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Oceanic Iron Ore Corp. announced results from Phase 2 of its Metallurgical Testwork Program at the Hopes Advance Project in Northern Québec. The Phase 2 findings confirm the ability to produce a Direct Reduction (DR) iron ore concentrate with minimal modifications to the existing flowsheet.

This product meets DR specifications of 67% Fe and less than 2% SiO2, supporting green steel production and aligning with critical mineral standards in Canada. The company reported a recovery of 84% of the final product through gravity methods, with low intensity magnetic separation recovering an additional 16%.

The Hopes Advance Project contains approximately 1.39 billion tonnes of measured and indicated resources, with a favorable pre-tax NPV of USD $2.4 billion over a 28-year mine life. Future testing will focus on optimizing the flowsheet and evaluating product options for strategic partners.