This corporate presentation from Black Iron Inc. summarizes an investment opportunity in an iron ore project in Ukraine. Black Iron has completed a positive bankable feasibility study for its flagship Shymanivske iron ore deposit, which shows potential to produce 9.9 million tonnes per year of high-grade iron ore concentrate and pellets with low operating costs. The project benefits from access to existing infrastructure for rail, port and electricity, as well as a skilled local workforce. Black Iron also has the support of Ukraine's largest company, Metinvest, which has committed to financing half of project construction costs and will be a major off-take partner.

1. A Compelling Iron Ore Investment Opportunity
Corporate Presentation
May 2015
TSX: BKI

2. TSX: BKI
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, 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

3. TSX: BKI
What Sets Black Iron Apart?
Access to 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

4. TSX: BKI
* Please see note on Page 2
Black Iron has ALL the Key Fundamentals for
a Successful Low Cost Project in Place
Exceptional
Infrastructure
• Significant infrastructure
advantages (power, rail
and port) with confirmed
access and capacity
• Skilled local workforce
• Local partnerships
Compelling
Economics
• Bankable Feasibility Study
(Shymanivske Project):
- 9.9Mtpa of 68% Fe Conc.
- Post-tax NPV8 of US$2.6B
- Post-tax IRR of 39%
• Break even price of $54/t
(after-tax)
Sizeable
Resource
• Large NI 43-101 Compliant
Resource* at Flagship
Shymanivske
- 646Mt (M+I) @ 32% Fe
- 188Mt (Inf) @ 30% Fe
- Significant resource
potential upside
Skilled
Leadership
• 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
Metinvest Development
Agreement
• Ukraine’s largest company,
9th globally in iron ore, 16th
in steel
• Committed to half of
project construction
financing (est. $250-$500M)
4

5. TSX: BKI
Board of DirectorsKey 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
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
George Mover – Special Advisor
• Former Project General Director of Ferrexpo Yeristovo
Mining, Ukraine. Since 1994,worked on numerous
mining projects in Former Soviet Union countries
Bruce Humphrey – Chairman
• Former 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
A Track Record of Iron Ore Success
with Rio Tinto’s Iron Ore Company of Canada, and Ferrexpo
5

6. TSX: BKI
Major Local Development Partner: Metinvest
Ukraine’s Largest Company and a Global Iron Ore & Steel Producer
• Over 100,000 employees; Generated US$12.8 billion of revenues and a 18% EBITDA margin in 2013
• Metinvest is owned by System Capital Management (SCM) and Smart Holding
• SCM has over US$28.4B in assets and operations across 13 different areas including ownership of:
• Global Commodity Ranking:
• DTEK >18GW of electricity
production (~26%)
• Leman Trans, ~21% of
railway cars
• Portinvest, ~13% of
Ukraine’s port capacity
• 9th in Iron Ore with 33.9 MT • 16th in Steel with 18.4 MT • 33rd in Coal with 2.6 MT
6

7. TSX: BKI
Sound Capital Structure
Attractive Valuation with Substantial Upside & Funding Support
Corporate StructureCapital Structure (TSX: BKI)
Shares Outstanding 161.1 million
Stock Options(1)
9.9 million
Warrants(2)
20.6 million
Fully Diluted Shares 191.7 million
Market Cap(3)
~US$4.9 million
Current Cash Balance(4)
~US$15.9 million
Debt Balance nil
1. 9,913,750 options exercisable at a weighted average price of $0.32 per share.
2. 935,370 Warrants Expire Feb 20, 2016 (strike price: $0.25); 17.7M Warrants Expire Feb 20,
2017(strike price : $0.25); 2M Warrants Expire Aug 19, 2016(strike price: $0.20).
3. As May 20, 2015 using a closing price of CAD $0.03 per share.
4. Consolidated cash position as at Mqy 14, 2015 as per Financial Statements
Analyst Coverage
Black Iron Inc.
(TSX: BKI)
Metinvest B.V.
(Ukraine private)
Black Iron (Cyprus) Ltd.
(Cyprus private)
Shymanivske Steel
(Ukraine private)
Zelenivske Steel
(Ukraine private)
51% 49%
100% 100%
7

