A Compelling Iron Ore Investment Opportunity

Corporate Presentation

May 2015

TSX: BKI

TSX: BKI

Disclaimer Forward Looking Statement

This Presentation contains ‘‘forward-looking information’’ within the meaning of applicable Canadian securities legislation. 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, including

those factors discussed in the section entitled ‘‘Risk Factors’’ in the Company’s annual information form for the year ended December 31, 2013 (and dated March 14, 2013) or as

may be identified in the Company’s public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com. Forward-looking information may

include, but is not limited to, statements with respect to results of the Feasibility Study (as defined below) and the mineral reserve and resource estimate, the future financial or

operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Shymanivske project, the ability to

obtain financing on commercially reasonable terms; and the impact of concerns relating to permitting, regulation, governmental and local community relations, including the

results of upcoming Presidential elections and Western and Russian responses to the results of said elections. 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 “completion of the transaction with Metinvest” 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". Estimates underlying the results of the Feasibility Study arise from engineering, geological and costing work of

Lycopodium Minerals Canada Ltd. (“Lycopodium”), Soutex Inc. (“Soutex”), Watts, Griffis and McOuat Limited (“WGM”), Consulting Geologists and Engineers of Toronto, P&E

Mining Consultants Inc. (“P&E”) and the Company. See the technical report relating to the feasibility study for a description of all relevant estimates, assumptions and

parameters. 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: 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.

This Presentation does not constitute an offer to sell, or solicitation of an offer to buy, any securities by any person in any jurisdiction in which it is unlawful for such person to

make such an offering or solicitation. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information set out herein, and

nothing contained herein is, or shall be relied upon, as a promise or representation, whether as to the past or future.

The technical information contained herein is derived from or a summary of the NI 43-101 Compliant Technical Report entitled “Feasibility Study of the Shymanivske Iron

Ore Deposit for Black Iron Inc”, dated January 24, 2014 (Prepared by Lycopodium Minerals Canada Ltd. the “Feasibility Study”) – For additional information, please see the

Feasibility Study filed on www.sedar.com dated January 24, 2014.

*The mineral resource estimate for the Shymanivske Project is based on results from 185 historical drill holes totaling 37,316 meters and 60 Black Iron drill holes, which were

drilled during the Company’s Twin Hole drill program and the Definition Drill program, totaling 16,518 meters and is effective as of September 2012. Watts, Griffis and McOuat

Limted (“WGM”), Consulting Geologists and Engineers of Toronto, Canada, was retained to audit an in-house mineral resource estimate completed by Black Iron. Mr. Michael

Kociumbas, P.Geo, Vice-President of WGM and Mr. Richard Risto, P.Geo, Senior Geological Associate of WGM, were retained by Black Iron as independent technical consultants

and are Qualified Persons as defined by NI 43-101 and are responsible for reviewing and approving this mineral resource estimate. The Feasibility Study was prepared in

accordance with the guidelines of National Instrument 43-101 by the independent firms of Lycopodium Minerals Canada Ltd.; Soutex Mineral & Metallurgical Consultants; Watts,

Griffis and McOuat Limited; and P&E Mining Consultants Inc..

*Matt Simpson, President & CEO of Black Iron, a Qualified Person as defined by NI-43-101, has reviewed and approved the scientific and technical information in this presentation.

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TSX: BKI

What Sets Black Iron Apart? Access to Skilled Labour & Existing Infrastructure –

Two of the Most Challenging Iron Ore Project Development Risks

Key Development Risks

Taxes/Royalties

Human Resources

Access to Infrastructure

Community Opposition

Licensing/Permitting

Access to Water

Electricity Supply

Canada

Brazil

Africa

Australia

Ukraine

3

TSX: BKI

* Please see note on Page 2

Black Iron has ALL the Key Fundamentals for

a Successful Low Cost Project in Place

Exceptional Infrastructure

• Significant infrastructure

advantages (power, rail

and port) with confirmed

access and capacity

• Skilled local workforce

• Local partnerships

Compelling Economics

• Bankable Feasibility Study

(Shymanivske Project):

- 9.9Mtpa of 68% Fe Conc.

