Black Iron is developing the Shymanivske iron ore project in Ukraine. It has completed a bankable feasibility study showing potential production of 9.2 million tonnes per year of 68% Fe concentrate with a pre-tax NPV of $3.5 billion and IRR of 45.9%. The project benefits from excellent infrastructure including access to rail, ports, power and a skilled workforce. Black Iron has also secured a major development partner in Metinvest, Ukraine's largest mining and steel company. The project has a large NI 43-101 compliant resource of 646 million tonnes measured and indicated and additional exploration potential.

1. A Compelling Iron Ore Investment Opportunity
Corporate Presentation
September 2013
TSX: BKI

2. TSX: BKI
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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, 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 WorleyParsons Canada Services Ltd. (“WorleyParsons”), 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 November 15, 2012.
*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, 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 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.

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What Sets Black Iron Apart?
Access to Skilled Labour & 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 4
Black Iron has ALL the Key Fundamentals for
a Successful Low Cost Project in Place
Exceptional
Infrastructure
• Significant infrastructure
advantages (power, rail
and port)
• Skilled local workforce
• Local partnerships
Compelling
Economics
• Bankable Feasibility Study
(Shymanivske Project):
- 9.2Mtpa of 68% Fe Conc.
- Pre-tax NPV8 of US$3.5B
- Pre-tax IRR of 45.9%
• Break even price of $53/t
Sizable
Resource
• Large NI 43-101 Compliant
Resource*
- Shymanivske
646Mt (M+I) @ 32% Fe
188Mt (Inf) @ 30% Fe
- Zelenivske (upside)
1.1 - 1.8Bt potential
Skilled
Leadership
• History of creating value
for shareholders
• Significant Ukrainian
political and iron ore
operations experience
Close to
Target Markets
• Located in Kryviy 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 (up to $535M)

5. TSX: BKI
Board of DirectorsKey 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
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
A Track Record of Iron Ore Success
with Consolidated Thompson Iron Mines, Rio Tinto’s Iron Ore Company
of Canada, and Ferrexpo

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Project Backed by Forbes & Manhattan
Success with Consolidated Thompson’s Bloom Lake Iron Mine
• 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)
• Raised over Cdn$1 bn in capital
• Attracted and put in place a qualified
management team
Recently
acquired
for $4.9
billion
$1 mm
market
cap
First F&M
involvement
Forbes&ManhattanInvolvement
2005 Q1-2011
Acquired
for $4.9
billion

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Major Local Development Partner: Metinvest
Ukraine’s Largest Company and a Global Iron Ore & Steel Producer
• 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:
• 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

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Sound Capital Structure
Attractive Valuation with Substantial Upside & Funding Support
8
Corporate StructureCapital Structure (TSX: BKI)
Shares Outstanding 141.4 million
Stock Options (1)
5.3 million
Fully Diluted Shares 146.7 million
Market Cap(2)
~US$26.9 million
Current Cash Balance(3)
~US$4.6 million
Debt Balance nil
1. 5,288,750 options exercisable at a weighted average price of $0.60 per share.
2. As at Aug 23, 2013, using a closing price of CAD $0.20 per share.
3. As at Jun 30, 2013 per Q2 Unaudited Financial Statements.
Metinvest Transaction Summary
Analyst Coverage
Black Iron Inc.
(TSX: BKI)
Shymanivske
Steel
Zelenivske
Steel
Metinvest
Black Iron
Cyprus
• Metinvest acquires 49% of Black Iron Cyprus for US$20M
• Metinvest required to fund its prorata portion of equity
financed capital costs to develop the assets or be diluted
• 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

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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 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
Black Iron’s
Shymanivske Project
M&I: 646Mt @ 31.6%
Inferred: 188Mt @ 30.1%
Black Iron’s
Zelenivske
Project
ArcelorMittal’s Kryviy Rih
Iron Ore Complex
Smart & 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 **

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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
− 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 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
Shymanivske
Resource*
Tonnage
(Mt)
Fe Tot
(%)
Fe Mag
(%)
Measured 355.1 32.0 19.5
Indicated 290.7 31.1 17.9
Total Measured
and Indicated
645.8 31.6 18.8
Inferred 188.3 30.1 18.4
* Please see note on page 2
Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag

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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

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Extensive Pit Shell Design and 3D Model
Completed
Property Overview Concentrator Layout
* Bankable Feasibility Study complete by Worley Parsons
** See Black Iron’s website at www.blackiron.com for a Virtual Mine Site Tour **

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Conventional Flowsheet (simplified)
Producing High Quality Iron Ore Products
Drill Blast Load & Haul Crush
HPGRBall Mill (x2)Vertical Mill Magnetic Separator
Sulphur Floatation Pellet Plant
Fe 68.0%
SiO2 4.5%
P 0.02%
S 0.05%
Al2O3 0.43%
Mn 0.03%
P80 32 µm
Concentrate
Fe 65.0%
SiO2 4.13%
P 0.025%
S 0.01%
Mn 0.15%
Pellets
(optional)

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Excellent Infrastructure
Key to a Successful Iron Ore Project
• 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 ~390 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 **

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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

