1. A Compelling Iron Ore Investment Opportunity Corporate Presentation August 2013 TSX: BKI

2. TSX: BKI 2 Disclaimer Forward Looking Statement 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 Companys annual information form for the year ended December 31, 2011 (and dated March 26, 2012) or as may be identified in the Companys public disclosure from time to time, as filed under the Companys 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; and the impact of concerns relating to permitting, regulation, governmental and local community relations. 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". Estimates underlying the results of the Feasibility Study arise from engineering, geological and costing work of WorleyParsons Canada Services Ltd. (WorleyParsons), 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. Bankable Feasibility Study (the Feasibility Study) For additional information, please see the Companys press release dated November 15, 2012. *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 Companys 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 WorleyParsons Canada Services Ltd., 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. 3. TSX: BKI 3 What Sets Black Iron Apart? Access to Skilled Labour & Infrastructure Two of the Most Challenging Iron Ore Project Development Risks Key Development Risks Taxes/Royalties Human Resources Access to Infrastructure Community Opposition Licensing/Permitting Access to Water Electricity Supply Canada Brazil Africa Australia Ukraine 3 4. TSX: BKI * Please see note on Page 2 4 Black Iron has ALL the Key Fundamentals for a Successful Low Cost Project in Place Exceptional Infrastructure Significant infrastructure advantages (power, rail and port) Skilled local workforce Local partnerships Compelling Economics Bankable Feasibility Study (Shymanivske Project): - 9.2Mtpa of 68% Fe Conc. - Pre-tax NPV8 of US$3.5B - Pre-tax IRR of 45.9% Sizable Resource Large NI 43-101 Compliant Resource* - Shymanivske 646Mt (M+I) @ 32% Fe 188Mt (Inf) @ 30% Fe - Zelenivske (upside) 1.1 - 1.8Bt potential Skilled Leadership History of creating value for shareholders Significant Ukrainian political and iron ore operations experience Close to Target Markets Located in Kryviy Rih, Ukraine a major iron ore district, close to Europe, Turkey, Russia, Asia and Middle East Metinvest Development Agreement Metinvest: Ukraines largest company, 9th globally in iron ore, 33rd in steel Committed to half of project construction financing (up to $535M) 5. TSX: BKI Board of DirectorsKey Management Matt Simpson President & CEO Former General Manager, Mining for Rio Tintos Iron Ore Company of Canada Worked for Hatch designing global metallurgical refineries George Mover COO Former Project General Director of Ferrexpo Yeristovo Mining, Ukraine Paul Bozoki CFO Former CFO of CD Capital Partners, operating in Soviet Union & Ukraine Aaron Wolfe VP Corp Development Former investment banker with Macquarie Nikolay Bayrak VP Govt & Community Relations Former department head, Ukrainian Ministry of Emergencies and Affairs of Population Protection; President of MPs Parliamentary Social Club Mike McAllister Manager Investor Relations Former IR Manager at Avion Gold Corporation, previously with BMO CM Metals & Mining Group Bruce Humphrey Chairman Former Chairman of Consolidated Thompson Iron Mines Jaroslav Kinach Former Advisor to Ukraine Prime Minister and former Ukraine Country Head of EBRD Chris Westdal Canadian Ambassador to Ukraine (1996-98) and to Russia (2003-06) Pierre Pettigrew Former Canadian Minister for Foreign Affairs and international Trade John Detmold Chairman & Founder of Invescture Group, S.A. de C.V. which owns Frontera Copper Corporation Dave Porter Former VP for Rio Tintos Iron Ore