Ukraine Finalizes Investment Support Legislation Favorable to Black Iron Inc.

Black Iron Inc., a Toronto-based iron ore exploration and development company, has announced that Ukraine's Ministry of Economy has completed the planned updates to the Investment Support Agreement legislation. This development allows the company to resubmit their application to secure essential land rights for their Shymanivske Iron Ore Project. The finalization of this legislation is crucial for Black Iron, offering significant benefits including preferred lease rates for government land, fixed tax and royalty rates, import duty and VAT exemptions for new equipment, and a formal support commitment from the Ukraine Government. This commitment is key for obtaining political risk insurance through MIGA (World Bank).

CEO Matt Simpson emphasized the legislation's importance for securing land from the Ministry of Defence, a task that has become increasingly challenging due to the ongoing war in Ukraine. The renewed opportunity to apply for land via an Investment Agreement presents a promising route for Black Iron, aiming to attract investments for Ukraine's reconstruction efforts. The company is actively reviewing the legislative updates and plans to proceed with the application process promptly.