This document provides an overview of an investment opportunity in Black Iron Inc., an iron ore mining company with a project in Ukraine. Key points include: - Black Iron has completed a positive feasibility study for its Shymanivske project in Ukraine, outlining a 9.9M tonne per year operation with attractive economics. - The project benefits from excellent existing infrastructure access for rail, port and power, as well as a skilled local workforce. - Metinvest, Ukraine's largest mining and steel company, has agreed to provide up to 50% of project financing. - Black Iron has secured key permits and land use rights, and its management team has extensive experience developing iron ore projects.

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

2. TSX: BKI
Disclaimer Forward Looking Statement
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, 2013 (and dated March 14, 2013) 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 on commercially reasonable terms; and the impact of concerns relating to permitting, regulation, governmental and local community relations, including the results of upcoming Presidential elections and Western and Russian responses to the results of said elections. 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 “completion of the transaction with Metinvest” 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. The technical information contained herein is derived from or a summary of the NI 43-101 Compliant Technical Report entitled “Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc”, dated January 24, 2014 (Prepared by Lycopodium Minerals Canada Ltd. the “Feasibility Study”) – For additional information, please see the Feasibility Study filed on www.sedar.com dated January 24, 2014. *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, Vice-President 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 43-101 by the independent firms of Lycopodium Minerals Canada Ltd.; Soutex Mineral & Metallurgical Consultants; 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. TSX: BKI
What Sets Black Iron Apart?
Access to Skilled Labour & Existing Infrastructure –
Two of the Most Challenging Iron Ore Project Development Risks
Key Development Risks
Taxes/Royalties
Human Resources
Access to Infrastructure
Community Opposition
Licensing/Permitting
Access to Water
Electricity Supply
Canada
Brazil
Africa
Australia
Ukraine
3

4. TSX: BKI
* Please see note on Page 2
Black Iron has ALL the Key Fundamentals for a Successful Low Cost Project in Place
Exceptional Infrastructure
• Significant infrastructure advantages (power, rail and port) with confirmed access and capacity
• Skilled local workforce
• Local partnerships
Compelling Economics
• Bankable Feasibility Study (Shymanivske Project): - 9.9Mtpa of 68% Fe Conc. - Post-tax NPV8 of US$2.6B - Post-tax IRR of 39%
•Break even price of $54/t (after-tax)
Sizeable Resource
•Large NI 43-101 Compliant Resource* at Flagship Shymanivske - 646Mt (M+I) @ 32% Fe - 188Mt (Inf) @ 30% Fe - Significant resource potential upside
Skilled Leadership
•History of creating value for shareholders
•Significant Ukrainian political and iron ore operations experience
Close to Target Markets
• Located in Kryvyi Rih, Ukraine a major iron ore district, close to Europe, Turkey, Russia, Asia and Middle East
Metinvest Development Agreement
•Ukraine’s largest company, 9th globally in iron ore, 16th in steel
•Committed to half of project construction financing (est. $250-$500M)
4

5. TSX: BKI
Board of Directors
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 Les Kwasik – COO
•Over 40 years of hands-on experience building and operating mines globally with companies such as with INCO (VALE), Xstrata Columbia delivering disciplined operational successes in the mining industry Paul Bozoki – CFO Aaron Wolfe – VP Corp Development Nikolay Bayrak – VP Gov’t & Community Relations
•Former department head, Ukrainian Ministry of Emergencies and Public Protection; Former MP George Mover – Special Advisor
•Former Project General Director of Ferrexpo Yeristovo Mining, Ukraine. Since 1994,worked on numerous mining projects in Former Soviet Union countries
Bruce Humphrey – Chairman
•Former Chief Operating Officer of Goldcorp 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 Invecture 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
A Track Record of Iron Ore Success with Rio Tinto’s Iron Ore Company of Canada, and Ferrexpo
5

