Black Iron Announces Closing of LIFE Offering

• Black Iron Inc. announced the closing of its "LIFE Offering" on April 17, 2026.
• Gross proceeds raised were C$2,610,000 (approx. US$1.88 million).
• The offering consisted of 26,100,000 units priced at C$0.10 per unit.
• Each unit includes one common share and one warrant exercisable at C$0.20 for 36 months.
• Proceeds are designated for Shymanivske Project permit renewal, administrative expenditures, and working capital.
• Company insiders subscribed for 700,000 units (approx. 2.7% of the offering).
• Finder's fees included C$60,600 cash plus 606,000 finder warrants.

• The financing was previously announced on April 6 and upsized on April 15; the closing is a procedural execution rather than new information.
• Raising ~C$2.6M provides essential liquidity for permit renewal but represents significant dilution (~8-9% increase in share count).
• The offering price of C$0.10 matches the current market trading price, suggesting limited premium demand despite claims of "strong investor demand."
• Warrants add future upside potential but also create overhang pressure if exercised at C$0.20 (double the current price).
• Insider participation is modest relative to total offering size, indicating management confidence but not overwhelming conviction.

• Flagship Project: Shymanivske Iron Ore Project in Ukraine.
• Status: Permit renewal secured through completion of mandatory 1% mining requirement; commercial mining targeted for early 2026.
• Secondary Asset: Julienne Lake iron-ore project in Newfoundland & Labrador (Canada), currently shortlisted by the government.
• Operations: Trial processing demonstrated ability to produce marketable iron-ore concentrate; negotiations ongoing with neighboring mines for spare capacity.