Mr. Steven Dean reports

OCEANIC ACKNOWLEDGES SUPPORT FOR THE DEVELOPMENT OF NORTHERN QUEBEC UNDER THE NORTHERN ACTION PLAN

Oceanic Iron Ore Corp. has acknowledged the support for the development of Northern Quebec under the province's Northern action plan. Hopes Advance has the potential to be a significant contributor to the plan's success.

The company intends to step up discussions with provincial government bodies mandated to facilitate and support development of mineral projects in Quebec. The development of Hopes Advance meets many of the criteria for the plan, including increasing connectivity to Northern Quebec and enhancing economic development by way of development of local infrastructure, business support, education and training. A total of $2.6-billion is said to be earmarked for investment from the implementation of the plan through 2028.

Steven Dean, chairman, said: "The Northern action plan, as initiated by the provincial government under Premier Francois Legault, outlines the emphasis for social, economic and environmental development north of the 49th parallel in the province, accounting for nearly 75 per cent of the province by surface area. The province recognizes that, with a considered approach and development plan, natural resource projects will be supported by government, particularly when it coincides with benefits to its local partners and stakeholders.

"We look forward to renewed discussions with government, the Inuit of Nunavik and other future partners in order to progress the development of the project, supporting the economic and social development in the area."

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. 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 (posttax NPV discounted 8 per cent of $1.4-billion (U.S.)) over a 28-year mine life, supported by a National Instrument 43-101 measured and indicated mineral resource of approximately 1.36 billion tonnes and a life-of-mine operating cost of approximately $30 (U.S.) per tonne. 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.

We seek Safe Harbor.