1. A Compelling Iron Ore Investment Opportunity
Corporate Presentation
May 2012
TSX: BKI

2. Disclaimer
Forward Looking Statement
TSX: BKI
This Presentation contains ‘‘forward-looking information’’ which may include, but is not limited to, statements with respect to the future financial or operating performance of the
Company and its subsidiaries (collectively, the ‘‘Company’’) and its mineral projects; the future prices of metals; the anticipated results of exploration activities; the estimation of mineral
resources; the realization of mineral resource estimates; capital, development, operating and exploration expenditures; costs and timing of the development of the Company’s mineral
properties; timing of future exploration; requirements for additional capital; government regulation of mining operations; anticipated results of economic and technical studies;
environmental matters; reclamation expenses; title disputes or claims; limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters.
Often, but not always, forward-looking information can be identified by the use of words and phrases such as ‘‘plans’’, ‘‘expects’’, ‘‘is expected’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’,
‘‘forecasts’’, ‘‘intends’’, ‘‘anticipates’’, or ‘‘believes’’ or variations (including negative 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 based on the opinions and estimates of management as of the date such statements are made and is based on information currently available to management
and upon what management believes to be reasonable assumptions, including, among others, that general business, economic, competitive, political and social uncertainties remain
favorable; that actual results of exploration activities justify further studies and development of the Company’s mineral projects; that the future prices of metals, and iron ore in particular,
remain at levels that justify the exploration and future development and operation of the Company’s mineral projects; that ore body quality and characteristics remain as anticipated; that
there is no failure of plant, equipment or processes to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that the jurisdictions in
which the Company operates remain politically stable; that there are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies,
development or construction activities; that the actual costs of exploration, and studies remain within budgeted amounts; that regulatory and legal requirements required for exploration or
development activities do not change in any adverse manner, as well as those factors discussed in the section entitled ‘‘Risk Factors’’ in this Final Prospectus of the Company dated March
16, 2011 or as may be identified in the Company’s public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause such
actions, events or results to differ from those anticipated, estimated or intended. Any inaccuracy in the assumptions identified above may also cause actual actions, events or results to
differ materially from those described in the forward-looking information.
Forward-looking information contained herein is made as of the date of this Presentation and the Company disclaims any obligation to update any forward-looking information, whether as a
result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, potential investors should not place undue
reliance on forward-looking information.
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.
2

3. Solid Fundamentals for Success
A High-Quality Iron Ore Development Opportunity
TSX: BKI
Good access to skilled labour, power, rail & ports
Exceptional • 35km from city of Kryviy Rih (pop. 750k); paved road to site
Infrastructure • 2 km from state-owned rail and power lines with surplus capacity & five
deep water ports accessible by rail (140-515km)
Large iron ore deposit with NI 43-101 compliant resource*
• Two properties held – Shymanivske & Zelenivske
Sizable • Shymanivske - 373 Mt Measured & Indicated resource @ 31.4% iron;
Resource additional 480 Mt of Inferred resource @ 30.2% iron, which will be
concentrated to ~65% iron
• Potential for resource expansion by further drilling of both deposits
Project located in Kryviy Rih, Ukraine; one of the world’s major iron
Close to ore districts
Target Markets • Close to target markets: W.Europe, Turkey, Russia, Asia and Middle East
• Surrounded by 7 other operating iron ore mines
Compelling High margins due to close proximity to multiple steel mills, relative
Economics labour cost advantage and favourable corporate tax rate of 16%
• PEA for 7.3Mt Pellet Plant Feed – NPV of US$3.0 billion and 42.1% IRR
• PEA for 7.6Mt Pellet – NPV of US$4.1 billion and IRR of 35.2%
Skilled Experienced management team with history of creating value for
Management shareholders of Consolidated Thompson, RioTinto and Ferrexpo
* Resource estimate compiled using historic Soviet data by Hugues de Corta, who is an independent qualified person as defined by NI 43-101 3

