Central Iron Ore Files Amended Rights Offering Circular

Toronto, August 19, 2024 - Central Iron Ore Ltd. (TSXV: CIO) (the "Company") is pleased to announce that, further to its press release of August 2, 2024, the Company has filed an amended rights offering circular (the "Circular") dated August 19, 2024, amending the rights offering circular of the Company dated August 2, 2024, in connection with its rights offering (the "Rights Offering") to holders of its ordinary shares at the close of business on the record date of August 13, 2024 (the "Record Date").

At the request of the Australian Securities & Investments Commission (the "ASIC"), the Company revised the offer information statement (the "OIS"), which is Exhibit "I" to the Circular, and filed a replacement OIS with the ASIC on August 15, 2024 (the "Revised OIS"). Other than replacing the OIS with the Revised OIS as Exhibit "I" to the Circular, no other changes were made to the Circular.

The following changes were made to the OIS:

• Section 2 (Important Notices), Section 3.16 (Disclosure of Interests), Section 4.16 (Substantial Shareholders), Section 4.17 (Directors' Interests and Participation), Section 4.19 (Effect on Control of the Company), Section 6.2 (Future Capital Requirements), Section 6.13 (Exploration Costs Risk), Section 6.25 (Unforeseen Expenditure Risk), Section 8.3 (Disclosure of Directors' Interests) and Section 8.5 (Agreements with Directors or other Related Parties) have been amended to include additional information.

• Consequential amendments have been made to the Investment Overview in Section 3 (including Section 3.5 (Key Risks), Section 3.11 (Substantial Shareholders) and Section 3.16 (Disclosure of Interests)) and the Glossary in Section 11.

For further information, readers are encouraged to review the Circular, including the Revised OIS, which is annexed to the Circular as Exhibit "I", which will be available under the Company's profile at www.sedarplus.ca and on the Company's website at www.centralironorelimited.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for iron ore or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's disclosure documents for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR+ at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220398