Black Iron Project (Shymanivske Deposit), Phase 1

The project involves the development of the Shymanivske iron ore deposit to establish a modern mining and processing facility producing ultra-high-grade iron ore concentrate with an Fe content of 68%. An offtake and financing agreement with Anglo American–Teck is expected to be concluded.

Investment Highlights: Undervalued asset with significant growth potential — Black Iron represents a potential US$1.7 billion asset, currently trading at a market capitalisation of only approximately US$25 million. Premium product in a supply-constrained market — the planned product, with an iron content of 68%, ranks among the top 4% globally, enables approximately 30% lower emissions in steel production, and is projected by CRU, an independent business intelligence company, to face a supply deficit.

Key Partners: Anglo American | Offtake and Construction | United Kingdom; Finnvera | Financing | Finland; Export Development Canada | Financing | Canada

Black Iron Inc. is a publicly traded Canadian iron ore company listed on the Toronto Stock Exchange (TSX: BKI). The company operates in Ukraine through its wholly owned subsidiary, Shymanivske Steel LLC.