Oceanic Announces Settlement of Advance Royalty Payments

Head Office Address:

3083-595 Burrard Street, PO Box 49298,

Vancouver, BC, V4K 1P4

November 5, 2021 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC ANNOUNCES SETTLEMENT OF ADVANCE ROYALTY PAYMENTS

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 the

settlement of its upcoming advance royalty payments.

The Company reached an agreement with 154619 Canada Inc. (“154619”) in respect of the settlement of

its 2020 and 2021 advance royalty payments of $200,000 through the issuance of an aggregate of

1,800,000 common shares at a price of approximately $0.1111 per common share.

The Company also reached an agreement with SPG Royalties Inc. (“SPG”) in respect of the settlement of

its 2021 advance royalty payment of $100,000 through the issuance of 900,000 common shares at a price

of approximately $0.1111 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

This news release includes certain "Forward-Looking Statements” as that term is used in applicable

securities law. All statements included herein, other than statements of historical fact, including, without

limitation, statements regarding potential mineralization and resources, exploration results, and future

plans and objectives of Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”), are forward-looking

statements that involve various risks and uncertainties. In certain cases, forward-looking statements can

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be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes",

or variations of such words and phrases or statements that certain actions, events or results “potentially”,

"may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that

such statements will prove to be accurate, and actual results could differ materially from those expressed

or implied by such statements. Forward-looking statements are based on certain assumptions that

management believes are reasonable at the time they are made. In making the forward-looking

statements in this presentation, the Company has applied several material assumptions, including, but not

limited to, the assumption that: (1) there being no significant disruptions affecting operations, whether

due to labour/supply disruptions, damage to equipment or otherwise; (2) permitting, development,

expansion and power supply proceeding on a basis consistent with the Company's current expectations;

(3) certain price assumptions for iron ore; (4) prices for availability of natural gas, fuel oil, electricity, parts

and equipment and other key supplies remaining consistent with current levels; (5) the accuracy of current

mineral resource estimates on the Company's property; and (6) labour and material costs increasing on a

basis consistent with the Company's current expectations. Important factors that could cause actual

results to differ materially from the Company's expectations are disclosed under the heading "Risks and

Uncertainties " in the Company’s most recently filed MD&A (a copy of which is publicly available on SEDAR

at www.sedar.com under the Company's profile) and elsewhere in documents filed from time to time,

including MD&A, with the TSX Venture Exchange and other regulatory authorities. Such factors include,

among others, risks related to the ability of the Company to obtain necessary financing and adequate

insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and

forward price of iron ore or certain other commodities (e.g., diesel fuel and electricity); changes in interest

rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or

unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance

on Forward-Looking Statements. Except as required under applicable securities legislation, the Company

undertakes no obligation to publicly update or revise Forward-Looking Statements, whether as a result of

new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.