Oceanic Announces Settlement of Debenture Interest FOR Common Shares

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October 1, 2024 TSX Venture Exchange: FEO

ALL AMOUNTS ARE STATED IN CANADIAN DOLLARS, UNLESS OTHERWISE NOTED

PRESS RELEASE

OCEANIC ANNOUNCES SETTLEMENT OF DEBENTURE INTEREST FOR COMMON SHARES

Vancouver, BC - Oceanic Iron Ore Corp. (TSXV: FEO) ("Oceanic", or the "Company") is pleased to announce

that on September 30, 2024, it elected to settle an aggregate of $92,634 in accrued interest due under

the Company's previously issued Replacement Series A Convertible Debentures, Replacement Series B

Convertible Debenture, Series C Convertible Debentures and Series D Convertible Debentures on

September 30, 2024 (the "Settlement Date") by issuing 597,630 common shares in the capital of the

Company (each, a "Common Share") at a price equal to $0.155 per Common Share.

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

On behalf of the Board of Directors

"Steven Dean"

Chairman

For further information: Gerrie van der Westhuizen, CFO & Corporate Secretary, +1 (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 the Interest Settlement and the price of the Common Shares to be issued

on the Settlement Date and future plans and objectives of the Company, are forward-looking statements

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

by the use of words such as "plans", "intends", "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) the Company will be able to complete the Interest Settlement; (2) there

being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage

to equipment or otherwise; (3) permitting, development, expansion and power supply proceeding on a

basis consistent with the Company's current expectations; (4) certain price assumptions for iron ore; (5)

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prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies

remaining consistent with current levels; (6) the accuracy of current mineral resource estimates on the

Company's property; and (7) 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.sedarplus.ca 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, the ability of the

Company to obtain 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.