- Post-tax NPV8 of US$2.6B

- Post-tax IRR of 39%

• Break even price of $54/t

(after-tax)

Sizeable Resource

• Large NI 43-101 Compliant

Resource* at Flagship

Shymanivske

- 646Mt (M+I) @ 32% Fe

- 188Mt (Inf) @ 30% Fe

- Significant resource

potential upside

Skilled Leadership

• History of creating value

for shareholders

• Significant Ukrainian

political and iron ore

operations experience

Close to Target Markets

• Located in Kryvyi Rih,

Ukraine a major iron ore

district, close to Europe,

Turkey, Russia, Asia and

Middle East

Metinvest Development Agreement

• Ukraine’s largest company,

9th globally in iron ore, 16th

in steel

• Committed to half of

project construction

financing (est. $250-$500M)

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TSX: BKI

Board of Directors Key Management

Matt Simpson – President & CEO

• Former General Manager, Mining for Rio Tinto’s Iron Ore Company of Canada

• Worked for Hatch designing global metallurgical refineries

Les Kwasik – COO

• Over 40 years of hands-on experience building and operating mines globally with companies such as with INCO (VALE), Xstrata Columbia delivering disciplined operational successes in the mining industry

Paul Bozoki – CFO

• Former CFO of CD Capital Partners, operating in Soviet Union & Ukraine

Nikolay Bayrak – VP Gov’t & Community Relations

• Former department head, Ukrainian Ministry of Emergencies and Public Protection; Former MP

George Mover – Special Advisor

• Former Project General Director of Ferrexpo Yeristovo Mining, Ukraine. Since 1994,worked on numerous mining projects in Former Soviet Union countries

Bruce Humphrey – Chairman

• Former Chief Operating Officer of Goldcorp

Pierre Pettigrew

• Former Canadian Minister for Foreign Affairs and international Trade

John Detmold

• Chairman & Founder of Invecture Group, S.A. de C.V. which owns Frontera Copper Corporation

Dave Porter

• Former VP for Rio Tinto’s Iron Ore Company of Canada and COO of Algoma Steel

Matt Simpson – President & CEO

A Track Record of Iron Ore Success with Rio Tinto’s Iron Ore Company of Canada, and Ferrexpo

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TSX: BKI

Major Local Development Partner: Metinvest Ukraine’s Largest Company and a Global Iron Ore & Steel Producer

• Over 100,000 employees; Generated US$12.8 billion of revenues and a 18% EBITDA margin in 2013

• Metinvest is owned by System Capital Management (SCM) and Smart Holding

• SCM has over US$28.4B in assets and operations across 13 different areas including ownership of:

• Global Commodity Ranking:

• DTEK >18GW of electricity production (~26%)

• Leman Trans, ~21% of railway cars

• Portinvest, ~13% of Ukraine’s port capacity

• 9th in Iron Ore with 33.9 MT • 16th in Steel with 18.4 MT • 33rd in Coal with 2.6 MT 6

TSX: BKI

Sound Capital Structure Attractive Valuation with Substantial Upside & Funding Support

Corporate Structure Capital Structure (TSX: BKI)

Shares Outstanding 161.1 million

Stock Options(1) 9.9 million

Warrants(2) 20.6 million

Fully Diluted Shares 191.7 million

Market Cap(3) ~US$4.9 million

Current Cash Balance(4) ~US$15.9 million

Debt Balance nil

1. 9,913,750 options exercisable at a weighted average price of $0.32 per share. 2. 935,370 Warrants Expire Feb 20, 2016 (strike price: $0.25); 17.7M Warrants Expire Feb 20,

2017(strike price : $0.25); 2M Warrants Expire Aug 19, 2016(strike price: $0.20). 3. As May 20, 2015 using a closing price of CAD $0.03 per share. 4. Consolidated cash position as at Mqy 14, 2015 as per Financial Statements

Analyst Coverage

Black Iron Inc.

(TSX: BKI)

Metinvest B.V.

(Ukraine private)

Black Iron (Cyprus) Ltd.

