In short: His own holding (insiders own ~60%). "The first and only iron ore deal I've ever done": a large, multigenerational, high-grade, low-impurity deposit that "sits on tidewater," so transport and capex are far below rail-dependent mines. Dean: Hopes Advance tested 68% Fe / 2% silica, 1.4B t M&I, ~$30/t opex in the 2019 PFS; updating studies and seeking strategic partners; trades "at a fraction" of developer multiples.
Oceanic owns a very large iron ore deposit in northern Quebec that has been studied for decades but never built. Two things make it unusual: the ore is rich (tests showed about 68% iron, when a lot of Australian ore is in the high 50s to low 60s) and has little sand-like silica, and it sits right next to the sea, so ore could go straight onto ships instead of travelling hundreds of kilometers by railway — the most expensive part of most iron ore projects.
The company is at an early, pre-construction stage: it must update a 2019 study with today's costs, finish environmental work and permits, and find big partners to pay for building a mine. Remember who is speaking — Giustra and the chairman control about 60% of the shares, so this is the owners' own pitch.
15:29And the reason I'm doing it is very simple. This is a very large multigenerational deposit that is, as Steven has said, high-grade with low impurities. And most importantly, this is the part that people have to get their head around, it sits on tidewater. Its transportation costs are going to be far, far below any other iron ore mine or deposit that we're aware of.
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