Mr. Chris Batalha reports

OCEANIC COMPLETES 2026 REFRESH OF ITS ENVIRONMENTAL AND SOCIAL BASELINE STUDIES PROGRAM AT HOPES ADVANCE

Oceanic Iron Ore Corp. has completed the first year of its updated environmental and social baseline studies program by way of a refresh of previously collected baseline conditions in support of an environmental and social impact assessment for its 100-per-cent-owned Hopes Advance project, located in Northern Quebec, Canada.

The program serves as an important update, building on environmental and social information collected since 2011, and providing a broader historical context for understanding conditions in the project area as the company looks to participate in a project approval process anchored by federal and provincial government policies related to streamlining and efficiency, all while in full engagement and consultation with the Inuit of Nunavik and other related stakeholders.

During the program, the company advanced and updated baseline investigations across a range of environmental and social disciplines to support the characterization of existing conditions throughout the project area. The program addresses physical marine environment and oceanography; marine mammals, birds and seabirds; marine and freshwater fish and fish habitats; underwater noise and vibration; hydrology and water quality; hydrogeology and groundwater; geomorphology; wetlands and vegetation; and socio-economic and archeological surveys.

Oceanic plans to undertake a further year of baseline studies in 2027, with the scope and priorities of the next field program informed by the results of the program and a review of available historical data.

Community engagement and project advancement under a government emphasizing timely and efficient resource project permitting in Quebec and Canada

In parallel with the baseline studies, Oceanic continues to actively engage with the Inuit, relevant local and regional stakeholders, and the various levels of government involved in the project, all of which play important roles in the development of Hopes Advance.

This continuing engagement, as well as the completion of the program, represents important steps in advancing Hopes Advance toward a future submission under the federal and provincial environmental assessment frameworks. This work is being undertaken against a backdrop of increasing government emphasis on accelerating the development of major resource projects and streamlining regulatory approval processes.

At the federal level, recent initiatives include the establishment of the Major Projects Office, proposed legislative reforms targeting federal regulatory decisions within one year of receiving complete applications and the July, 2026, announcement of a proposed Canada-Quebec one project, one review framework aimed at reducing duplication, while Quebec's newly elected Parti Quebecois government has committed to simplifying mining permitting and authorization processes, while proposing to redistribute 10 per cent of provincial mining royalty revenues to regions hosting mining activities (source: government of Canada, Partie Quebecois).

Oceanic believes these policy directions reinforce the importance of advancing the environmental and technical studies necessary to position Hopes Advance for an efficient, co-ordinated and responsible permitting process, in collaboration with Inuit communities and relevant regulatory authorities.

Chris Batalha, chief executive officer of Oceanic, commented: "The results of the program will help inform the scope of our future planned field programs and guide the next stages of our environmental assessment work. We remain encouraged and excited to work with relevant regulatory authorities to help deliver on mandates for efficient and timely authorization processes, including, but not limited to, contributing to benefits for local mining communities.

"Just as important, our engagement with the Inuit remains a key priority. We recognize the importance of maintaining open and ongoing dialogue with Inuit communities, alongside engagement with local and regional stakeholders. We remain committed to advancing Hopes Advance responsibly, with careful consideration of the environmental and social context of the project and the perspectives of the Inuit and other 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 at a head grade of 32.1 per cent iron, 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.) (posttax 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 testwork 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.

Technical disclosure

The technical information contained in this news release has been reviewed and approved by Eddy Canova, director of exploration of the company, a qualified person as defined by NI 43-101.

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