Mr. William Richards of RAB Capital reports

RAB CAPITAL DISCLOSES DISPOSAL OF INVESTMENT IN BLACK IRON INC.

RAB Capital Holdings Ltd., a private investment holding corporation owned by William Philip Richards (the reporter), disposed of 6,278,500 Black Iron Inc. common shares for aggregate consideration of $859,514 from May 15, 2025, to Jan. 22, 2026, in the open market at an average price of 13.73 cents per common share.

The reporter now beneficially owns and controls 32,996,000 Black Iron shares (representing approximately 10.78 per cent of the outstanding shares on a non-diluted and partially diluted basis). Prior to the disposal, the reporter beneficially owned 39,274,500 common shares of Black Iron, representing approximately 12.94 per cent of the outstanding shares on a non-diluted and partially diluted basis.

The Black Iron shares were disposed of by the reporter for investment purposes. The reporter 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.

A copy of the early warning report with respect to the foregoing will appear on Black Iron's profile on SEDAR+ and may also be obtained by contacting RAB Capital at 44-0-20-7389-7000 (6 Kilmington Close, Brentwood, United Kingdom, CM13 2JZ).