RAB Capital Discloses Disposal of Investment in Black Iron Inc.

Executive Summary

• RAB Capital Holdings Limited sold 6,278,500 Black Iron Inc. common shares for a total of $859,514 at an average price of $0.1373 per share.
• The disposal reduces the Reporter’s ownership in Black Iron to approximately 10.78% (32,996,000 shares) from the prior 12.94% (39,274,500 shares).
• RAB Capital reiterates its long‑term investment view and may acquire or dispose of additional Black Iron securities in the future.

Key Details

• Disposal Period: May 15 2025 – January 22 2026 (open market transactions).
• Shares Sold: 6,278,500 Black Iron common shares.
• Aggregate Consideration: $859,514.
• Average Sale Price: $0.1373 per share.
• Post‑Disposal Holding: 32,996,000 Black Iron shares (≈10.78% of outstanding shares on a non‑diluted and partially‑diluted basis).
• Pre‑Disposal Holding: 39,274,500 Black Iron shares (≈12.94% of outstanding shares).
• Investment Rationale: Shares were disposed of for investment purposes; the Reporter maintains a long‑term view and may buy or sell additional Black Iron securities depending on market conditions and strategic considerations.
• Reporting Entity: RAB Capital Holdings Limited, Eagles Trust Limited, and RAB Special Situations (Master) Fund Limited – all owned by Mr. William Philip Richards (“the Reporter”).
• Regulatory Filing: An early‑warning report will be posted on Black Iron’s SEDAR+ profile; contact information for RAB Capital provided.

Notable Quotes

• “The Black Iron shares were disposed of by the Reporter for investment purposes. The Reporter has a long-term view of the investment and may acquire additional securities of Black Iron… or sell securities of Black Iron… in the future depending on market conditions, reformulation of plans and/or other relevant factors.” – Andrew Knatchbull, Finance Director, RAB Capital Holdings Limited