A Compelling Iron Ore Investment Opportunity

Corporate Presentation

March 2017

TSX: BKI

TSX: BKI

DisclaimerForward 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, 2013 (and dated March 14, 2013) 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 on commercially reasonable terms; and the impact of concerns relating to permitting, regulation, governmental and local community relations, including the

results of upcoming Presidential elections and Western and Russian responses to the results of said elections. 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 “completion of the transaction with Metinvest” 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

Lycopodium Minerals Canada Ltd. (“Lycopodium”), Soutex Inc. (“Soutex”), 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.

The technical information contained herein is derived from or a summary of the NI 43-101 Compliant Technical Report entitled “Feasibility Study of the Shymanivske Iron

Ore Deposit for Black Iron Inc”, dated January 24, 2014 (Prepared by Lycopodium Minerals Canada Ltd. the “Feasibility Study”) – For additional information, please see the

Feasibility Study filed on www.sedar.com dated January 24, 2014.

*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 Lycopodium Minerals Canada Ltd.; Soutex Mineral & Metallurgical Consultants; 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. 2

TSX: BKI

What Sets Black Iron Apart? Access to Low Cost Highly Skilled Labour & Existing 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

* Please see note on Page 2

Black Iron has ALL the Key Fundamentals for

a Successful Low Cost Project in Place

ExceptionalInfrastructure

• Significant infrastructure

advantages (power, rail

and port) with confirmed

access and capacity

• Skilled local workforce

CompellingEconomics

• Bankable Feasibility Study

(Shymanivske Project):

- 9.9Mtpa of 68% Fe Conc.

- Post-tax NPV8 of US$2.6B

- Post-tax IRR of 39%

• Potential to toll mill as opposed to building

own concentrator being investigated

SizeableResource

• Large NI 43-101 Compliant

Resource* at Flagship

Shymanivske

- 646Mt (M+I) @ 32% Fe

- 188Mt (Inf) @ 30% Fe

- Significant resource

potential upside

SkilledLeadership

• History of creating value

for shareholders

• Significant Ukrainian

political and iron ore

operations experience

Close to Target Markets

• Located in Kryvyi Rih,

Ukraine a major iron ore

district, close to Europe,

Turkey, Russia, Asia and

Middle East

4

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Board of DirectorsKey Management

Matt Simpson – CEO

• Former General Manager, Mining for Rio Tinto’s Iron Ore Company of Canada

• Worked for Hatch designing global metallurgical refineries

Michael Spektor – President

• Former CEO of VS Energy International which distributes ~30% of Ukraine’s electricity and owns one of Ukraine’s largest steel mills

Les Kwasik – COO

• Over 40 years of hands-on experience building and operating mines globally with companies such as with INCO (VALE), Xstrata Columbia delivering disciplined operational successes in the mining industry

Paul Bozoki – CFO

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

Nikolay Bayrak – VP Gov’t & Community Relations

• Former department head, Ukrainian Ministry of Emergencies and Public Protection; Former MP

Bruce Humphrey – Chairman

• Former Chairman of Consolidated Thompson Iron Ore and Chief Operating Officer of Goldcorp

Pierre Pettigrew

• Former Canadian Minister for Foreign Affairs and international Trade

John Detmold

• Chairman & Founder of Invecture 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

Management & Board Have Track Record of

Iron Ore Success

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TSX: BKI

Sound Capital StructureAttractive Valuation with Substantial Upside & Funding Support

Capital Structure (TSX: BKI)

Shares Outstanding 159.7 million

Stock Options 12.7 million

DSU 2.4 million

Warrants Nil

Fully Diluted Shares 174.9 million

Market Cap1 ~$22 million

Working Capital2 US$7.3 million

Debt Nil

Analyst Coverage

1 As of February 8, 20172 As of September 30, 2016

TSX: BKI

Deposits In Mining Friendly RegionAdjacent to existing Iron Ore Producers

• Mining permit at Shymanivske, which has been extensively explored, covering 2.56 km2 valid until 2024

• Adjacent to ArcelorMittal’s KryvyiRih iron ore complex and Metinvest & 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%

ArcelorMittal’s Kryvyi RihIron Ore Complex

Metinvest & Evraz’sYuGOK Iron Ore Mine

Railway lines

**See Black Iron’s website at www.blackiron.com for

a Corporate Video highlighting the project location

and infrastructure ***Please see notes on page 2-Resources are not Reserves and do not have economic viability-Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 26

7

ZelenivskeIron Ore Deposit

TSX: BKI

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 with a strip ratio of 1.63:1, life of mine; 1.36:1 for first 8 years

− 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 resource expansion

− Additional drilling of Shymanivske at North end of deposit and to depth

− Exploration of the Zelenivske project

ShymanivskeTonnage

(Mt)

Fe Tot

(%)

Fe Mag

(%)

