A Compelling Iron Ore Investment Opportunity

Corporate Presentation

February 2013

TSX: BKI

TSX: BKI

2

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.

TSX: BKI

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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

TSX: BKI

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5 Fundamentals for Iron Ore Success A High-Quality Iron Ore Development Opportunity

Project located in Kryviy Rih, Ukraine; one of the world’s major iron ore districts • Close to target markets: W.Europe, Turkey, Russia, Asia and Middle East • Surrounded by 7 other operating iron ore mines

Close to Target Markets

Large iron ore deposit with NI 43-101 compliant resource*

• Two properties held – Shymanivske & Zelenivske • Shymanivske – 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 by further drilling of both deposits

Sizable Resource

Good access to skilled labour, power, rail & ports

• 35km from city of Kryviy Rih (pop. 750k); paved road to site • 2 km from state-owned rail and power lines with surplus capacity & five

deep water ports accessible by rail (140-515km)

Exceptional Infrastructure

Experienced management team with history of creating value for shareholders of Consolidated Thompson, RioTinto and Ferrexpo. Board of Directors with significant Ukrainian political and business operation experience.

Skilled Leadership

High margins due to close proximity to multiple steel mills, relative 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 4

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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

Forb

es

& M

anhatt

an I

nvolv

em

ent

2005 Q1-2011

Recently acquired for $4.9 billion

TSX: BKI

Board of Directors Key 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

Paul Bozoki – CFO

• Former CFO of CD Capital Partners, operating in Soviet Union & Ukraine

Igor Buchatskiy – VP Strategy

• Former GM, International Business Development, ArcelorMittal S.A.

Aaron Wolfe – VP Corp Development

• Former investment banker with Macquarie

Nikolay Bayrak – VP Gov’t & Community Relations

• Former department head, Ukrainian Ministry & Currently President of MP’s Parliament Club

Mike McAllister – Manager Investor Relations

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

• Distinguished career as a Canadian Federal Cabinet Minister

John Detmold

• Chairman & Founder of Invescture Group, S.A. de C.V.

Dave Porter

• Former VP for Rio Tinto’s Iron Ore Company of Canada

Matt Simpson – President & CEO 6

A Track Record of Iron Ore Success with Consolidated Thompson Iron Mines, Rio Tinto’s Iron Ore Company

of Canada, and Ferrexpo

TSX: BKI

Sound Capital Structure Attractive Valuation with substantial upside

7

Historical Share Price Capital Structure

Shares Outstanding 141.0 million

Warrants (1) 1.7 million

Stock Options (2) 8.5 million

Fully Diluted Shares 151.2 million

Market Cap(4) ~US$63.4 million

Current Cash Balance ~US$11.7 million

Debt Balance nil

1. 1,653,312 warrants exercisable at $1.40 per share (IPO financing). 2. 5,481,250 options exercisable at $1.40 per share; 2,342,500 options

exercisable at $0.54 per share; 400,000 options exercisable at $0.49 per share; 260,000 options exercisable at $0.30 per share .

3. As at Jan 31, 2013, using a closing price of CAD $0.45 per share.

Analyst Coverage

Maxim Sytchev

Cliff Hale-Sanders

John Hughes

Daniel Greenspan

Robin Kozar

Craig Miller David Talbot

Ivan Dzvinka

Matthew McDonald

$0.00

$0.10

$0.20

$0.30

$0.40

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$0.60

$0.70

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12

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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

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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

• The resource is defined by ~37,000 metres of historical drilling

― Black Iron recently 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 historical 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

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

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Conventional Flowsheet (simplified) Producing High Quality Iron Ore Products

Drill Blast Load & Haul Crush

HPGR Ball 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

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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

Major Rail Line Major Rail Line Major Rail Line

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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 $6700/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

• 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

Kirovograd Tarnavatskoye

Liponevsky

Yeristovskoye

Safonovskoye

Novokonstantinovsky

Poltavsky GOK

Tsentralny Kryviy Rih Iron Ore Complex

Kuksunurskoye

Ingulestky GOK

Yuzhny GOK Kryviv Rih

Ordzhonikize Gok Shymanivske

Zelenivske

0%

10%

20%

30%

40%

50%

60%

Asi

a

Aust

ralia

S.

