RCS - Black Iron Inc. - Black Iron Announces Ukraine New Mining Project

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RNS Number : 3198H  Black Iron Inc.  06 May 2025

Black Iron Congratulates the U.S. and Ukraine on Their Minerals Deal and Aims
to Help Pave the Way With Its Highly Advanced Ukraine New Mining Project

·      U.S. and Ukraine entered into a landmark agreement to jointly
develop Ukraine's vast mineral resources.

·      Black Iron (TSX:BKI) is developing the most advanced project to
construction in Ukraine.

·      Black Iron's successful construction and operation will create a
development roadmap for investments under the U.S. - Ukraine Minerals
Agreement.

TORONTO, ON / ACCESS Newswire / May 6, 2025 / Black Iron Inc. ("Black Iron" or
the "Company") (TSX:BKI)(OTCPK:BKIRF)(FWB:BIN) congratulates Ukraine and the
United States governments on signing a landmark agreement to jointly develop
Ukraine's vast mineral resources - a strategic move designed to accelerate
post-war reconstruction and reduce global dependency on hostile-state supply
chains. With potentially trillions of dollars worth of untapped mineral
resources and growing Western support, Ukraine is positioning itself as a
future powerhouse in the critical minerals sector. The challenge is that there
hasn't been a new large-scale mine constructed in Ukraine since the Soviet
era.

 
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Black Iron's high purity Shymanivske Iron Ore Project (the "Project") is one
of the most advanced mining developments in Ukraine and was on the brink of
starting construction prior to the outbreak of conflict in 2022. As one of the
most advanced large scale mining projects in Ukraine, the Project will pave
the way by developing a roadmap under which future investments under the U.S.
- Ukraine Minerals Agreement can follow. With a dearth of companies and
operators experienced in starting a Ukrainian mining operation of this scale,
Black Iron is well-positioned to participate in the post-war reconstruction of
Ukraine. The Project is already well advanced in its engineering and
permitting, plus it is strategically located in central Ukraine (Kryvyi Rih)
and surrounded by seven operating iron ore mines with institutional financial
support. The Project itself has the financial support of global miner Anglo
American, as evidenced by the royalty investment and offtake agreement entered
into between the Company and Anglo American (see Company press release of
November 7, 2024).

Black Iron's CEO, Matt Simpson, commented, "This isn't just about building a
mine - it's about rebuilding a country. The Shymanivske Iron Ore Project is
expected to inject US$1.2 billion in development capital over the life of the
Project and is estimated to contribute US$2.2 billion to the Ukrainian
economy. It will create thousands of jobs, introduce new innovative
technologies, revive industrial infrastructure and demonstrate to the world
that Ukraine is open for business."

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its
100% owned Shymanivske Iron Ore Project located in Kryvyi 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 (https://pr.report/a0nh)  for
more information.

For more information, please contact:

 Matt Simpson
 Chief Executive Officer

Black Iron Inc.
 info@blackiron.com (mailto:info@blackiron.com)

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
include, but is not limited to, statements with respect to the U.S. and
Ukrainian minerals agreement; the development of the minerals sector in
Ukraine; the war in Ukraine and associated reconstruction projects;
development of the Project; the royalty investment and offtake agreement with
Anglo American and the economic benefits of the Project. 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 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. The Company notes that mineral resources are not
mineral reserves and do not have demonstrated economic viability.

SOURCE: Black Iron, Inc.

 

 

 

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