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Odyssey Marine Exploration Reports Third Quarter 2021 Results and Updates Current Projects
TAMPA, Fla.--(BUSINESS WIRE)-- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a global subsea mineral exploration and development company, reported results
About this update from Odyssey Marine Exploration, Inc.
[{"type":"text","content":" TAMPA, Fla.--(BUSINESS WIRE)--\nOdyssey Marine Exploration, Inc. (NASDAQ:OMEX), a global subsea mineral exploration and development company, reported results today for the third quarter ended September 30, 2021, and provided an update on current projects and future plans.\n\n“We remained focused on three major areas in the third quarter: increasing the value of our mineral portfolio, improving our balance sheet, and preparing for a strong showing in the hearing of our NAFTA action against Mexico scheduled to take place in January,” reported Mark Gordon, Odyssey’s Chairman and Chief Executive Officer.\n\n“In this quarter, we made considerable progress advancing our geologically diverse mineral portfolio, which includes projects targeting battery/infrastructure metals, phosphate and precious metals. Desktop research and legacy site data strengthened our confidence in several projects in our portfolio, allowing us to move forward with plans to commence at sea operations focused on producing highly detailed seafloor mapping to further validate both mineral quality and abundance in a very cost-effective method.”\n\n“Subsequent to the end of the third quarter, we also made considerable progress in our efforts to improve the company’s balance sheet, while also improving liquidity and eliminating potential dilution in our ExO Phosphate Project, retiring $14.5 Million in debt and the associated conversion option into Odyssey’s Oceanica shares,” noted Christopher E. Jones, Odyssey’s Chief Financial Officer. “Looking forward, we continue to evaluate other opportunities to further reduce or restructure indebtedness while also working on potential strategic investments and industry partnerships that could meaningfully increase the value of Odyssey’s mineral portfolio and by extension our shareholder value.”\n\nPROJECT UPDATES\n\n\nLIHIR SUBSEA GOLD: Odyssey recently increased its ownership stake in this project from 79.9% to 85.6%. The license area is adjacent to Lihir Island, Papua New Guinea, where one of the world’s largest terrestrial gold deposits is currently being mined and processed by Newcrest Mining. Offshore mapping of the full concession area is scheduled to be conducted in December 2021 with further offshore work planned in the first half of 2022 pending results of the survey. During the exploration phase, steps to validate and...