Oceanic Iron Ore Highlights Rail-Free Operational Advantage

Vancouver, BC, October 23, 2026 — Leads & Copy — Oceanic Iron Ore (TSXV: FEO) has highlighted its significant operational and logistical advantage in a recent shareholder message, stating that its iron ore projects in Quebec do not require a railway for market access, thereby reducing projected capital and operating expenses.

The company is focused on developing its wholly-owned Hopes Advance, Morgan Lake, and Roberts Lake iron ore projects located in the Labrador Trough in Quebec, Canada.

Oceanic's flagship Hopes Advance Project holds a NI 43-101 Measured & Indicated resource of approximately 1.36 billion tonnes with a head grade of 32.1% Fe. A preliminary economic assessment indicates that the project's tidewater location eliminates the need for a railroad, a common necessity for major iron ore mines globally.

Unlike large-scale mining operations in regions such as Western Australia, Northern Brazil, or Guinea, which require extensive railway infrastructure spanning hundreds of kilometres to reach deep-sea ports, Oceanic's assets in Northern Quebec are situated close to tidewater. The company anticipates transporting its iron ore concentrate from the mine to the port via truck along a 26-kilometre access road.

This trucking-based logistics plan is expected to provide a substantial cost, operational, and logistical advantage. The message contrasts this with the significant engineering and construction challenges and associated costs of building and maintaining railways, citing the Simandou iron ore project in Guinea, which requires a 552-kilometre railway and an 11-kilometre tunnel, with total infrastructure costs of approximately US$15 billion.

In contrast, Oceanic Iron Ore's projected capital expenditure, as outlined in a 2019 Technical Report for the Hopes Advance property, was estimated at $1.193 billion. Major components of this projected capex include the construction of the mineral processing area ($206.9 million), port facilities ($181.8 million), mine infrastructure ($159.2 million), electric power ($47.6 million), and a mining fleet ($30.3 million). Additional expansion capital costs are estimated at $690 million starting in year five.

While acknowledging that current costs for engineering, labour, and machinery would be higher than those cited in the 2019 report, the company asserts that the absence of a railroad requirement positions it strongly to develop a profitable mine. Oceanic aims to deliver high-grade, low-impurity iron ore to the burgeoning green steel market.

The CEO of Oceanic Iron Ore, Chris Batalha, indicated that a subsequent message would introduce the company's leadership team.

Source: Oceanic Iron Ore