(Cyprus private)

Shymanivske Steel

(Ukraine private)

Zelenivske Steel

(Ukraine private)

51% 49%

100% 100%

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TSX: BKI

Deposits In Mining Friendly Region Adjacent to existing Iron Ore Producers

• Two mining and exploration permits covering 5.92 km2

− Mining permit at Shymanivske, which has been extensively explored, covering 2.56 km2 valid until 2024

− Exploration permit at Zelenivske covering 3.36 km2 valid until 2014

• Adjacent to ArcelorMittal’s Kryvyi Rih iron ore complex and Metinvest & Evraz’s YuGOK iron ore mine

• Plan to acquire a plot of land from Ukraine Government adjacent to the Shymanivske deposit for project waste dumps, concentrator and tailings

Black Iron’s Shymanivske

Project* M&I: 646Mt @ 31.6%

Inferred: 188Mt @ 30.1%

Black Iron’s Zelenivske

Project

ArcelorMittal’s Kryvyi Rih Iron Ore Complex

Metinvest & Evraz’s YuGOK Iron Ore Mine

Railway lines

**See Black Iron’s website at www.blackiron.com for

a Corporate Video highlighting the project location

and infrastructure ** *Please see notes on page 2 -Resources are not Reserves and do not have economic viability -Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 26

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TSX: BKI

Large Ore Deposit with Growth Potential

• Banded iron formation consisting primarily of magnetite with some hematite

− Iron band thickness ranges from 40-80 m

− Only 9.7-21.2 m of overburden with a strip ratio of 1.63:1, life of mine; 1.36:1 for first 8 years

− Very clean ore body low in phosphorus, manganese and aluminum

• Resource defined by ~54,000 metres of drilling

― Black Iron completed a Twin Hole Drill Program consisting of 6,042 metres and a Phase II Drill Program consisting of 11,435 metres of infill drilling

― Total iron grade and band width align very well with 37,000 metres of historical drilled data

• Potential for resource expansion

− Additional drilling of Shymanivske at North end of deposit and to depth

− Exploration of the Zelenivske project

Shymanivske Tonnage

(Mt)

Fe Tot

(%)

Fe Mag

(%)

Proven 312.9 31.1 19.5

Probable 136.1 31.1 18.9

Total Reserves* 449.0 31.1 19.3

Measured

(incl. Proven) 355.1 32.0 19.5

Indicated

(incl. Probable) 290.7 31.1 17.9

Total Resources* 645.8 31.6 18.8

Inferred 188.3 30.1 18.4

Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag

*Mineral Resources include Mineral Reserves. Please see notes on page 2 -Resources are not Reserves and do not have economic viability -Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 27 -The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology and Natural Resources 9

TSX: BKI

Potential Resource Extension at Shymanivske Ground Gravity Shows Iron Ore Mineralization at North End

• Ground gravity and magnetic surveys show potential extension of iron ore mineralization at North end of property as circled in red

• This area has not been included in the NI 43-101 resource as it has not yet been sufficiently drilled

• The identified area will be a target of a future drill program to allow for a second phase process plant expansion to increase production and project value

Potential resource upside to be drilled

Drill hole

Property boundary

Very likely Iron in ground

Likely just dirt in ground

10

TSX: BKI

Extensive Pit Shell Design and 3D Model

Completed (Property Overview)

11 * Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

TSX: BKI

Concentrator Footprint Compressed by

Staggering HPGRs and Stacking LIMS

12 * Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

TSX: BKI

13

Conventional Flowsheet Producing High Quality Iron Ore Products

Fe 68.0%

SiO2 4.5%

P 0.02%

S 0.05%

Al2O3 0.43%

Mn 0.03%

P80 32 µm

B.F. Concentrate

Fe 65.5%

SiO2 4.5%

S <0.01%

CaO/SiO2 0.15%

SiO2+Al2 O3 5.1%

CaO+MgO 1.0%

Compress. 318kg/pel

B.F. Pellets

Fe 69.5%

SiO2 1.3%

P 0.02%

S 0.05%

Al2O3 0.28%

Mn 0.03%

P80 32 µm

D.R. Concentrate

Fe 67.4%

SiO2 2.0%

S <0.01%

CaO/SiO2 0.34%

SiO2+Al2 O3 2.4%

CaO+MgO 1.2%

Compress. 283g/pel

D.R. Pellets

Co

re P

rod

uct

Va

lue

-Ad

d

Alt

ern

ati

ve

P

rod

ucts

TSX: BKI

Secured Infrastructure Access

(Rail, Port Power) Key to a Successful Iron Ore Project

• Letters of Intent in place for Electricity (140MW) and Natural Gas (900m3/hr @85kPa)

