This corporate presentation from Black Iron Inc. outlines an investment opportunity in their Shymanivske iron ore project located in Ukraine. Key highlights include a large NI 43-101 compliant iron ore resource of 646Mt measured and indicated and 188Mt inferred, with potential for expansion. A bankable feasibility study shows the project could produce 9.9Mtpa of 68% Fe concentrate with an after-tax IRR of 48% and break even price of $54/t. Black Iron has secured major local partner Metinvest, Ukraine's largest mining and steel company, who will fund half of project construction costs estimated between $250-500M. The project benefits from excellent infrastructure including access to rail, port, roads

1. A Compelling Iron Ore Investment Opportunity
Corporate Presentation
January 2014
TSX: BKI

2. Disclaimer
Forward Looking Statement
TSX: BKI
This Presentation contains ‘‘forward-looking information’’ within the meaning of applicable Canadian securities legislation. 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, including those factors discussed
in the section entitled ‘‘Risk Factors’’ in the Company’s annual information form for the year ended December 31, 2011 (and dated March 26, 2012) or as may be identified in the
Company’s public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to,
statements with respect to results of the Feasibility Study (as defined below) and the mineral reserve and resource estimate, the future financial or operating performance of the Company,
its subsidiaries and its projects, the development of and the anticipated timing with respect to the Shymanivske project, the ability to obtain financing; and the impact of concerns relating
to permitting, regulation, governmental and local community relations. 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". Estimates underlying the results of the Feasibility Study
arise from engineering, geological and costing work of Lycopodium Minerals Canada Ltd. (“Lycopodium”), Soutex Inc. (“Soutex”), Watts, Griffis and McOuat Limited (“WGM”), Consulting
Geologists and Engineers of Toronto, P&E Mining Consultants Inc. (“P&E”) and the Company. See the technical report relating to the feasibility study for a description of all relevant
estimates, assumptions and parameters. 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; 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.
This Presentation does not constitute an offer to sell, or solicitation of an offer to buy, any securities by any person in any jurisdiction in which it is unlawful for such person to make such an
offering or solicitation. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information set out herein, and nothing contained herein is, or
shall be relied upon, as a promise or representation, whether as to the past or future.
Bankable Feasibility Study (the “Feasibility Study”) – For additional information, please see the Company’s press release dated January 23, 2014.
*Resource estimate compiled using historic Soviet data by Hugues de Corta, who is an independent qualified person as defined by NI 43-101. Readers should not place undue reliance on
historical estimates.
*The mineral resource estimate for the Shymanivske Project is based on results from 185 historical drill holes totaling 37,316 meters and 60 Black Iron drill holes, which were drilled during
the Company’s Twin Hole drill program and the Definition Drill program, totaling 16,518 meters and is effective as of September 2012. Watts, Griffis and McOuat Limted (“WGM”),
Consulting Geologists and Engineers of Toronto, Canada, was retained to audit an in-house mineral resource estimate completed by Black Iron. Mr. Michael Kociumbas, P.Geo, VicePresident of WGM and Mr. Richard Risto, P.Geo, Senior Geological Associate of WGM, were retained by Black Iron as independent technical consultants and are Qualified Persons as defined
by NI 43-101 and are responsible for reviewing and approving this mineral resource estimate. The Feasibility Study was prepared in accordance with the guidelines of National Instrument 43101 by the independent firms of WorleyParsons Canada Services Ltd., Watts, Griffis and McOuat Limited and P&E Mining Consultants Inc.
*Matt Simpson President & CEO of Black Iron, a Qualified Person as defined by NI-43-101, has reviewed and approved the scientific and technical information in this presentation.
2

3. What Sets Black Iron Apart?
Access to Skilled Labour & Infrastructure –
Two of the Most Challenging Iron Ore Project Development Risks
TSX: BKI
Key Development Risks
Taxes/Royalties
Human Resources
Canada
Ukraine
Access to Infrastructure
Community Opposition
Licensing/Permitting
Access to Water
Africa
Electricity Supply
Brazil
Australia
3
3

