Central Iron ORE Announces Consolidation

ABN: 32 072 871 133

Central Iron Ore Ltd.

Suite 1 Level 2, 49-51 York Street, Sydney 2000 Australia

Tel. 61 2 9397 7555 Fax. 61 2 9397 7550

NEWS RELEASE Symbol: CIO-TSXV

July 12, 2022 For Immediate Dissemination

CENTRAL IRON ORE ANNOUNCES CONSOLIDATION

Central Ir on Or e Ltd. (TSXV: CIO) (the “ Company”) is pleased to announce that its has

consolidated its issued and outstanding common shares (“ Common Shares”) on the basis of

three (3 ) pre -consolidation Common Shares for one post -consolidation Common Share (the

“Consolidation”). The Consolidation were approved by shareholders of the Company at its

extraordinary general meeting of shareholders held on Thursday, April 27, 2022 . The Common

Shares are expected to commence trading on a consolidated basis on or about market open on

Monday, July 18, 2022.

Following the Consolidation, the Company will have approximately 24,236,913 Common Shares

outstanding. No fractional Common Shares will be issued pursuant to the Consolidation and any

fractional Common Shares that would have otherwise been issued have been rounded down to

the nearest whole number . The change in the number of issued and outstanding Common

Shares resulting from the Consolidation will not materially a ffect any shareholder’s percentage

ownership in the Company, although such ownership will be represented by a smaller number

of Common Shares.

Letters of transmittal with respect to the Consolidation have been mailed out to the Company’s

registered shareholders. All registered shareholders wi ll be required to send their share

certificates, along with a properly executed letter of transmittal, to the Company’s registrar and

transfer agent, Computershare Investor Services Inc., in accordance with the instructions

provided in the letter of transm ittal. Shareholders who hold their Common Shares through a

broker, investment dealer, bank or trust company should contact that nominee or intermediary

for assistance in depositing their Common Shares i n connection with the Consolidation. A copy

of the let ter of transmittal will be posted on the Company’s issuer profile on SEDAR at

www.sedar.com.

On behalf of the Board of Directors

CENTRAL IRON ORE LTD.

“Brett Hodgins”

____________________________

Brett Hodgins, President/CEO

For further information, please contact:

www.centralironorelimited.com

Investor and Media Inquiries:

Direct: +61 2 9397 7555

Email:[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is define d in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMI NATION

IN THE UNITED STATES.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Although the

Company believes that such information is reasonable, it can give no assurance that such expectations will prove to

be correct. F orward-looking information is typically identified by words such as: believe, expect, anticipate, intend,

estimate, postulate and similar expressions, or are those, which, by their nat ure, refer to future events. The Company

cautions investors that any forward-looking information provided by the Company is not a guarantee of future results

or performance, and that actual results may differ materially from those in forward looking inform ation as a result of

various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the

state of the market for iron ore or other minerals that may be produced generally, recent market volatility; va riations in

the nature, quality and quantity of any mine ral deposits tha t may be located, the Company's ability to obtain any

necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully

able to implement its business strategies and other risks associa ted with the exploration and development of mineral

properties. The reader is referred to the Company's disclosure documents for a more complete discussion of such

risk factors and their potential eff ects, copies of which may be accessed through the Compan y’s page on SEDA R at

www.sedar.com.