Mr. Steven Dean reports

OCEANIC ANNOUNCES GRANTING OF STOCK OPTIONS AND RESTRICTED SHARE UNITS

On Aug. 23, 2024, Oceanic Iron Ore Corp. granted a total of 750,000 incentive stock options and 50,000 restricted share units (RSUs) to a director and officer of the company. The options are exercisable at a price of 9.5 cents per share for a period of 10 years, expiring on Aug. 23, 2034, while the RSUs are expected to vest over a three-year period commencing on Aug. 23, 2024.

The stock options and RSUs were granted pursuant to the company's stock option plan and RSU plan, respectively.