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Oceanic Iron Ore Corp.

TSXV:FEOLive AI agent

Oceanic is focused on the development of the Ungava Bay iron properties in Nunavik, Quebec.

Investor website: https://www.oceanicironore.com/

About

Oceanic is focused on the development of the Ungava Bay iron properties in Nunavik, Quebec. The properties comprise three project areas: Hopes Advance, Morgan Lake and Roberts Lake, which cover over 300 kilometres of iron formation and are located within 20 – 50 km of tidewater.

Verified company data

Cash position
$1,420,984
Shares outstanding
148439309
Fully diluted shares
364,777,441
Mineral resource
Hopes Advance has one of the larger iron ore mineral resources globally in respect of single-asset developers (in excess of 1.3 billion tonnes in the Measured and Indicated resource category, at a grade of 32.1% Fe) with a relatively manageable capital cost to bring the asset to production. Mineral Resources for all 10 deposits were estimated for the Bay Zone B, C, D, E, F, Castle Mountain, Iron Valley, West Zone 2, West Zone 4 and West Macdonald deposits, and are totaled below. The effective date of the Mineral Resource Estimate is December 19, 2019. Table 1 – Mineral Resource Estimate Hopes Advance – All 10 Deposits (25% Fe Cut-off) | Resource Classification | Tonnes(t000) | Head Grade(%Fe) | Concentrate Tonnes(t000) | | --- | --- | --- | --- | | Measured | 774241 | 32.2 | 288971 | | Indicated | 613796 | 32.0 | 226901 | | Measured&Indicated | 1388037 | 32.1 | 515872 | | Inferred | 222188 | 32.5 | 82475 | *Refer to “Technical Disclosure” Section for notes on the Mineral Resource Estimate. This mineral resource estimate does not include the historical mineral resources as the Company’s other Project Areas, being Roberts Lake and Morgan Lake, which has the potential for extending the production profile and life of mine in the project area beyond its already significant mine life.
Projects
["Hopes Advance Project: Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”) is pleased to provide an update on the advancement of the Hopes Advance Project, located in Northern Québec, Canada (the “Project”). The Company is currently working on progressing key milestones associated with the development of the Project, which include, but are not limited to, economic and optimization studies, detailed engineering, environmental baseline field work and other associated permitting activities. Steven Dean, Chairman of Oceanic said: “The Hopes Advance Project is undoubtedly a world-class iron ore development project, located in a tier-one mining jurisdiction in the same geological formation of other world class producing iron ore mines. We are proud to be a 100% owner of an asset containing a very large mineral resource, and related significant production profile that will span generations to come, while also contributing to the economic development of Northern Québec in the short and long term. Being located at tidewater, the Project’s unique positioning removes significant capital and operating costs, as well as transportation and logistical constraints related to building, operating and maintaining a rail line, that is typically a requirement of most large iron ore operations globally. This advantage, along with a low strip ratio, simple metallurgy and high-grade material lends itself to a significant economic return for a premium product, desirable not only to steel producers, but to other iron ore producers looking to supplement depleting resources or blend with existing lower grade material. Moreover, the ability to operate independently of third party run infrastructure serves as another distinct competitive advantage over peer unfunded iron ore development projects for a commodity that will maintain demand over the long term. Hopes Advance – Distinct Attributes Large Mineral Resource – Several Decades of Production in the Making • Large tonnage mineral resource over 10 deposits at Hopes Advance in Northern Québec – over 1.3 billion tonnes (Measured and Indicated resource category, at a grade of 32.1% Fe). • Current mine plan only contemplates mining 3 of 10 deposits over a 28 year mine life. • Opportunity for significant life extension at Hopes Advance as well as with possible development of neighboring properties at Roberts Lake and Morgan Lake. Location: At Tidewater – the “No Rail” Advantage • Hopes Advance Site located at tidewater. Direct access of product via access road or pipeline (26km) from site to Private port to be built & operated by Oceanic. • No Rail – Removes significant cost burden, capacity issues, operational headaches. Additional Infrastructure Advantage – No Reliance on 3 Parties • Port – Privately Built and operated. • Energy Source - Construction and operations to utilize barge-mounted self-generated power. Robust Financial Metrics • Low opex of $30.70/t resulting from “no-rail” advantage being at close proximity to Point Breakwater, simple metallurgy and low strip ratio (0.81:1 over life of mine). • Post-Tax NPV8 of $1.4 Billion with an Initial Capex estimate of $1.19 Billion. • Low NPV/Initial Capex Ratio of 1.18 for a long life bulk commodity Project. Highly Supported by a Resource Proactive Provincial Government • Québec remains a strong supporter of mineral project development in Northern Québec as Mineral Resource Provides for Generational Mine Life Potential. The Company is working on the following in connection with the development of the Project over the coming months: - Engaging with environmental permitting consultants and support staff to agree on process and timeline on relevant regulatory permits - Engaging with relevant engineering firms to determine scope for possible optimization studies and detailed engineering work - Revisiting historical metallurgical testwork to assess further possible improvements to product characteristics and grades - Re-engagement with representatives of the Inuit of Nunavik. Updates will be provided in due course."]
Leadership
Ashley Kates (CFO and Corporate Secretary, Accomplished finance executive with nearly 20 years of progressive leadership experience in the mining industry, specializing in public company financial reporting, capital markets, and corporate governance. Previously served as Corporate Controller at Oceanic and has significant experience at Atlantic Gold Corporation.), Gerrie van der Westhuizen (Outgoing CFO and Corporate Secretary), Chris Batalha (CEO and Director, Experienced leader in the mining sector with a strong focus on operational growth and project advancement.), Tetiana Konstantynivska (Communications professional with extensive experience at the Vice President level in the Mining & Metals industry, skilled in building market visibility and enhancing investor relations.)

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