BLACK IRON INC - BKIRF STOCK NEWS

Black Iron Inc. announced that the feasibility study for its Shymanivske Iron Ore Project cannot be published until peace is restored in Ukraine. Wood Plc., the study's main author, stated that necessary site visits are impossible under current conditions. The study's release is contingent upon verifying infrastructure status, updating costs, and ensuring the viability of extraction. Despite the ongoing conflict, the company's management is prioritizing the safety of its team members and supporting families affected by the war.

Black Iron Inc. (OTC PINK: BKIRF) announced that its largest shareholder, RAB Capital, acquired 2,500,000 shares at an average price of $0.1243, elevating its ownership to approximately 15%. RAB Capital's majority shareholder, Philip Richards, highlighted four reasons for the purchase: the future demand for high-grade iron ore for Green Steel, support for Black Iron's management, belief in Ukraine's independence, and optimism about Ukraine's EU membership post-conflict. All operations in Ukraine are currently halted due to the ongoing war, with a feasibility study in progress.

Black Iron Inc. (OTC PINK: BKIRF) assures investors of ongoing development of its Shymanivske Iron Ore Project in central Ukraine, amid Russia's actions in the region. The company plans to release an updated feasibility study within 30 days, which will include key economic metrics and product offtake updates. Black Iron is also pursuing a new investment support law aimed at eliminating import duties, and is negotiating land transfers with Ukrainian officials. Environmental assessments are in progress, vital for project construction financing.

Black Iron Inc. has provided an update on the Shymanivske Iron Ore Project located in Ukraine, detailing progress on key agreements and studies. The feasibility study by Wood PLC is anticipated to be completed by early 2022, focusing on site design and equipment selection. Positive negotiations are underway for an offtake agreement with Cargill. However, an unexpected delay in the land transfer agreement has occurred due to changes in military leadership, though this might expedite future progress. The company is engaging with UkraineInvest for governmental support.

Black Iron Inc. has successfully closed its short form prospectus offering, raising $11.5 million through the issuance of 28,750,000 common shares at $0.40 per share. The funds will be utilized for several strategic initiatives, including an updated feasibility study for the Shymanivske Iron Ore Project in Ukraine, and various impact assessments. The offering awaits final approval from the Toronto Stock Exchange. CEO Matt Simpson highlighted the strong interest from institutional investors, signaling confidence in the project.

Black Iron Inc. has announced a public offering of 25,000,000 common shares at a price of $0.40 per share, aiming for gross proceeds of up to C$10 million. The offering is set to close around July 20, 2021, subject to regulatory approvals. Proceeds will fund the Feasibility Study and Environmental Impact Assessment for the Shymanivske Iron Ore Project in Ukraine, among other corporate purposes. The offering will be conducted by Canaccord Genuity Corp. and includes an option for the agent to purchase an additional 15% of shares.

Black Iron Inc. has retained Wood PLC to complete an updated Feasibility Study for its Shymanivske Iron Ore Project. This study aims to refine the project’s design to boost production capacity from 4Mtpa to 8Mtpa of premium-grade iron ore. Wood's extensive experience in the Former Soviet Union will facilitate the study’s execution, which includes detailed cost estimates and economic analyses. Completion of this study is crucial for securing financing for project construction. The project hosts substantial estimated mineral resources of 646 Mt, enhancing its economic viability.

Black Iron Inc. announces that its high-grade 68% iron magnetite pellet feed will reduce greenhouse gas (GHG) emissions by approximately 30% compared to standard 62% iron hematite fines. The company’s Shymanivske mine, located in Ukraine, is well-positioned to provide this environmentally friendly product, meeting a growing demand for high purity iron used in steel production.

Additionally, with an expected need for 133 million tonnes of high purity pellet feed by 2035, Black Iron is equipped to capitalize on this trend, especially as the steel industry shifts towards carbon neutrality.

Black Iron Inc. announced that its largest shareholder, RAB Capital Holdings Limited, has exercised 9.2 million warrants, raising its ownership from 10.5% to 13.5%. RAB Capital's Co-Founder expressed confidence in Black Iron's management and the potential of the Shymanivske project, particularly due to a substantial proposed investment from Cargill. The Shymanivske project possesses an estimated 646 million tons of measured and indicated mineral resources, emphasizing its financial and environmental viability. The company aims to produce Green Steel using eco-friendly hydrogen.