Oceanic Iron Ore outlines Ungava Bay assets strategy

Oceanic Iron Ore CEO Chris Batalha Gives Overview of Ungava Bay Assets

(TheNewswire)

Vancouver, BC – TheNewswire - September 18, 2026 – Global Stocks News - Sponsored content disseminated on behalf of Oceanic Iron Ore. On September 16, 2026, Oceanic Iron Ore (TSXV: FEO) issued a message to shareholders entitled “Overview of our Ungava Bay Assets”.

Oceanic is focused on the development of its 100% owned Hopes Advance, Morgan Lake and Roberts Lake iron ore projects located on the coast, in the Labrador Trough in Québec, Canada.

The flagship Hopes Advance Project has a NI 43-101 Measured & Indicated resource of about 1.36 billion tonnes at a head grade of 32.1% Fe. The project is located at tidewater. The PEA highlights that Oceanic will not require a railroad to get its iron ore to market, significantly reducing capital expenses and operating costs.  

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Overview of our Ungava Bay Assets
Chris Batalha
CEO of Oceanic Iron Ore

Oceanic Iron Ore is developing three iron ore properties in Ungava Bay, Nunavik, Northern Québec. Our lead asset is Hopes Advance. The other two are Roberts Lake & Morgan Lake. All three assets are in the Labrador Trough, one of the most productive iron ore belts in the world.

Ungava Bay is at 62°N latitude, the same distance from the equator as Anchorage, Alaska.  In June, the sun sets around midnight. In the dead of winter, we get five hours of daylight. The bay is 260 km wide at the mouth. Seasonal commercial activities include halibut fishing, Inuit seafood harvesting, eco-tourism and mineral exploration.

Our three properties comprise 3,703 mineral claims across a total land package of 1,568 km². The projects span 300 kilometres of iron formation near tidewater. Ungava Bay is part of a Tier 1 mining jurisdiction: politically stable, well-regulated, and with a long history of mineral development.

Roberts Lake & Morgan Lake have defined historical resources that are not included in the current PEA economics. In the context of a multi-generational iron ore mine complex, they are important assets, but we are now focused on Hopes Advance, a premier high-quality, low-cost iron ore project with robust economics.

Using the 2019 PEA base case Freight on Board (FOB) price of US$82/tonne, the Hopes Advance base-case study projects a post-tax NPV8 of US$1.4 billion. NPV is a financial metric used to assess an investment's profitability by comparing the initial investment to projected future cash flows. The “8” in NPV8 indicates that we have applied an 8% annual discount rate to future post-tax cash flows. It reflects that a dollar today is worth more than a dollar in the future because today’s dollar can be reinvested. The project has an Internal Rate of Return (IRR) of 17%.

At the current consensus long-term FOB price assumption of US$101/tonne, the Hopes Advance project has a post-tax NPV8 of US$2.3 billion and an IRR of 22%.

The study projects Life of Mine (LOM) operating costs of US$30/tonne. We are close to tidewater, so we do not need rail infrastructure. That means we will not be dependent on 3rd-party-owned infrastructure, such as energy and ports. We would like to connect to the Hydro-Québec grid in time.

There is potential for a life-of-mine extension well beyond 28 years. The metallurgy demonstrates high weight and iron recoveries. Bench-scale and pilot plant testing indicate a high-quality product with 4.5% silica, low levels of other impurities, and a 66.6% iron grade.

Hopes Advance is 100% owned by Oceanic, with no offtake in place. We have signed letters of intent with the Québec government and the Inuit Community. I have confidence that the Hopes Advance project will appeal to a variety of strategic partners

In the next message, I will talk about the global demand drivers for iron ore.

By Chris Batalha
CEO of Oceanic Iron Ore

Click here to visit Oceanic Iron Ore’s website.

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