

Black Iron chief executive officer Matt Simpson commented: "This isn't just about building a mine -- it's about rebuilding a country. The Shymanivske iron ore project is expected to inject $1.2-billion (U.S.) in development capital over the life of the project and is estimated to contribute $2.2-billion (U.S.) to the Ukrainian economy. It will create thousands of jobs, introduce new innovative technologies, revive industrial infrastructure and demonstrate to the world that Ukraine is open for business."

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 Kryvyi 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.

We seek Safe Harbor.