4. Sound Capital Structure
Attractive Valuation with substantial upside
TSX: BKI
Capital Structure Historical Share Price
• IPO’d on the TSX on March 29, 2011 ($1.40) $1.60
$1.40
Shares Outstanding 140.1 million $1.20
$1.00
(1)
Warrants 1.7 million $0.80
$0.60
(2)
Stock Options 8.2 million $0.40
$0.20
(3)
Share Comp Plan 1.5 million $0.00
23-May-11
9-May-11
7-Nov-11
28-Mar-11
10-Oct-11
24-Oct-11
18-Jul-11
19-Dec-11
2-Jan-12
21-Nov-11
6-Jun-11
4-Jul-11
5-Dec-11
12-Sep-11
26-Sep-11
1-Aug-11
11-Apr-11
25-Apr-11
20-Jun-11
15-Aug-11
29-Aug-11
Fully Diluted Shares 151.5 million
Market Cap(4) ~US$37 million
Current Cash Balance ~US$20.0 million Analyst Coverage
Debt Balance nil Maxim Sytchev Daniel Greenspan
1. 1,653,312 warrants exercisable at $1.40 per share (IPO financing).
2. 5,700,000 options exercisable at $1.40 per share and 2,530,000 options
exercisable at $0.54. Cliff Hale-Sanders Robin Kozar
3. 1,500,000 shares reserved for Directors, Executives, Employees and
Consultants.
4. As at May 22, 2012, using a closing price of CAD 0.265 per share. John Hughes Craig Miller
Ivan Dzvinka Philip Ker
4

5. Project Backed by Forbes & Manhattan
Success with Consolidated Thompson’s Bloom Lake Iron Mine
TSX: BKI
• World class 8Mtpa iron ore concentrate
Forbes & Manhattan Involvement
mine in Quebec
• Advanced from exploration stage
through development to construction Recently
acquired
− 8 mtpa capacity (66% Fe concentrate) for $4.9
expanding to 16 mtpa billion
− Completed scoping study, 3 feasibility
First F&M
studies, secured off-take with China’s involvement
third largest steel producer (WISCO)
$1 mm
• Raised over Cdn$1 bn in capital market
cap
• Attracted and put in place a qualified
management team 2005 Today
5

6. A Track Record of Iron Ore Success
TSX: BKI
• Management & Board have a history of creating value for shareholders of iron ore projects –
Consolidated Thompson Iron Mines, Rio Tinto’s Iron Ore Company of Canada and Ferrexpo
• Respected Ukraine professionals and former Government Advisors
Key Management Board of Directors
• Matt Simpson – President & CEO • Bruce Humphrey - Chairman
• George Mover – COO • Jaroslav Kinach
• Paul Bozoki – CFO • Chris Westdal
• Nikolay Bairak – VP Gov. & Community • Pierre Pettigrew
• Aaron Wolfe – VP Corp Development • John Detmold
• Christine Gallo – Corporate Secretary • Dave Porter
• Matt Simpson – President & CEO
Ukraine Advisory Board
• Daniel Bilak
• Jaroslav Kinach
• Igor Buchatskiy
6

7. Deposits In Mining Friendly Region
Adjacent to existing Iron Ore Producers
TSX: BKI
ArcelorMittal’s Kryviy Rih
Iron Ore Complex • Two mining and exploration permits
Black Iron’s covering 5.92 km2
Shymanivske Project − Mining permit at Shymanivske, which
M&I: 373Mt @ 31.4% has been extensively explored, covering
Inferred: 480Mt @ 30.2% 2.56 km2 valid until 2024
− Exploration permit at Zelenivske
covering 3.36 km2 valid until 2014
Railway lines
• Adjacent to ArcelorMittal’s Kryviy Rih
iron ore complex and Smart & Evraz’s
Black Iron’s YuGOK iron ore mine
Zelenivske • Plan to acquire a plot of land from
Smart & Evraz’s
Project Ukraine Government adjacent to the
YuGOK Iron Ore Mine
Shymanivske deposit for project
waste dumps, concentrator and
tailings
7

