Mr. William Richards, a shareholder, reports

RAB CAPITAL DISCLOSES DISPOSAL OF INVESTMENT IN BLACK IRON INC.

RAB Capital Holdings Ltd. disposed of 9,061,168 common shares of Black Iron Inc. for aggregate consideration of $1,536,808 from Jan. 10, 2025, to May 14, 2025, in the open market, at an average price of 16.99 cents per common share.

William Philip Richards now beneficially owns and controls 39,274,500 Black Iron shares (representing approximately 12.94 per cent of the outstanding shares on a non-diluted and partially diluted basis). Prior to the disposal, the reporter beneficially owned 48,335,668 common shares of Black Iron, representing approximately 15.93 per cent of the outstanding shares on a non-diluted and partially diluted basis.

The Black Iron shares were disposed of by the reporter for investment purposes. The reporter has a long-term view of the investment, and may acquire additional securities of Black Iron, including on the open market or through private acquisitions, or sell securities of Black Iron, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Black Iron's profile on SEDAR+ and may also be obtained by contacting RAB Capital at 44-0-20-7389-7000 (6 Kilmington Close, Brentwood, United Kingdom, CM13 2JZ).