Company of Canada and COO of Algoma Steel Matt Simpson President & CEO 5 A Track Record of Iron Ore Success with Consolidated Thompson Iron Mines, Rio Tintos Iron Ore Company of Canada, and Ferrexpo 6. TSX: BKI 6 Project Backed by Forbes & Manhattan Success with Consolidated Thompsons Bloom Lake Iron Mine World class 8Mtpa iron ore concentrate mine in Quebec Advanced from exploration stage through development to construction 8 mtpa capacity (66% Fe concentrate) expanding to 16 mtpa Completed scoping study, 3 feasibility studies, secured off-take with Chinas third largest steel producer (WISCO) Raised over Cdn$1 bn in capital Attracted and put in place a qualified management team Recently acquired for $4.9 billion $1 mm market cap First F&M involvement Forbes&ManhattanInvolvement 2005 Q1-2011 Acquired for $4.9 billion 7. TSX: BKI 7 Major Local Development Partner: Metinvest Ukraines Largest Company and a Global Iron Ore & Steel Producer Commodity Global Rank Production Iron Ore 9th place 33.9 million tonnes Coal 33rd place 2.6 million tonnes Steel 16th place 18.4 million tonnes Over 100,000 employees Generated US$12.6 billion of revenues and a 16% EBITDA margin in 2012 Metinvest is committed to matching dollar for dollar up to $536M in Equity for Construction Financing 8. TSX: BKI Sound Capital Structure Attractive Valuation with Substantial Upside & Funding Support 8 Corporate StructureCapital Structure (TSX: BKI) Shares Outstanding 141.4 million Stock Options (1) 8.9 million Fully Diluted Shares 150.3 million Market Cap(2) ~US$23.7 million Current Cash Balance(3) ~US$4.6 million Debt Balance nil 1. 8,938,750 options exercisable at a weighted average price of $0.92 per share. 2. As at Aug 6, 2013, using a closing price of CAD $0.18 per share. 3. As at Jun 30, 2013 per Q2 Unaudited Financial Statements. Metinvest Transaction Summary Analyst Coverage Black Iron Inc. (TSX: BKI) Shymanivske Steel Zelenivske Steel Metinvest Black Iron Cyprus Metinvest acquires 49% of Black Iron Cyprus for US$20M Metinvest required to fund its prorata portion of equity financed capital costs to develop the assets or be diluted Metinvest option to increase ownership in Black Iron Cyprus to 51% Option vests after 3 consecutive months of production at nameplate capacity Option priced at a 30% premium to the fair market value as derived by an independent third party 9. TSX: BKI 9 Deposits In Mining Friendly Region Adjacent to existing Iron Ore Producers Two mining and exploration permits covering 5.92 km2 Mining permit at Shymanivske, which has been extensively explored, covering 2.56 km2 valid until 2024 Exploration permit at Zelenivske covering 3.36 km2 valid until 2014 Adjacent to ArcelorMittals Kryviy Rih iron ore complex and Smart & Evrazs YuGOK iron ore mine Plan to acquire a plot of land from Ukraine Government adjacent to the Shymanivske deposit for project waste dumps, concentrator and tailings Black Irons Shymanivske Project M&I: 646Mt @ 31.6% Inferred: 188Mt @ 30.1% Black Irons Zelenivske Project ArcelorMittals Kryviy Rih Iron Ore Complex Smart & Evrazs YuGOK Iron Ore Mine Railway lines ** See Black Irons website at www.blackiron.com for a Corporate Video highlighting the project location and infrastructure ** 10. TSX: BKI 10 Large Ore Deposit with Growth Potential Banded iron formation consisting primarily of magnetite with some hematite Iron band thickness ranges from 40-80 m Only 9.7-21.2 m of overburden Very clean ore body low in phosphorus, manganese and aluminum Resource defined by ~54,000 metres of drilling Black Iron completed a Twin Hole Drill Program consisting of 6,042 metres and a Phase II Drill Program consisting of 11,435 metres of infill drilling Total iron grade and band width align very well with 37,000 metres of historical