Oceanic Announces Settlement of Advance Royalty

November 24, 2022

Vancouver, BC – Oceanic Iron Ore Corp. (TSX-V: FEO) (“Oceanic”, or the “Company”) is pleased to announce that it has reached agreements with its Hopes Advance royalty holders in respect of settlement of its upcoming advance royalty payments.

The Company reached an agreement with 154619 Canada Inc. (“154619”) in respect of the settlement of its 2022 advance royalty payment of $100,000 through a cash payment of $25,000 and the issuance of an aggregate of 833,333 common shares at a price of $0.09 per common share.

The Company also reached an agreement with SPG Royalties Inc. (“SPG”) in respect of the settlement of its 2022 advance royalty payment of $100,000 through the issuance of 1,250,000 common shares at a price of $0.08 per common share.

The settlement with 154619 and SPG is subject to approval by the TSX Venture Exchange. The common shares issued will be subject to the statutory four-month hold period.

The Company’s royalty holders are each entitled to annual advance royalty payments of $100,000 until the commencement of commercial production on the Company’s Hopes Advance Project. Advanced royalty payments are deductible from actual royalty payments subsequent to the commencement of commercial production.

OCEANIC IRON ORE CORP. (www.oceanicironore.com)

On behalf of the Board of Directors

“Steven Dean”

Chairman

+604 566-9080

NT4