TORONTO, CANADA, November 22, 2023 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI) is proud to have been a sponsor and have management participate in the second Rebuild Ukraine Business Conference (the “Conference”), held between November 21-22, 2023, in Toronto, Ontario, Canada. This significant event showcased Canada’s belief in Ukraine’s victory and its commitment to providing diverse assistance. Representatives at the Conference included government officials, investors, companies from Canadian and multilateral organizations who are eager to collaborate with their Ukrainian counterparts across a broad range of interests.
Among the companies envisioning their future in a free, democratic, and resilient Ukraine is Black Iron. “We believe in Ukraine’s victory and are determined to implement the Shymanivske Iron Ore Project (the “Project”), aiming to be one of the most substantial and attractive foreign investment ventures for Ukraine. Despite the Project’s implementation challenges, including Russian aggression, our Company is steadfast in progressing towards our goal,” stated Matt Simpson, Chief Executive Officer.
The Company reiterates that the Project received full support from Ukrainian President Volodymyr Zelensky, as publicly stated by the Ukrainian leader when he first officially came to Canada. The successful realization of the Project, backed by Ukrainian authorities and Canadian investors, will send a crucial signal not only to the Canadian business community, but to the entire civilized world that investing in Ukraine is a secure venture.
In July 2023, Black Iron Inc. submitted a proposed binding Investment Support Agreement (the “Investment Agreement”) to Ukraine’s Ministry of Economy. With four months having passed, the Company looks forward to a positive written response from its Ukrainian counterparts to progress the Investment Agreement towards signing with support from the entire Cabinet of Ministers. Black Iron is resolute in finalizing this critical document, which includes transfer of government owned essential for Project development, and urges the Ukrainian government to expedite the review and conclusion of the aforementioned Investment Agreement. This will open a new chapter not only for the Company but also in Ukraine’s relationships with foreign investors at large.
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 www.sedar.com. 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 www.blackiron.com for more information
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This press release 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 terms of Investment Agreement, Ukrainian government support of the Investment Agreement, the review, approval and execution of the Investment Agreement, the development and financing of the Project discussions with the Ukraine government, the outcome of the war in Ukraine 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.