Black Iron Announces 2023 AGM Results and Provides Project Update

Black Iron Inc. (“

Black Iron

” or the “

Company

”) (TSX: BKI) reports

,

in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management information circular dated May 8, 2023 were elected as directors of the Company at the annual general meeting of shareholders of the Company (the “

Meeting

”) held today.

Detailed results of the vote for the election of directors are as follows:

	Votes For	% Votes For	VotesWithheld	% VotesWithheld
Matthew Simpson	19,597,364	99.317	134,722	0.683
Bruce Humphrey	19,598,421	99.323	133,665	0.677
John Detmold	19,597,421	99.318	134,665	0.682
Pierre Pettigrew	19,597,421	99.318	134,665	0.682
David Porter	19,431,264	98.475	300,822	1.525
Zenon Potoczny	19,597,364	99.317	134,722	0.683

A total of 32,662,981 common shares were voted in connection at the Meeting, representing approximately 10.752% of the issued and outstanding common shares of the Company.

Project Development Update

The Company has now completed all of the extensive documentation required to file an application to Ukraine’s government to put a formal investment support agreement in place that will include transfer of the Ministry of Defence lands upon there being peace. This documentation is going through a final review process involving Company management and external legal counsel, with the aim of submitting to Ukraine’s Ministry of Economy around June month end. Several correspondences have also been made directly with Ukraine’s recently appointed Deputy Minister of Defence assigned to Black Iron’s file to progress land transfer negotiations.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the NI 43-101 technical report entitled “(Amended) Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” published in March 2020 with an effective date of November 21, 2017 under the Company’s profile on SEDAR at www.sedar.com. The Project is surrounded by five other operating mines, including Metinvest’s YuGOK and ArcelorMittal's iron ore complex. Please visit the Company's website at www.blackiron.com for more information

For more information, please contact:

Matt SimpsonChief Executive OfficerBlack Iron Inc.Tel: [phone]

Forward-Looking Information

This press release contains forward-looking information. 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. Forward-looking information may include, but is not limited to, statements with respect to the election of directors, submission of the investment support agreement, discussions with the Ukraine government and the Company’s future plans. 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 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". 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: the war in Ukraine; 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. The Company notes that mineral resources are not mineral reserves and do not have demonstrated economic viability.