Oceanic Iron Ore Addresses Growing Demand for Green Steel

October 8, 2026 — Leads & Copy — Oceanic Iron Ore (TSXV: FEO) has communicated a message to shareholders addressing the growing demand for green steel, a segment of the market that the company is poised to significantly contribute to with its high-grade, low-impurity iron ore deposits. The message, titled “The Demand for Green Steel,” was issued on October 7, 2026, and highlights the company’s strategic position in supplying essential materials for the transition away from traditional, carbon-intensive steel production methods.

Oceanic Iron Ore is developing its wholly-owned Hopes Advance, Morgan Lake, and Roberts Lake iron ore projects, all situated on the coast within Québec’s Labrador Trough. The company emphasizes that its flagship Hopes Advance Project boasts a NI 43-101 Measured & Indicated resource of approximately 1.36 billion tonnes with a head grade of 32.1% Fe. Crucially, this project is located at tidewater, eliminating the need for rail transportation to market, which the company projects will substantially reduce both capital and operational expenditures.

The pressing need for green steel stems from the significant environmental impact of conventional steel manufacturing. Steel production is a major contributor to global warming, consuming an estimated one billion metric tonnes of metallurgical coal annually, accounting for 15% of all coal consumed globally. The iron and steel industry is responsible for 7-9% of the world's CO2 emissions. In response, the United Nations Industrial Development Organization (UNIDO) has called for a reduction of over 90% in emissions from this sector by 2050, driving a global reimagining of metallurgical infrastructure.

Traditionally, steel has been produced in blast furnaces that operate continuously and require substantial energy to restart if shut down. Currently, about 70% of global steel production relies on these coal-fired blast furnaces. The industry is progressively shifting towards Direct Reduced Iron (DRI) plants, which utilize Green Hydrogen to remove oxygen from iron ore, producing water vapour instead of CO2. These modern DRI plants, however, require high-grade iron ore with minimal impurities to optimize their electricity-driven steelmaking processes.

Oceanic Iron Ore's Hopes Advance Project is highlighted as uniquely suited for this emerging green steel market. The iron ore produced from Hopes Advance has a high-grade of 66.6% Fe and exhibits exceptionally low impurity levels, including 0.01% Al₂O₃ and 0.005% phosphorus. These characteristics are among the lowest found in any seaborne concentrate globally, making it an ideal feedstock for DRI plants. The company notes that new environmental regulations in China are increasingly pushing steel mills toward higher-grade ores that maximize output while minimizing the pollution associated with impurity removal.

The premium nature of high-grade, low-impurity iron ore has led to its inclusion on Canada's and Québec’s Critical Minerals List. This demand is driven by global steelmakers transitioning to green, hydrogen-based DRI processing. Oceanic Iron Ore's Hopes Advance Project, with its low alumina and phosphorus content, is positioned to be a key supplier to these markets, offering a significant business advantage over mines that cannot meet the stringent requirements for green steel inputs.

While approximately 1,000 traditional blast furnaces remain in operation, many require high-grade materials to blend with lower-grade feed. Oceanic's potential downstream buyers include steel companies, other iron ore producers, and trading houses. The company's CEO, Chris Batalha, indicated that the next communication would detail findings from the Hopes Advance Re-Scoped PEA.

Source: Oceanic Iron Ore