Corporate Presentation

1. A Compelling Iron Ore Investment Opportunity
Corporate Presentation
November 2012
TSX: BKI

2. Disclaimer
Forward Looking Statement
TSX: BKI
This Presentation contains ‘‘forward-looking information’’ which may include, but is not limited to, statements with respect to the future financial or operating performance of the
Company and its subsidiaries (collectively, the ‘‘Company’’) and its mineral projects; the future prices of metals; the anticipated results of exploration activities; the estimation of mineral
resources; the realization of mineral resource estimates; capital, development, operating and exploration expenditures; costs and timing of the development of the Company’s mineral
properties; timing of future exploration; requirements for additional capital; government regulation of mining operations; anticipated results of economic and technical studies;
environmental matters; reclamation expenses; title disputes or claims; limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters.
Often, but not always, forward-looking information can be identified by the use of words and phrases such as ‘‘plans’’, ‘‘expects’’, ‘‘is expected’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’,
‘‘forecasts’’, ‘‘intends’’, ‘‘anticipates’’, or ‘‘believes’’ or variations (including negative 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.
Forward-looking information is based on the opinions and estimates of management as of the date such statements are made and is based on information currently available to management
and upon what management believes to be reasonable assumptions, including, among others, that general business, economic, competitive, political and social uncertainties remain
favorable; that actual results of exploration activities justify further studies and development of the Company’s mineral projects; that the future prices of metals, and iron ore in particular,
remain at levels that justify the exploration and future development and operation of the Company’s mineral projects; that ore body quality and characteristics remain as anticipated; that
there is no failure of plant, equipment or processes to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that the jurisdictions in
which the Company operates remain politically stable; that there are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies,
development or construction activities; that the actual costs of exploration, and studies remain within budgeted amounts; that regulatory and legal requirements required for exploration or
development activities do not change in any adverse manner, as well as those factors discussed in the section entitled ‘‘Risk Factors’’ in this Final Prospectus of the Company dated March
16, 2011 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 involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause such
actions, events or results to differ from those anticipated, estimated or intended. Any inaccuracy in the assumptions identified above may also cause actual actions, events or results to
differ materially from those described in the forward-looking information.
Forward-looking information contained herein is made as of the date of this Presentation and the Company disclaims any obligation to update any forward-looking information, whether as a
result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, potential investors should not place undue
reliance on forward-looking information.
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 Press Release – 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.
*Matt Simpson President & CEO, Black Iron is a Qualified Persons as defined by NI has reviewed and approved the scientific and technical information in this presentation. 2

3. What Sets Black Iron Apart?
Access to Skilled Labour & Infrastructure –
Two of the Most Challenging Iron Ore Project Development Risks
TSX: BKI
Key Development Risks
Taxes/Royalties
Human Resources
Canada Ukraine Access to Infrastructure
Community Opposition
Licensing/Permitting
Access to Water
Africa
Electricity Supply
Brazil
Australia
3 3

4. 5 Fundamentals for Iron Ore Success
A High-Quality Iron Ore Development Opportunity
TSX: BKI
Good access to skilled labour, power, rail & ports
Exceptional • 35km from city of Kryviy Rih (pop. 750k); paved road to site
Infrastructure • 2 km from state-owned rail and power lines with surplus capacity & five
deep water ports accessible by rail (140-515km)
Large iron ore deposit with NI 43-101 compliant resource*
• Two properties held – Shymanivske & Zelenivske
Sizable • Shymanivske – 646 Mt Measured & Indicated resource @ 31.6% iron;
Resource 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
Project located in Kryviy Rih, Ukraine; one of the world’s major iron
Close to ore districts
Target Markets • Close to target markets: W.Europe, Turkey, Russia, Asia and Middle East
• Surrounded by 7 other operating iron ore mines
Compelling High margins due to close proximity to multiple steel mills, relative
Economics 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
Skilled Experienced management team with history of creating value for
Management shareholders of Consolidated Thompson, RioTinto and Ferrexpo
4 4
* Please see note on Page 2

5. Project Backed by Forbes & Manhattan
Success with Consolidated Thompson’s Bloom Lake Iron Mine
TSX: BKI
• World class 8Mtpa iron ore concentrate
Forbes & Manhattan Involvement
mine in Quebec
• Advanced from exploration stage
through development to construction Recently
acquired
− 8 mtpa capacity (66% Fe concentrate) for $4.9
expanding to 16 mtpa billion
− Completed scoping study, 3 feasibility
First F&M
studies, secured off-take with China’s involvement
third largest steel producer (WISCO)
$1 mm
• Raised over Cdn$1 bn in capital market
cap
• Attracted and put in place a qualified
management team 2005 Q1-2011
5