Am

eri

ca

FSU

N.

Am

eri

ca

Oth

er

Afr

ica

% o

f W

orl

d P

roducti

on a

nd R

ese

rves

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

TSX: BKI

BFS Highlights – High Grade Concentrate High Value, Low Net Cost Iron Ore Development Project

18

BFS

Annual Production: 9.2 Mt

Iron Content: 68.0%

Estimated Capital Investment: US$1,094 million

Estimated Operating Expenses:

(average FOB)

(average at Mine Gate)

US$43.97/t

US$29.67/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

Production, Iron Content, NPV, IRR and Cash Flow have all increased

while Capital Intensity decreased from prefeasibility ** See Disclaimer on page 2 **

TSX: BKI

BFS Long-Term Concentrate Price Based on Mean Forecast of 20 Banks with Important Adjustments for

Favourable Iron Content & Shipping Distance

19

$95

-$10

+$30

$115

$0

$20

$40

$60

$80

$100

$120

Analyst Benchmark Price

Shipping Adjustment Aggregate Iron Premium

BKI LT Concentrate Price

* BFS model prices for iron ore concentrate are based on the mean forecasted benchmark price for 62% iron concentrate, shipped from Brazil to China, of 20 investment banks across the

globe: 2016 = $105; 2017 = $97; Long-term = $95. The mean forecasted benchmark price is then adjusted to reflect shorter shipping to target market, and adjusted for iron content at

the rate of $5 per 1% of additional iron content (6 x $5 = $30).

** See Disclaimer on page 2 **

TSX: BKI

Black Iron’s Capital Cost Advantage Shymanivske Relative to Other Iron Ore Projects

20

Vale

(Shim

andou 1

)

Afr

ican M

inera

ls (

phase

2)

Xst

rata

(Ask

af)

Afr

ican M

inera

ls (

DSO

)

Arc

elo

rMit

tal (W

est

ern

…

Fort

esc

ue (

Expansi

on)

Bla

ck Iro

n

Rio

Tin

to (

IOC)

Sundance

Kum

ba

Ferr

expo (

Yeri

stovo)

IRC

(Kura

nakh)

London M

inin

g

IRC (

K&

S)

Ald

ero

n

Auila (

Hard

ey)

Xst

rata

(Zanaga)

Atl

as

Iron (

Rid

ley)

Rio

Tin

to (

Pilbara

)

Gin

dalb

ie (

Kara

ra)

Anglo

Am

eri

can (

Min

as

Rio

)

BH

P (

RG

P5&

6)

Aquila (

West

Pilbara

)

Arc

elo

rMit

tal (W

est

ern

…

BH

P (

Sam

arc

o)

Atl

as

Iron (

Balla B

alla)

CIT

IC P

acif

ic (

Sin

o)

Baff

inla

nd

Xst

rata

(G

eulb

el Aouj)

Gra

nge R

eso

urc

es …

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

TSX: BKI

Favourable Tax and Royalties in Ukraine Black Iron to Other Iron Ore Developers

21

Maca

rthur

Centa

uru

s

Iron R

oad

Nort

hla

nd

Ald

ero

n

Bro

ckm

an

Gin

dalb

ie

Bla

ck I

ron

0.3 0.5 1.1 1.5 3.2 3.3 3.4 3.5

7.3

Pre-Tax & Royalty NPV8

(US$ billions)

Maca

rthur

Centa

uru

s

Iron R

oad

Nort

hla

nd

Bro

ckm

an

Gin

dalb

ie

Ald

ero

n

Bla

ck I

ron

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

M

illeniu

m

Ald

ero

n

Nort

hla

nd

Gin

dalb

ie

Bro

ckm

an

Bla

ck I

ron

25.0 29.3 32.0 35.0 38.0 45.9

Pre-Tax & Royalty IRR

(%)

New

M

illeniu

m

Gin

dalb

ie

Bro

ckm

an

Nort

hla

nd

Ald

ero

n

Bla

ck I

ron

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

M

illeniu

m

New

M

illeniu

m

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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 with history of creating value for shareholders of Consolidated Thompson, RioTinto and Ferrexpo. Board of Directors with significant Ukrainian political and business operation experience.

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 23

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 (67) 619-0454

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