6. TSX: BKI
Major Local Development Partner: Metinvest Ukraine’s Largest Company and a Global Iron Ore & Steel Producer
•Over 100,000 employees; Generated US$12.8 billion of revenues and a 18% EBITDA margin in 2013
•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:
•Global Commodity Ranking:
•DTEK >18GW of electricity production (~26%)
•Leman Trans, ~21% of railway cars
•Portinvest, ~13% of Ukraine’s port capacity
•9th in Iron Ore with 33.9 MT
•16th in Steel with 18.4 MT
•33rd in Coal with 2.6 MT
6

7. TSX: BKI
Sound Capital Structure Attractive Valuation with Substantial Upside & Funding Support
Corporate Structure
Capital Structure (TSX: BKI)
Shares Outstanding
161.1 million
Stock Options(1)
9.9 million
Warrants(2)
20.6 million
Fully Diluted Shares
191.7 million
Market Cap(3)
~US$8.4 million
Current Cash Balance(4)
~US$19.2 million
Debt Balance
nil
1.9,913,750 options exercisable at a weighted average price of $0.32 per share.
2.935,370 Warrants Expire Feb 20, 2016 (strike price: $0.25); 17.7M Warrants Expire Feb 20, 2017(strike price : $0.25); 2M Warrants Expire Aug 19, 2016(strike price: $0.20).
3.As Dec 1, 2014, using a closing price of CAD $0.06 per share.
4.Consolidated cash position as at Sept 30, 2014 as per Q3 Financial Statements
Analyst Coverage
Black Iron Inc. (TSX: BKI)
Metinvest B.V. (Ukraine private)
Black Iron (Cyprus) Ltd. (Cyprus private)
Shymanivske Steel (Ukraine private)
Zelenivske Steel (Ukraine private)
51%
49%
100%
100%
7

8. TSX: BKI
Deposits In Mining Friendly Region Adjacent to existing Iron Ore Producers
•Two mining and exploration permits covering 5.92 km2
−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
•Adjacent to ArcelorMittal’s Kryvyi Rih iron ore complex and Metinvest & 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
Black Iron’s Shymanivske Project* M&I: 646Mt @ 31.6% Inferred: 188Mt @ 30.1%
Black Iron’s Zelenivske Project
ArcelorMittal’s Kryvyi Rih Iron Ore Complex
Metinvest & Evraz’s YuGOK Iron Ore Mine
Railway lines
**See Black Iron’s website at www.blackiron.com for a Corporate Video highlighting the project location and infrastructure **
*Please see notes on page 2 -Resources are not Reserves and do not have economic viability -Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 26
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9. TSX: BKI
Large Ore Deposit with Growth Potential
•Banded iron formation consisting primarily of magnetite with some hematite
−Iron band thickness ranges from 40-80 m
−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
−Very clean ore body low in phosphorus, manganese and aluminum
•Resource defined by ~54,000 metres of drilling
―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
―Total iron grade and band width align very well with 37,000 metres of historical drilled data
•Potential for resource expansion
−Additional drilling of Shymanivske at North end of deposit and to depth
−Exploration of the Zelenivske project
Shymanivske
Tonnage
(Mt)
Fe Tot
(%)
Fe Mag
(%)
Proven
312.9
31.1
19.5
Probable
136.1
31.1
18.9
Total Reserves*
449.0
31.1
19.3
Measured
(incl. Proven)
355.1
32.0
19.5
Indicated
(incl. Probable)
290.7
31.1
17.9
Total Resources*
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 *Mineral Resources include Mineral Reserves. Please see notes on page 2 -Resources are not Reserves and do not have economic viability -Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 27 -The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology and Natural Resources
9

10. TSX: BKI
Potential Resource Extension at Shymanivske Ground Gravity Shows Iron Ore Mineralization at North End
•Ground gravity and magnetic surveys show potential extension of iron ore mineralization at North end of property as circled in red
•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
Potential resource upside to be drilled
Drill hole
Property boundary
Very likely Iron in ground
Likely just dirt in ground
10

