Mr. Chris Batalha reports

OCEANIC ANNOUNCES THE APPOINTMENT OF PIERRE-PHILIPPE DUPONT AS SENIOR VICE PRESIDENT EXTERNAL AFFAIRS AND ESG

Oceanic Iron Ore Corp. has appointed Pierre-Philippe Dupont as senior vice-president, external affairs and ESG (environmental, social and governance), in a full-time capacity, effective Oct. 15, 2026, to lead and advance the company's external affairs, permitting, stakeholder engagement and sustainability initiatives in support of the development of the company's Hopes Advance project.

Mr. Dupont brings 20 years of experience leading the permitting and advancement of major mining developments, with a proven ability to navigate complex regulatory environments and build durable partnerships with communities and indigenous nations. He is one of a very few who have successfully led the permitting of two Canadian projects, most relevantly one in Quebec, on behalf of the project's proponents in the past 10 years.

Most recently, Mr. Dupont served as vice-president, sustainability, where he led multidisciplinary teams across environmental, permitting, communications and public affairs and directed the environmental and social impact assessment for the $3.5-billion Crawford nickel project. His mandate also included supporting the bankable feasibility study and project financing readiness, developing GHG (greenhouse gas) reduction and offset strategies aligned with the company's net-zero ambitions, and leading provincial and federal government relations. He additionally oversaw stakeholder and rightsholder engagement.

Mr. Dupont also spent more than a decade with a nickel development company, leading the permitting strategy and securing permits for the Dumont nickel project, one of Canada's largest undeveloped nickel sulphide deposits. Through a transparent consultation framework, the project secured broad community and first nation support, materially reducing development risk and setting an industry-recognized benchmark for stakeholder engagement. Earlier in his career, Mr. Dupont was involved in the impact assessment of several Tier 1 resource projects, including the Canadian Malartic gold mine and the Nunavik nickel mine. Mr. Dupont holds a bachelor's degree in biology and a master's degree in science from Universite Laval.

Chris Batalha, chief executive officer and director, commented: "Oceanic is very pleased to welcome Pierre-Philippe to the team. Pierre-Philippe has a proven track record of securing environmental approvals that advance mining projects toward development, and he will play a key role in strengthening our relationships with local Inuit communities, regulators and other stakeholders who are central to the project's success. On behalf of the entire team, I look forward to his contributions as we continue to advance the Hopes Advance project responsibly and in a manner that creates lasting value for all our stakeholders."

About Oceanic Iron Ore Corp.

Oceanic is focused on the development of its 100-per-cent-owned Hopes Advance, Morgan Lake and Roberts Lake iron ore development projects located on the coast in the Labrador Trough in Quebec, Canada. Oceanic's flagship Hopes Advance project has a National Instrument 43-101 measured and indicated mineral resource of approximately 1.36 billion tonnes and enjoys the distinct advantage of being located at tidewater and not being reliant on third parties for key infrastructure such as port, power and especially bulk transportation to port (negating the need for any rail infrastructure).

In December, 2019, the company published the results of a preliminary economic assessment completed in respect of the flagship Hopes Advance project outlining a base-case pretax net present value (discounted at 8 per cent) of $2.4-billion (U.S.) (after-tax net present value (discounted at 8 per cent) of $1.4-billion (U.S.)) over a 28-year mine life and a life-of-mine operating cost of approximately $30 (U.S.) per tonne, producing a blast furnace concentrate product grading at 66.5 per cent iron with approximately 4.5 per cent silica.

More recently, the company has completed preliminary metallurgical test work that indicates the potential to produce a high-grade, direct-reduction iron product, based on laboratory-scale flotation testing, which may be achievable with modest modifications to the existing flow sheet, thereby providing versatility in product choice and contributing to the global green-steel movement. Further information in respect of the Morgan Lake and Roberts Lake projects, both of which have been explored historically and which have defined historical resources, is also available on the company's website.

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