8. Large Ore Deposit with Growth Potential
TSX: BKI
• 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
• The resource is defined by ~37,000 metres
of historical drilling
― Black Iron recently completed 6,042 meters of
twin hole drilling
― Total iron grade and band width align very well
Shymanivske Tonnage Fe Tot Fe Mag with historical data
Resource* (Mt) (%) (%)
• Potential for total combined resource
Measured 306.3 31.3 18.9 expansion of 1.1 to 1.8BT
Indicated 66.4 31.9 20.3 − Additional drilling of Shymanivske at North end
of deposit and to depth
Total Measured
372.7 31.4 19.1 − Exploration of the Zelenivske project
and Indicated
Inferred 480.3 30.2 17.4
* Resource estimate compiled using historic Soviet data by Hugues de
Tonnage and grade rounded to first decimals. Cut-off grade of 15% Fe Tot Corta, who is an independent qualified person as defined by NI 43-101 8

9. Potential Resource Extension at Shymanivske
Ground Gravity Shows Iron Ore Mineralization at North End
TSX: BKI
Potential resource • Ground gravity and magnetic surveys
upside to be drilled show potential extension of iron ore
mineralization at North end of property as
circled in red
Property • This area has not been included in the NI
boundary 43-101 resource as it has not yet been
Very likely sufficiently drilled
Iron in ground
• The identified area will be a target of a
future drill program
Likely just
dirt in ground
Drill hole
9

10. Excellent Infrastructure
Key to a Successful Iron Ore Project
TSX: BKI
• 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 10 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
10

11. Strategic Global Location
Close Proximity to Target Markets with Abundant Port and Rail Access
TSX: BKI
• River barge & rail access to Western Europe
and port access via Black Sea to global
seaborne iron ore markets
− Target markets include Asia, Western Europe,
Turkey, and Middle East
• Several dry bulk tonnage ports accessible
using railway running beside properties
• Approximately 20% to 25% shorter transport Major Rail Line
distance to China compared to North and
South American producers1
• Power, port and rail access, combined with
local highly skilled workforce, provide
potential to accelerate development and Russia
reduce the amount of capital investment
Europe
South Korea
Middle and Japan
East China
India
1 Based on approximate nautical miles distances of Odessa (Ukraine), Vitoria (Brazil) and Montreal
(Canada) to Tianjin (China) as disclosed at searates.com 11

12. Ukraine: A Mining Friendly Country
Strong Local and National Support
TSX: BKI
• Politically stable Democratic republic
― Following Presidential elections in 2010,
country is currently united with a President and
Prime Minister from the same Political Party
― S&P Sovereign Risk of B+
• Economy dominated by commodities
― Steel production is Ukraine’s largest industry
― 60% of Ukraine’s total exports are commodity-
related (the majority of which is steel)
• Strong economic growth
− Growth driven by US$15.2B IMF stabilization
program and strong commodity prices
− GDP growth of 4.2% in 2010; expected to
• Mining friendly jurisdiction with strong local and
increase to 4.5% in 2011
national support
• Ongoing negotiations to sign the drafted
― ArcelorMittal and Ferrexpo plc have operated
“Association Agreement” with the European Union
in-country for over 5 years
• Potential key member of the Russia proposed
• Legislated corporate tax rate reductions from 21%
Eurasian Trade Union
in 2012 to 16% in 2014
• Large, highly skilled labour force (pop. 45.4 million)
• Favourable mining royalties of $0.40 per tonne of
− GDP per capita only $6700/yr ore mined (~2%) to the Government 12

13. Globally Significant Iron Ore District
Ukraine: 6th largest iron ore producer & 4th largest reserve base
TSX: BKI
• Black Iron’s projects are located in the heart of
2010E Iron Ore Production
Ukraine’s iron ore belt
1000 900
– 35km from city of 750,000 people
800
Only 3% of world production • Iron ore district trends 300 km with sedimentary rock
600
hosted banded iron formations (Dnenpovskog complex)
Iron Ore (mt)
420
370
400
260 • Historically well explored resource base but
200 100 72 55 49
substantially under-exploited due to historic Soviet
35 25
0 policy
Sweden
Russia
United States
Canada
China
India
Ukraine
Brazil
South Africa
Australia
• 15 iron ore mines in Ukraine produced 72 million
tonnes in 2010
Global Distribution of Fe Reserves
Tarnavatskoye
Kirovograd
Liponevsky Poltavsky GOK
United States Rest of World
Sweden 3% 20% Novokonstantinovsky Yeristovskoye
3% Tsentralny
India Russia
Kryviy Rih Iron Ore Complex Safonovskoye
5% 16%
Shymanivske
Ordzhonikize Gok
China Zelenivske
8% Ingulestky GOK
Kryviv Rih
Yuzhny GOK
Kuksunurskoye
Brazil Australia
18% 17%
Ukraine
10%
Source: USGS 2011 Iron Ore report and Metal Economics Group 13

