Odyssey Marine Expl Inc Stock Price, News & Analysis

An investor group led by Drumcliffe LLC has acquired 1,138,245 shares of Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) from Epsilon Acquisitions LLC in a private transaction. The purchase price remains undisclosed, and Odyssey will not benefit financially from this transaction. Odyssey is pursuing a nearly $3 billion arbitration claim against the Republic of Mexico regarding a denied dredging license for a major phosphate deposit. Drumcliffe has been financing Odyssey's arbitration since 2019, asserting strong merits in Odyssey's claims.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) announced its Q2 2021 results, highlighting significant progress in its mineral exploration projects. Odyssey is advancing its LIHIR Subsea Gold project in Papua New Guinea, having secured a multi-year Exploration License renewal. The company is also part of the CIC Consortium, which submitted a proposal for an Exploration License in the Pacific. Additionally, Odyssey filed a Reply in the NAFTA case against Mexico regarding the ExO Phosphate Project's environmental permit denial, with secured funding to support this claim. CEO Mark Gordon emphasized the potential value of their mineral projects.

Odyssey Marine Exploration (NASDAQ:OMEX) has announced the appointment of Christopher E. Jones as Chief Financial Officer on June 14, 2021. This strategic move aims to enhance the executive team to facilitate complex financial deals, including potential asset sales and acquisitions. Additionally, Jay Nudi continues as Principal Accounting Officer. The company also bolstered its NAFTA legal team to strengthen its position in ongoing legal matters, particularly regarding the ExO Phosphate Project. These actions are intended to support Odyssey’s long-term goals and improve operational funding.

Odyssey Marine Exploration (NASDAQ: OMEX) reported Q1 2021 results and outlined plans for growth. The company aims to enhance financial stability by developing existing projects and acquiring new ones. A significant focus is on the ExO Phosphate Project, which has faced delays due to NAFTA-related issues with Mexico. Despite these challenges, Odyssey remains committed to building a strong mineral resource portfolio. The company is preparing rebuttals to Mexico's claims and seeks to recover its project's value. Odyssey emphasizes environmentally responsible exploration for vital global resources.

Odyssey Marine Exploration (NASDAQ:OMEX) announced its year-end results for 2020, reflecting ongoing efforts to secure capital and develop subsea mineral assets despite the COVID-19 pandemic. Key highlights include an $11M capital raise and positive progress in the NAFTA action for the ExO Phosphate Project in Mexico. The company aims to expand its mineral portfolio in 2021, focusing on projects like Lihir Subsea Gold and CIC. Odyssey restructured its executive team to enhance project development and appointed Todd Siegel to its Board of Directors.

Odyssey Marine Exploration (NASDAQ:OMEX) has announced that its First Memorial in the NAFTA case against Mexico has been published by the ICSID. The $2.3 billion claim relates to the denial of an environmental permit for ExO's offshore phosphate project. The Memorial is supported by expert testimony, indicating minimal environmental impact, operational viability, and commercial profitability. John Addis of FourWorld Capital Management expressed confidence in the merits of the case, as FourWorld owns over 1.2 million shares of OMEX.

Odyssey Marine Exploration (NASDAQ: OMEX) has secured up to $10 million for its NAFTA claim against Mexico regarding the denied environmental permit for its ExO phosphate project. The claim, totaling $2.36 billion, alleges unlawful actions by the Mexican government. This funding from Poplar Grove, LLC aims to support ongoing litigation. Despite pandemic challenges, Odyssey continues to advance its mineral portfolio and aims to realize the substantial value of its projects. Upcoming hearings are expected in January 2022, with key findings from expert testimonies reinforcing the viability and minimal environmental impact of the project.

Odyssey Marine Exploration (NASDAQ:OMEX) reported a net loss of $5.5 million or $0.51 per share for Q3 2020, with total revenue declining to $0.2 million, a drop of $0.6 million year-over-year. The company's focus remains on the ExO Phosphate Project in Mexico, crucial for addressing regional food security. Odyssey is pursuing over $2.3 billion in damages from the Mexican government due to denied permits, while also seeking to annul previous denials in federal court. The completion of significant funding in August positions Odyssey for potential operational advancements in 2021.

Odyssey Marine Exploration (NASDAQ: OMEX) filed its First Memorial against Mexico under NAFTA on September 4, 2020, concerning the denial of environmental approval for its ExO Phosphate project. The claims assert Mexico violated treatment standards, indirectly expropriated investments, and treated domestic investors more favorably. Odyssey seeks over $2.3 billion in damages, backed by 20 expert reports. The arbitration is administered by ICSID, with hearings expected in January 2022. More information will be available on Odyssey's website after public disclosure.