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
Key Management Board of Directors
Matt Simpson – President & CEO Bruce Humphrey – Chairman
• Former General Manager, Mining for Rio Tinto’s • Former Chairman of Consolidated Thompson Iron
Iron Ore Company of Canada Mines
• Worked for Hatch designing global metallurgical Jaroslav Kinach
refineries
• Former Advisor to Ukraine Prime Minister and former
George Mover – COO Ukraine Country Head of EBRD
• Former Project General Director of Ferrexpo Chris Westdal
Yeristovo Mining, Ukraine
• Canadian Ambassador to Ukraine (1996-98) and to
Paul Bozoki – CFO Russia (2003-06)
• Former CFO of CD Capital Partners, operating Pierre Pettigrew
in Soviet Union & Ukraine
• Distinguished career as a Canadian Federal Cabinet
Igor Buchatskiy – VP Strategy Minister
• Former GM, International Business John Detmold
Development, ArcelorMittal S.A.
• Chairman & Founder of Invescture Group, S.A. de C.V.
Aaron Wolfe – VP Corp Development
Dave Porter
• Former investment banker with Macquarie
• Former VP for Rio Tinto’s Iron Ore Company of Canada
Mike McAllister – Manager, Investor Relations
Matt Simpson – President & CEO of Black Iron 6

7. Sound Capital Structure
Attractive Valuation with substantial upside
TSX: BKI
Capital Structure Historical Share Price
$0.80
Shares Outstanding 141.0 million $0.70
(1) $0.60
Warrants 1.7 million
$0.50
(2) $0.40
Stock Options 8.5 million
$0.30
Fully Diluted Shares 151.2 million $0.20
$0.10
Market Cap(4) ~US$51.7 million $0.00
29-Nov-11
31-May-12
31-Aug-12
29-Jan-12
30-Jun-12
31-Jul-12
31-Oct-12
29-Feb-12
31-Mar-12
29-Dec-11
30-Apr-12
30-Sep-12
Current Cash Balance ~US$11.7 million
Debt Balance nil
Analyst Coverage
1. 1,653,312 warrants exercisable at $1.40 per share (IPO financing).
Maxim Sytchev Daniel Greenspan
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 Nov 28, 2012, using a closing price of CAD 0.37 per share. Cliff Hale-Sanders Robin Kozar
John Hughes Matthew McDonald
David Talbot Craig Miller
Ivan Dzvinka 7

8. Deposits In Mining Friendly Region
Adjacent to existing Iron Ore Producers
TSX: BKI
ArcelorMittal’s Kryviy Rih
Iron Ore Complex • Two mining and exploration permits
Black Iron’s covering 5.92 km2
Shymanivske Project − Mining permit at Shymanivske, which
M&I: 646Mt @ 31.6% has been extensively explored, covering
Inferred: 188Mt @ 30.1% 2.56 km2 valid until 2024
− Exploration permit at Zelenivske
covering 3.36 km2 valid until 2014
Railway lines
• Adjacent to ArcelorMittal’s Kryviy Rih
iron ore complex and Smart & Evraz’s
Black Iron’s YuGOK iron ore mine
Zelenivske • Plan to acquire a plot of land from
Smart & Evraz’s
Project Ukraine Government adjacent to the
YuGOK Iron Ore Mine
Shymanivske deposit for project
waste dumps, concentrator and
tailings
8

9. Large Ore Deposit with Growth Potential
TSX: BKI
• 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 12,000 meters of
twin hole drilling
― Total iron grade and band width align very well
Shymanivske Tonnage Fe Tot Fe Mag with historical data
Resource* (Mt) (%) (%)
• Potential for total combined resource
Measured 355.1 32.0 19.5 expansion of 1.1 to 1.8BT
Indicated 290.7 31.1 17.9 − Additional drilling of Shymanivske at North end
of deposit and to depth
Total Measured
645.8 31.6 18.8 − Exploration of the Zelenivske project
and Indicated
Inferred 188.3 30.1 18.4
Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag * Please see note on page 2 9

10. Potential Resource Extension at Shymanivske
Ground Gravity Shows Iron Ore Mineralization at North End
TSX: BKI
Potential resource • Ground gravity and magnetic surveys
upside to be drilled show potential extension of iron ore
mineralization at North end of property as
circled in red
Property • This area has not been included in the NI
boundary 43-101 resource as it has not yet been
Very likely sufficiently drilled
Iron in ground
• The identified area will be a target of a
future drill program
Likely just
dirt in ground
Drill hole
10

11. Extensive Pit Shell Design and 3D Model
Completed
TSX: BKI
Property Overview Concentrator Layout
11

12. Conventional Flowsheet (simplified)
Producing High Quality Iron Ore Products
TSX: BKI
Drill Blast Load & Haul Crush
Vertical Mill Ball Mill (x2) HPGR Magnetic Separator
Sulphur Floatation Concentrate Pellet Plant (optional)
Fe 68.0% Pellets
SiO2 4.5% Fe 65.0%
P 0.02% SiO2 4.13%
S 0.05% P 0.025%
Al2O3 0.43% S 0.01%
Mn 0.03% Mn 0.15%
P80 32 µm 12