Proven 312.9 31.1 19.5

Probable 136.1 31.1 18.9

Total Reserves* 449.0 31.1 19.3

Measured

(incl. Proven)355.1 32.0 19.5

Indicated

(incl. Probable)290.7 31.1 17.9

Total Resources* 645.8 31.6 18.8

Inferred 188.3 30.1 18.4

Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag

*Mineral Resources include Mineral Reserves. Please see notes on page 2-Resources are not Reserves and do not have economic viability-Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 27

8

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Detailed Mine Pit Design and 3D Plant Model

Completed For Feasibility Study

9* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

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Compact Concentrator Surface Footprint

10* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

TSX: BKI

Rail, Port & Power Access SecuredEssential for a Successful Iron Ore Project

• Letters of Intent in place for Electricity (140MW) and Natural Gas (900m3/hr @85kPa)

• Paved roads to site, located 35km away from the major city of Kryvyi Rih which has a highly skilled work force

• Letter of Intent in place for up to 20 million tonnesper year of rail capacity from site to Port Yuchniy

• Black Iron’s Shymanivske Project is ~2 km from main state-owned rail line

• Letter of Intent in place with a private operator at Port Yuzniy for 9.5 million tonnes per year +/- 15%

• Port Yuzniy is located ~430 km away and provides 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 ** 11

TSX: BKI

Annual Production: 9.9 Mt

Iron Content: 68.0%

Estimated Capital Investment:

(capital intensity, includes 15% contingency)

US$1,097 million

US$111/t

Estimated Operating Expenses:

(average FOB)

(average at Mine Gate)

US$44.54/t

US$29.64/t

Long-Term CFR Benchmark Price(62%): US$95/t

Net Present Value (8%):(pre-tax)

(after-tax)

US$3.3 billion

US$2.6 billion

Internal Rate of Return:(pre-tax)

(after-tax)

48%

39%

Annual Average Cash Flow:(pre-tax)

(after-tax)

US$630 million

US$536 million

Projected Payback (8%):(pre-tax)

(after-tax)

2.0 years

2.5 years

Estimated Mine Life:modelled reserve

total defined resource

14 years

~19 years

Exchange Rate (currently 28UAH:US$1) 8UAH:US$1

Feasibility Study HighlightsHigh Value, Low Net Cost Iron Ore Development Project

* Bankable Feasibility Study completed by Lycopodium in 2014

12

TSX: BKI

** See Disclaimer on page 2 **

Black Iron’s Capital Cost AdvantageShymanivske Relative to Other Iron Ore Projects

13Source: Company data; Renaissance Capital estimates

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 92109 109 111 122

134 135 141 142157 159 159 160 167

180 186 188 189 190 192 200 211 217 221 222236

258

CAPEX Forecast(US$/t of capacity)

Average = 162

0%

25%

50%

75%

100%

TSX: BKI

Black Iron’s Target Capital Funding Strategy49% of Equity Capital Solidified with Metinvest Transaction;

100% of Off-Take Still Available

** See Disclaimer on page 2 **

Estimated Capital InvestmentUS$1.1 billion

Equity Investment Debt Investment

9.9MtpaOff-take

Export Credit Agencies

Bank Debt / High-Yield Bonds

Capital Markets

60%40%

(US$300-400 million)

(US$0-50 million)

(US$300-400 million)

(US$250-350 million)

** % and $ amounts are indicative only and subject to negotiation **14

TSX: BKI

Shymanivske Project Development Timeline

2011-2015 2016-2017

Scoping Study/PEA

Bankable Feasibility Study

Off-take & Project Finance

Construction

Drill metallurgical holes

Definition Drilling

Land Acquisition

Detailed Engineering

Production

Future

** See Disclaimer on page 2 **

Pilot Plant Test Work

Permitting

Milestone Achieved

15

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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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TSX: BKI

Ukraine: A Mining Friendly Country in

Transition

Member of World Trade Organization (WTO)

Commodity driven economy (agriculture, metals andenergy)

− Steel production is Ukraine’s largest industry

− 60% of total exports are commodity-related(majority is steel)

Signed the Ukraine-European Union AssociationAgreement in 2014

– Demonstrates a strong desire by citizens andbusiness for closer European integration

Large, highly skilled labour force (pop. 45.4 million)

− GDP per capita only $2000/yr in 2015 as reported

by the World Bank

− Literacy rate >99%

Mining friendly jurisdiction with strong local and national support

− LSE listed ArcelorMittal and Ferrexpo plc have

successfully operated in-country for over 10 years

Competitive Corporate tax rate of 18% (Approximately half compared to other major iron ore producing countries)