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Ukraine: A Mining Friendly Country
Strong Local and National Support
• Politically stable Democratic republic
― Parliament reelected in October 2012 for a
further five year term
― S&P Sovereign Risk rating of B
• Economy dominated by agriculture & commodities
― Steel production is Ukraine’s largest industry
― 60% of Ukraine’s total exports are commodity-
related (the majority of which is steel)
• Strong economic growth
− GDP growth of 4.2% in 2010; 5.2% in 2011;
2012 forecast to be 6.5% growth
− Member of WTO
− Ongoing negotiations to sign “Association
Agreement” with European Union
− Potential key member of the Russia proposed
Eurasian Trade Union
• 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 corporate tax rate reductions from 21%
in 2012 to 16% in 2014. Currently the corporate
tax rate 19%
• Favourable mining royalties of $0.40 per tonne of
ore mined (~1%) to the Government

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Source: Based on know production and reserves as listed in the USGS
2012 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 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
Shymanivske
Zelenivske
C Gok
YuGok
0%
10%
20%
30%
40%
50%
60%
Asia
Australia
S.America
FSU
N.America
Other
Africa
%ofWorldProductionandReserves
Production Reserves
Production Reserves
7%
21%

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Permit Process for Shymanivske Deposit
Black Iron Remains on Track
Exploration
Permit
Extraction
Permit
Land
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
Mining
Allotment
Completed

19. TSX: BKI
BFS Highlights – High Grade Concentrate
High Value, Low Net Cost Iron Ore Development Project
19
Annual Production: 9.2 Mt
Iron Content: 68.0%
Estimated Capital Investment:
(capital intensity)
US$1,094 million
US$119/t
Estimated Operating Expenses:
(average FOB)
(average at Mine Gate)
US$43.97/t
US$29.67/t
Estimated Long-Term Iron Ore Concentrate Price (62%) US$95/t
Net Present Value (8%): US$3.5 billion
IRR: 45.9%
Annual Average Cash Flow: US$593 million
Projected Payback (8%): 2.2 years
Estimated Mine Life: 16 years
Projected Plant Start-Up Q4 2015
Projected Revenue Commencement Q1 2016
** See Disclaimer on page 2 **
* Bankable Feasibility Study completed by Worley Parsons

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Black Iron’s Target Capital Funding Strategy
50% of Equity Capital Solidified with Metinvest Transaction;
100% of Off-Take Still Available
20** See Disclaimer on page 2 **
Estimated Capital Investment
US$1.1 billion
Equity Investment Debt Investment
Black Iron Inc.
(TSX: BKI)
Metinvest
9.2Mtpa
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)

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Favourable Tax and Royalties in Ukraine
Black Iron to Other Iron Ore Developers
21
Macarthur
Centaurus
IronRoad
Northland
Alderon
Brockman
Gindalbie
BlackIron
0.3 0.5 1.1 1.5
3.2 3.3 3.4 3.5
7.3
Pre-Tax & Royalty NPV8
(US$ billions)
Macarthur
Centaurus
IronRoad
Northland
Brockman
Gindalbie
Alderon
BlackIron
0.1 0.3 0.6 1.0
1.8 1.8 1.9
2.9
4.9
Post-Tax & Royalty NPV8
(US$ billions)
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
Source: Company data; Press Release; Research Estimates
New
Millenium
Alderon
Northland
Gindalbie
Brockman
BlackIron
25.0 29.3 32.0 35.0 38.0
45.9
Pre-Tax & Royalty IRR
(%)
New
Millenium
Gindalbie
Brockman
Northland
Alderon
BlackIron
16.9 18.9 20.5 22.7 23.1
40.3
Post-Tax & Royalty IRR
(%)
Tax Regime
Royalties
30%
+30%1
39%2
29%
16%
5%
2%
5-8%
1%
New
Millenium
New
Millenium

22. TSX: BKI
Black Iron’s Capital Cost Advantage
Shymanivske Relative to Other Iron Ore Projects
22
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
109 109 119 122
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)
Source: Company data; Renaissance Capital estimates
** See Disclaimer on page 2 **
Average = 162

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Black Iron Continues to Deliver
Shymanivske Project Development Timeline
H1 H2 H1 H2
2011 2012
Scoping Study/PEA
Bankable Feasibility Study
Offtake
Construction
Drill metallurgical holes
Definition Drilling
Environmental Studies
Detailed Engineering
Production
Future
** See Disclaimer on page 2 **
Land Acquisition
H1 H2
2013
Permitting

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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 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
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 Consolidated Thompson, 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 9.2Mt of high-grade 68% iron ore concentrate
– NPV of US$3.5billion and 45.9% IRR
Compelling
Economics
* Please see note on Page 2 24
Strategic
Partners
Metinvest: Largest company in Ukraine; committed to half of project financing
Forbes & Manhattan: global resource focused merchant bank

25. CONTACT INFORMATION
65 Queen Street West
Suite 805, P.O. Box 71
Toronto, Ontario, Canada
M5H 2M5
www.blackiron.com
TSX: BKI
Investor Relations
Toronto: +1 (416) 309-2950 - Michael McAllister, IR Manager
London: +44 (0) 207 466 5000
Ukraine: +380 (56) 409-2536
info@blackiron.com Follow us: