This corporate presentation from Black Iron Inc. summarizes an investment opportunity in their Shymanivske iron ore project located in Ukraine. Key highlights include a bankable feasibility study showing a large resource of over 645 million tonnes, low capital and operating costs, secured infrastructure access, and attractive project economics with an after-tax IRR of 39% and NPV of $2.6 billion. The presentation outlines Black Iron's strategy to finalize project funding through equity investment, debt financing, and off-take agreements to advance the project towards production.

1. A Compelling Iron Ore Investment Opportunity
Corporate Presentation
February 2017
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 Low Cost Highly 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
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
4

5. TSX: BKI
Board of DirectorsKey Management
Matt Simpson – CEO
• Former General Manager, Mining for Rio Tinto’s Iron
Ore Company of Canada
• Worked for Hatch designing global metallurgical
refineries
Michael Spektor – President
• Former CEO of VS Energy International which
distributes ~30% of Ukraine’s electricity and owns one
of Ukraine’s largest steel mills
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
• Former CFO of CD Capital Partners, operating in Soviet
Union & Ukraine
Nikolay Bayrak – VP Gov’t & Community Relations
• Former department head, Ukrainian Ministry of
Emergencies and Public Protection; Former MP
Bruce Humphrey – Chairman
• Former Chairman of Consolidated Thompson Iron
Ore and Chief Operating Officer of Goldcorp
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
Management & Board Have Track Record of
Iron Ore Success
5

6. TSX: BKI
Sound Capital Structure
Attractive Valuation with Substantial Upside & Funding Support
Capital Structure (TSX: BKI)
Shares Outstanding 159.7 million
Stock Options 9.5 million
Warrants 17.7 million
Fully Diluted Shares 186.9 million
Market Cap1
~$22 million
Working Capital2
US$7.3 million
Debt nil
Analyst Coverage
1 As of February 8, 2017
2 As of September 30, 2016

7. TSX: BKI
Deposits In Mining Friendly Region
Adjacent to existing Iron Ore Producers
• Mining permit at Shymanivske,
which has been extensively
explored, covering 2.56 km2 valid
until 2024
• 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%
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
7
Zelenivske
Iron Ore Deposit

8. 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
8

9. TSX: BKI
Detailed Mine Pit Design and 3D Plant Model
Completed For Feasibility Study
9
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

10. TSX: BKI
Compact Concentrator Surface Footprint
10
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

11. TSX: BKI
Rail, Port & Power Access Secured
Essential for 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 ** 11

12. 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
Exchange Rate (currently 28UAH:US$1) 8UAH:US$1
Feasibility Study Highlights
High Value, Low Net Cost Iron Ore Development Project
* Bankable Feasibility Study completed by Lycopodium in 2014
12

13. TSX: BKI
** See Disclaimer on page 2 **
Black Iron’s Capital Cost Advantage
Shymanivske Relative to Other Iron Ore Projects
13
Source: Company data; Renaissance Capital estimates
Vale(Shimandou1)
AfricanMinerals(phase2)
Xstrata(Askaf)
AfricanMinerals(DSO)
ArcelorMittal(Western…
Fortescue(Expansion)
BlackIron
RioTinto(IOC)
Sundance
Kumba
Ferrexpo(Yeristovo)
IRC(Kuranakh)
LondonMining
IRC(K&S)
Alderon
Auila(Hardey)
Xstrata(Zanaga)
AtlasIron(Ridley)
RioTinto(Pilbara)
Gindalbie(Karara)
AngloAmerican(MinasRio)
BHP(RGP5&6)
Aquila(WestPilbara)
ArcelorMittal(Western…
BHP(Samarco)
AtlasIron(BallaBalla)
CITICPacific(Sino)
Baffinland
Xstrata(GeulbelAouj)
GrangeResources…
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%

14. 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
9.9Mtpa
Off-take
Export Credit Agencies
Bank Debt /
High-Yield Bonds
Capital Markets
60%40%
(US$300-400 million)
(US$0-50 million)
(US$300-400 million)
(US$250-350 million)
** % and $ amounts are indicative only and subject to negotiation **
14

15. TSX: BKI
Shymanivske Project Development Timeline
2011-2015 2016-2017
Scoping Study/PEA
Bankable Feasibility Study
Off-take & Project Finance
Construction
Drill metallurgical holes
Definition Drilling
Land Acquisition
Detailed Engineering
Production
Future
** See Disclaimer on page 2 **
Pilot Plant Test Work
Permitting
Milestone Achieved
15
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16. 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
16

17. TSX: BKI
Ukraine: A Mining Friendly Country in
Transition
 Member of World Trade Organization (WTO)
 Commodity driven economy (agriculture, metals and
energy)
− Steel production is Ukraine’s largest industry
− 60% of total exports are commodity-related
(majority is steel)
 Signed the Ukraine-European Union Association
Agreement in 2014
– Demonstrates a strong desire by citizens and
business for closer European integration
 Large, highly skilled labour force (pop. 45.4 million)
− GDP per capita only $2000/yr in 2015 as reported
by the World Bank
− Literacy rate >99%
 Mining friendly jurisdiction with strong local and
national support
− LSE listed ArcelorMittal and Ferrexpo plc have
successfully operated in-country for over 10 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
Major Foreign Corporate Investors
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
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 & portsExceptional
Infrastructure
Experienced management team and Board with history of creating value
for shareholders of RioTinto and Consolidated Thompson
Skilled
Leadership
High margins due to close proximity to multiple steel mills, skilled labour
cost advantage and favourable corporate tax rate of 18%
• Bankable Feasibility Study for 9.9Mt of high-grade 68% iron ore concentrate
– after tax NPV of US$2.6 billion and 39% IRR
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
19

20. Appendix

21. TSX: BKI
0%
10%
20%
30%
40%
50%
60%
%ofWorldProductionandReserves
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
TsentralnyKryviy Rih Iron Ore Complex
Ingulestky GOK
Yuzhny GOK
Kryviv Rih Ordzhonikize Gok
C Gok
YuGokShymanivske
Production Reserves
7%
20%
21

22. 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.
22
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

23. 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
23

24. TSX: BKI
24
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
CoreProduct
Value-Add
Alternative
Products

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

26. Contact us:
805-65 Queen Street West
Toronto, ON, Canada, M5H 2M5
Toronto: +1(416) 309 2138
Ukraine: +380 (56) 409 2536
info@blackiron.com
TSX: BKI
Follow us:
www.blackiron.com