11. TSX: BKI
Extensive Pit Shell Design and 3D Model Completed (Property Overview)
11
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

12. TSX: BKI
Concentrator Footprint Compressed by Staggering HPGRs and Stacking LIMS
12
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

13. TSX: BKI
13
Conventional Flowsheet Producing High Quality Iron Ore Products
Fe
68.0%
SiO2
4.5%
P
0.02%
S
0.05%
Al2O3
0.43%
Mn
0.03%
P80
32 μm
B.F. Concentrate
Fe
65.5%
SiO2
4.5%
S
<0.01%
CaO/SiO2
0.15%
SiO2+Al2 O3
5.1%
CaO+MgO
1.0%
Compress.
318kg/pel
B.F. Pellets
Fe
69.5%
SiO2
1.3%
P
0.02%
S
0.05%
Al2O3
0.28%
Mn
0.03%
P80
32 μm
D.R. Concentrate
Fe
67.4%
SiO2
2.0%
S
<0.01%
CaO/SiO2
0.34%
SiO2+Al2 O3
2.4%
CaO+MgO
1.2%
Compress.
283g/pel
D.R. Pellets
Core Product
Value-Add Alternative Products

14. TSX: BKI
Secured Infrastructure Access (Rail, Port Power) Key to a Successful Iron Ore Project
•Letters of Intent in place for Electricity (140MW) and Natural Gas (900m3/hr @85kPa)
•Paved roads to site, located 35km away from the major city of Kryvyi Rih which has a highly skilled work force
•Letter of Intent in place for up to 20 million tonnes per year of rail capacity from site to Port Yuchniy
•Black Iron’s Shymanivske Project is ~2 km from main state-owned rail line
•Letter of Intent in place with a private operator at Port Yuzniy for 9.5 million tonnes per year +/- 15%
•Port Yuzniy is located ~430 km away and provides 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 **
14

15. TSX: BKI
Strategic Global Location Close Proximity to Target Markets with Abundant Port and Rail Access
•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
15

16. TSX: BKI
Ukraine: A Mining Friendly Country in Transition
•Member of World Trade Organization (WTO)
•S&P Sovereign Risk rating of B
−Commodity driven economy (agriculture, metals and energy)
−Steel production is Ukraines largest industry
−60% of total exports are commodity-related (majority is steel)
−Recently held successful presidential election (5 year term); elected a new pro-democracy pro- Ukraine leader
−Gross Domestic Product (GDP) in Ukraine averaged 0.55% from 2010 until 2014, reaching an all time high of 3.90% in the second quarter of 2010 and a record low of -2% in the first quarter of 2014
•Signed the “Ukraine-European Union Association Agreement“ in two stages in 2014 (political portion March 21; economic portion June 27)
−Demonstrates a strong desire by citizens and business for closer European integration
−Expected to result in lower duties, but could drive Russian gas imports up
•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 8 years
•Competitive Corporate tax rate of 18% (Approximately half compared to other major iron ore producing countries)
$5Bn Investment in Integrated Iron Mine/Steel Mill
$3.2Bn Market Cap Iron Ore and Steel Production in Ukraine
$1.8Bn Investment in Shale Gas Development
Major Foreign Corporate Investors
$10Bn Planned Investment in unconventional gas exploration and development
$10Bn Planned Investment in exploration and development of shale gas
16

