Oceanic Iron Ore continues work on Hopes Advance

Executive Summary

• Oceanic Iron Ore Corp. provided a detailed update on the Hopes Advance iron‑ore project, highlighting its large measured & indicated resource of >1.3 billion tonnes at 32.1 % Fe and a low operating cost of $30.70/tonne.
• The company emphasized the “no‑rail” tidewater advantage, private port and self‑generated power, which together drive robust economics (post‑tax NPV₈ ≈ $1.4 bn; NPV/capex = 1.18).
• Next‑step activities include permitting work, detailed engineering studies, metallurgical re‑evaluation and renewed engagement with Inuit stakeholders.

Key Details

• Resource Summary: Measured & indicated resource of 1.3 billion tonnes at 32.1 % Fe across 10 deposits; current mine plan uses three deposits for a 28‑year life.
• Economic Metrics:
• Operating cost: $30.70/tonne (low strip ratio, tidewater location).
• Post‑tax NPV₈: $1.4 bn on an initial capex estimate of $1.19 bn.
• NPV/capex ratio: 1.18.
• Infrastructure Advantages:
• Tidewater site eliminates need for rail; product will be moved via a 26‑km access road/pipeline to a privately built port at Pointe Breakwater.
• Power supplied by a barge‑mounted diesel plant (48 MW base, +19 MW standby, later +29 MW) with a 26‑km overhead transmission line; potential for LNG or Hydro‑Québec grid connection.
• Project Development Activities (next months):
• Engage environmental permitting consultants to define timelines and obtain permits.
• Contract engineering firms for optimization studies & detailed design.
• Re‑evaluate historic metallurgical test work for product improvements.
• Re‑engage Inuit of Nunavik representatives.
• Technical Disclosure: Information reviewed by Eddy Canova, P.Geo., qualified person under NI 43‑101; resource estimate effective date Nov 20 2019.
• Historical Context: 2020 Preliminary Economic Assessment (PEA) projected a base‑case pretax NPV₈ of $2.4 bn (post‑tax $1.4 bn) over a 28‑year mine life, supporting the current update.

Notable Quotes

• “The Hopes Advance project is undoubtedly a world‑class iron ore development… located at tidewater removes significant capital and operating costs…” – Steven Dean, Chairman, Oceanic Iron Ore Corp.

Materiality Assessment: Non‑Material – Positive (the release provides an informative project status update with favorable economic indicators but does not disclose a new financing, acquisition, or earnings result).