San Francisco, California--(Newsfile Corp. - November 4, 2022) - Noble Iron Inc. (TSXV: NIR) ("Noble Iron", or the "Company"), is pleased to provide an update to its press release of October 14, 2022 (the "Previous Press Release") in which it announced that it had called a special meeting of shareholders to be held December 1, 2022 (the "Meeting") for the purpose of approving a reduction in its stated capital to permit it to complete a return of capital to its shareholders. The funds comprising the Return of Capital were derived from the sale of its Texada Software business, which closed on June 30, 2022 (the "Transaction"). See the Company's press release dated June 30, 2022 for further information. At this time, the Company intends to initially distribute capital derived from the Transaction in the amount of C$1.00 per common share to its shareholders, being C$27,267,479 in aggregate (the "Return of Capital"). In order to make this initial capital distribution, the Company will seek the consent of its shareholders to reduce its stated capital account, which is currently at C$36,471,467, by C$27,267,479 to C$9,203,988 (the "Reduction in Stated Capital") at the Meeting. The Company intends to distribute additional capital to shareholders in 2023 upon the receipt of funds from the sale of the remaining equity in BP Tex LP (dba "Texada Software") (as previously announced in its press release dated October 31, 2022), and after the settlement of outstanding tax and other matters. Any further distributions will be subject to the amount of available capital, the provisions of the Business Corporations Act (Ontario) and the Income Tax Act (Canada) and the receipt of all regulatory, TSX Venture Exchange ("TSXV") and shareholder approvals. There can be no assurances any such additional distributions will occur. For further information, please see the information circular of the Company prepared in connection with the Meeting, which will be mailed to the shareholders of the Company and filed on www.SEDAR.com in due course. If the Reduction in Stated Capital is approved by the shareholders at the Meeting and the Return of Capital is declared by the Company's board of directors thereafter, the Company will, as soon as possible thereafter, issue a news release which will include confirmation of the amount of the Return of Capital, the record date for determining the holders of Common Shares entitled to the Return of Capital, and the payment date for the Return of Capital. Until the shareholders of the Company approve the Reduction in Stated Capital and the board of directors of the Company declares the Return of Capital, there can be no assurance that the Return of Capital will be completed on the timelines contemplated or at all. The Return of Capital is subject to the approval of the Reduction in Stated Capit