17. TSX: BKI
0%
10%
20%
30%
40%
50%
60%
% of World Production and Reserves
Production
Reserves
Source: Based on know production and reserves as listed in the USGS 2013 Iron Ore report
Globally Significant Iron Ore District 4th largest iron ore producer & 2nd largest reserve base
Global Distribution of Fe Reserves & Fe Production
•Black Iron’s projects are located in the heart of Ukraine’s iron ore belt
–35km from Kryvyi Rih, city of 750,000 people
•Iron ore district trends 300 km with sedimentary rock hosted banded iron formations (Dnenpovskog complex)
•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
Kiev
Yeristovskoye
Poltavsky GOK
Tsentralny
Kryviy Rih Iron Ore Complex
Ingulestky GOK
Yuzhny GOK
Kryviv Rih
Ordzhonikize Gok
Shymanivske
Zelenivske
C Gok
YuGok
Production
Reserves
7%
20%
17

18. TSX: BKI
Permit Process for Shymanivske Deposit Black Iron Remains on Track
Exploration Permit
Extraction Permit
Mining Allotment
Construction Approval
Operations Approval
Deem deposit economical
•Complete Ukraine version of scoping study including evaluation of various mining methods & high level environmental impact
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
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
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
Explore resource potential
•Conduct geophysical program
•Drill ore body
•State approval of explored deposit
Operate mine & refinery
•Ensure compliance with Ukraine Safety, Environment, Health and Employment laws as check by regular Gov inspections
•Finalize environmental permits
Completed
Land Allotment
18

19. TSX: BKI
Annual Production:
9.9 Mt
Iron Content:
68.0%
Estimated Capital Investment:
(capital intensity, includes 15% contingency)
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%):
US$95/t
Net Present Value (8%):
(pre-tax)
(after-tax)
US$3.3 billion
US$2.6 billion
Internal Rate of Return:
(pre-tax)
(after-tax)
48%
39%
Annual Average Cash Flow:
(pre-tax)
(after-tax)
US$630 million
US$536 million
Projected Payback (8%):
(pre-tax)
(after-tax)
2.0 years
2.5 years
Estimated Mine Life:
modelled reserve
total defined resource
14 years
~19 years
Projected Plant Start-Up
Q4 2016
Projected Revenue Commencement
Q1 2017
BFS Highlights – High Grade Concentrate High Value, Low Net Cost Iron Ore Development Project
*** See Disclaimer on page 2
* Bankable Feasibility Study completed by Lycopodium **Black Iron’s interest in Project is 51%
19

20. TSX: BKI
Black Iron’s Operating Cost Competitiveness Shymanivske: First Quartile to Local Markets; Second Quartile to China
20
** See Disclaimer on page 2 **
2013 Iron Ore Cost Curve
World Cumulative Production (%)
Source: Company data; Wood Mackenzie; BMO Capital Markets * Adjusted for iron content and shipping distance
BKI delivered to Europe/Middle East Markets
BKI delivered to China
Spot: $70/t
Total Cash Cost (US$/t CFR China)

21. TSX: BKI
** See Disclaimer on page 2 **
Black Iron’s Capital Cost Advantage Shymanivske Relative to Other Iron Ore Projects
21
Source: Company data; Renaissance Capital estimates
Vale (Shimandou 1)
African Minerals (phase2)
Xstrata (Askaf)
African Minerals (DSO)
ArcelorMittal (Western …
Fortescue (Expansion)
Black Iron
Rio Tinto (IOC)
Sundance
Kumba
Ferrexpo (Yeristovo)
IRC (Kuranakh)
London Mining
IRC (K&S)
Alderon
Auila (Hardey)
Xstrata (Zanaga)
Atlas Iron (Ridley)
Rio Tinto (Pilbara)
Gindalbie (Karara)
Anglo American (Minas Rio)
BHP (RGP5&6)
Aquila (West Pilbara)
ArcelorMittal (Western …
BHP (Samarco)
Atlas Iron (Balla Balla)
CITIC Pacific (Sino)
Baffinland
Xstrata (Geulb el Aouj)
Grange Resources …
84
87
90
92
109
109
111
122
134
135
141
142
157
159
159
160
167
180
186
188
189
190
192
200
211
217
221
222
236
258
CAPEX Forecast
(US$/t of capacity)
Average = 162
0%
25%
50%
75%
100%