drilled data Potential for total combined resource expansion of 1.1 to 1.8BT Additional drilling of Shymanivske at North end of deposit and to depth Exploration of the Zelenivske project Shymanivske Resource* Tonnage (Mt) Fe Tot (%) Fe Mag (%) Measured 355.1 32.0 19.5 Indicated 290.7 31.1 17.9 Total Measured and Indicated 645.8 31.6 18.8 Inferred 188.3 30.1 18.4 * Please see note on page 2 Tonnage and grade rounded to first decimals. Cut-off grade of 10% Fe Mag 11. TSX: BKI 11 Potential Resource Extension at Shymanivske Ground Gravity Shows Iron Ore Mineralization at North End Ground gravity and magnetic surveys show potential extension of iron ore mineralization at North end of property as circled in red This area has not been included in the NI 43-101 resource as it has not yet been sufficiently drilled The identified area will be a target of a future drill program to allow for a second phase process plant expansion to increase production and project value Potential resource upside to be drilled Drill hole Property boundary Very likely Iron in ground Likely just dirt in ground 12. TSX: BKI 12 Extensive Pit Shell Design and 3D Model Completed Property Overview Concentrator Layout * Bankable Feasibility Study complete by Worley Parsons ** See Black Irons website at www.blackiron.com for a Virtual Mine Site Tour ** 13. TSX: BKI 13 Conventional Flowsheet (simplified) Producing High Quality Iron Ore Products Drill Blast Load & Haul Crush HPGRBall Mill (x2)Vertical Mill Magnetic Separator Sulphur Floatation Pellet Plant Fe 68.0% SiO2 4.5% P 0.02% S 0.05% Al2O3 0.43% Mn 0.03% P80 32 m Concentrate Fe 65.0% SiO2 4.13% P 0.025% S 0.01% Mn 0.15% Pellets (optional) 14. TSX: BKI 14 Excellent Infrastructure Key to a Successful Iron Ore Project Paved roads to site, located 35km away from the major city of Kryviy Rih which has a skilled work force Surplus electricity readily accessible from high voltage power lines that run beside property ~2 km from main state-owned rail line Confirmation in July 2010 from Ukrainian Government that there is sufficient capacity to haul at least an additional 20 million tonnes of iron ore per annum 5 deep water ports accessible by rail with iron ore facilities available Preferred port option is Yuzhny located ~390 km away and providing access to the Black Sea and global seaborne iron ore markets ** See Black Irons website at www.blackiron.com for a Corporate Video highlighting the project location and infrastructure ** 15. TSX: BKI 15 Strategic Global Location Close Proximity to Target Markets with Abundant Port and Rail Access Project is surrounded by steel mills in Europe, Turkey and the Middle East River barge & rail access to Western Europe. Five dry bulk tonnage ports accessible using railway running beside properties Approx 20% to 25% shorter transport distance to growth markets of India and China compared to North and South American producers Excellent Ukrainian logistical advantages Densely populated roadway infrastructure 468 million tonnes of cargo transported via rail 155 million tonnes of cargo transported via ship 16. TSX: BKI 16 Ukraine: A Mining Friendly Country Strong Local and National Support Politically stable Democratic republic Parliament reelected in October 2012 for a further five year term S&P Sovereign Risk rating of B Economy dominated by agriculture & commodities Steel production is Ukraines largest industry 60% of Ukraines total exports are commodity- related (the majority of which is steel) Strong economic growth GDP growth of 4.2% in 2010; 5.2% in 2011; 2012 forecast to be 6.5% growth Member of WTO Ongoing negotiations to sign Association Agreement with European Union Potential key member of the Russia proposed Eurasian Trade Union Large, highly skilled labour force (pop. 45.4 million) GDP per capita only $7600/yr Literacy rate >99% Mining friendly jurisdiction with strong local and national support ArcelorMittal and Ferrexpo plc have operated in-country for over 7 years Legislated corporate tax rate reductions from 21% in 2012 to 16% in 2014. Currently the corporate tax rate 19% Favourable mining royalties of $0.40 per tonne of ore mined (~1%) to the Government 17. TSX: BKI 17 Source: Based on know production and reserves as listed in the USGS 2012 Iron Ore report Globally Significant Iron Ore District 4th largest iron ore producer & 2nd largest reserve base Global Distribution of Fe Reserves & Fe Production Black Irons projects are located in the heart of Ukraines iron ore belt 35km from city of 750,000 people Iron ore district trends 300 km with sedimentary rock hosted banded iron formations (Dnenpovskog complex) Historically well explored resource base but substantially under-exploited due to historic Soviet policy 15 iron ore mines in Ukraine produced 88 million tonnes in 2012 Kiev Yeristovskoye Poltavsky GOK TsentralnyKryviy Rih Iron Ore Complex Ingulestky GOK Yuzhny GOK Kryviv Rih Ordzhonikize Gok Shymanivske Zelenivske C Gok YuGok 0% 10% 20% 30% 40% 50% 60% Asia Australia S.America FSU N.America Other Africa %ofWorldProductionandReserves Production Reserves Production Reserves 7% 21% 18. TSX: BKI 18 Permit Process for Shymanivske Deposit Black Iron Remains on Track Exploration Permit Extraction Permit Land Allotment Construction Approval Operations Approval Deem deposit economical Complete Ukraine version of scoping study including evaluation of various mining methods & high level environmental impact Pit shell reserves & environmental impact Gov approval Complete field environmental (OVOS) & archeological studies for Gov approval Submit pit shell design & mapped ground surface project for Gov. approval Obtain surface rights for mine, refinery & tailings Land use analysis based on plot plan showing major buildings & agreed connections to utilities, rail and roads (Proekt) Approval of the project location Approval from all land owners & finalize lease Start mine overburden removal & plant construction Detailed design approved (Expertisa) Obtaining the construction permit Commissioning of the facility Registration of the ownership to the facility Explore resource potential Conduct geophysical program Drill ore body State approval of explored deposit Operate mine & refinery Ensure compliance with Ukraine Safety, Environment, Health and Employment laws as check by regular Gov inspections Finalize environmental permits Mining Allotment Completed 19. TSX: BKI BFS Highlights High Grade Concentrate High Value, Low Net Cost Iron Ore Development Project 19 Annual Production: 9.2 Mt Iron Content: 68.0% Estimated Capital Investment: (capital intensity) US$1,094 million US$119/t Estimated Operating Expenses: (average FOB) (average at Mine Gate) US$43.97/t US$29.67/t Net Present Value (8%): US$3.5 billion IRR: 45.9% Annual Average Cash Flow: US$593 million Projected Payback (8%): 2.2 years Estimated Mine Life: 16 years Projected Plant Start-Up Q4 2015 Projected Revenue Commencement Q1 2016 Estimated Long-Term Iron Ore Concentrate Price (62%) US$95/t ** See Disclaimer on page 2 ** * Bankable Feasibility Study complete by Worley Parsons 20. TSX: BKI Black Irons Target Capital Funding Strategy 50% of Equity Capital Solidified with Metinvest Transaction; 100% of Off-Take Still Available 20** See Disclaimer on page 2 ** Estimated Capital Investment US$1,094 million Equity Investment Debt Investment Black Iron Inc. (TSX: BKI) Metinvest 9.2Mtpa Off-take Export Credit Agencies Bank Debt / High-Yield Bonds Capital Markets 60%40% 49%51% (US$250-300 million) (US$0-50 million) (US$300-400 million) (US$0-250 