13. Excellent Infrastructure
Key to a Successful Iron Ore Project
TSX: BKI
• 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
13

14. Strategic Global Location
Close Proximity to Target Markets with Abundant Port and Rail Access
TSX: BKI
• 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
Major Rail Line
• Excellent Ukrainian logistical
advantages
• Densely populated
roadway infrastructure
• 468 million tonnes of
cargo transported via rail
• 155 million tonnes of
cargo transported via ship 14

15. Ukraine: A Mining Friendly Country
Strong Local and National Support
TSX: BKI
• Politically stable Democratic republic
― Presidential reelected in Oct. 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 • Mining friendly jurisdiction with strong local and
Agreement” with European Union national support
− Potential key member of the Russia proposed ― ArcelorMittal and Ferrexpo plc have operated
Eurasian Trade Union in-country for over 7 years
• Large, highly skilled labour force (pop. 45.4 million) • Legislated corporate tax rate reductions from 21%
− GDP per capita only $6700/yr in 2012 to 16% in 2014
− Literacy rate >99% • Favourable mining royalties of $0.40 per tonne of
ore mined (~1%) to the Government 15

16. Globally Significant Iron Ore District
4th largest iron ore producer & 2nd largest reserve base
TSX: BKI
• Black Iron’s projects are located in the heart of
Global Distribution of Fe Reserves & Ukraine’s iron ore belt
Fe Production – 35km from city of 750,000 people
• Iron ore district trends 300 km with sedimentary rock
60%
hosted banded iron formations (Dnenpovskog complex)
% of World Production and Reserves
50% • Historically well explored resource base but
substantially under-exploited due to historic Soviet
40% policy
Production Reserves
30% • 15 iron ore mines in Ukraine produced 72 million
21%
tonnes in 2010
20%
10% 7% Tarnavatskoye
Kirovograd
0% Liponevsky Poltavsky GOK
Novokonstantinovsky Yeristovskoye
FSU
Asia
Other
Africa
N. America
Australia
S. America
Tsentralny Safonovskoye
Kryviy Rih Iron Ore Complex
Shymanivske
Ordzhonikize Gok
Zelenivske
Ingulestky GOK
Kryviv Rih
Yuzhny GOK
Production Reserves Kuksunurskoye
Source: Based on know production and reserves as listed in the
USGS 2012 Iron Ore report
16

17. Permit Process for Shymanivske Deposit
Black Iron Remains on Track
TSX: BKI
Exploration Extraction Mining Land Construction Operations
Permit Permit Allotment Allotment Approval Approval
Explore Deem deposit Pit shell reserves Obtain surface Start mine Operate mine &
resource economical & environmental rights for mine, overburden refinery
potential impact Gov refinery & removal & plant
approval tailings construction
• Conduct • Complete • Complete field • Detailed design • Ensure
geophysical Ukraine version environmental • Land use analysis approved compliance with
program of scoping study (OVOS) & based on plot (Expertisa) Ukraine Safety,
including archeological plan showing Environment,
• Drill ore body evaluation of studies for Gov major buildings & • Obtaining the Health and
various mining approval agreed construction Employment
• State approval methods & high connections to permit laws as check by
of explored level • Submit pit shell utilities, rail and regular Gov
deposit environmental design & roads (Proekt) • Commissioning inspections
impact mapped ground of the facility
surface project • Approval of the • Finalize
for Gov. approval project location • Registration of environmental
the ownership to permits
• Approval from all the facility
land owners &
finalize lease
Completed
17

18. BFS Highlights – High Grade Concentrate
High Value, Low Net Cost Iron Ore Development Project
TSX: BKI
PEA BFS
Annual Production: 7.3 Mt 9.2 Mt
Iron Content: 67.0% 68.0%
Estimated Capital Investment: US$896.0 million US$1,094 million
Estimated Operating Expenses:
(average FOB) US$52.40/t US$43.97/t
(average at Mine Gate) US$41.78/t US$29.67/t
Net Present Value (8%): US$3.0 billion US$3.5 billion
IRR: 42.1% 45.9%
Annual Average Cash Flow: US$383 million US$593 million
Projected Payback (8%): 2.2 years 2.2 years
Estimated Mine Life: 28 years 16 years
Proj. Plant Start-Up Q4 2015 Q4 2015
Proj. Revenue Commencement Q4 2015 Q1 2016
Production, Iron Content, NPV, IRR and Cash Flow all increase
** See Disclaimer on page 2 ** while Capital Intensity decreases 18

