Ukraine Ministry of Economy Approval of an Investment Agreement with Black Iron will be a Significant Signal to Invest in Ukraine

TORONTO, ON / ACCESSWIRE / November 22, 2023 / Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is proud to have been a sponsor and have management participate in the second Rebuild Ukraine Business Conference (the "Conference"), held between November 21-22, 2023, in Toronto, Ontario, Canada. This significant event showcased Canada's belief in Ukraine's victory and its commitment to providing diverse assistance. Representatives at the Conference included government officials, investors, companies from Canadian and multilateral organizations who are eager to collaborate with their Ukrainian counterparts across a broad range of interests.

Among the companies envisioning their future in a free, democratic, and resilient Ukraine is Black Iron. "We believe in Ukraine's victory and are determined to implement the Shymanivske Iron Ore Project (the "Project"), aiming to be one of the most substantial and attractive foreign investment ventures for Ukraine. Despite the Project's implementation challenges, including Russian aggression, our Company is steadfast in progressing towards our goal," stated Matt Simpson, Chief Executive Officer.

The Company reiterates that the Project received full support from Ukrainian President Volodymyr Zelensky, as publicly stated by the Ukrainian leader when he first officially came to Canada. The successful realization of the Project, backed by Ukrainian authorities and Canadian investors, will send a crucial signal not only to the Canadian business community, but to the entire civilized world that investing in Ukraine is a secure venture.

In July 2023, Black Iron Inc. submitted a proposed binding Investment Support Agreement (the "Investment Agreement") to Ukraine's Ministry of Economy. With four months having passed, the Company looks forward to a positive written response from its Ukrainian counterparts to progress the Investment Agreement towards signing with support from the entire Cabinet of Ministers. Black Iron is resolute in finalizing this critical document, which includes transfer ofl government owned essential for Project development, and urges the Ukrainian government to expedite the review and conclusion of the aforementioned Investment Agreement. This will open a new chapter not only for the Company but also in Ukraine's relationships with foreign investors at large.