Black Iron Inc. · TSX:BKI
Black Iron — Investor Presentation (May 2026)
14 slides from Black Iron's investor presentation, May 2026
Slide 1: Compelling Investment in Support of Rebuilding Ukraine
Compelling Investment in Support of Rebuilding Ukraine 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Black Iron Inc. (“Black Iron” or the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presenta
Slide 3: Premium Quality Iron Ore - Critical to Rebuild Ukraine
Premium Quality Iron Ore - Critical to Rebuild Ukraine Annual Production of 8 Million Tonnes of 68% Grade Iron Close to Customers o 68% purity pellet feed with the ability to manufacture higher grade Direct Reduction product o Located close to high demand regions Proximity to Existing Infrastructure
Slide 4: Top Ranked Development Iron Ore Project – Projected Economics & Grade
Top Ranked Development Iron Ore Project – Projected Economics & Grade Black Iron’s 68% iron is in the top 4% grade of all current High-grade projects expect to have higher returns(1) production(2) Black Iron’s Shymanivske Project has the highest Black Iron’s 68% product is the top Seaborne Iron Ore
Slide 5: Global Steel Production is Significant & Remains Carbon Intensive
Global Steel Production is Significant & Remains Carbon Intensive Steel production accounts for ~7% of humanity’s greenhouse-gas emissions(2): Global greenhouse gas emissions (GtCO₂e) Carbon intensity of steel has not changed over the past decade and needs to decline: 3.0 Tonnes CO₂ Emissions/tonne
Slide 6: High-Grade Iron Provides Near-Term Carbon Relief from Existing Process
High-Grade Iron Provides Near-Term Carbon Relief from Existing Process Immediate Impact Energy Intensity of Steel Production Black Iron’s 68% iron content magnetite pellet feed Iron ore must be heated to high temperatures of up to vs. benchmark 62% sintered iron reduces roughly 1,480°C to be reduced
Slide 7: Asset Profile
Asset Profile Shymanivske Project Geographic Location Makes Project Highly Economic ~448.2 Million Tonnes of Proven Reserves Paved road provides easy commute for labour Average annual production of 8 Mtpa of high grade 68% 12km from city of Kryvyi Rih, major city surrounded Size o o iron ore concent
Slide 8: Low Cost to Build with Attractive Returns in Base Case
Low Cost to Build with Attractive Returns in Base Case Phase 1 Phase 2 Lowest cost undeveloped pellet feed project globally with low capital intensity to commence operations(1) 4Mt $452M 8Mt $364M Uses: US$m Sources: US$m Annual Production Capital Investment (inclusive of 17% Annual Production Capit
Slide 9: Strong Investment Returns in ALL Iron Ore Pricing Scenarios
Strong Investment Returns in ALL Iron Ore Pricing Scenarios Low operating & capital costs to ride all market cycles After-Tax NPV(1); IRR (Based on 40% equity & 60% debt financing) (1) Based on a 10% discount rate 9
Slide 10: Project Studies & Permitting Well Advanced
Project Studies & Permitting Well Advanced Key Milestones Permits & Licensing Exploration Permit Ukraine Government support & land transfer agreement submission Upon Peace o Conducted geophysical program o Drilled ore body o State approval of Explored Deposit Feasibility study completion – 2020 PEA
Slide 11: Cap Table & Ukraine President Support
Cap Table & Ukraine President Support Cap Table As for the economy and our cooperation, it is in real Shares Outstanding 332M actions, not in words. For example, Black Iron, a Stock Options 13M Canadian company that wanted to invest in Ukraine ... I know this very well, because I am from Kryvyi DSU
Slide 12: Management & Board Have Track Record of Iron Ore Success
Management & Board Have Track Record of Iron Ore Success Key Management Board of Directors Matt Simpson - CEO Dave Porter - Chairman o Former GM, Mining for Rio Tinto’s Iron Ore Company of Canada o Former VP for Rio Tinto’s Iron Ore Company of Canada and COO of Algoma Steel o Worked for Hatch design
Slide 13: Upon Rebuilding, Ukraine Needs FDI Examples of Success to Sustain Recovery
PRIVILEGED & CONFIDENTIAL; NOT FOR DISTRIBUTION Upon Rebuilding, Ukraine Needs FDI Examples of Success to Sustain Recovery US $1.2 billion investment US $2.2 billion in tax payments over 20 year project life over the projects life • US$70 million already invested • Payments of income and As for the
Slide 14: Contact Us
TSX: BKI; OTC: BKIRF; FWB: BIN CONTACT US: FOLLOW US: 198 Davenport Rd. www.blackiron.com Toronto, ON, Canada, M5R 1J2 info@blackiron.com 14