TAMPA, Fla.--(BUSINESS WIRE)--Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), an ocean exploration pioneer engaged in the discovery, development, and extraction of critical minerals that provide solutions to global challenges, provides a company update.
"The recent arbitration ruling and the 2018 Tribunal Federal de Justicia Administrativa (TFJA) ruling in our favor validate that our approach to responsible ocean mineral exploration is viable. We remain committed to the long-term success of our business, supported by a strong portfolio of current projects and a pipeline of new projects that offer further opportunities to expand access to critical minerals in high demand. We were encouraged to see the unprecedented volume of trading in our stock, which we believe indicates an increased interest in our company and our industry’s crucial role in addressing critical global mineral resources issues,” said Mark Gordon, Odyssey’s Chief Executive Officer and Chairman of the Board of Directors. “Our focus on ocean minerals supports efforts to reduce carbon emissions through renewable energy and enhance fertilizer availability for a growing global population. We continue to believe the ExO Phosphate Project could play a vital role in helping Mexico achieve its long-standing goal of addressing food security by allowing the country to have a stable supply of domestically sourced phosphate that could enhance the country’s fertilizer production.”
“The industry has been monitoring the Odyssey NAFTA case. I am pleased to see that the international panel of arbitrators supports and encourages governments to treat permit applications in a fair and equitable manner. Our industry is working tirelessly to ensure excellent environmental analysis and stewardship, just as Odyssey did in this instance, and that science underpins permitting decisions,” said Hans Smit, CEO of Ocean Minerals Limited (OML). “We look forward to continuing to work with Odyssey as they support our work program in the Cook Islands.”
Odyssey's research and scientific team actively uses its proprietary Global Prospectivity process to identify promising regions with stable governments interested in understanding their seafloor mineral resources. This approach aims to capitalize on the growing global interest in the industry, including in the United States, where legislative initiatives are gaining momentum. In addition, Norway has opened its continental shelf for deep-sea mineral exploration, and Japan recently announced the successful recovery of over 200 million tonnes of polymetallic nodules from its waters. Odyssey is involved with two of the three companies that hold exploration licenses in the Cook Islands, a country that is setting the standard for responsible regulatory practices governing seafloor exploration.
Odyssey is supported by a highly experienced executive management team, board of directors, and dedicated staff. All are grounded in strong governance and a firm belief that integrity, transparency, and accountability are essential in our partnerships with business and governmental entities. The leadership team has expertly guided the company through growth phases, identifying opportunities to leverage Odyssey's strengths while ensuring the resources and support needed for sustained success during the company’s 30-year history.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) is a global leader in ocean exploration with over 30 years of experience. The company is committed to the sustainable and responsible discovery, validation, and advancement of seafloor critical mineral projects, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers. Offering comprehensive research, marine operations, and regulatory compliance support, Odyssey works with governments and seafloor rights holders worldwide. Odyssey develops its projects in collaboration with a global network of partners, academics, and industry professionals who share its commitment to environmentally sound solutions to obtain minerals that will address present and future global challenges. Learn more at www.odysseymarine.com.
Forward-Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on May 17, 2024. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
