09:32 AM EDT, 09/25/2025 (MT Newswires) -- Oceanic Iron Ore ( FEOVF ) Thursday provided results of phase 1 of its 2025 Metallurgical Testwork Program on its 100% owned Hopes Advance Project in Northern Quebec, Canada.

The company said that the results from phase 1 indicate the potential to produce a high-grade, direct reduction (DR) iron product, based on laboratory-scale flotation testing which may be achievable with modest modifications to the existing flowsheet as detailed in the company's current preliminary economic study(PEA Study).

Oceanic said that phase 2 will investigate a conventional staged flotation circuit to simulate operational conditions, and added that approximately 50 kg of both gravity concentrate and magnetic concentrate material is anticipated to be used for phase 2 testwork.

The company said it will provide further updates on the Program once phase 2 is complete.

"As expected, preliminary metallurgical testwork completed to date has demonstrated that the Hopes Advance Project has the potential to produce DR-grade product characteristics through modest adjustments to the existing flowsheet, contributing to lower steelmaking costs and to the global green-steel movement," said Oceanic's chairman Steven Dean.

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