4. Black Iron has ALL the Key Fundamentals for
a Successful Low Cost Project in Place
TSX: BKI
Exceptional
Infrastructure
Sizable
Resource
• Significant infrastructure
advantages (power, rail
and port) with confirmed
access and capacity
• Skilled local workforce
• Local partnerships
• Large NI 43-101 Compliant
Resource*
- Shymanivske
646Mt (M+I) @ 32% Fe
188Mt (Inf) @ 30% Fe
- Zelenivske (upside)
1.1 - 1.8Bt potential
Close to
Target Markets
Skilled
Leadership
• Located in Kryviy Rih,
Ukraine a major iron ore
district, close to Europe,
Turkey, Russia, Asia and
Middle East
• History of creating value
for shareholders
• Significant Ukrainian
political and iron ore
operations experience
Compelling
Economics
Metinvest Development
Agreement
• Bankable Feasibility Study
(Shymanivske Project):
• Ukraine’s largest company,
9th globally in iron ore, 16th
in steel
• Committed to half of
project construction
financing (est. $250-$500M)
- 9.9Mtpa of 68% Fe Conc.
- Pre-tax NPV8 of US$3.3B
- Pre-tax IRR of 48%
* Please see note on Page 2
• Pre-tax break even price of
$54/t (after-tax)
4

5. A Track Record of Iron Ore Success
with Consolidated Thompson Iron Mines, Rio Tinto’s Iron Ore Company
of Canada, and Ferrexpo
Key Management
Matt Simpson – President & CEO
•
•
Former General Manager, Mining for Rio Tinto’s Iron
Ore Company of Canada
Worked for Hatch designing global metallurgical
refineries
George Mover – COO
•
Former Project General Director of Ferrexpo Yeristovo
Mining, Ukraine
•
Since 1994 worked on numerous mining projects in
Former Soviet Union (Ukraine, Russia, Kazakhstan,
Armenia)
Paul Bozoki – CFO
•
Former CFO of CD Capital Partners, operating in
Former Soviet Union & Ukraine
Aaron Wolfe – VP Corp Development
•
Former investment banker with Macquarie
Nikolay Bayrak – VP Gov’t & Community Relations
•
Former department head, Ukrainian Ministry of
Emergencies and Public Protection; Former MP and
President of MP’s Parliamentary Social Club
TSX: BKI
Board of Directors
Bruce Humphrey – Chairman
•
Former Chairman of Consolidated Thompson Iron
Mines
Jaroslav Kinach
•
Former Advisor to Ukraine Prime Minister and
former Ukraine Country Head of EBRD
Chris Westdal
•
Canadian Ambassador to Ukraine (1996-98) and to
Russia (2003-06)
Pierre Pettigrew
•
Former Canadian Minister for Foreign Affairs and
international Trade
John Detmold
•
Chairman & Founder of Invescture Group, S.A. de
C.V. which owns Frontera Copper Corporation
Dave Porter
•
Former VP for Rio Tinto’s Iron Ore Company of
Canada and COO of Algoma Steel
Matt Simpson – President & CEO
5

6. Project Backed by Forbes & Manhattan
Success with Consolidated Thompson’s Bloom Lake Iron Mine
Forbes & Manhattan Involvement
TSX: BKI
•
World class 8Mtpa iron ore concentrate
mine in Quebec
•
Advanced from exploration stage
through development to construction
−
8 mtpa capacity (66% Fe concentrate)
expanding to 16 mtpa
−
Completed scoping study, 3 feasibility
studies, secured off-take with China’s
third largest steel producer (WISCO)
Recently
Acquired
acquired
for $4.9
for $4.9
billion
billion
•
Raised over Cdn$1 bn in capital
•
Attracted and put in place a qualified
management team
First F&M
involvement
$1 mm
market
cap
2005
Q1-2011
6

7. Major Local Development Partner: Metinvest
Ukraine’s Largest Company and a Global Iron Ore & Steel Producer
TSX: BKI
•
Over 100,000 employees; Generated US$12.6 billion of revenues and a 16% EBITDA margin in 2012
•
Metinvest is owned by System Capital Management (SCM) and Smart Holding
•
SCM has over US$28.4B in assets and operations across 13 different areas including ownership of:
• DTEK >18GW of electricity
production (~26%)
•
• Leman Trans, ~21% of
railway cars
• Portinvest, ~13% of
Ukraine’s port capacity
Global Commodity Ranking:
• 9th in Iron Ore with 33.9 MT
• 16th in Steel with 18.4 MT
• 33rd in Coal with 2.6 MT
7

