What Oceanic Iron Ore does

Oceanic Iron Ore Corp is a Vancouver, Canada-based, TSX-V listed (CVE:FEO) exploration and development company advancing iron ore properties in the Ungava Bay region of Nunavik, Quebec. The company's land package covers over 3,000 claims across roughly 1,500 km2 along the northern extension of the Labrador Trough and comprises three project areas: Hopes Advance (the flagship, with approximately 1.39 billion tonnes of resources), Morgan Lake (approximately 611.8 Mt historical at 22.2% Fe), and Roberts Lake (approximately 1,251.6 Mt historical at 35.9% Fe). All three projects are located within 20-50 km of tidewater at Pointe Breakwater, which the company cites as a structural logistics advantage that eliminates the need for rail infrastructure.

The intended product is a high-grade iron ore concentrate targeting approximately 66.6% Fe with silica content of 4.5% or less, with Phase 2 metallurgical testwork demonstrating approximately 68% Fe DR-grade concentrate at 2% SiO2 and 98% Fe recovery. The processing flowsheet is conventional and simple: HPGR and SAG grinding, a three-stage spiral gravity circuit for hematite recovery, low-intensity magnetic separation (LIMS) for magnetite recovery, and WHIMS or flotation for further processing of magnetic tails. The 2019 Preliminary Economic Assessment envisions initial production of 5 million tonnes per annum of dry concentrate expanding to 10 Mtpa in Year 5, a 28-year mine life from three of ten deposits, an initial capex of CAD 816 million, a base-case post-tax NPV of CAD 1.2 billion at an 8% discount rate, and a 28% post-tax IRR.

Oceanic is pre-revenue and does not yet sell concentrate; its near-term revenue mechanics depend on entering offtake agreements with steel producers and trading houses. The target customer segment is green steel producers using Direct Reduction and Electric Arc Furnace technology in China, Korea, Japan, Taiwan, and Europe, who require high-grade, low-impurity feed. The company has no parent entity, insider ownership exceeds 60% on a fully diluted basis, and it is operating with 1-10 employees as a development-stage corporate entity.

Name

Oceanic Iron Ore

Legal name

Oceanic Iron Ore Corp

Website

https://oceanicironore.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Oceanic Iron Ore Corp is a Vancouver-based, TSX-V listed iron ore exploration and development company advancing the Hopes Advance, Morgan Lake, and Roberts Lake projects in northern Quebec. It targets high-grade DR-grade concentrate production for green steel producers in Asia and Europe.

Ownership category

akta.pro rank

Product category

Iron Ore Mining

NAICS

Iron Ore Mining (212210), Iron Ore Mining (21221)

SIC

Metal Mining (1000)

akta.pro primary industry

Iron Ore Exploration & Resource Definition (IMAKAAAA)

akta.pro secondary industries

Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning) (IMAKAAAB), Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation) (IMAKAAAD), Iron Ore Logistics & Export Terminals (Rail, Port, Stockyards, Ship Loading) (IMAKAAAF)

Keywords

• Iron ore mining
• Iron ore concentrate
• Direct reduction grade
• Green steel feedstock
• Mineral exploration

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Others

Distribution channels3 records

Marketing channels4 records

Core offering

Oceanic Iron Ore is a publicly listed exploration and development-stage mining company developing high-grade iron ore properties in the Ungava Bay region of Nunavik, Quebec. Its primary planned product is a high-grade iron ore concentrate (66.6% Fe, ≤4.5% SiO2) suitable for Direct Reduction steelmaking, produced from three project areas — Hopes Advance, Morgan Lake, and Roberts Lake — covering over 300 km of iron formation. The company is pre-revenue, holding 100% interest in approximately 1.39 billion tonnes of resources at the flagship Hopes Advance project, located 20–50 km from tidewater with direct port access.

