Odyssey Marine Exploration Reports Second Quarter 2024 Results and Provides a Company Update
TAMPA, Fla.--(BUSINESS WIRE)--August 09, 2024--
Odyssey Marine Exploration, Inc. $(OMEX)$, an ocean exploration pioneer engaged in the discovery, development and extraction of critical minerals that provide solutions to global challenges, reported results for the second quarter ended June 30, 2024, and provided an update on current projects and future plans.
"We are approaching the conclusion of our NAFTA arbitration case against Mexico for the ExO Project, with the final step being the Tribunal's decision, which is currently being translated. The outcome of this case will be significant, and Odyssey is prepared with a robust business plan to continue our mission of unlocking valuable ocean resources that can help feed and power the future in any scenario," said Mark Gordon, Odyssey Chief Executive Officer and Chairman of the Board of Directors.
"Odyssey is an industry leader in marine research and exploration with unique expertise that is highly sought after in the industry. We focus on multiple types of minerals in various regions and jurisdictions, which allows us to adapt to changing mineral markets and geopolitical conditions, ensuring resources are directed toward the best opportunities. Our capabilities can be used to advance our projects and those in which we invest, as well as to accelerate progress across the industry, enabling us to thrive and capitalize on the positive trends in the ocean mineral resource sector," continued Gordon.
Odyssey also announced earlier this year that it received a payment of approximately $9.4 million from its residual economic interest in a shipwreck project. "Although we appreciate this financial boost from our past, we want to emphasize that we do not have interests in any other shipwrecks, and we do not expect legacy shipwreck projects to be an ongoing source of income. We remain committed to and focused on our subsea mineral exploration and development programs," noted Gordon.
NAFTA ARBITRATION UPDATE
On June 10, Odyssey received a letter from the International Centre for Settlement of Investment Disputes (ICSID) advising "that the Tribunal's determinations are in the process of being translated. The Tribunal will provide the parties with an exact date of dispatch with prior notice." We have not received further information from ICSID since that update. Investors and interested parties are encouraged to sign up for Odyssey's email alerts through the company's website here to receive company news as it is released: https://ir.odysseymarine.com/investors/default.aspx.
EXPLORATION OPERATIONS UPDATE
Odyssey's Marine Operations team recently completed a sea trial of two of its Autonomous Benthic Mini Landers. These cutting-edge pieces of equipment will next go to the South Pacific, where they will be deployed under contract to provide critical environmental data to exploration campaigns taking place in the Cook Islands. Odyssey is currently invested in two of the three exploration license holders there.
Odyssey's Research and Scientific Services (RSS) team is also providing innovative analytical services for projects where Odyssey has investments. Recently, the team developed data analytics for forecasting nodule abundance using geostatistical techniques, geological sample data, and remote sensing data. This has contributed to this mineral resource assessment and precise exploration planning efforts. Odyssey's RSS team will present this unique approach at the 52(nd) Underwater Minerals Conference taking place in Rarotonga, Cook Islands, on September 15-21, 2024.
SECOND QUARTER RESULTS
Consolidated financial statements are incorporated into Odyssey's Quarterly Report on Form 10-Q for the period ended June 30, 2024, which is available on the company's website at www.OdysseyMarine.com as well as at www.sec.gov.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in a socially and environmentally responsible manner. Odyssey provides marine services for private clients and governments who are interested in exploring their Exclusive Economic Zone (EEZ) to survey, map and identify any potential mineral resources present. The company focuses on the exploration of polymetallic nodules (battery metals to power the future) and subsea phosphate deposits (fertilizer to feed the future) which the company believes will provide a benefit to society now and in the future, For additional details, please visit 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, 2021, which was filed with the Securities and Exchange Commission on March 31, 2022. 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/20240809321017/en/
CONTACT: Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776
lshows@odysseymarine.com
(END) Dow Jones Newswires
August 09, 2024 08:30 ET (12:30 GMT)
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