Some of the best investment opportunities are turnaround plays that arise when uncontrollable factors precipitate a company’s decline. When those issues are resolved, it often takes the market a long time to realize the opportunity, which provides a window for value investors. Black Iron Inc. (TSX: BKI) is an iron-ore mining company with an advanced-stage project that fits these criteria. After Russia’s invasion of Ukraine, the company was forced to table its project until the situation improved. Three years later, Ukraine has stabilized, iron-ore prices have recovered, and the opportunity is ripe to move the project forward.