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Investor Presentation A Compelling Iron Ore Investment Opportunity Corporate Presentation October 2014 TSX: BKI Disclaimer Forward Looking Statement TSX: BKI 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. NI 43-101 Technical Report “Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc”, dated January 24, 2014 Prepared by Lycopodium Minerals Canada Ltd. / Bankable Feasibility Study (the “Feasibility Study”) – For additional information, please see the Report filed on www.sedar.com dated January 24, 2014. *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 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 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 Black Iron has ALL the Key Fundamentals for a Successful Low Cost Project in Place TSX: BKI Exceptional Sizeable Infrastructure Resource • Significant infrastructure • Large NI 43-101 Compliant advantages (power, rail Resource* and port) with confirmed - Shymanivske access and capacity 646Mt (M+I) @ 32% Fe • Skilled local workforce 188Mt (Inf) @ 30% Fe • Local partnerships - Zelenivske (upside) 1.1 - 1.8Bt potential Close to Skilled Target Markets Leadership • Located in Kryvyi Rih, • History of creating value Ukraine a major iron ore for shareholders district, close to Europe, • Significant Ukrainian Turkey, Russia, Asia and political and iron ore Middle East operations experience Compelling Metinvest Development Economics Agreement • Bankable Feasibility Study • Ukraine’s largest company, th th (Shymanivske Project): 9 globally in iron ore, 16 - 9.9Mtpa of 68% Fe Conc. in steel - Post-tax NPV8 of US$2.6B • Committed to half of - Post-tax IRR of 39% project construction • Break even price of $54/t * Please see note on Page 2 financing (est. $250-$500M) 4 (after-tax) A Track Record of Iron Ore Success with 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 Iron • Former Chief Operating Officer of Goldcorp Ore Company of Canada Jaroslav Kinach • Worked for Hatch designing global metallurgical • Former Advisor to Ukraine Prime Minister and refineries former Ukraine Country Head of EBRD George Mover – COO Chris Westdal • Former Project General Director of Ferrexpo Yeristovo • Canadian Ambassador to Ukraine (1996-98) and to Mining, Ukraine Russia (2003-06) • Since 1994 worked on numerous mining projects in Former Soviet Union (Ukraine, Russia, Kazakhstan, Pierre Pettigrew Armenia) • Former Canadian Minister for Foreign Affairs and international Trade Paul Bozoki – CFO John Detmold • Former CFO of CD Capital Partners, operating in Former Soviet Union & Ukraine • Chairman & Founder of Invecture Group, S.A. de C.V. which owns Frontera Copper Corporation Aaron Wolfe – VP Corp Development Dave Porter • Former investment banker with Macquarie • Former VP for Rio Tinto’s Iron Ore Company of Nikolay Bayrak – VP Gov’t & Community Relations Canada and COO of Algoma Steel • Former department head, Ukrainian Ministry of Matt Simpson – President & CEO Emergencies and Public Protection; Former MP and President of MP’s Parliamentary Social Club 5 Major Local Development Partner: Metinvest Ukraine’s Largest Company and a Global Iron Ore & Steel Producer TSX: BKI • 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: • DTEK >18GW of electricity • Leman Trans, ~21% of • Portinvest, ~13% of production (~26%) railway cars Ukraine’s port capacity • Global Commodity Ranking: • 9th in Iron Ore with 33.9 MT • 16th in Steel with 18.4 MT • 33rd in Coal with 2.6 MT 6 Sound Capital Structure Attractive Valuation with Substantial Upside & Funding Support TSX: BKI Capital Structure (TSX: BKI) Corporate Structure Shares Outstanding 159.2 million (1) Stock
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