14. Shymanivske PEA Highlights
High Value, Low Net Cost Iron Ore Development Project
TSX: BKI
Production Case: Pellet Plant Feed Pellet
Annual Production: 7.3 Mt 7.6 Mt
Iron Content: 67.0% 65.0%
Estimated Capital Investment: US$896.0 million US$1,571.3 million
Estimated Operating Expenses:
(life of mine) US$51.21/t US$63.00/t
(avg ex. leasing costs years 8-20) US$48.22/t US$60.11/t
Net Present Value (8%): US$3.0 billion US$4.1 billion
IRR: 42.1% 35.2%
Annual Average Cash Flow: US$382.8 million US$540.7 million
Projected Payback (8%): 2.2 years 2.9 years
Estimated Mine Life: 28 years 28 years
Proj. Revenue Commencement Q4 2015 Q4 2015
OPPORTUNITIES EXIST TO FURTHER IMPROVE ALREADY FAVOURABLE ECONOMICS
14

15. Vale (Shimandou 1)
African Minerals (phase2)
Xstrata (Askaf)
African Minerals (DSO)
84 87 90 92
ArcelorMittal (Western…
Fortescue (Expansion)
109 109
Rio Tinto (IOC)
Black Iron
Alderon
122 123 124
Sundance
Kumba
Ferrexpo (Yeristovo)
Source: Company data; Renaissance Capital estimates
IRC (Kuranakh)
134 135 141 142
London Mining
IRC (K&S)
Auila (Hardey)
157 159 160
Xstrata (Zanaga)
167
Atlas Iron (Ridley)
CAPEX Forecast
(US$/t of capacity)
Rio Tinto (Pilbara)
Average = 161
Gindalbie (Karara)
Shymanivske Relative to Other Iron Ore Projects
Anglo Merican (Minas Rio)
BHP (RGP5&6)
180 186 188 189 190
Black Iron’s Capital Cost Advantage
Aquila (West Pilbara)
ArcelorMittal (Western…
192 200
BHP (Samarco)
Atlas Iron (Balla Balla)
211 217
CITIC Pacific (Sino)
Baffinland
221 222
Xstrata (Geulb el Aouj)
236
Grange Resources…
258
TSX: BKI
15

16. Black Iron Compares Favourably
Black Iron to Other Iron Ore Developers
TSX: BKI
Pre-Tax & Royalty NPV8 Tax Regime Post-Tax & Royalty NPV8
30%
(US$ billions) (US$ billions)
+30%1
7.3 39%2 4.9
2.5
3.0 3.1 3.3 3.4 1.8 1.8 2.1
1.5 29% 1.0
0.3 0.5 1.1 0.1 0.3 0.6
26%
Brockman
Black Iron
Alderon
Brockman
Black Iron
Alderon
Gindalbie
Gindalbie
Centaurus
Centaurus
Macarthur
Macarthur
Iron Road
Northland
Iron Road
Northland
Millenium
Millenium
New
New
16%
Pre-Tax & Royalty IRR Royalties Post-Tax & Royalty IRR
(%) 5%
(%)
35.4
38.0 40.2 42.1 27.1
32.0 35.0 2% 18.9 20.5 22.7
25.0 16.9
5-8%
Millenium
Brockman
Millenium
Brockman
Black Iron
Alderon
Alderon
Black Iron
Gindalbie
Gindalbie
Northland
Northland
n/a
New
New
2%
Source: Company data; Press Release; Research Estimates
Disclaimer: Post-tax and royalty graphs are for illustrative purposes only using simple math. These numbers have not been reported, nor are they 16
substantiated by a financial model. 1 Super-Profits tax >A$75 million profit. 2 Includes Brazil mining tax of $4 / tonne of iron ore