• Paved roads to site, located 35km away from the major city of Kryvyi Rih which has a highly skilled work force

• Letter of Intent in place for up to 20 million tonnes per year of rail capacity from site to Port Yuchniy

• Black Iron’s Shymanivske Project is ~2 km from main state-owned rail line

• Letter of Intent in place with a private operator at Port Yuzniy for 9.5 million tonnes per year +/- 15%

• Port Yuzniy is located ~430 km away and provides access to the Black Sea and global seaborne iron ore markets

** See Black Iron’s website at www.blackiron.com for a Corporate Video highlighting the project location and infrastructure ** 14

TSX: BKI

Strategic Global Location Close Proximity to Target Markets with Abundant Port and Rail Access

• Project is surrounded by steel mills in Europe, Turkey and the Middle East

• River barge & rail access to Western Europe.

• Five dry bulk tonnage ports accessible using railway running beside properties

• Approx 20% to 25% shorter transport distance to growth markets of India and China compared to North and South American producers

• Excellent Ukrainian logistical advantages

• Densely populated roadway infrastructure

• 468 million tonnes of cargo transported via rail

• 155 million tonnes of cargo transported via ship

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TSX: BKI

Ukraine: A Mining Friendly Country in

Transition

• Member of World Trade Organization (WTO)

• S&P Sovereign Risk rating of B

− Commodity driven economy (agriculture, metals and energy)

− Steel production is Ukraines largest industry

− 60% of total exports are commodity-related (majority is steel)

− Recently held successful presidential election (5 year term); elected a new pro-democracy pro-Ukraine leader

− Gross Domestic Product (GDP) in Ukraine averaged 0.55% from 2010 until 2014, reaching an all time high of 3.90% in the second quarter of 2010 and a record low of -2% in the first quarter of 2014

• Signed the “Ukraine-European Union Association Agreement“ in two stages in 2014 (political portion March 21; economic portion June 27)

− Demonstrates a strong desire by citizens and business for closer European integration

− Expected to result in lower duties, but could drive Russian gas imports up

• Large, highly skilled labour force (pop. 45.4 million)

− GDP per capita only $7600/yr

− Literacy rate >99%

• Mining friendly jurisdiction with strong local and national support

− ArcelorMittal and Ferrexpo plc have operated in-country for over 8 years

• Competitive Corporate tax rate of 18% (Approximately half compared to other major iron ore producing countries)

$5Bn Investment in Integrated Iron Mine/Steel Mill

$3.2Bn Market Cap Iron Ore and Steel Production

in Ukraine

$1.8Bn Investment in Shale Gas Development

Major Foreign Corporate Investors

$10Bn Planned Investment in unconventional gas exploration

and development

$10Bn Planned Investment in exploration and

development of shale gas

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TSX: BKI

0%

10%

20%

30%

40%

50%

60%

% o

f W

orl

d P

roducti

on a

nd R

ese

rves

Production Reserves

Source: Based on know production and reserves as listed in the USGS 2013 Iron Ore report

Globally Significant Iron Ore District 4th largest iron ore producer & 2nd largest reserve base

Global Distribution of Fe Reserves & Fe Production

• Black Iron’s projects are located in the heart of Ukraine’s iron ore belt

– 35km from Kryvyi Rih, city of 750,000 people

• Iron ore district trends 300 km with sedimentary rock hosted banded iron formations (Dnenpovskog complex)

• Historically well explored resource base but substantially under-exploited due to historic Soviet policy

• 15 iron ore mines in Ukraine produced 88 million tonnes in 2012

Kiev

Yeristovskoye

Poltavsky GOK

Tsentralny Kryviy Rih Iron Ore Complex

Ingulestky GOK

Yuzhny GOK Kryviv Rih Ordzhonikize Gok

Shymanivske

Zelenivske

C Gok YuGok

Production Reserves

7%

20%

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TSX: BKI

Permit Process for Shymanivske Deposit Black Iron Remains on Track

Exploration

Permit

Extraction

Permit

Mining

Allotment

Construction

Approval

Operations

Approval

Deem deposit economical

• Complete Ukraine version of scoping study including evaluation of various mining methods & high level environmental impact