8. Sound Capital Structure
Attractive Valuation with Substantial Upside & Funding Support
TSX: BKI
Capital Structure (TSX: BKI)
Shares Outstanding
Stock Options
Market Cap
(2)
Current Cash Balance(3)
Black Iron Inc.
(TSX: BKI)
141.5 million
(1)
Fully Diluted Shares
Corporate Structure
5.7 million
147.2 million
Metinvest
Black Iron
Cyprus
~US$29.3 million
~US$3.1 million
Debt Balance
Zelenivske
Steel
nil
1. 5,713,750 options exercisable at a weighted average price of $0.45 per share.
2. As at January 22, 2014, using a closing price of CAD $0.23 per share.
3. As at Sept 30, 2013 per Q3 Unaudited Financial Statements.
Shymanivske
Steel
Metinvest Transaction Summary
•
Metinvest acquires 49% of Black Iron Cyprus for a total
commitment up to US$535M
– US$20M due upon closing
– Matching of any further equity financed capital
•
Metinvest option to increase ownership in Black Iron
Cyprus to 51%
− Option vests after 3 consecutive months of
production at nameplate capacity
− Option priced at a 30% premium to the fair market
value as derived by an independent third party
Analyst Coverage
8

9. Deposits In Mining Friendly Region
Adjacent to existing Iron Ore Producers
TSX: BKI
ArcelorMittal’s Kryviy Rih
Iron Ore Complex
•
Black Iron’s
Shymanivske Project
Two mining and exploration permits
covering 5.92 km2
−
−
M&I: 646Mt @ 31.6%
Inferred: 188Mt @ 30.1%
Railway lines
Black Iron’s
Zelenivske
Project
Mining permit at Shymanivske, which
has been extensively explored, covering
2.56 km2 valid until 2024
Exploration permit at Zelenivske
covering 3.36 km2 valid until 2014
•
Smart & Evraz’s
YuGOK Iron Ore Mine
Adjacent to ArcelorMittal’s Kryviy Rih
iron ore complex and Smart & Evraz’s
YuGOK iron ore mine
•
Plan to acquire a plot of land from
Ukraine Government adjacent to the
Shymanivske deposit for project
waste dumps, concentrator and
tailings
** See Black Iron’s website at www.blackiron.com for a Corporate Video highlighting the project location and infrastructure **
9

10. Large Ore Deposit with Growth Potential
TSX: BKI
•
Banded iron formation consisting primarily of
magnetite with some hematite
−
−
Shymanivske
Resource*
Tonnage
(Mt)
Fe Tot
(%)
355.1
32.0
290.7
31.1
17.9
Total Measured
and Indicated
645.8
31.6
18.8
Inferred
188.3
30.1
18.4
Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag
Resource defined by ~54,000 metres of
drilling
― Total iron grade and band width align very well
with 37,000 metres of historical drilled data
19.5
Indicated
Very clean ore body low in phosphorus,
manganese and aluminum
― Black Iron completed a Twin Hole Drill
Program consisting of 6,042 metres and a
Phase II Drill Program consisting of 11,435
metres of infill drilling
Fe Mag
(%)
Measured
Only 9.7-21.2 m of overburden with a strip ratio
of 1.63:1, life of mine; 1.36:1 for first 8 years
−
•
Iron band thickness ranges from 40-80 m
•
Potential for total combined resource
expansion of 1.1 to 1.8BT
−
Additional drilling of Shymanivske at North end
of deposit and to depth
−
Exploration of the Zelenivske project
* Please see note on page 2
10

11. Potential Resource Extension at Shymanivske
Ground Gravity Shows Iron Ore Mineralization at North End
TSX: BKI
Potential resource
upside to be drilled
Property
boundary
•
Ground gravity and magnetic surveys
show potential extension of iron ore
mineralization at North end of property as
circled in red
•
Very likely
Iron in ground
Drill hole
This area has not been included in the NI
43-101 resource as it has not yet been
sufficiently drilled
•
The identified area will be a target of a
future drill program to allow for a second
phase process plant expansion to increase
production and project value
Likely just
dirt in ground
11

12. Extensive Pit Shell Design and 3D Model
Completed (Property Overview)
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.
TSX: BKI
12

13. Concentrator Footprint Compressed by
Staggering HPGRs and Stacking LIMS
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.
TSX: BKI
13

14. Conventional Flowsheet
Producing High Quality Iron Ore Products
TSX: BKI
Fe
SiO2
P
S
Al2O3
Mn
P80
68.0%
4.5%
0.02%
0.05%
0.43%
0.03%
32 µm
B.F. Pellets
Fe
SiO2
S
CaO/SiO2
SiO2+Al2 O3
CaO+MgO
Compress.
65.5%
4.5%
<0.01%
0.15%
5.1%
1.0%
318kg/pel
D.R. Concentrate
Fe
SiO2
P
S
Al2O3
Mn
P80
69.5%
1.3%
0.02%
0.05%
0.28%
0.03%
32 µm
D.R. Pellets
Fe
SiO2
S
CaO/SiO2
SiO2+Al2 O3
CaO+MgO
Compress.
67.4%
2.0%
<0.01%
0.34%
2.4%
1.2%
283g/pel
Value-Add
Alternative
Products
Core Product
B.F. Concentrate
14

