Black Iron’s management is primarily focused on securing land essential for the construction of the Shymanivske Iron Ore Project (the “Project“) and ensuring our permits remain in good standing. Regarding land transfer, two complementary approaches are being undertaken simultaneously to negotiate with Ukraine’s Ministry of Defence, who is using this land for training, and to enter into a formal investment support agreement (the “Investment Agreement”) with Ukraine’s Cabinet of Ministers. The first route via the Ministry of Defence has proven difficult during this period of war given the Ministry’s main focus on fighting the war coupled with frequent senior personnel changes, while the secondary route of entering into an Investment Agreement is showing promise.

The Investment Agreement is a fairly new government initiative being led by the Ministry of Economy with the backing of the entire Cabinet of Ministers. There are many benefits with this approach, including most importantly having key related Ministries of Ukraine’s government approve the Investment Agreement resulting in signing a legally binding document to support government land transfer and implementation of the Project. This Investment Agreement could also provide certain fiscal benefits and allow the Company to apply for political risk insurance, which may be a condition required by banks and larger investors for construction financing of the Project.

Black Iron’s team has also provided feedback to Ukraine’s government on the Investment Agreement legislation that has resulted in several changes that will benefit the Company as well as other development-stage investors. We have also completed most of the extensive documentation required to qualify under such legislation. Further updates on the Investment Agreement will be made over the coming months as management progresses with this initiative.

Black Iron’s team located in Kryviy Rih, Ukraine are all safe and in good health as of writing. Kryviy Rih is a city with a population of roughly 630,000 people located in the center of Ukraine, on the western side of the Dnipro River, and is where the majority of Ukraine’s iron ore mines are located and continue to largely operate. Fortunately, there has not been any active fighting on the ground in this city but there have been instances of missile attacks and more recently war-induced power outages for periods of time. Citizens have good access to groceries, gasoline, and banks in the city are functioning normally.

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 Investment 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.