Pit shell reserves & environmental

impact Gov approval

• Complete field

environmental (OVOS) & archeological studies for Gov approval

• Submit pit shell design & mapped ground surface project for Gov. approval

Obtain surface rights for mine,

refinery & tailings

• Land use analysis

based on plot plan showing major buildings & agreed connections to utilities, rail and roads (Proekt)

• Approval of the project location

• Approval from all land owners & finalize lease

Start mine overburden

removal & plant construction

• Detailed design approved (Expertisa)

• Obtaining the construction permit

• Commissioning of the facility

• Registration of the ownership to the facility

Explore resource potential

• Conduct geophysical program

• Drill ore body

• State approval of explored deposit

Operate mine & refinery

• Ensure compliance with Ukraine Safety, Environment, Health and Employment laws as check by regular Gov inspections

• Finalize environmental permits

Completed

Land

Allotment

18

TSX: BKI

Annual Production: 9.9 Mt

Iron Content: 68.0%

Estimated Capital Investment:

(capital intensity, includes 15% contingency)

US$1,097 million

US$111/t

Estimated Operating Expenses:

(average FOB)

(average at Mine Gate)

US$44.54/t

US$29.64/t

Long-Term CFR Benchmark Price(62%): US$95/t

Net Present Value (8%): (pre-tax)

(after-tax)

US$3.3 billion

US$2.6 billion

Internal Rate of Return: (pre-tax)

(after-tax)

48%

39%

Annual Average Cash Flow: (pre-tax)

(after-tax)

US$630 million

US$536 million

Projected Payback (8%): (pre-tax)

(after-tax)

2.0 years

2.5 years

Estimated Mine Life: modelled reserve

total defined resource

14 years

~19 years

Projected Plant Start-Up Q4 2016

Projected Revenue Commencement Q1 2017

BFS Highlights – High Grade Concentrate High Value, Low Net Cost Iron Ore Development Project

*** See Disclaimer on page 2 * Bankable Feasibility Study completed by Lycopodium **Black Iron’s interest in Project is 51% 19

TSX: BKI

Black Iron’s Operating Cost Competitiveness Shymanivske: First Quartile to Local Markets; Second Quartile to China

20 ** See Disclaimer on page 2 **

2013 Iron Ore Cost Curve

World Cumulative Production (%)

Source: Company data; Wood Mackenzie; BMO Capital Markets * Adjusted for iron content and shipping distance

BKI delivered to

Europe/Middle East

Markets

BKI delivered

to China Spot: $70/t

Tota

l Cash

Cost

(U

S$/t

CFR C

hin

a)

TSX: BKI

** See Disclaimer on page 2 **

Black Iron’s Capital Cost Advantage Shymanivske Relative to Other Iron Ore Projects

21 Source: Company data; Renaissance Capital estimates

Vale

(Shim

andou 1

)

Afr

ican M

inera

ls (

phase

2)

Xst

rata

(Ask

af)

Afr

ican M

inera

ls (

DSO

)

Arc

elo

rMit

tal (W

est

ern

…

Fort

esc

ue (

Expansi

on)

Bla

ck Iro

n

Rio

Tin

to (

IOC)

Sundance

Kum

ba

Ferr

expo (

Yeri

stovo)

IRC (

Kura

nakh)

London M

inin

g

IRC (

K&

S)

Ald

ero

n

Auila (

Hard

ey)

Xst

rata

(Zanaga)

Atl

as

Iron (

Rid

ley)

Rio

Tin

to (

Pilbara

)

Gin

dalb

ie (

Kara

ra)

Anglo

Am

eri

can (

Min

as

Rio

)

BH

P (

RG

P5&

6)

Aquila (

West

Pilbara

)

Arc

elo

rMit

tal (W

est

ern

…

BH

P (

Sam

arc

o)

Atl

as

Iron (

Balla B

alla)

CIT

IC P

acif

ic (

Sin

o)

Baff

inla

nd

Xst

rata

(G

eulb

el Aouj)

Gra

nge R

eso

urc

es…

84 87 90 92 109 109 111 122

134 135 141 142 157 159 159 160 167

180 186 188 189 190 192 200 211 217 221 222 236

258

CAPEX Forecast (US$/t of capacity)