$5Bn Investment in Integrated Iron Mine/Steel Mill

$3.2Bn Market Cap Iron Ore and Steel Production

in Ukraine

Major Foreign Corporate Investors

17

TSX: BKI

Permit Process for Shymanivske DepositBlack Iron Remains on Track

Exploration

Permit

Extraction

Permit

Mining

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 Govinspections

• Finalize environmental permits

Completed

Land

Allotment

18

TSX: BKI

Black Iron Value Proposition

Close to Steel Mills in: W.Europe, Turkey, Russia, Asia and Middle EastClose to

Target Markets

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

• 646 Mt Measured & Indicated mineral resource @ 31.6% iron; additional 188 Mt of Inferred mineral resource @ 30.1% iron, which will be concentrated to ~68% iron

• Potential for resource expansion

SizableResource

Excellent access to skilled labour, power, rail & portsExceptionalInfrastructure

Experienced management team and Board with history of creating value for shareholders of RioTinto and Consolidated Thompson

SkilledLeadership

High margins due to close proximity to multiple steel mills, skilled labour cost advantage and favourable corporate tax rate of 18%• Bankable Feasibility Study for 9.9Mt of high-grade 68% iron ore concentrate

– after tax NPV of US$2.6 billion and 39% IRR

Compelling Economics

*Please see notes on page 2-Resources are not Reserves and do not have economic viability-Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014 -Notes to the mineral reserves can be found on page 26**The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology

and Natural Resources19

Appendix

TSX: BKI

0%

10%

20%

30%

40%

50%

60%

% o

f W

orl

d P

roducti

on a

nd R

ese

rves

Production Reserves

Source: Based on know production and reserves as listed in the USGS 2013 Iron Ore report

Globally Significant Iron Ore District4th 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 Kryvyi Rih, 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 GOKKryviv Rih Ordzhonikize Gok

C GokYuGokShymanivske

Production Reserves

7%

20%

21

TSX: BKI

Mineral Reserves & Resources Estimate

1) Mineral Reserve Estimate for the Shymanivske ironore open pit as of January 8, 2014 prepared by P&EMining Consultants Inc. under the direction ofEugene Puritch, P.Eng.

2) The Mineral Reserve is based on a cut-off grade of13.0% Fe-Mag and incorporates an ore loss of 2%and dilution factor of 7.1%.

3) The terms "mineral reserve", "probable mineralreserve" and "proven mineral reserve" have themeanings ascribed to those terms by the CanadianInstitute of Mining, Metallurgy and Petroleum, asthe CIM Definition Standards on Mineral Resourcesand Mineral Reserves adopted by CIM Council, asamended.

4) P&E is not aware of mining, metallurgical,infrastructure, permitting, or other factors thatcould materially affect the mineral reserveestimates.

22

Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag

*Mineral Resources include Mineral Reserves. Please see notes on page 2-Resources are not Reserves and do not have economic viability-Full details of the mineral reserve estimate can be found in the press release dated Jan 9, 2014-The company has applied for an extension to the Zelenivske exploration permit that was to expire on Nov 1, 2014. The Company awaits a response from the Ministry of Ecology and Natural Resources

ShymanivskeTonnage

(Mt)

Fe Tot

(%)

Fe Mag

(%)

Proven 312.9 31.1 19.5

Probable 136.1 31.1 18.9

Total Reserves* 449.0 31.1 19.3

Measured

(incl. Proven)355.1 32.0 19.5

Indicated

(incl. Probable)290.7 31.1 17.9

Total Resources* 645.8 31.6 18.8

Inferred 188.3 30.1 18.4

TSX: BKI

Potential Resource Extension at ShymanivskeGround 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

Propertyboundary

Very likelyIron in ground

Likely just dirt in ground

23

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24

Conventional FlowsheetProducing High Quality Iron Ore Products

Fe 68.0%

SiO2 4.5%

P 0.02%

S 0.05%

Al2O3 0.43%

Mn 0.03%

P80 32 µm

B.F. Concentrate

Fe 65.5%

SiO2 4.5%

S <0.01%

CaO/SiO2 0.15%

SiO2+Al2 O3 5.1%

CaO+MgO 1.0%

Compress. 318kg/pel

B.F. Pellets

Fe 69.5%

SiO2 1.3%

P 0.02%

S 0.05%

Al2O3 0.28%

Mn 0.03%

P80 32 µm

D.R. Concentrate

Fe 67.4%

SiO2 2.0%

S <0.01%

CaO/SiO2 0.34%

SiO2+Al2 O3 2.4%

CaO+MgO 1.2%

Compress. 283g/pel

D.R. Pellets

Co

re P

rod

uct

Va

lue

-Ad

d

Alt

ern

ati

ve

P

rod

ucts

TSX: BKITSX: BKI

Shymanivske Project Site

Paved Road

High voltage

power linesState-owned

rail line

25

Contact us:

805-65 Queen Street West

Toronto, ON, Canada, M5H 2M5

Toronto: +1(416) 309 2138

Ukraine: +380 (56) 409 2536

info@blackiron.com

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Follow us:

www.blackiron.com