Business
Odyssey Marine Exploration Reports Full Year 2021 Results and Provides Updates on Global Portfolio of Ocean Mineral Resource Projects
Recent Highlights The NAFTA case involving Odyssey’s ExO Phosphate Project moves toward conclusion of the evidentiary phase. CIC LIMITED (CIC) has been
About this update from Odyssey Marine Exploration, Inc.
[{"type":"text","content":"\nRecent Highlights\n\n\nThe NAFTA case involving Odyssey’s ExO Phosphate Project moves toward conclusion of the evidentiary phase.\n\n\nCIC LIMITED (CIC) has been awarded an exploration license by the Seabed Minerals Authority (SBMA) of the Cook Islands.\n\n\nOdyssey affirms leading position in subsea phosphate exploration with binding MOU to acquire 75% interest in a South American joint venture that holds 19 existing phosphate exploration licenses.\n\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nOdyssey Marine Exploration, Inc. (NASDAQ:OMEX), a global subsea mineral exploration and development company, reported results for the full year ended December 31, 2021, and provided an update on its current projects and a company outlook.\n\n“This past year was productive for the Odyssey team as we laid the foundation for what we believe will be a transformative 2022. During 2021, we diligently advanced our efforts around the NAFTA litigation to prepare for the successful hearing held earlier this year. Additionally, with the help of our partners, we advanced several mineral resource projects to the exploration stage, a critical step that provides investors with increased portfolio diversity at Odyssey,” said Mark Gordon, Odyssey’s Chief Executive Officer and Chairman of the Board. “During the fourth quarter of 2021, we also strengthened our balance sheet and overall financial position, including retiring $14.5 million of indebtedness. We remain focused on continued optimization of our capital structure in the coming months to put us in a prime position to execute our mineral project growth plans.”\n\n“Looking forward into 2022, we expect to see our results accelerate driven by the combination of continued advancement of our mineral projects up the value curve and continued progress in the NAFTA litigation.”\n\n“We believe our expertise and experience in subsea mineral exploration can provide access to critical minerals and metals, specifically those required to make renewable technologies and address increasing food security issues. Recent global events have magnified the pressures on current global supply chains and amplify the need for diverse supply chains that are not dependent on a limited number of sources. The progress we are making on conducting polymetallic nodule research and project development will be critical to addressing these g...