Mr. Chris Batalha reports

OCEANIC INITIATES UPDATED ENVIRONMENTAL AND SOCIAL IMPACT ASSESSMENT OF ITS FLAGSHIP HOPES ADVANCE PROJECT

Oceanic Iron Ore Corp. has resumed its environmental and social impact assessment (ESIA) process, by way of commencement of updated environmental baseline studies at the company's 100-per-cent-owned Hopes Advance project, located in Northern Quebec, Canada.

The baseline studies will comprise comprehensive environmental baseline investigations across the terrestrial, marine and human environments to support the ESIA and broader project permitting. Terrestrial components will include the proposed mine, access road and airport infrastructure while marine components will address coastal and offshore conditions associated with the proposed deepwater port.

The company is also in the process of developing an updated engagement plan, which, combined with other continuing activities, will support project descriptions and future ESIA submission.

Chris Batalha, chief executive officer of Oceanic, commented: "The commencement of our baseline studies program marks an important milestone in advancing Hopes Advance toward permitting. This work will provide the environmental, social and technical foundation needed to responsibly progress the project and reflects our continued commitment to disciplined, derisked development. Oceanic is fully committed to developing Hopes Advance in collaboration with our Inuit partners as well as our other local and regional stakeholders."

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 at a head grade of 32.1 per cent iron 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 net present value (discounted at 8 per cent) of $2.4-billion (U.S.) (after-tax NPV (discounted at 8 per cent) of $1.4-billion (U.S.)) over a 28-year mine life, and a life-of-mine operating cost of approximately $30 (U.S.) per tonne, producing a blast furnace concentrate product grading at 66.5 per cent iron with approximately 4.5 per cent silica.

More recently, the company has completed preliminary metallurgical test work 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 flow sheet, 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.

Technical disclosure

The technical information contained in this news release has been reviewed and approved by Eddy Canova, director of exploration of the company, a qualified person as defined by NI 43-101 and independent of the company.

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