Average = 162

0%

25%

50%

75%

100%

TSX: BKI

Black Iron’s Target Capital Funding Strategy 49% of Equity Capital Solidified with Metinvest Transaction;

100% of Off-Take Still Available

** See Disclaimer on page 2 **

Estimated Capital Investment US$1.1 billion

Equity Investment Debt Investment

Black Iron Inc. (TSX: BKI)

Metinvest

9.9Mtpa Off-take

Export Credit Agencies

Bank Debt / High-Yield Bonds

Capital Markets

60% 40%

49% 51%

(US$250-300 million)

(US$0-50 million)

(US$300-400 million)

(US$250-350 million)

Significant Off-take Opportunity with Equity Funding Support from Metinvest ** % and $ amounts are indicative only and subject to negotiation **

(US$250-300 million)

22

TSX: BKI

Shymanivske Project Development Timeline*

2011-2013 2014

Scoping Study/PEA

Bankable Feasibility Study

Off-take & Project Finance

Construction

Drill metallurgical holes

Definition Drilling

Land Acquisition

Detailed Engineering

Production

Future

* 2015 timeline contingent upon peace in Ukraine and recovered iron ore price

** See Disclaimer on page 2 **

Pilot Plant Test Work

2015

Permitting

Milestone Achieved

23

TSX: BKI

Black Iron Value Proposition

Close to Steel Mills in: W.Europe, Turkey, Russia, Asia and Middle East Close to

Target Markets

Large iron ore deposit with NI 43-101 compliant resource*

• 646 Mt Measured & Indicated mineral resource @ 31.6% iron; additional 188 Mt of Inferred mineral resource @ 30.1% iron, which will be concentrated to ~68% iron

• Potential for resource expansion

Sizable Resource

Excellent access to skilled labour, power, rail & ports Exceptional Infrastructure

Experienced management team and Board with history of creating value for shareholders of RioTinto and Ferrexpo

Skilled Leadership

High margins due to close proximity to multiple steel mills, skilled labour cost advantage and favourable corporate tax rate of 16% • Bankable Feasibility Study for 9.9Mt of high-grade 68% iron ore concentrate

– NPV of US$3.3 billion and 48% IRR (US$2.6 billion and 39% after-tax)

Compelling Economics

*Please see notes on page 2 -Resources are not Reserves and do not have economic viability -Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 26 **The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology

and Natural Resources

Strategic Partners

Metinvest: Largest company in Ukraine; committed to half of project equity financing

24

TSX: BKI TSX: BKI

Shymanivske Project Site

Paved Road

High voltage

power lines State-owned

rail line

25

Appendix

TSX: BKI

Mineral Reserves & Resources Estimate

1) Mineral Reserve Estimate for the Shymanivske iron ore open pit as of January 8, 2014 prepared by P&E Mining Consultants Inc. under the direction of Eugene Puritch, P.Eng.

2) The Mineral Reserve is based on a cut-off grade of 13.0% Fe-Mag and incorporates an ore loss of 2% and dilution factor of 7.1%.

3) The terms "mineral reserve", "probable mineral reserve" and "proven mineral reserve" have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended.

4) P&E is not aware of mining, metallurgical, infrastructure, permitting, or other factors that could materially affect the mineral reserve estimates.

27

Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag

*Mineral Resources include Mineral Reserves. Please see notes on page 2 -Resources are not Reserves and do not have economic viability -Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology and Natural Resources

Shymanivske Tonnage

(Mt)

Fe Tot

(%)

Fe Mag

(%)

Proven 312.9 31.1 19.5

Probable 136.1 31.1 18.9

Total Reserves* 449.0 31.1 19.3

Measured

(incl. Proven) 355.1 32.0 19.5

Indicated

(incl. Probable) 290.7 31.1 17.9

Total Resources* 645.8 31.6 18.8

Inferred 188.3 30.1 18.4

Contact us:

805-65 Queen Street West

Toronto, ON, Canada, M5H 2M5

Mike McAllister, Manager IR

Toronto: +1(416) 309 2134

Ukraine: +380 (56) 409 2536

info@blackiron.com

TSX: BKI

Follow us:

www.blackiron.com