8. TSX: BKI
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 Kryvyi Rih
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%
Black Iron’s
Zelenivske
Project
ArcelorMittal’s Kryvyi Rih
Iron Ore Complex
Metinvest & Evraz’s
YuGOK 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
8

9. 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
Shymanivske
Tonnage
(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
-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 9

10. TSX: BKI
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 to allow for a
second phase process plant expansion
to increase production and project
value
Potential resource
upside to be drilled
Drill hole
Property
boundary
Very likely
Iron in ground
Likely just
dirt in ground
10

11. TSX: BKI
Extensive Pit Shell Design and 3D Model
Completed (Property Overview)
11
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

12. TSX: BKI
Concentrator Footprint Compressed by
Staggering HPGRs and Stacking LIMS
12
* Bankable Feasibility Study complete by Lycopodium Minerals Canada Ltd.

13. TSX: BKI
13
Conventional Flowsheet
Producing 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
CoreProduct
Value-Add
Alternative
Products

14. TSX: BKI
Secured Infrastructure Access
(Rail, Port Power) Key to 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 tonnes
per 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 ** 14

15. TSX: BKI
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
15

16. TSX: BKI
Ukraine: A Mining Friendly Country in
Transition
• Member of World Trade Organization (WTO)
• S&P Sovereign Risk rating of B
− Commodity driven economy (agriculture, metals
and energy)
− Steel production is Ukraines largest industry
− 60% of total exports are commodity-related
(majority is steel)
− Recently held successful presidential election (5
year term); elected a new pro-democracy pro-
Ukraine leader
− Gross Domestic Product (GDP) in Ukraine
averaged 0.55% from 2010 until 2014, reaching
an all time high of 3.90% in the second quarter of
2010 and a record low of -2% in the first quarter
of 2014
• Signed the “Ukraine-European Union Association
Agreement“ in two stages in 2014 (political portion
March 21; economic portion June 27)
− Demonstrates a strong desire by citizens and
business for closer European integration
− Expected to result in lower duties, but could
drive Russian gas imports up
• Large, highly skilled labour force (pop. 45.4 million)
− GDP per capita only $7600/yr
− Literacy rate >99%
• Mining friendly jurisdiction with strong local and
national support
− ArcelorMittal and Ferrexpo plc have operated in-
country for over 8 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
$1.8Bn Investment
in Shale Gas
Development
Major Foreign Corporate Investors
$10Bn Planned Investment in
unconventional gas exploration
and development
$10Bn Planned Investment
in exploration and
development of shale gas
16

17. TSX: BKI
0%
10%
20%
30%
40%
50%
60%
%ofWorldProductionandReserves
Production Reserves
Source: Based on know production and reserves as listed in the USGS
2013 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 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 GOK
Kryviv Rih Ordzhonikize Gok
Shymanivske
Zelenivske
C Gok
YuGok
Production Reserves
7%
20%
17

18. TSX: BKI
Permit Process for Shymanivske Deposit
Black 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 Gov
inspections
• Finalize
environmental
permits
Completed
Land
Allotment
18

19. 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
Projected Plant Start-Up Q4 2016
Projected Revenue Commencement Q1 2017
BFS Highlights – High Grade Concentrate
High Value, Low Net Cost Iron Ore Development Project
*** See Disclaimer on page 2* Bankable Feasibility Study completed by Lycopodium **Black Iron’s interest in Project is 51%
19

20. TSX: BKI
Black Iron’s Operating Cost Competitiveness
Shymanivske: First Quartile to Local Markets; Second Quartile to China
20** See Disclaimer on page 2 **
2013 Iron Ore Cost Curve
World Cumulative Production (%)
Source: Company data; Wood Mackenzie; BMO Capital Markets * Adjusted for iron content and shipping distance
BKI delivered to
Europe/Middle East
Markets
BKI delivered
to China Spot: $70/t
TotalCashCost(US$/tCFRChina)

