Mr. Steven Dean reports

OCEANIC APPOINTS ASHLEY KATES AS CFO AND CORPORATE SECRETARY, BOLSTERS INVESTOR RELATIONS, MARKETING AND COMMUNICATIONS SUPPORT WITH AGREEMENT WITH CONSTANTA CAPITAL

Oceanic Iron Ore Corp. has appointed Ashley Kates as chief financial officer and corporate secretary of the company, effective today. Gerrie van der Westhuizen, outgoing CFO and corporate secretary, has served in that capacity since the beginning of 2023 and more generally with the company since 2020 alongside his full-time duties as CFO and corporate secretary of Artemis Gold Inc. With the recent completion of Oceanic's $50-million equity financing and the renewed development focus of Oceanic and increased scope of activity, the time was ideal to appoint Ms. Kates, who previously served as the company's corporate controller. Mr. Van der Westhuizen will continue to work with the company for a period of transition.

Ms. Kates is an accomplished finance executive with nearly 20 years of progressive leadership experience in the mining industry, spanning exploration through commercial production. Ms. Kates brings deep expertise in public company financial reporting, capital markets, treasury management, regulatory compliance and corporate governance. Throughout her career, Ms. Kates has been instrumental in guiding mining companies through significant operational growth, from early stage exploration through to commercial production, including her time at Atlantic Gold Corp. and its ultimate acquisition in 2019 for approximately $800-million. Ms. Kates is a chartered professional accountant and began her career in public accounting at Ernst & Young, and holds a bachelor of commerce degree from the Sauder School of Business at the University of British Columbia.

Appointment of Constanta Capital

The company is also pleased to announce that it has entered into an agreement, dated and effective today with Constanta Capital Corp. to provide investor relations, marketing and communications services (which include investor outreach along with planning and production of media and social media content) to the company, in accordance with the policies of the TSX Venture Exchange and applicable securities legislation.

Constanta Capital is a Vancouver-based company dedicated to evaluating, defining, and executing marketing, communication and investor relations strategies to enhance their presence in increasingly globalized and complex capital markets led by Tetiana Konstantynivska, a communications professional with extensive experience at the vice-president level in the mining and metals industry across well established and well-financed exploration, development, and production companies. Ms. Konstantynivska's critical skill sets include building market visibility, expanding shareholder bases and strengthening investor positioning, efforts that contributed to sustained growth and strong market presence with her clients.

This arrangement will serve to complement the services and marketing efforts currently undertaken by management, as well as by Rose & Co., which are providing their own distinct institutional investor outreach and engagement services.

Under the terms of the agreement, Constanta will receive a fee of $10,000 per month, payable from the company's cash on hand. The agreement has an indefinite term, but may be terminated by either party with 30-day notice. Constanta is at arm's length to the company and currently owns 60,000 common shares and 30,000 share purchase warrants of the company.

Chris Batalha, chief executive officer and director, commented: "Oceanic is very pleased to welcome back Ashley Kates to the team. Her deep expertise as a senior member of finance teams of several mining groups, including her initial tenure at Oceanic, as well as the five years she spent at Atlantic Gold Corp., will prove to be extremely valuable as the company aggressively moves forward with the advancement of the Hopes Advance project.

"I'm also pleased to welcome Tetiana and Constanta Capital to the Oceanic team as this group has demonstrated the ability to dramatically improve investor outreach, awareness and communications in the resource sector for several years. I look forward to working with this team.

"Lastly, but certainly not least, I've known and worked with Gerrie van der Westhuizen for over 20 years and he has been an invaluable member of our team."

Option grant

The company has granted of 400,000 stock options to Ms. Kates and 100,000 options to Ms. Konstantynivska, pursuant to the company's stock option plan. The options are exercisable at a price of 77 cents per share (based on the closing price on May 22, 2026) for a period of five years from the date of grant.

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. Oceanic's flagship Hopes Advance project has a National Instrument 43-101 measured and indicated mineral resource of approximately 1.36 billion tonnes and enjoys the distinct advantage of being located at tidewater and not being reliant on third parties for key infrastructure such as port, power and especially bulk transportation to port (negating the need for any rail infrastructure).

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 NPV8 (net present value, 8-per-cent discount rate) of $2.4-billion (U.S.) (post-tax NPV8 of $1.4-billion (U.S.)) over a 28-year mine life and a life of mine operating cost of approximately $30 (U.S.)/tonne, producing a blast furnace concentrate product grading at 66.5 per cent Fe with approximately 4.5 per cent silica.

More recently, the company has completed preliminary metallurgical testwork that indicates the potential to produce a high-grade, direct reduction iron product, based on laboratory-scale flotation testing which may be achievable with modest modifications to the existing flowsheet, thereby providing versatility in product choice and contributing to the global green-steel movement. 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.