Black Iron Inc. management want to reassure investors that the Company is continuing development of its Shymanivske Iron Ore Project (the "Project") located in Central Ukraine on the west side of the Dnieper River while carefully monitoring Russia's incursion into Eastern Ukraine. The adjacent iron ore mines to the Project continue to operate without interruption and employees are going to work to as usual. The Company intends to provide updates regarding product offtake and the economics of an updated feasibility study for the Project (the "Updated Feasibility Study") in the near future.

Additionally, the Company anticipates filing the Updated Feasibility Study within thirty days of the feasibility study economics being released. Legislation regarding the criteria that needs to be met to qualify for Ukraine's new investment support law is currently being adopted upon which Black Iron plans to submit its application. This investment support agreement has the potential to eliminate the need for Black Iron to pay import duties and VAT (value added tax) on equipment required for Project construction and include support for government land transfer.

To apply for this government support, a comprehensive study was prepared covering several aspects of the Project such as anticipated employment, tax payments, technical design, social impacts and benefits. Progressive discussions on government land transfer have also occurred with Ukraine's new Minister of Defence and one of the Deputy Ministers of Defence who are both supportive for this to occur in exchange for a compensation package. Finally, field baseline work remains ongoing as required to complete an Environmental and Social Impact Assessment ("EISA").

The EISA along with the Updated Feasibility Study are key inputs for the royalty provider and banks providing debt to conduct their due diligence for funding of Project construction.