22. TSX: BKI
Black Iron’s Target Capital Funding Strategy 49% of Equity Capital Solidified with Metinvest Transaction; 100% of Off-Take Still Available
** See Disclaimer on page 2 **
Estimated Capital Investment US$1.1 billion
Equity Investment
Debt Investment
Black Iron Inc.
(TSX: BKI)
Metinvest
9.9Mtpa Off-take
Export Credit Agencies
Bank Debt / High-Yield Bonds
Capital Markets
60%
40%
49%
51%
(US$250-300 million)
(US$0-50 million)
(US$300-400 million)
(US$250-350 million)
Significant Off-take Opportunity with Equity Funding Support from Metinvest
** % and $ amounts are indicative only and subject to negotiation **
(US$250-300 million)
22

23. TSX: BKI
Shymanivske Project Development Timeline*
2011-2013
2014
Scoping Study/PEA
Bankable Feasibility Study
Off-take & Project Finance
Construction
Drill metallurgical holes
Definition Drilling
Land Acquisition
Detailed Engineering
Production
Future
* 2015 timeline contingent upon peace in Ukraine and recovered iron ore price
** See Disclaimer on page 2 **
Pilot Plant Test Work
2015
Permitting
Milestone Achieved
23
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






24. TSX: BKI
Black Iron Value Proposition
Close to Steel Mills in: W.Europe, Turkey, Russia, Asia and Middle East
Close to Target Markets
Large iron ore deposit with NI 43-101 compliant resource*
•646 Mt Measured & Indicated mineral resource @ 31.6% iron; additional 188 Mt of Inferred mineral resource @ 30.1% iron, which will be concentrated to ~68% iron
•Potential for resource expansion
Sizable
Resource
Excellent access to skilled labour, power, rail & ports
Exceptional
Infrastructure
Experienced management team and Board with history of creating value for shareholders of RioTinto and Ferrexpo
Skilled Leadership
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)
Compelling Economics
*Please see notes on page 2
-Resources are not Reserves and do not have economic viability
-Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 26
**The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology and Natural Resources
Strategic
Partners
Metinvest: Largest company in Ukraine; committed to half of project equity financing
24

25. TSX: BKI
Shymanivske Project Site
Paved Road
High voltage power lines
State-owned rail line
25

26. Appendix

27. TSX: BKI
Mineral Reserves & Resources Estimate
1) Mineral Reserve Estimate for the Shymanivske iron ore open pit as of January 8, 2014 prepared by P&E Mining Consultants Inc. under the direction of Eugene Puritch, P.Eng.
2) The Mineral Reserve is based on a cut-off grade of 13.0% Fe-Mag and incorporates an ore loss of 2% and dilution factor of 7.1%.
3) The terms "mineral reserve", "probable mineral reserve" and "proven mineral reserve" have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended.
4) P&E is not aware of mining, metallurgical, infrastructure, permitting, or other factors that could materially affect the mineral reserve estimates.
27
Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag
*Mineral Resources include Mineral Reserves. Please see notes on page 2
-Resources are not Reserves and do not have economic viability
-Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014
-The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology and Natural Resources
Shymanivske
Tonnage
(Mt)
Fe Tot
(%)
Fe Mag
(%)
Proven
312.9
31.1
19.5
Probable
136.1
31.1
18.9
Total Reserves*
449.0
31.1
19.3
Measured
(incl. Proven)
355.1
32.0
19.5
Indicated
(incl. Probable)
290.7
31.1
17.9
Total Resources*
645.8
31.6
18.8
Inferred
188.3
30.1
18.4

28. Contact us:
805-65 Queen Street West
Toronto, ON, Canada, M5H 2M5
Mike McAllister, Manager IR
Toronto: +1(416) 309 2134
Ukraine: +380 (56) 409 2536
info@blackiron.com
TSX: BKI
Follow us:
www.blackiron.com