Oceanic Iron Ore CEO Chris Batalha Gives Overview of Ungava Bay Assets
Oceanic Iron Ore advances permitting for its Ungava Bay iron ore project, though pre-revenue risks remain.
Oceanic Iron Ore Corp. (FEO) released a sponsored shareholder message on September 18, 2026, outlining the economic potential of its Hopes Advance iron ore project in Ungava Bay, Québec. The company reiterates its NI 43-101 Measured & Indicated resource of 1.36 billion tonnes at 32.1% Fe.
According to the 2019 Preliminary Economic Assessment (PEA), a $82/tonne FOB price yields a $1.4B post-tax NPV8 and 17% IRR, while a $101/tonne consensus price yields a $2.3B NPV8 and 22% IRR. The project highlights operational advantages including a tidewater location that eliminates rail infrastructure needs, life-of-mine operating costs projected at $30/tonne, and high-quality metallurgy of 66.6% Fe and 4.5% silica.
The disclosure notes letters of intent (LOIs) with the Québec government and Inuit community, identifying Roberts Lake and Morgan Lake as multi-generational assets. The content was disseminated by Global Stocks News for a fee of $1,750.
Oceanic Iron Ore Corp. (FEO) released a statement reiterating previously disclosed preliminary economic assessment (PEA) economics and resource estimates. The announcement did not introduce new drilling results, metallurgical breakthroughs, or permitting milestones.
The release maintained a $101/tonne price assumption and $30/tonne operating cost, figures consistent with prior management commentary and the investor presentation. The company is using the news to maintain investor visibility while advancing its Environmental & Social Impact Assessment (ESIA), which was resumed in July 2026. Given the company’s pre-revenue status and the sponsored nature of the release, the market impact is expected to be minimal. The announcement reinforces existing project fundamentals without altering the development timeline or capital requirements.
Oceanic Iron Ore Corp. (FEO) is a junior explorer focused on the Hopes Advance iron ore project, located in Ungava Bay, Québec. The project is 100% owned and sits on a 3,703-claim land package spanning 1,568 km² along 300 km of iron formation.
The company’s flagship asset, Hopes Advance, holds an NI 43-101 Measured & Indicated resource of approximately 1.36 billion tonnes at 32.1% Fe. Currently in the pre-feasibility stage, the 2019 PEA outlines a 28-year mine life, $1.2 billion in initial capital costs, and $30 per tonne in operating costs. The site’s tidewater location negates the need for third-party rail networks, significantly reducing capital and operating expenses. Additionally, the company has an MOU with Hydro-Québec for future grid connection.
Other assets include Roberts Lake and Morgan Lake, which contain historical resources not included in the current PEA but are viewed as extensions for a multi-generational mining complex.