Mr. Matt Simpson reports

BLACK IRON ANNOUNCES 2025 AGM RESULTS

The nominees listed in the management information circular dated May 6, 2025, were elected as directors of Black Iron Inc. at the annual and special meeting of shareholders of the company held today.

Detailed results of the vote for the election of directors are provided in the attached table.

Shareholders at the meeting also approved the appointment of the company's auditor. A total of 34,637,832 common shares were voted in connection at the meeting, representing approximately 11.3 per cent of the issued and outstanding common shares of the company.

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. Please visit the company's website for more information

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