Mr. Matt Simpson reports

BLACK IRON ANNOUNCES PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF UP TO US$1.7 MILLION

Black Iron Inc. intends to complete a non-brokered private placement pursuant to which it will sell up to 23,660,600 units of the company at a price of 10 cents per unit for gross proceeds to the company of up to approximately $1.7-million (U.S.) ($2,366,060), with the closing of the offering subject to a minimum amount of gross proceeds of $1.2-million (U.S.) ($1,670,160). It is anticipated that the closing of the offering will occur on or about April 20, 2026, or such other date or dates as the company may determine. The units issued to subscribers in the offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

Each unit will consist of one immediately free trading common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 20 cents per common share for a period of 36 months following the closing date, commencing on the date that is 60 days from the closing date, subject to acceleration in certain circumstances.

The net proceeds from the sale of the units will be used for continuing project and administrative expenditures including permit renewal relating to the company's Shymanivske project and general corporate purposes and working capital as set out in the offering document.

The completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange, and closing for minimum gross proceeds of approximately $1.2-million (U.S.) ($1,670,160).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions (NI 45-106), the units will be offered for sale to purchasers resident in each of the provinces and territories of Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended and supplemented by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.

Finders' fees may be paid to eligible finders in accordance with the policies of the Toronto Stock Exchange, which may consist of (i) a cash payment of up to 6.0 per cent of the aggregate gross proceeds of the units sold to investors introduced by such finders and (ii) non-transferable broker warrants equal to 6.0 per cent of the aggregate number of units issued by the company to investors introduced by such finders. Each broker warrant will entitle the holder thereof to acquire one common share at an exercise price of 20 cents for a period of 36 months from the closing date, subject to acceleration in certain circumstances.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision, and may contact invest@blackiron.com for more information.

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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