Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental Impact
• Community Relations
• Governance

Environmental Achievements

• 68% iron content product vs. benchmark 62% = less emissions to produce steel

Social Achievements

• Highly skilled local workforce from city of 750,000 only 8km from site that supports 7 operating mines

Governance Achievements

• Memorandum of Understanding signed with Minister of Defence to transfer land
• President Zelenskyy publicly states support for Black Iron

Climate Goals & Targets

Environmental Challenges

• Concerns relating to permitting, regulation, governmental and local community relations
• Economic and political situation in Ukraine
• COVID-19 delays

Mitigation Strategies

• Discussions currently ongoing with high quality group of investors that will contribute to financing construction
• EOI received for political risk insurance
• EOI received for Export Credit Agency guarantee
• EOI’s received from major European banks

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: NI 43-101

Environmental Metrics

Social Achievements

• Management in Canada helped arrange the relocation of some of the women and children from families we employ to other countries and provided additional funds to those remaining in Ukraine to help cover essential costs.

Governance Achievements

• Adopted a majority voting policy.
• Established an Audit Committee and a Joint Corporate Governance and Compensation Committee.
• Adopted a written code of ethics.
• Adopted a written whistleblower policy.
• Adopted a corporate disclosure and insider trading policy.

Climate Goals & Targets

Environmental Challenges

• War in Ukraine significantly increased the risk associated with investments in Ukraine and may have a material adverse effect on the Company’s ability to develop the Project.
• The war has greatly increased the risk associated with investments in Ukraine and may have a material adverse effect on the Company’s ability to develop the Project.
• Publication of the updated Shymanivske iron ore project feasibility study cannot occur until there is peace in Ukraine and it is possible to visit site.
• The Company’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19.

Mitigation Strategies

• Black Iron’s management is primarily focused on securing land essential for the construction of the Project and ensuring our permits remain in good standing.
• Two complementary approaches are being undertaken simultaneously to negotiate with Ukraine’s Ministry of Defence, who are using this land for training, and to enter into a formal investment support (the “Investment Agreement”) with Ukraine’s Cabinet of Ministers.
• Black Iron’s team has also provided feedback to Ukraine’s government on the Investment Agreement legislation that has resulted in several changes that will benefit the Company as well as other development-stage investors.
• Upon there being peace in the Dnipropetrovsk region of Ukraine where Black Iron’s Project is located, the Company plans to reengage companies to finalize the Study for publication.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: McGovern Hurley LLP

Environmental Metrics

ESG Focus Areas

• Environmental Impact
• Social Impact
• Governance

Environmental Achievements

• 68% iron content product vs. benchmark 62% = ~30% less emissions to produce steel

Social Achievements

• Highly skilled local workforce from city of 750,000 only 8km from site that supports 7 operating mines
• Strong local and national support in Ukraine

Governance Achievements

• Memorandum of Understanding signed with Minister of Defence to transfer land
• President Zelenskyy publicly states support for Black Iron

Climate Goals & Targets

Environmental Challenges

• War in Ukraine
• Geopolitical and economic turbulence in Ukraine

Mitigation Strategies

• Leveraging offtake + royalty + construction firm to secure equity and European banks + credit agencies for debt substantially mitigates need to raise significant public market equity

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: NI 43-101

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Impact
• Economic Development

Environmental Achievements

• Black Iron’s 68% iron content magnetite pellet feed reduces roughly 30% of the emissions to produce steel without further investment

Social Achievements

• Programs to supply computers to schools to help educate the population
• Upgrading roads and improving transit to schools
• Project will create several thousand jobs for >20 years
• 700 direct jobs at the mine, process plant and associated facilities
• Over 2000 additional indirect jobs for local contractors and auxiliary service providers

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• high-grade iron ore concentrate

Awards & Recognition

• Not disclosed