million) Significant Off-take Opportunity with Equity Funding Support from Metinvest ** % and $ amounts are indicative only and subject to negotiation ** 21. TSX: BKI Favourable Tax and Royalties in Ukraine Black Iron to Other Iron Ore Developers 21 Macarthur Centaurus IronRoad Northland Alderon Brockman Gindalbie BlackIron 0.3 0.5 1.1 1.5 3.2 3.3 3.4 3.5 7.3 Pre-Tax & Royalty NPV8 (US$ billions) Macarthur Centaurus IronRoad Northland Brockman Gindalbie Alderon BlackIron 0.1 0.3 0.6 1.0 1.8 1.8 1.9 2.9 4.9 Post-Tax & Royalty NPV8 (US$ billions) Disclaimer: Post-tax and royalty graphs are for illustrative purposes only using simple math. These numbers have not been reported, nor are they substantiated by a financial model. 1 Super-Profits tax >A$75 million profit. 2 Includes Brazil mining tax of $4 / tonne of iron ore Source: Company data; Press Release; Research Estimates New Millenium Alderon Northland Gindalbie Brockman BlackIron 25.0 29.3 32.0 35.0 38.0 45.9 Pre-Tax & Royalty IRR (%) New Millenium Gindalbie Brockman Northland Alderon BlackIron 16.9 18.9 20.5 22.7 23.1 40.3 Post-Tax & Royalty IRR (%) Tax Regime Royalties 30% +30%1 39%2 29% 16% 5% 2% 5-8% 1% New Millenium New Millenium 22. TSX: BKI Black Irons Capital Cost Advantage Shymanivske Relative to Other Iron Ore Projects 22 Vale(Shimandou1) AfricanMinerals(phase2) Xstrata(Askaf) AfricanMinerals(DSO) ArcelorMittal(Western Fortescue(Expansion) BlackIron RioTinto(IOC) Sundance Kumba Ferrexpo(Yeristovo) IRC(Kuranakh) LondonMining IRC(K&S) Alderon Auila(Hardey) Xstrata(Zanaga) AtlasIron(Ridley) RioTinto(Pilbara) Gindalbie(Karara) AngloAmerican(MinasRio) BHP(RGP5&6) Aquila(WestPilbara) ArcelorMittal(Western BHP(Samarco) AtlasIron(BallaBalla) CITICPacific(Sino) Baffinland Xstrata(GeulbelAouj) GrangeResources 84 87 90 92 109 109 119 122 134 135 141 142 157 159 159 160 167 180 186 188 189 190 192 200 211 217 221 222 236 258 CAPEX Forecast (US$/t of capacity) Source: Company data; Renaissance Capital estimates ** See Disclaimer on page 2 ** Average = 162 23. TSX: BKI 23 Black Iron Continues to Deliver Shymanivske Project Development Timeline H1 H2 H1 H2 2011 2012 Scoping Study/PEA Bankable Feasibility Study Offtake Construction Drill metallurgical holes Definition Drilling Environmental Studies Detailed Engineering Production Future ** See Disclaimer on page 2 ** Land Acquisition H1 H2 2013 Permitting 24. TSX: BKI 24 Black Iron Value Proposition Close to Steel Mills in: W.Europe, Turkey, Russia, Asia and Middle East Close to Target Markets Large iron ore deposit with NI 43-101 compliant resource* 646 Mt Measured & Indicated resource @ 31.6% iron; additional 188 Mt of Inferred resource @ 30.1% iron, which will be concentrated to ~68% iron Potential for resource expansion to 1.1-1.8 Bt Sizable Resource Excellent access to skilled labour, power, rail & ports Exceptional Infrastructure Experienced management team and Board with history of creating value for shareholders of Consolidated Thompson, RioTinto and Ferrexpo Skilled Leadership High margins due to close proximity to multiple steel mills, skilled labour cost advantage and favourable corporate tax rate of 16% Bankable Feasibility Study for 9.2Mt of high-grade 68% iron ore concentrate NPV of US$3.5billion and 45.9% IRR Compelling Economics * Please see note on Page 2 24 Strategic Partners Metinvest: Largest company in Ukraine; committed to half of project financing Forbes & Manhattan: global resource focused merchant bank 25. CONTACT INFORMATION 65 Queen Street West Suite 805, P.O. Box 71 Toronto, Ontario, Canada M5H 2M5 www.blackiron.com TSX: BKI Investor Relations Toronto: +1 (416) 309-2950 - Michael McAllister, IR Manager London: +44 (0) 207 466 5000 Ukraine: +380 (56) 409-2536 info@blackiron.com Follow us: