Mr. Ryan Beedie of Beedie Investments reports

BEEDIE INVESTMENTS LTD. FILES EARLY WARNING REPORT

Beedie Investments Ltd. has acquired beneficial ownership of 13,333,360 units of the company by way of a conversion of certain Series E convertible debentures of the Oceanic Iron Ore Corp. in the total principal amount of $1,000,002 at a conversion price of 7.5 cents per unit, all in accordance with the terms of the Series E debentures. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles Beedie Capital to purchase one common share at a price of 7.5 cents per common share and is exercisable for the period commencing on Sept. 12, 2025, and ending on Sept. 24, 2029. In addition, Beedie Capital has acquired an aggregate of 74,500 common shares through the facilities of the TSX Venture Exchange at an average price of 85.26 cents per common share.

Before giving effect to the transaction described above, Beedie Capital had ownership of: (i) 8,437,344 common shares; (ii) Series A debentures in the principal amount of $200,000; (iii) Series B debentures in the principal amount of $837,500; (iv) Series C debentures in the principal amount of $200,640; (v) Series D convertible debentures of the company in the principal amount of $304,000; and (vi) Series E debentures in the principal amount of $1,000,002, which, assuming the conversion in full of the previously purchased debentures, and the exercise in full of the warrants issuable upon such conversions, represented approximately 36.90 per cent of the issued and outstanding common shares after giving effect to such conversions and exercises.

After giving effect to the transactions described above, Beedie Capital is deemed to beneficially own a total of 64,120,564 common shares, comprising: (i) 8,511,844 common shares; (ii) the purchased Series A debentures, which are convertible into four million common shares, assuming both their conversion in full and the exercise in full of the warrants issuable upon such conversion; (iii) the purchased Series B debentures, which are convertible into 16.75 million common shares, assuming both their conversion in full and the exercise in full of the warrants issuable upon such conversion; (iv) the purchased Series C debentures, which are convertible into 2,112,000 common shares, assuming both their conversion in full and the exercise in full of the warrants issuable upon such conversion; and (v) the purchased Series D debentures, which are convertible into 6.08 million common shares, assuming both their conversion in full and the exercise in full of the warrants issuable upon such conversion.

After giving effect to the transactions described above and assuming the conversion in full of the previously purchased debentures, and the exercise in full of the warrants issuable upon such conversions, Beedie Capital is deemed to beneficially own approximately 36.15 per cent of the issued and outstanding common shares after giving effect to such conversions and exercises.

Ryan Beedie is the sole shareholder of Beedie Capital.

All of the securities held by Beedie Capital in the company are being held for investment purposes. Beedie Capital may in the future take such actions in respect of its company securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of the company through open market purchases or privately negotiated transactions, a corporate transaction, such as a merger, reorganization or liquidation, involving the company, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or Beedie Capital may continue to hold its current positions.

A copy of the early warning report relating to the transactions described above will be available under the company's profile on SEDAR+ and may also be obtained by contacting Beedie Investments at 604-435-3321. Beedie Capital's head office is located at Suite 900, 1111 West Georgia St., Vancouver, B.C., V6E 4M3.