BKI Black Iron Inc

RAB Capital Holdings Limited (“RAB Capital”), a private investment holding corporation owned by Mr. William Philip Richards, and Mr. William Philip Richards personally report that, on March 1, 2022, they purchased 2,500,000 common shares (1,000,000 common shares and 1,500,000 common shares respectively) of Black Iron Inc. (BKI:TSX) (“Black Iron”) in the open market, at a price of $0.1243 per share for aggregate consideration of $310,750.

RAB Capital now beneficially owns and controls 45,408,200 Black Iron shares (representing approximately 14.96% of the outstanding Shares on a non-diluted and partially-diluted basis). Prior to this investment acquisition transaction RAB Capital beneficially owned 42,908,500 common shares of Black Iron representing approximately 14.14% of the outstanding Shares on a non-diluted and partially-diluted basis.

The Black Iron shares were acquired by RAB Capital for investment purposes. RAB Capital has a long-term view of the investment and may acquire additional securities of Black Iron, including on the open market or through private acquisitions, or sell securities of Black Iron, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

RAB Capital is a private company that invests in a wide range of assets based on fundamental analysis. RAB Capital currently targets investments in small companies, both listed and private, and real estate development opportunities.

A copy of the early warning report with respect to the foregoing will appear on Black Iron’s profile on SEDAR at www.sedar.com and may also be obtained by contacting RAB Capital at + 44 (0) 20 7389 7000 (PO Box 12996, Brentwood, United Kingdom CM14 9TB)

RAB Capital Holdings Limited

“Andrew Knatchbull”

Andrew KnatchbullFinance DirectorT: +44 2073897161E: andrew.knatchbull@rabcap.com