15. Excellent Infrastructure with confirmed access
Key to a Successful Iron Ore Project
TSX: BKI
• Paved roads to site, located 35km away from the
major city of Kryviy Rih which has a skilled work force
• Surplus electricity readily accessible from high voltage
power lines that run beside property
• ~2 km from main state-owned rail line
• Confirmation in July 2010 from Ukrainian Government
that there is sufficient capacity to haul at least an
additional 20 million tonnes of iron ore per annum
• 5 deep water ports accessible by rail with iron ore
facilities available
• Preferred port option is Yuzhny located ~430 km away
and providing access to the Black Sea and global
seaborne iron ore markets
** See Black Iron’s website at www.blackiron.com for a Corporate Video highlighting the project location and infrastructure **
15

16. Strategic Global Location
Close Proximity to Target Markets with Abundant Port and Rail Access
TSX: BKI
•
Project is surrounded by steel mills in Europe, Turkey
and the Middle East
•
River barge & rail access to Western Europe.
•
Five dry bulk tonnage ports accessible using railway
running beside properties
•
Approx 20% to 25% shorter transport distance to
growth markets of India and China compared to
North and South American producers
•
Excellent Ukrainian logistical
advantages
•
Densely populated
roadway infrastructure
•
468 million tonnes of
cargo transported via rail
•
155 million tonnes of
cargo transported via ship
16

17. Ukraine: A Mining Friendly Country in
Transition
TSX: BKI
•
S&P Sovereign Risk rating of B
−
Member of WTO
−
•
GDP growth of 4.2% in 2010; 5.2% in 2011; 0.2%
in 2012 (impacted by slowdown in global economy
and steel production)
−
•
Next Presidential election to occur in Q1-2015
(5 year term)
−
Strong desire by citizens and business for European
integration (and further separation from Russia)
but government has delayed signing “Trade
Agreement” over concerns of increased cost for
Russian gas and trade restrictions
•
Joining the “Trade Agreement” with Europe would
benefit Black Iron due to lower construction costs via
reduced duties. However not joining is neutral for
Black Iron, as the Bankable Feasibility Study was
completed without those cost savings assumptions
Economy dominated by agriculture & commodities
Large, highly skilled labour force (pop. 45.4 million)
GDP per capita only $7600/yr
Literacy rate >99%
−
−
•
Mining friendly jurisdiction with strong local and
national support
―
ArcelorMittal and Ferrexpo plc have operated
in-country for over 7 years
•
Legislated yearly corporate tax rate reductions to
16% in January 2016 from the current 18% rate
•
Favourable mining royalties of $0.09 per tonne of ore
mined (<1%) payable to the Government
Major Foreign Corporate Investors
$5Bn Investment
in Integrated Iron
Mine/Steel Mill
$3.2Bn Market Cap Iron
Ore and Steel Production
in Ukraine
― Steel production is Ukraine’s largest industry
― 60% of Ukraine’s total exports are commodityrelated (the majority of which is steel)
$1.8Bn Investment
in Shale Gas
Development
$10Bn Investment
in Shale Gas
Development
$10Bn Investment
in Shale Gas
Development
17

18. Globally Significant Iron Ore District
4th largest iron ore producer & 2nd largest reserve base
TSX: BKI
Production
Reserves
30%
21%
20%
10%
Historically well explored resource base but
substantially under-exploited due to historic Soviet
policy
15 iron ore mines in Ukraine produced 88 million
tonnes in 2012
7%
Kiev
Production
Reserves
Africa
Other
N. America
FSU
S. America
Australia
0%
Asia
% of World Production and Reserves
40%
Iron ore district trends 300 km with sedimentary rock
hosted banded iron formations (Dnenpovskog complex)
•
50%
Black Iron’s projects are located in the heart of
Ukraine’s iron ore belt
– 35km from city of 750,000 people
•
60%
•
•
Global Distribution of Fe Reserves &
Fe Production
Poltavsky GOK
Yeristovskoye
Kryviy Rih Iron Ore Complex
Shymanivske
Zelenivske
Kryviv Rih
Yuzhny GOK
Tsentralny
C Gok
YuGok
Ingulestky GOK
Ordzhonikize Gok
Source: Based on know production and reserves as listed in the USGS
2012 Iron Ore report
18

