Mr. Matt Simpson reports

BLACK IRON ANNOUNCES APPOINTMENT OF MR. DAVID PORTER AS CHAIRMAN OF THE BOARD

Black Iron Inc. has appointed David Porter as chairman of the board of directors of the company. Mr. Porter has served as a director of the company since 2010, and is a seasoned executive who has been responsible for operations, safety, health, sustainable development, communications and community relations across the mining and steel sectors for over 33 years. Mr. Porter previously served as vice-president of human resources and organizational effectiveness at the Rio Tinto/Mitsubishi-owned Iron Ore Company of Canada from 1992 to 2008, and as vice-president of operations at Altas Specialty Steel-Rio Algom from 1978 to 1991.

Mr. Porter's appointment follows the resignation of Bruce Humphrey as chairman and a director of the board, following 15 years with the company.

Matt Simpson, chief executive officer of the company, stated: "I would like to thank Bruce for his years of dedication and guidance as we twice brought Black Iron's Shymanivske iron ore project to the brink of construction, only twice to have Russia invade Ukraine upending our plans. With Dave taking over as chairman, Black Iron's board, management and shareholders are in excellent hands as he is a critical thinker with extensive hands-on iron ore and steel industry 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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