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

Oceanic Iron Ore Corp. (FEO) announced the completion of the first year of its updated environmental and social baseline studies program for the Hopes Advance Project in northern Québec. The refreshed baseline data supports the preparation of an Environmental and Social Impact Assessment (ESIA) and positions the project for regulatory approval under streamlined federal and provincial frameworks. A second year of baseline studies is planned for 207, with scope informed by current results and historical data.

The study scope covers the physical marine environment, marine mammals, fish habitats, underwater noise, hydrology, hydrogeology, geomorphology, wetlands, vegetation, and socioeconomic and archaeological surveys. The update aligns with government initiatives to streamline resource project permitting, including the federal Major Projects Office and the Canada-Quebec "one project, one review" framework.

Technical parameters remain unchanged from prior disclosures: 1.36 billion tonnes at 32.1% Fe head grade, a 28-year mine life, $30/tonne LOM operating cost, and a 66.5% Fe blast furnace concentrate product. Qualified Person Eddy Canova reviewed and approved the technical information.

The baseline refresh is a standard prerequisite for ESIA submission. No regulatory decisions, permits, or approvals were granted or denied in this release. Engagement with Inuit communities remains a stated priority alongside regulatory navigation.

Oceanic Iron Ore Corp. (FEO) announced in July 2026 that it has initiated an updated Environmental and Social Impact Assessment (ESIA) process, including baseline studies. The company expects to complete the first year of this work by October 2026, a timeline that aligns with standard permitting schedules. This development confirms the company is progressing through the environmental assessment phase, though it does not accelerate the timeline toward construction or production.

The announcement did not introduce new financial metrics, production targets, or strategic partnerships. Oceanic Iron Ore’s capital position remains unchanged, with $50.6 million in cash from the February 2026 private placement covering ongoing studies and general corporate purposes. The news does not alter the capital expenditure profile or operating cost assumptions. The 2019 Preliminary Economic Assessment (PEA) remains the primary economic reference, although inflation and current input costs likely increase actual development costs beyond the reported $1.193 billion initial capital expenditure.

No revenue generation or offtake agreements are impacted, as the project remains pre-production and focused on permitting. Market expectations for near-term catalysts continue to center on the updated economic study, strategic partner announcements, or additional financing, none of which were addressed in this release.

Oceanic Iron Ore Corp. (FEO) owns the Hopes Advance Project, a greenfield iron ore deposit situated at tidewater in the Labrador Trough of northern Québec. The site’s location provides direct port access, which eliminates the need for heavy-haul railway infrastructure.

The project holds an NI 43-101 Measured and Indicated resource of approximately 1.36 billion tonnes at a head grade of 32.1% Fe. Product versatility has been confirmed through 2025 bench-scale testwork, yielding a blast furnace concentrate with 66.5% Fe and approximately 4.5% Silica, as well as a direct reduction (DR) concentrate with 68% Fe and less than or equal to 2% SiO₂. The DR product qualifies as a critical mineral in both Québec and Canada, aligning with green steel demand.

A 2019 re-scoped preliminary economic assessment (PEA) outlines a 28-year mine life, with initial production of 5 million tonnes per annum (Mtpa) expanding to 10 Mtpa in year five. Based on a base case price of US$82/t FOB, the project projects a post-tax NPV8 of US$1.4 billion and an internal rate of return (IRR) of 17%. Life of mine operating costs are estimated at US$30/tonne, positioning the project on the low-cost end of the global seaborne cost curve.