Mr. Chris Batalha reports

OCEANIC ANNOUNCES ENGAGEMENT OF ALEX MOTHERWELL TO PROVIDE CAPITAL MARKETS AND INVESTOR RELATIONS SERVICES

Oceanic Iron Ore Corp. has signed an agreement to retain Alex Motherwell to provide institutional and strategic investor stewardship, marketing and capital markets management services to the company, dated and effective today, in accordance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. This arrangement will complement services and marketing efforts provided by management and the investor outreach and engagement services provided by Constanta Capital Corp. and Rose & Co.

Mr. Motherwell is a capital markets professional with over 15 years of experience in investment banking, equity research and institutional sales. Most recently, he served as director, institutional equity sales, at Stifel Canada. Prior experience includes senior roles at Canaccord Genuity in New York, Dundee Securities, RBC and Macquarie, advising global buy-side institutions including asset managers, hedge funds, family offices and pensions. Mr. Motherwell has played a key role across multiple M&A (merger and acquisition) and capital markets transactions. His expertise encompasses cross-border capital raising, financial and quantitative modelling, equity and debt financings, and institutional relationship management. Mr. Motherwell holds an honours business administration degree from the Ivey Business School at Western University.

Under the terms of the agreement, Mr. Motherwell will receive an hourly fee of $200, payable from the company's cash on hand. The agreement has an indefinite term but may be terminated by either party with 30 days of notice. Mr. Motherwell is at arm's length to the company and currently owns 5,000 common shares.

Option grant

The company has granted 100,000 stock options to Mr. Motherwell, pursuant to the company's stock option plan. The options are exercisable at a price of 76 cents per share (based on the closing price on June 5, 2026) for a period of five years from the date of grant.

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 NPV (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.

We seek Safe Harbor.