Black Iron Provides Year-End Update

The most recent news release from Black Iron Inc. on November 25, 2025, provides a year-end update focusing on its Shymanivske and Julienne Lake Iron Ore Projects. Key points include: - For the Shymanivske Iron Ore Project in Ukraine, Black Iron has completed studies and public hearings required for the extraction permit renewal. The company is also negotiating with neighboring mines regarding ore processing. - For the Julienne Lake Iron Ore Project in Canada, Black Iron has been shortlisted for a project bid. - The news reiterates that Anglo American Marketing Limited will invest US$1.6 million upon the permit renewal for the Shymanivske project.

The latest news indicates incremental progress on the Shymanivske project's permit renewal process, specifically the completion of studies and public hearings. While this is a necessary step, the permit is not yet renewed, leaving the primary development hurdle unaddressed. The negotiation with neighboring mines for ore processing is an operational detail that could optimize future costs but is far from a materialized agreement and does not significantly de-risk the project's overall viability, especially given the geopolitical context.

The mention of being shortlisted for a bid on the Julienne Lake project in Canada is a very early-stage development and highly speculative. It offers no concrete details on the project's size, potential, or the likelihood of Black Iron securing the bid. It's a minor positive signal for potential diversification but too nascent to be considered material.

The US$1.6 million investment from Anglo American is contingent upon the Shymanivske permit renewal. This is part of a previously disclosed US$4 million royalty investment. While it reaffirms Anglo American's commitment, it is not new funding and is still conditional. Critically, the company's financial statements show a deposit liability of $2.6 million (Note 12), implying the initial tranche of the US$4 million was received, and this US$1.6 million represents the remainder. Therefore, it confirms a previously agreed-upon financial milestone rather than a new funding injection.

The overarching and unaddressed material risk remains the geopolitical situation in Ukraine. The company's flagship project has been "disrupted by Russian invasions of Ukraine" twice (as per the CEO's statement in July 2025), and operating in such an environment presents immense, largely unquantifiable, risks to project development, financing, and personnel safety. This fundamental risk overshadows the incremental operational and permitting progress. The progress, while positive, does not materially alter the company's risk profile or significantly advance it towards production in a de-risked environment.

Black Iron Inc. is a Canadian iron ore development company. Its primary asset and flagship project is the 100%-owned Shymanivske Iron Ore Project located in the Kryvyi Rih region of Ukraine. The project is strategically positioned amidst seven operating iron ore mines and is designed to produce high-grade (68%+) iron ore pellet feed, suitable for green steel production. The project was highly advanced and "on the brink of construction" prior to the 2022 conflict, as noted by the CEO. It boasts estimated proven reserves of approximately 448.2 million tonnes. The project aims for a Phase 1 annual production of 4 Mtpa, scaling to 8 Mtpa of concentrate in Phase 2, with an expected mine life of at least 17 years. The company projects significant annual EBITDA (>$250M for Phase 1, >$500M for Phase 2). It estimates injecting US$1.2 billion in development capital over its life and contributing US$2.2 billion to the Ukrainian economy, creating thousands of jobs.

The company is also exploring other opportunities, having been shortlisted for a bid on the Julienne Lake Iron Ore Project in Canada.