Ukraine Ministry of Economy Approval of an Investment Agreement with Black Iron will be a significant signal to invest in Ukraine
Ukraine Ministry of Economy Approval of an Investment Agreement with Black Iron will
be a significant signal to invest in Ukraine
TORONTO, CANADA, November 22, 2023 – Black Iron Inc. (“ Black Iron” or the “ Company”)
(TSX: BKI) is proud to have been a sponsor and have management participate in the second
Rebuild Ukraine Business Conference (the “Conference”), held between November 21-22, 2023,
in Toronto, Ontario, Canada. This significant event showcased Canada’s belief in Ukraine’s
victory and its commitment to providing diverse assistance. Representatives at the Conference
included government officials, investors, companies from Canadian and multilateral organizations
who are eager to collaborate with their Ukrainian counterparts across a broad range of interests.
Among the companies envisioning their future in a free, democratic, and resilient Ukraine is Black
Iron. “We believe in Ukraine’s victory and are determined to implement the Shymanivske Iron
Ore Project (the “ Project”), aiming to be one of the most substantial and attractive foreign
investment ventures for Ukraine. Despite the Project’s implementation challenges, including
Russian aggression, our Company is steadfast in progressing towards our goal,” stated Matt
Simpson, Chief Executive Officer.
The Company reiterates that the Project received full support from Ukrainian President Volodymyr
Zelensky, as publicly stated by the Ukrainian leader when he first officially came to Canada. The
successful realization of the Project, backed by Ukrainian authorities and Canadian investors, will
send a crucial signal not only to the Canadian business community, but to the entire civilized world
that investing in Ukraine is a secure venture.
In July 2023, Black Iron Inc. submitted a proposed binding Investment Support Agreement (the
“Investment Agreement”) to Ukraine’s Ministry of Economy. With four months having passed,
the Company looks forward to a positive written response from its Ukrainian counterparts to
progress th e Investment A greement towards signing with support from the entire Cabinet of
Ministers. Black Iron is resolute in finalizing this critical document, which includes transfer ofl
government owned essential for Project development , and urges the Ukrainian government to
expedite the review and conclusion of the aforementioned Investment Agreement. This will open
a new chapter not only for the Company but also in Ukraine’s relationships with foreign investors
at large.
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100% owned
Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource details and
projected project economics can be found in the NI 43 -101 technical report entitled “(Amended)
Preliminary Economic Assessment of the Re -scoped Shymanivske Iron Ore Deposit” published
in March 2020 with an effective date of November 21, 2017 under the Company’s profile on
SEDAR at www.sedar.com. The Project is surrounded by five other operating mines, including
Metinvest’s YuGOK and ArcelorMittal's iron ore complex. Please visit the Company's website at
www.blackiron.com for more information
For more information, please contact:
Black Iron Inc.
Forward-Looking Information
This press release contains forward -looking information. 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. Forward -looking information may in clude,
but is not limited to, statements with respect to the terms of Investment Agreement, Ukrainian government
support of the Investment Agreement, the review, approval and execution of the Investment Agreement,
the development and financing of the Project discussions with the Ukraine government, the outcome of the
war in Ukraine and the Company’s future plans. 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". 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: the war in Ukraine; 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 material ly 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 law s. The Company notes that mineral resources are not mineral
reserves and do not have demonstrated economic viability.