Black Iron Provides Update on Go Forward Development Plan

The following is an update on the activities Black Iron (“Black Iron” or the “Company”) (TSX:BKI) is undertaking to increase shareholder value and move our flagship Shymanivske iron ore project (the “Project”) forwards towards production.

• Black Iron completed a successful initial public offering in 2011 raising approximately $36 million at $1.40/share
• By 2014, Black Iron management completed a Bankable Feasibility Study showing great economics and reached an agreement with Metinvest to finance a sizable portion of the project construction costs
• Unfortunately, also in 2014, Russia invaded Ukraine and iron ore prices subsequently fell dramatically
• Black Iron divested Metinvest’s position in January 2016 and currently owns 100% of the Project

Black Iron plans to make an ultra-high grade 68% iron content product that, using today’s prices, would sell for US$42 to $48 per tonne more than the benchmark 62% iron content product often quoted in news articles resulting in a current selling price of ~US$105 per tonne.
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