17. Public Comparable Companies
Iron Ore Exploration/Development
TSX: BKI
Market Data Fe Contained EV / Fe
as at Reserve & Resource Reserve & Resource
22-May-12 (mm t) (C$/t)
Market Enterprise
Price Cap Value Total Total
Company Stage (US$) (US$ mm) (US$ mm) Total Grade R&R
Africa
Sundance Resources DFS Complete $0.40 1,159.1 1,097.0 1,200 42.2% 0.91
Zanaga Iron Ore PFS Complete $1.34 375.7 327.7 1,432 33.0% 0.23
Cape Lambert Resources FS Underway $0.44 284.7 161.0 207 29.2% 0.78
Bellzone Mining DFS Underway $0.35 253.0 78.0 2,542 23.6% 0.03
Australia
Gindalbie Metals Pre-Production $0.44 550.9 229.0 430 34.1% 0.53
Brockman Resources DFS Complete $2.43 352.4 311.8 708 43.4% 0.44
Iron Road PFS Complete $0.44 61.9 45.9 341 16.2% 0.13
Macarthur Minerals PEA Complete $0.55 50.2 12.8 410 30.5% 0.03
Brazil
Centaurus Metals PFS Complete $0.54 72.1 48.5 60 27.9% 0.81
Canada
New Millennium Iron PFS Complete $1.60 282.0 194.1 1,634 30.4% 0.12
Alderon Iron Ore PEA Complete $2.32 196.5 177.4 329 30.2% 0.54
Century Iron Mines PEA Underway $1.70 157.8 57.6 64 24.5% 0.90
Adriana Resources PEA Complete $0.68 101.5 90.6 752 29.1% 0.12
Champion Minerals PEA Complete $1.01 88.9 65.2 484 26.4% 0.13
Sweden
Northland Resources Construction $0.92 207.5 92.1 147 32.1% 0.63 83%
Adjusted Mean (Excludes Highest and Lowest Data Point) 0.42
discount
Mean 0.42
Black Iron DFS Underway $0.27 37.1 17.1 262 30.7% 0.07
17
Sources: Bloomberg, Reuters, Macquarie equity research and company disclosure

18. Black Iron Continues to Deliver
Shymanivske Project Development Timeline
TSX: BKI
2011 2012 Future
H1 H2 H1 H2
Drill metallurgical holes
Scoping Study/PEA
Exploration & Definition Drilling
Definitive Feasibility Study
Environmental Studies
Permitting
Detailed Engineering
Construction
Production
18

19. Solid Fundamentals for Success
A High-Quality Iron Ore Development Opportunity
TSX: BKI
Good access to skilled labour, power, rail & ports
Exceptional • 35km from city of Kryviy Rih (pop. 750k); paved road to site
Infrastructure • 2 km from state-owned rail and power lines with surplus capacity & five
deep water ports accessible by rail (140-515km)
Large iron ore deposit with NI 43-101 compliant resource*
• Two properties held – Shymanivske & Zelenivske
Sizable • Shymanivske - 373 Mt Measured & Indicated resource @ 31.3% iron;
Resource additional 480 Mt of Inferred resource @ 30.2% iron, which will be
concentrated to ~65% iron
• Potential for resource expansion by further drilling of both deposits
Project located in Kryviy Rih, Ukraine; one of the world’s major iron
Close to ore districts
Target Markets • Close to target markets: W.Europe, Turkey, Russia, Asia and Middle East
• Surrounded by 7 other operating iron ore mines
Compelling High margins due to close proximity to multiple steel mills, relative
Economics labour cost advantage and favourable corporate tax rate of 16%
• PEA for 7.3Mt Pellet Plant Feed – NPV of US$3.0 billion and 42.1% IRR
• PEA for 7.6Mt Pellet – NPV of US$4.1 billion and IRR of 35.2%
Skilled Experienced management team with history of creating value for
Management shareholders of Consolidated Thompson, RioTinto and Ferrexpo
* Resource estimate compiled using historic Soviet data by Hugues de Corta, who is an independent qualified person as defined by NI 43-101 19

20. CONTACT INFORMATION
65 Queen Street West
Suite 805, P.O. Box 71
Toronto, Ontario, Canada
M5H 2M5
www.blackiron.com
Investor Relations
Investor Cubed Inc.
Telephone: +1 (647) 258-3311
Toll-Free: +1 (888) 258-3323
Fax: +1 (416) 363-7977
TSX: BKI info@blackiron.com