Despite the ongoing war in Ukraine, Black Iron Inc.’s (the “Company” or “Black Iron”) team has progressed the Shymanivske iron project (the “Project”) through discussions with Ukraine’s Ministry of Defence regarding land transfer for the Project, execution of a Ukraine Government investment support agreement, and Project permitting.

Land adjacent to Black Iron’s Shymanivske ore body required for the location of the Project’s future process plant, waste rock stockpiles and tailings impoundment is owned by Ukraine’s central government and is being used by its Ministry of Defence for training purposes. Discussions with Ukraine’s Ministry of Defence have led to an agreement on a provisional amount of money Black Iron will need to pay as compensation to secure such land. Efforts are now focused on structuring a binding contract to transfer this land upon there being peace in Ukraine that may entail other government agencies.

Black Iron is also in discussions with Ukraine’s government for an investment support agreement, which would include several benefits such as stabilization of law and an exemption from needing to pay import duties on equipment required for Project construction. Black Iron’s management has completed an extensive report covering several aspects of the Project such as estimated new jobs created, tax payments and social benefits. Prior to submitting this document, some changes will need to be made to Ukraine’s legislation for Black Iron to qualify, and work is currently well advanced in this regard.

To ensure our permits remain in good standing, work is currently ongoing in Ukraine to update geological and mine plans.

Finally, while Black Iron’s stakeholders wait for peace in Ukraine to advance its Shymanivske Project to construction, management has been reviewing new potential projects to generate shareholder value.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the NI 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 November 21, 2017 under the Company’s profile on SEDAR at 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 at for more information

For more information, please contact:

Matt Simpson
Chief Executive Officer
Black Iron Inc.

Forward-Looking Information

This project update contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time. Forward-looking information may include, but is not limited to, statements with respect to the Project, discussions with the Ukraine government with respect to the land transfer and investment support agreement, review of potential projects and the Company’s future plans. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the war in Ukraine; general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company notes that mineral resources are not mineral reserves and do not have demonstrated economic viability.