Black Iron's Largest Shareholder RAB Capital Increases Ownership

TORONTO, March 2, 2022 - Black Iron Inc. (" Black Iron " or the " Company ") (TSX:BKI); (OTC PINK:BKIRF); (FWB:BIN) is pleased to report that the Company's largest shareholder, RAB Capital, recently purchased 2,500,000 shares of the Company (" BKI Shares ") in the market at an average price of $0.1243 per BKI Share to increase its ownership position to approximately 15%.

RAB Capital is a private investment holding company of which Mr Philip Richards is majority shareholder. He commented, "We increased our ownership of Black Iron for four good reasons: 1) the high purity and high-grade iron ore that Black Iron plans to produce is essential to make Green Steel which in our view is the future of the steel industry. 2) We support the strong management and the whole team in Ukraine. 3) We believe that Ukraine will remain independent as the clouds of war clear. 4) There is a new impetus to Ukraine joining the European Union on a fast track which is a direct result of massive public support for Ukraine in this war, and displayed openly yesterday in the European Parliament. Our project will benefit greatly in my view from European Union financing initiatives in the near future once this war is over."

As of writing, all of Black Iron's team members are safe and being supported through access to advanced salaries to help cover essential living costs. Black Iron is also working with the local city to provide humanitarian support. All work in Ukraine is currently halted as people remain with their families during this trying time. Black Iron will be completing its feasibility study as this work is very well advanced and an essential input for investors to conduct due diligence once the situation stabilizes.

Should readers wish to support a humanitarian appeal dedicated to Ukraine, the appeal established by the Ukrainian Canadian Congress (UCC) and the Canada-Ukraine Foundation (CUF) is recommended. Donations of support can be made at the following website: www.cufoundation.ca.

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 Simpson
Chief Executive Officer
Black Iron Inc.
info@blackiron.com

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 updates regarding the acquisition of BKI Shares by RAB Capital, the updated feasibility study and the timing of delivery thereof, discussions with the Ukraine government on land transfer, construction and development of the Project 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: general business, economic, competitive, geopolitical and social uncertainties; outbreak of war in Ukraine, progress of the Company's service providers; negotiations with third parties and the Ukrainian government; 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.

SOURCE: Black Iron Inc.