Surface dynamics of reactive oxygen species (ROS) and hydrogen oxidation on cobalt spinel nanocatalyst, faceted predominantly with (100) 2-peroxy unit requires 0.39 eV only, opening an easy pathway for rapid isotopic exchange without explicit formation of energetically more costly oxygen vacancies. The latter may occur effectively at T [ 700°C. The catalytic activity of ROS species was probed by H 2 oxidation reaction. The diatomic ROS reactivity (below 160°C) is characterized by E a = 16 kcal/mol, and for monoatomic species (between 160°C and 300°C) it falls to E a = 9.2 kcal/mol. It was shown that suprafacial dehydroxylation of ROS generated water is energetically less costly (E a = 1.15 eV) than intrafacial dehydroxylation (E a = 1.71 eV) entailing removal of water associated with the lattice oxygen. Thus, the former may operate even at relatively low temperatures (below 300-350°C). The appearance of significant amount of H 2 16 O in the reaction products is related to easy isotopic 18 O/ 16 O scrambling via transient peroxo intermediates, and is not diagnostic of direct involvement of the Mars van Krevelen mechanism.