Product overview

Oceanic Iron Ore Corp is a mining exploration and development company focused on iron ore properties in Quebec's Ungava Bay region. The company operates three main iron ore projects: Hopes Advance (the primary development project), Morgan Lake, and Roberts Lake. The Hopes Advance project, the company's flagship, hosts a resource of 1.39 billion tonnes and features direct tidewater access enabling cost-effective logistics. The company is developing its iron ore concentrate product (66.6% Fe grade) targeting green steel producers using direct reduction processes. The three projects cover over 300 kilometers of iron formation within 20-50 km of tidewater, with the Hopes Advance project being the most advanced, supported by a 2019 Preliminary Economic Assessment and ongoing metallurgical testwork programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Hopes Advance Iron Project The primary iron ore development project comprising multiple mineral deposits (Castle Mountain, Iron Valley, Bay Zone F and others) located in the Ungava Bay region of northern Quebec, featuring resources of approximately 1.39 billion tonnes and direct access to tidewater. The flagship asset of Oceanic Iron Ore.
• Morgan Lake Iron Project Iron ore exploration property in the Ungava Bay region covering Payne Range and Morgan Lake deposits, with historical resources totaling approximately 611.8 million tonnes at 22.2% head iron content.
• Roberts Lake Iron Project Iron ore exploration property covering the Kayak Bay, Payne River, Igloo Lake, and Hump zones with historical resources of approximately 1,251.6 million tonnes at 35.9% iron content, located in the Labrador Trough extension.
• Iron Ore Concentrate (DR-Grade) High-grade iron ore concentrate product (66.6% Fe, ≤4.5% SiO2) planned to be produced from the Hopes Advance project using gravity and magnetic separation, suitable for direct reduction steelmaking and green steel production. Planned initial production of 5 Mtpa expanding to 10 Mtpa in Year 5.

Quantifiable outcome

• 98% Fe recovery with 68% Fe Direct Reduction grade concentrate and only 2% SiO2 in Phase 2 metallurgical testing
• +5 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Recent moves6 records

Expansion highlights5 records

Others

• Labrador Iron Ore Royalty Corporation:

Direct peers

• Champion Iron Limited: Canadian-listed iron ore producer operating the Bloom Lake complex in Quebec, producing high-grade DR-grade iron ore concentrate. Most directly comparable peer given shared Quebec jurisdiction, similar DR-grade concentrate focus, and seaborne export model targeting Asian/European steelmakers.
• Alderon Iron Ore Corp: Canadian-listed developer of the Kami Iron Ore Project in the Labrador Trough, focused on producing high-grade iron ore concentrate for Asian markets. Same geological belt (Labrador Trough extension) and same development-stage asset class as Oceanic's Hopes Advance.
• Baffinland Iron Mines Corp: Iron ore producer at Mary River in Nunavut, Canada — operates in a similarly remote, cold-climate Northern Canadian jurisdiction with seasonal shipping constraints and produces high-grade iron ore for seaborne export. Direct geographic and product parallel to Oceanic's Ungava Bay assets.
• Sydvaranger Gruve AS: Norwegian iron ore producer (Kirkenes) operating in a cold-climate, tidewater-accessible setting producing DR-grade magnetite concentrate. Highly relevant given Director Jeremy Langford led development activities there; parallel cold-climate iron ore export business model.
• New Millennium Iron Corp: Canadian-listed developer of iron ore properties (Labrador Trough) with similar pre-production, PEA-stage asset profile to Oceanic. Closely comparable development-stage peer with analogous seaborne export product targeting steel mills.

Emerging players

• Adriana Resources Inc. Canadian-listed junior with iron ore development assets (Lac Otelnuk in Quebec). Similar pre-construction development-stage profile targeting Asian steel mills with DR-grade concentrate. Comparable as a junior developer in Quebec's iron ore belt.
• Mt. Gibson Iron Limited: Australia-listed iron ore producer (Koolanooka/Shine) exporting high-grade hematite and magnetite concentrate to Asian steel mills. Comparable business model of producing DR-grade iron ore for seaborne export to green steel customers.

Broad incumbents

• Atlas Iron / Hancock Prospecting: Pilbara-based iron ore miner producing low-cost hematite for seaborne export markets. Comparable as a high-volume seaborne iron ore exporter, though anchored in a different (lower-cost) jurisdiction.
• ArcelorMittal Mines Canada (Mont-Wright/Fermont): Operates one of the largest iron ore mining complexes in the Labrador Trough producing concentrate and pellets for global steelmaking. Broad incumbent with overlapping Quebec/Labrador geography and seaborne iron ore sales, though operates at vastly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/oceanic-iron-ore-corp-feo-

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oceanic Iron Ore