19. Permit Process for Shymanivske Deposit
Black Iron Remains on Track
TSX: BKI
Exploration
Permit
Explore
resource
potential
• Conduct
geophysical
program
• Drill ore body
• State approval
of explored
deposit
Completed
Extraction
Permit
Deem deposit
economical
• Complete
Ukraine version
of scoping study
including
evaluation of
various mining
methods & high
level
environmental
impact
Mining
Allotment
Pit shell reserves
& environmental
impact Gov
approval
• Complete field
environmental
(OVOS) &
archeological
studies for Gov
approval
• Submit pit shell
design &
mapped ground
surface project
for Gov. approval
Land
Allotment
Obtain surface
rights for mine,
refinery &
tailings
• Land use analysis
based on plot
plan showing
major buildings &
agreed
connections to
utilities, rail and
roads (Proekt)
• Approval of the
project location
• Approval from all
land owners &
finalize lease
Construction
Approval
Start mine
overburden
removal & plant
construction
• Detailed design
approved
(Expertisa)
• Obtaining the
construction
permit
• Commissioning
of the facility
• Registration of
the ownership to
the facility
Operations
Approval
Operate mine &
refinery
• Ensure
compliance with
Ukraine Safety,
Environment,
Health and
Employment
laws as check by
regular Gov
inspections
• Finalize
environmental
permits
19

20. BFS Highlights – High Grade Concentrate
High Value, Low Net Cost Iron Ore Development Project
TSX: BKI
Annual Production:
Iron Content:
Estimated Capital Investment:
(capital intensity)
9.9 Mt
68.0%
US$1,097 million
US$111/t
Estimated Operating Expenses:
(average FOB)
(average at Mine Gate)
US$44.54/t
US$29.64/t
Long-Term CFR Benchmark Price(62%):
Net Present Value (8%):
Internal Rate of Return:
Annual Average Cash Flow:
Projected Payback (8%):
Estimated Mine Life:
US$95/t
(pre-tax)
(after-tax)
(pre-tax)
(after-tax)
(pre-tax)
(after-tax)
(pre-tax)
(after-tax)
modelled reserve
total defined resource
US$3.3 billion
US$2.6 billion
48%
39%
US$630 million
US$536 million
2.0 years
2.5 years
14 years
~19 years
Projected Plant Start-Up
Q4 2016
Projected Revenue Commencement
Q1 2017
* Bankable Feasibility Study completed by Lycopodium
** See Disclaimer on page 2 **
20

21. Black Iron’s Operating Cost Competitiveness
Shymanivske: First Quartile to Local Markets; Second Quartile to China
TSX: BKI
Total Cash Cost (US$/t CFR)
2013E Iron Ore Cost Curve
Spot: $124/t
BKI delivered to
Europe/Middle East
Markets
BKI delivered
to China
World Cumulative Production (%)
Source: Company data; Wood Mackenzie; BMO Capital Markets
* Adjusted for iron content and shipping distance
** See Disclaimer on page 2 **
21

22. ** See Disclaimer on page 2 **
Source: Company data; Renaissance Capital estimates
211 217 221 222
190 192 200
180 186 188 189
236
Grange Resources…
Average = 162
Xstrata (Geulb el Aouj)
Baffinland
CITIC Pacific (Sino)
Atlas Iron (Balla Balla)
BHP (Samarco)
ArcelorMittal (Western…
Aquila (West Pilbara)
BHP (RGP5&6)
Anglo American (Minas Rio)
Gindalbie (Karara)
Rio Tinto (Pilbara)
157 159 159 160 167
Atlas Iron (Ridley)
Xstrata (Zanaga)
Auila (Hardey)
Alderon
IRC (K&S)
134 135 141 142
109 109 111 122
London Mining
IRC (Kuranakh)
Ferrexpo (Yeristovo)
Kumba
Sundance
Rio Tinto (IOC)
Black Iron
Fortescue (Expansion)
84 87 90 92
ArcelorMittal (Western…
African Minerals (DSO)
Xstrata (Askaf)
African Minerals (phase2)
Vale (Shimandou 1)
100%
75%
50%
25%
0%
Black Iron’s Capital Cost Advantage
Shymanivske Relative to Other Iron Ore Projects
TSX: BKI
CAPEX Forecast
(US$/t of capacity)
258
22

