Black Iron Ratios and Metrics

Market cap in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr '26 Apr 10, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Cap	34	42	35	16	25	73
Market Cap Growth	-28.55%	20.38%	116.62%	-34.83%	-66.06%	-18.43%
Enterprise Value	33.52	41.74	33.01	14.66	21.66	65.68
Last Close Price	0.11	0.14	0.11	0.05	0.08	0.24
PE Ratio	-	-	-8.00	-4.00	-6.00	-9.50
PB Ratio	-7.60	-9.47	-12.37	-79.02	13.95	12.38
P/TBV Ratio	-10.40	-12.98	-17.75	-104.66	18.93	14.55
P/FCF Ratio	-	-26.46	-11.93	-10.00	-5.56	-11.62
P/OCF Ratio	-	-27.19	-11.93	-10.00	-5.56	-11.63
EV/EBITDA Ratio	-	-21.69	-10.69	-6.89	-4.60	-8.96
EV/EBIT Ratio	-	-20.07	-10.68	-6.88	-4.59	-8.95
EV/FCF Ratio	-21.12	-26.27	-11.28	-9.10	-4.87	-10.47
Debt / Equity Ratio	-0.11	-0.11	-0.23	0	0	0
Debt / EBITDA Ratio	-0.32	-0.32	-0.25	-	-	-
Debt / FCF Ratio	-0.39	-0.39	-0.26	-	-	-
Net Debt / Equity Ratio	0.04	0.04	0.63	7.14	-1.73	-1.22
Net Debt / EBITDA Ratio	0.09	0.09	0.58	0.69	0.65	0.98
Net Debt / FCF Ratio	0.10	0.10	0.61	0.90	0.69	1.15
Quick Ratio	0.16	0.16	0.47	0.88	2.27	3.68
Current Ratio	0.16	0.16	0.47	0.88	2.27	3.68
Return on Equity (ROE)	-55.86%	-55.86%	-200.91%	274.39%	115.37%	-1086.11%
Return on Assets (ROA)	-87.68%	-87.68%	-121.80%	-91.89%	-79.66%	-141.78%
Return on Invested Capital (ROIC)	222.99%	222.99%	231.74%	145.44%	348.48%	763.92%
Return on Capital Employed (ROCE)	68.92%	68.92%	257.82%	-279.01%	-116.56%	-198.77%
Earnings Yield	-5.91%	0.00%	-12.50%	-25.00%	-16.67%	-10.53%
FCF Yield	-4.71%	-3.78%	-8.38%	-10.00%	-17.99%	-8.61%
Buyback Yield / Dilution	-0.51%	-0.51%	-0.04%	-0.08%	-7.65%	-24.85%
Total Shareholder Return	-0.51%	-0.51%	-0.04%	-0.08%	-7.65%	-24.85%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.