Odyssey Marine Exploration Reports 2024 Results

Rhea-AI Summary

Odyssey Marine Exploration (NASDAQ: OMEX), a leader in ocean exploration and sustainable mineral resource development, has reported its financial results for Q4 and full-year 2024. CEO Mark Gordon will present at the Emerging Growth Conference on April 16, 2025.

Key project updates include:

• Formation of a joint venture with Capital Latinoamericano (CapLat) for a strategic fertilizer project in Mexico's Exclusive Economic Zone
• Ongoing exploration activities in the Cook Islands, where OMEX holds interests in polymetallic nodule licenses with potential to double global cobalt supply
• Expansion of Global Prospectivity program identifying new mineral-rich jurisdictions

Positive

• Strategic joint venture formed with CapLat for fertilizer project development in Mexico
• Cook Islands exploration assets have potential to double global cobalt supply
• Diversified portfolio of critical mineral projects across multiple jurisdictions

Negative

• Financial results not disclosed in the press release
• Heavy reliance on future project developments without current revenue streams

CEO Mark Gordon to Present at the Emerging Growth Conference on April 16, 2025

TAMPA, Fla.--(BUSINESS WIRE)-- Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a global leader in ocean exploration and sustainable mineral resource development, reported financial results for the fourth quarter ended December 31, 2024, as well as the full year ended December 31, 2024. The company also provided updates on key projects and business strategy reiterating its commitment to advancing a diversified portfolio of critical mineral assets.

“With a diversified pipeline of projects, strategic partnerships, and growing global demand for critical minerals, Odyssey is uniquely positioned to advance projects that contribute meaningfully to addressing worldwide supply shortages,” said Mark Gordon, Chief Executive Officer and Chairman of the Board of Odyssey Marine Exploration. “Although much investor attention has centered on our NAFTA arbitration, this focus often overlooks the significant long-term potential of our broader asset portfolio. Each of our projects brings distinct strengths and market relevance, and we remain committed to advancing them in ways that generate value.”

Upcoming Investor Presentation

Mr. Gordon will present at the Emerging Growth Conference on April 16, 2025, from 12:35 to 1:05 PM ET, where he will highlight the company’s current business strategy, portfolio growth, and long-term outlook and outline strategic priorities for the year ahead. A replay will be available following the event on EmergingGrowth.com and the Emerging Growth YouTube Channel.

Investors may register to attend at: https://goto.webcasts.com/starthere.jsp?ei=1705403&tp_key=612b99c876&sti=omex

Project Highlights

• Strategic Fertilizer Project: Odyssey recently formed a joint venture with Capital Latinoamericano (CapLat) to advance the development of a fertilizer project in Mexico’s Exclusive Economic Zone (EEZ). Phosphate is a critical input in fertilizer in demand globally, and this project is aligned with Mexico’s broader efforts to strengthen food and nutrition security. The partnership combines Odyssey’s subsea expertise with CapLat’s deep agricultural experience and both companies’ commitment to sustainability. The project contemplates a Mexico-based operating partner employing proven dredging techniques previously used in over 200 projects in Mexican waters.
• Cook Islands Polymetallic Nodule Exploration: Exploration activities continue to advance in the Cook Islands, where Odyssey holds strategic interests in two license holders. The polymetallic nodules in the Cook Islands EEZ represent one of the largest sources of battery metals globally, with the potential to double current cobalt supply.
• Global Pipeline Expansion: Odyssey’s Global Prospectivity program continues to identify promising new jurisdictions containing high demand minerals. Several early-stage exploration efforts in development in EEZs that are open to responsible subsea mineral development, providing a steady stream of future project opportunities.

Consolidated Results

Our consolidated financial statements and our Annual Report on Form 10-K for the year ended December 31, 2024, are available on the our web site at www.odysseymarine.com as well as at www.sec.gov.

About the Emerging Growth Conference

The Emerging Growth Conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time-efficient manner.

The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products and services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts.

All sessions will be conducted through video webcasts and will take place in the Eastern time zone.

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 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, 2024, which was filed with the Securities and Exchange Commission on March 31, 2025. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250402538762/en/

Liz Shows

Odyssey Marine Exploration, Inc.

(813) 876-1776

lshows@odysseymarine.com

Source: Odyssey Marine Exploration, Inc.

FAQ

What is the strategic partnership between Odyssey Marine Exploration and CapLat for the Mexico fertilizer project?

OMEX formed a joint venture with Capital Latinoamericano to develop a phosphate-based fertilizer project in Mexico's EEZ, combining Odyssey's subsea expertise with CapLat's agricultural experience.

What is the significance of OMEX's Cook Islands polymetallic nodule exploration project?

The Cook Islands project represents one of the largest battery metals sources globally, with potential to double current cobalt supply through polymetallic nodule exploration.

When will CEO Mark Gordon present at the Emerging Growth Conference?

Mark Gordon will present on April 16, 2025, from 12:35 to 1:05 PM ET, discussing business strategy, portfolio growth, and long-term outlook.

What are the main components of OMEX's project portfolio as of 2024?

OMEX's portfolio includes the Mexico fertilizer project, Cook Islands polymetallic nodule exploration, and the Global Prospectivity program for identifying new mineral-rich jurisdictions.