23. Black Iron Stacks Up Relative to Competition
Strong Economics Reinforced by Favourable Tax and Royalties
TSX: BKI
Tax Regime
32.0
48.0
Royalties
5%
New
Millenium
Black Iron
Alderon
Gindalbie
Brockman
Northland
Iron Road
2.6
Post-Tax & Royalty IRR
(%)
39.1
2%
16.9
18.9
20.5
22.7
23.1
Alderon
29.3
38.0
16%3
Northland
25.0
35.0
1.0
0.1 0.3 0.6
Brockman
Pre-Tax & Royalty IRR
(%)
29%
1.8 1.8 1.9
Gindalbie
Gindalbie
New
Millenium
Black Iron
Alderon
Northland
Iron Road
Centaurus
Macarthur
Brockman
3.2 3.3 3.3 3.4
4.9
39%2
Macarthur
7.3
1.5
0.3 0.5 1.1
Post-Tax & Royalty NPV8
(US$ billions)
30%
+30%1
Centaurus
Pre-Tax & Royalty NPV8
(US$ billions)
Black Iron
<0.1%4
New
Millenium
Black Iron
Brockman
Gindalbie
Northland
Alderon
New
Millenium
5-8%
Source: Company data; Press Release; Research Estimates
Disclaimer: Post-tax and royalty graphs are for illustrative purposes only using simple math. These numbers have not been reported, nor are they substantiated by a financial model. 1
Super-Profits tax >A$75 million profit. 2 Includes Brazil mining tax of $4 / tonne of iron ore. 3 Legislated Corp tax rate as at Jan 1, 2016. 4 Royalties of $0.09 per tonne of ore mined.
23

24. Black Iron’s Target Capital Funding Strategy
49% of Equity Capital Solidified with Metinvest Transaction;
100% of Off-Take Still Available
TSX: BKI
Estimated Capital Investment
US$1.1 billion
40%
60%
Equity Investment
51%
Debt Investment
49%
Black Iron Inc.
(TSX: BKI)
Metinvest
Export Credit Agencies
(US$250-300 million)
(US$300-400 million)
9.9Mtpa
Off-take
(US$250-300 million)
Bank Debt /
High-Yield Bonds
(US$250-350 million)
Capital Markets
(US$0-50 million)
Significant Off-take Opportunity with Equity Funding Support from Metinvest
** See Disclaimer on page 2 **
** % and $ amounts are indicative only and subject to negotiation **
24

25. Black Iron Continues to Deliver
Shymanivske Project Development Timeline
TSX: BKI
2011-2012
Drill metallurgical holes
Scoping Study/PEA
Definition Drilling
Bankable Feasibility Study
Pilot Plant Test Work




Land Acquisition
Off-take
Permitting
Detailed Engineering
Construction
Production
Milestone Achieved
** See Disclaimer on page 2 **
2013

2014
Future

2014 Milestone
25

26. Black Iron Value Proposition
TSX: BKI
Skilled
Leadership
Strategic
Partners
Exceptional
Infrastructure
Sizable
Resource
Close to
Target Markets
Compelling
Economics
* Please see note on Page 2
Experienced management team and Board with history of creating value
for shareholders of Consolidated Thompson, RioTinto and Ferrexpo
Metinvest: Largest company in Ukraine; committed to half of project financing
Excellent access to skilled labour, power, rail & ports
Large iron ore deposit with NI 43-101 compliant resource*
• 646 Mt Measured & Indicated resource @ 31.6% iron; additional 188 Mt of
Inferred resource @ 30.1% iron, which will be concentrated to ~68% iron
• Potential for resource expansion to 1.1-1.8 Bt
Close to Steel Mills in: W.Europe, Turkey, Russia, Asia and Middle East
High margins due to close proximity to multiple steel mills, skilled labour
cost advantage and favourable corporate tax rate of 16%
• Bankable Feasibility Study for 9.9Mt of high-grade 68% iron ore concentrate
– NPV of US$3.3 billion and 48% IRR (US$2.6 billion and 39% after-tax)
26
26

27. Shymanivske Project Site
TSX: BKI

28. CONTACT INFORMATION
65 Queen Street West
Suite 805, P.O. Box 71
Toronto, Ontario, Canada
M5H 2M5
www.blackiron.com
Investor Relations
Toronto: +1 (416) 309-2134 - Michael McAllister, IR Manager
London: +44 (0) 207 466 5000
Ukraine: +380 (56) 409-2536
info@blackiron.com
TSX: BKI
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