Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a global subsea
mineral exploration, validation, and development company, announced
today an important next step in becoming the world’s leading marine
mineral development company.
On June 4, 2023, Odyssey entered into a purchase agreement to
acquire a 13% interest in Ocean Minerals LLC (OML) in exchange for
a contribution by Odyssey of its interest in a 6,000-meter remotely
operated vehicle (ROV) and cash contributions of up to $10 million
in a series of transactions over the next year. The purchase
agreement allows Odyssey to acquire a total of up to 40% of OML
over the next 18 months at Odyssey’s discretion.
Moana Minerals Limited, a wholly owned subsidiary of OML, holds
a five-year exploration license from the Cook Islands Seabed
Minerals Authority (SBMA) granted in 2022 to explore polymetallic
nodules within the Cook Islands’ Exclusive Economic Zone (EEZ).
Polymetallic nodules contain metals critical to the growing
renewable energy market, including cobalt, nickel, manganese, and
rare earth elements (REE).
The 23,630 square kilometers area covered by Moana Mineral’s
license contains a stated mineral resource of over 500 million
tonnes of nodules (indicated and inferred) on a wet basis at a 5
kg/m2 nodule abundance cutoff. The nodules are enriched in several
metals, including a cobalt grade of approximately 0.5%. OML is
actively conducting additional mineral exploration and
environmental data collection to assess the environment and
increase resource confidence.
Odyssey joins Transocean Ltd. (NYSE: RIG) as an equity holder in
OML. Transocean announced its purchase of a minority interest in
OML last year and is working on the technology and services
required to harvest polymetallic nodules from the seabed. The
6,000-meter rated ROV contributed to OML by Odyssey will provide
OML with an additional tool to advance the project toward eventual
applications for an environmental permit and harvesting license
when exploration and feasibility studies are completed and
demonstrate how harvesting can be done without serious harm to the
environment. Over the next year, OML expects to advance its current
JORC-compliant report substantially increasing resources reported
at indicated and measured levels of confidence and to obtain its
preliminary Feasibility Study, among other important project
milestones.
For Odyssey’s investors, this is a significant opportunity to
build on the company's experience, knowledge, and existing
investment in the Cook Islands. We believe the investment should
expand investor awareness of Odyssey’s existing Cook Islands
investment. Odyssey expects to use secured project financing and
potential arbitration proceeds to invest in OML. To learn more
about Odyssey’s involvement in polymetallic nodule exploration in
the Cook Islands, please see
https://www.odysseymarine.com/cookislands.
Odyssey and OML are attending the 121 Mining Investment New York
on June 5-6, 2023. Over 80 mining companies and more than 300
sophisticated investors will take part in one-on-one meetings
matching projects to investment capital, a conference program. To
register for this event, please visit
https://www.weare121.com/121mininginvestment-new-york/.
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. An investor presentation is available
in the Investors section of the website.
About Ocean Minerals LLC (OML)
Ocean Minerals LLC is a deepwater critical metals exploration
and development company incorporated in the Cayman Islands. The
company’s subsidiary companies, including Moana Minerals Limited,
have made a high-grade discovery of polymetallic nodules (cobalt,
nickel, copper, manganese, and rare earth elements) and sedimentary
muds (rare earth elements) containing critical and strategic
metals. These discoveries are all entirely within the Exclusive
Economic Zone (EEZ) of the Cook Islands.
For additional information regarding Ocean Minerals LLC, please
visit the company’s website at: www.omlus.com
About Moana Minerals Limited
Moana Minerals Limited is wholly owned subsidiary of Ocean
Minerals LLC, and is a deepwater critical metals exploration and
development company incorporated in the Cook Islands with offices
and operations based in Rarotonga, Cook Islands. The company has
made a high-grade discovery of polymetallic nodules containing
cobalt, nickel, copper, manganese, and rare earth elements entirely
within the Exclusive Economic Zone (EEZ) of the Cook Islands. This
deposit, reported in accordance with NI 43-101 and JORC standards,
reports a resource containing over 500 million tonnes of wet
nodules at an indicated (approximately 130 mt) + inferred
(approximately 430 mt) confidence level, which contain
approximately two million tonnes of cobalt, one million tonnes of
nickel, 0.5 million tonnes of copper, and 60 million tonnes of
manganese. Additionally, independent metallurgical laboratory tests
have indicated rare earth element volumes in excess of 600,000
tonnes (aggregate REE basket tonnage), also contained within the
nodules.
Moana Minerals Limited holds an Exploration License for 23,630
square kilometers within the Cook Islands EEZ, where the company
continues to conduct further exploration activities aimed at
securing environmental approvals to perform commercial operations
and increasing confidence levels and size of the reported mineral
resource. In parallel, and in partnership with Transocean, the
Company is advancing work to develop recovery systems to harvest
and process these high-quality seafloor polymetallic nodules on a
commercial scale.
For additional information regarding Moana Minerals Limited,
please visit the company’s website at: www.moana.co.ck
Cautionary Note to U.S. Investors
Information regarding Moana Minerals Limited, Ocean Minerals
LLC, the Exploration License, and the mineral resources in the area
covered by the Exploration License was provided to Odyssey by OML
and has not been independently verified by Odyssey. Information
regarding resources is based upon reports prepared in compliance
with the Australian Code for Reporting Exploration Results (JORC).
Investors are cautioned that while JORC-compliant reporting uses
terms that are similar to those used in Security and Exchange
Commission Regulation S-K 1300, there are differences in the
definitions under Regulation S-K 1300 and JORC, and U.S. investors
are urged to use caution in reviewing the resource estimates
reported in compliance with JORC. There is no assurance any mineral
resources that OML reports as “stated mineral resources” would be
the same had OML prepared the mineral resource estimates under the
standards adopted under Regulation S-K 1300. Investors are also
cautioned not to assume that any stated mineral resources that OML
reports are or will be economically or legally mineable.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230605005282/en/
Liz Shows Odyssey Marine Exploration, Inc. (813) 876-1776
lshows@odysseymarine.com
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