Minerals for the Future
Initiating coverage of Odyssey Marine Exploration (OMEX), a pioneer in deep-ocean exploration that has pivoted away from exploring shipwrecks and is now using the vast experience accumulated over decades of undersea work to discover, validate, and develop subsea deposits rich in critical metals and minerals that are beneficial to society, including polymetallic nodules containing metals critical to battery production and phosphate, an important fertilizer component. It’s all over but the waiting. Having completed the evidentiary phase and submitted post-hearing briefs in September 2022, OMEX is currently awaiting the decision of a NAFTA tribunal related to its arbitration against Mexico over what it believes was an illegal denial of an environmental permit to develop a phosphate resource located off the western coast of the country. The potential for an award of monetary damages may exceed $2 billion and can provide longer-term project funding and development opportunities that would be made possible by such an infusion of capital. Stronger balance sheet. OMEX recently bolstered its balance sheet by entering into a termination and release agreement with Altos Hornos de Mexico (AHMSA) in March 2023, thereby reducing debt by $17.4 million and the potential related share overhang (dilution) by $13.4 million, improving its appeal to potential strategic partners, while also providing the cash to self-fund the last remaining costs related to the NAFTA litigation. OML expands OMEX’s Cook Islands participation. In June 2023, OMEX announced a deal to acquire a 13% interest in Ocean Minerals LLC (OML), with an option to expand the ownership to 40% over the next 18 months, obtaining a participation stake in a second of three entities holding exploration licenses in Cook Islands’ Exclusive Economic Zone (EEZ), which contains seabed deposits of polymetallic nodules rich in cobalt (Co) and other metals critical to the electrification megatrend currently underway. Operating company with a mineral portfolio. OMEX generates revenue from undersea exploration services that include research, scientific services, marine operations planning, management execution and project management. More recently, OMEX built a portfolio of early-stage metals minerals projects across different regions and mineral sets, offering investors an opportunity to participate in their development.Odyssey Marine Exploration is engaged in deep-ocean exploration. The company's main focus is in the discovery, development and extraction of deep-ocean minerals. The company's techniques are also applied to shipwreck cargo recovery and other marine survey and exploration charter services. The company conducts archaeological excavations with remotely operated vehicles. The company's capabilities allow it to perform geophysical and geotechnical surveys, detailed mapping, sampling, and environmental assessments. The company also maintains capabilities in functions required for the shipwreck business, such as research, conservation, documentation and exhibit of rare artifacts and publication of archaeological excavation.
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