Oceanic Iron Ore Corp.
FEOVF
Other OTC0.60
USD
+0.07
- -
Oceanic Iron Ore Corp.
FEOVF
(Other OTC)
Recent
price
0.60
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Oceanic Iron Ore Corp. is a Canada-based exploration-stage company engaged in the acquisition, exploration and development of iron ore properties in Quebec. The company holds a 100% interest in the Ungava Bay iron properties in Nunavik, Quebec, comprising three project areas--Hopes Advance, Morgan Lake and Roberts Lake--which cover approximately 36,040 hectares of iron formation over 300 kilometres along the northern extension of the Labrador Trough and are located 20 to 50 kilometres from tidewater; these properties include 862 mineral claims with defined historical resources at Morgan Lake and Roberts Lake, and the flagship Hopes Advance project featuring a multi-billion-tonne resource suitable for high-grade blast furnace or direct reduction iron products. Oceanic focuses on advancing the Hopes Advance project toward production, targeting premium iron concentrates with 66.6% Fe grade, low silica (4.5%) and deleterious elements for pellet or sinter feed in blast furnace-basic oxygen furnace steelmaking or direct reduction processes supporting green steel initiatives. Founded in 1986 and headquartered in Vancouver, British Columbia, the company operates primarily in the ferrous metals mining sector, targeting steel producers in global markets accessible via the Northwest Passage. In 2025, Oceanic advanced its metallurgical testwork program, with Phase 1 results in September confirming potential for direct reduction-grade pellets through modest flowsheet modifications to its preliminary economic study design, and Phase 2 results pending in the fourth quarter; the company completed a non-brokered convertible debenture financing of $2.385 million, settled debenture interest via share issuances, granted stock options and restricted share units, and initiated re-engagement with the Quebec government and Nunavik Inuit through letters of intent, environmental permitting consultations and strategic partner discussions to optimize studies and secure project support under the Northern Action Plan. Oceanic continues pursuing financing options, including strategic partnerships, to fund Hopes Advance development amid ongoing management changes and operational enhancements like power infrastructure planning for 48 megawatts initial capacity plus expansion potential using Hydro Quebec or alternative fuels.