Odyssey Marine Exploration, Inc. discovers, validates, and develops high-value seafloor mineral resources in an environmentally responsible manner, providing access to critical resources that can transform societies and economies for generations to come.
The company has a diversified mineral portfolio that includes projects controlled by it, as well as other projects in which it is a minority owner and service provider. In addition, the company's team is continually working to add new projects...
Odyssey Marine Exploration, Inc. discovers, validates, and develops high-value seafloor mineral resources in an environmentally responsible manner, providing access to critical resources that can transform societies and economies for generations to come.
The company has a diversified mineral portfolio that includes projects controlled by it, as well as other projects in which it is a minority owner and service provider. In addition, the company's team is continually working to add new projects to the portfolio by identifying potential new assets through a proprietary Global Prospectivity Program, leading to the acquisition of appropriate rights.
For nearly 30 years, the company has deployed cutting-edge ocean technology and processes at depths up to 6,000 meters, under the direction of some of the industry’s most skilled and successful ocean exploration professionals, scientists, and environmental specialists.
Mineral and Offshore Services
The company provides specialized mineral exploration, project development, and marine services to clients, including subsidiary companies, other companies, and/or governments. As the company's business is focused on the development of a diversified portfolio of subsea resources, it may elect to receive equity for the provision of its services on select mineral projects. The company has an extensive history conducting deep-ocean projects down to 6,000 meters in depth, including deep-ocean resource explorations, ship and airplane wreck explorations, archaeological recovery and conservation, and insurance documentation. It applies this experience and expertise to advance its project portfolio.
Operational Projects and Status
The company focuses on projects that can meet stringent standards for environmental responsibility, while unlocking benefits for the host community and country.
The company's subsea project portfolio contains multiple projects in various stages of development throughout the world and across different mineral resources. It is regularly evaluating new projects through the development of new deposits, acquisition of mineral rights/deposits, and through a leveraged contracting model, which allows the company to earn equity in deep-sea mineral projects.
ExO Phosphate Project
The Exploraciones Oceánicas Phosphate Project (ExO Phosphate Project) is a rich deposit of phosphate sands located 70-90 meters deep within Mexico's Exclusive Economic Zone (EEZ). This deposit contains a large amount of high-grade phosphate ore that can be extracted on a financially attractive basis, essentially a standard dredging operation. The deposit lies within an exclusive mining concession licensed to the Mexican company Exploraciones Oceánicas S. de R.L. de CV (ExO). Oceanica Resources, S. de R.L., a Panamanian company (Oceanica), owns 99.99% of ExO, and the company owns 56.14% of Oceanica through Odyssey Marine Enterprises, Ltd., a wholly owned Bahamian company (Enterprises).
In 2012, ExO was granted a 50-year mining license by Mexico, extendable for another 50 years at ExO's option, for the deposit that lies 25-40 km offshore in Baja California Sur.
In October 2024, the company discovered that the Mexican mining authority unlawfully cancelled ExO’s mining concessions in June and August 2024. ExO is challenging the cancellation.
Joint Venture with Capital Latinoamericano
On December 23, 2024, the company and Capital Latinoamericano, S.A. de C.V. (CapLat) entered into a Joint Venture Agreement (the JV Agreement) pursuant to which the company and CapLat formed a joint venture to develop a strategic fertilizer production project in Mexico (the JV Project), building on the work completed by the company to validate a high-quality subsea phosphate resource within Mexico’s Exclusive Economic Zone (EEZ). Pursuant to the JV Agreement, the company and CapLat will work together to develop the JV Project and, subject to satisfaction of certain conditions, including certain regulatory approvals from Mexican governmental authorities, subsidiaries of each party will invest as equal partners, subject to adjustment based on final contributions, in a newly formed joint venture entity that will own and continue to develop and operate the JV Project. The JV Agreement also provides that the company and CapLat have exclusive rights to develop the JV Project, and that CapLat has the exclusive right to develop with it any projects in the EEZ owned or developed by it during the next five years.
CIC Project
CIC Limited (CIC) is a deep-sea mineral exploration company. CIC is supported by a consortium of companies providing expertise and financial contributions in support of the development of the project. The company is a member of the consortium, which also includes Royal Boskalis Westminster N.V.
Through a wholly owned subsidiary, the company has earned and holds approximately 14.2% of the outstanding equity units of CIC issued in exchange for the provision of services by the company.
The company has the ability to earn up to an aggregate of 20.0 million equity units through August 2025. This means it can earn approximately 1.0 million additional equity units in CIC under its services agreement.
Ocean Minerals, LLC Project
Ocean Minerals LLC (OML) is a deepwater critical metals exploration and development company incorporated in the Cayman Islands. Moana Minerals Limited (Moana Minerals) is a wholly owned subsidiary of OML and is a deepwater critical metals exploration and development company incorporated in the Cook Islands, with offices and operations based in Rarotonga, Cook Islands. In 2022, the SBMA awarded Moana Minerals a five-year exploration license (EL3) for a 23,630 square kilometer area in the Cook Islands' EEZ.
LIHIR Gold Project
The exploration license for the Lihir Gold Project covers a subsea area that contains several prospective gold exploration targets in two different mineralization types: seamount-related epithermal and modern placer gold. Two subaqueous debris fields within the area are adjacent to the terrestrial Ladolam Gold Mine and are believed to have originated from the same volcanogenic source. The resource lies 500-2,000 meters deep in the Papua New Guinea Exclusive Economic Zone off the coast of Lihir Island, adjacent to the location of one of the world's largest known terrestrial gold deposits. The company has an 85.6% interest in Bismarck Mining Corporation, Ltd, the Papua New Guinea company that holds the exploration license (the Bismarck Exploration License) for the project.
In 2021 and again in 2023, Papua New Guinea (PNG) issued permit extensions allowing the company to continue with its exploration program. The company has developed an exploration program for the Lihir Gold Project to validate and quantify the precious and base metal content of the prospective resource.
During 2023, the company continued exploration in the exploration license area to validate the geological prospectivity of the property. In addition to examining the regional geological and tectonic settings of the region, additional multibeam data and 127 geological samples were collected, and seven ROV dives were conducted.
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