19. BFS Long-Term Concentrate Price
Based on Mean Forecast of 20 Banks with Important Adjustments for
Favourable Iron Content & Shipping Distance
TSX: BKI
$120
$100 +$30
-$10
$80
$60 $115
$95
$40
$20
$0
Analyst Benchmark Shipping Adjustment Aggregate Iron BKI LT Concentrate
Price Premium 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). 19
** See Disclaimer on page 2 **

20. Vale (Shimandou 1)
African Minerals (phase2)
Xstrata (Askaf)
African Minerals (DSO)
84 87 90 92
ArcelorMittal (Western…
** See Disclaimer on page 2 **
Fortescue (Expansion)
Black Iron
109 109 119
Rio Tinto (IOC)
Alderon
122 124
Sundance
Kumba
Ferrexpo (Yeristovo)
Source: Company data; Renaissance Capital estimates
IRC (Kuranakh)
134 135 141 142
London Mining
IRC (K&S)
Auila (Hardey)
157 159 160
Xstrata (Zanaga)
167
Atlas Iron (Ridley)
CAPEX Forecast
(US$/t of capacity)
Rio Tinto (Pilbara)
Average = 161
Gindalbie (Karara)
Shymanivske Relative to Other Iron Ore Projects
Anglo Merican (Minas Rio)
BHP (RGP5&6)
180 186 188 189 190
Black Iron’s Capital Cost Advantage
Aquila (West Pilbara)
ArcelorMittal (Western…
192 200
BHP (Samarco)
Atlas Iron (Balla Balla)
211 217
CITIC Pacific (Sino)
Baffinland
221 222
Xstrata (Geulb el Aouj)
236
Grange Resources…
258
TSX: BKI
20

21. Favourable Tax and Royalties in Ukraine
Black Iron to Other Iron Ore Developers
TSX: BKI
Pre-Tax & Royalty NPV8 Tax Regime Post-Tax & Royalty NPV8
30%
(US$ billions) (US$ billions)
+30%1
7.3 39%2 4.9
2.9
3.1 3.3 3.4 3.5 1.8 1.8 2.1
1.5 29% 1.0
0.3 0.5 1.1 0.1 0.3 0.6
Macarthur
Macarthur
Northland
Black Iron
Alderon
Northland
Black Iron
Alderon
Iron Road
Iron Road
Brockman
Gindalbie
Brockman
Gindalbie
Centaurus
Centaurus
Millenium
Millenium
New
New
16%
Pre-Tax & Royalty IRR Royalties Post-Tax & Royalty IRR
(%) 5%
(%)
40.2 45.9 40.3
32.0 35.0 38.0 2%
25.0 22.7 27.1
16.9 18.9 20.5
5-8%
Northland
Northland
Millenium
Millenium
Alderon
Alderon
Black Iron
Black Iron
Gindalbie
Gindalbie
Brockman
Brockman
New
New
1%
Source: Company data; Press Release; Research Estimates
Disclaimer: Post-tax and royalty graphs are for illustrative purposes only using simple math. These numbers have not been reported, nor are they 21
substantiated by a financial model. 1 Super-Profits tax >A$75 million profit. 2 Includes Brazil mining tax of $4 / tonne of iron ore

22. Black Iron Continues to Deliver
Shymanivske Project Development Timeline
TSX: BKI
2011 2012 Future
H1 H2 H1 H2
Drill metallurgical holes
Scoping Study/PEA
Definition Drilling
Bankable Feasibility Study
Land Acquisition
Environmental Studies
Permitting
Detailed Engineering
Construction
Production
22
** See Disclaimer on page 2 **

23. Black Iron Value Proposition
TSX: BKI
Skilled Experienced management team with history of creating value for
Management shareholders of Consolidated Thompson, RioTinto and Ferrexpo
Exceptional
Excellent access to skilled labour, power, rail & ports
Infrastructure
Large iron ore deposit with NI 43-101 compliant resource*
Sizable • 646 Mt Measured & Indicated resource @ 31.6% iron; additional 188 Mt of
Resource Inferred resource @ 30.1% iron, which will be concentrated to ~68% iron
• Potential for resource expansion to 1.1-1.8 Bt
Close to
Close to Steel Mills in: W.Europe, Turkey, Russia, Asia and Middle East
Target Markets
High margins due to close proximity to multiple steel mills, skilled
Compelling labour cost advantage and favourable corporate tax rate of 16%
Economics • Bankable Feasibility Study for 9.2Mt of high-grade 68% iron ore
concentrate – NPV of US$3.5billion and 45.9% IRR
23 23
* Please see note on Page 2

24. CONTACT INFORMATION
65 Queen Street West
Suite 805, P.O. Box 71
Toronto, Ontario, Canada
M5H 2M5
www.blackiron.com
Investor Relations
Toronto: +1 (416) 309-2950
London: +44 (0) 207 466 5000
Ukraine: +380 (67) 619-0454
info@blackiron.com
TSX: BKI