21. TSX: BKI
** See Disclaimer on page 2 **
Black Iron’s Capital Cost Advantage
Shymanivske Relative to Other Iron Ore Projects
21
Source: Company data; Renaissance Capital estimates
Vale(Shimandou1)
AfricanMinerals(phase2)
Xstrata(Askaf)
AfricanMinerals(DSO)
ArcelorMittal(Western…
Fortescue(Expansion)
BlackIron
RioTinto(IOC)
Sundance
Kumba
Ferrexpo(Yeristovo)
IRC(Kuranakh)
LondonMining
IRC(K&S)
Alderon
Auila(Hardey)
Xstrata(Zanaga)
AtlasIron(Ridley)
RioTinto(Pilbara)
Gindalbie(Karara)
AngloAmerican(MinasRio)
BHP(RGP5&6)
Aquila(WestPilbara)
ArcelorMittal(Western…
BHP(Samarco)
AtlasIron(BallaBalla)
CITICPacific(Sino)
Baffinland
Xstrata(GeulbelAouj)
GrangeResources…
84 87 90 92
109 109 111 122 134 135 141 142
157 159 159 160 167
180 186 188 189 190 192 200 211 217 221 222
236
258
CAPEX Forecast
(US$/t of capacity)
Average = 162
0%
25%
50%
75%
100%

22. TSX: BKI
Black Iron’s Target Capital Funding Strategy
49% of Equity Capital Solidified with Metinvest Transaction;
100% of Off-Take Still Available
** See Disclaimer on page 2 **
Estimated Capital Investment
US$1.1 billion
Equity Investment Debt Investment
Black Iron Inc.
(TSX: BKI)
Metinvest
9.9Mtpa
Off-take
Export Credit Agencies
Bank Debt /
High-Yield Bonds
Capital Markets
60%40%
49%51%
(US$250-300 million)
(US$0-50 million)
(US$300-400 million)
(US$250-350 million)
Significant Off-take Opportunity with Equity Funding Support from Metinvest
** % and $ amounts are indicative only and subject to negotiation **
(US$250-300 million)
22

23. TSX: BKI
Shymanivske Project Development Timeline*
2011-2013 2014
Scoping Study/PEA
Bankable Feasibility Study
Off-take & Project Finance
Construction
Drill metallurgical holes
Definition Drilling
Land Acquisition
Detailed Engineering
Production
Future
* 2015 timeline contingent upon peace in Ukraine and recovered iron ore price
** See Disclaimer on page 2 **
Pilot Plant Test Work
2015
Permitting
Milestone Achieved
23
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24. TSX: BKI
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 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
Sizable
Resource
Excellent access to skilled labour, power, rail & portsExceptional
Infrastructure
Experienced management team and Board with history of creating value
for shareholders of RioTinto and Ferrexpo
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 9.9Mt of high-grade 68% iron ore concentrate
– NPV of US$3.3 billion and 48% IRR (US$2.6 billion and 39% after-tax)
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 Resources
Strategic
Partners
Metinvest: Largest company in Ukraine; committed to half of project equity
financing
24

25. TSX: BKITSX: BKI
Shymanivske Project Site
Paved Road
High voltage
power linesState-owned
rail line
25

26. Appendix

27. TSX: BKI
Mineral Reserves & Resources Estimate
1) Mineral Reserve Estimate for the Shymanivske iron
ore open pit as of January 8, 2014 prepared by P&E
Mining Consultants Inc. under the direction of
Eugene Puritch, P.Eng.
2) The Mineral Reserve is based on a cut-off grade of
13.0% Fe-Mag and incorporates an ore loss of 2%
and dilution factor of 7.1%.
3) The terms "mineral reserve", "probable mineral
reserve" and "proven mineral reserve" have the
meanings ascribed to those terms by the Canadian
Institute of Mining, Metallurgy and Petroleum, as
the CIM Definition Standards on Mineral Resources
and Mineral Reserves adopted by CIM Council, as
amended.
4) P&E is not aware of mining, metallurgical,
infrastructure, permitting, or other factors that
could materially affect the mineral reserve
estimates.
27
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
Shymanivske
Tonnage
(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

28. Contact us:
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Toronto, ON, Canada, M5H 2M5
Mike McAllister, Manager IR
Toronto: +1(416) 309 2134
Ukraine: +380 (56) 409 2536
info@blackiron.com
TSX: BKI
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