Energy
NOAA Advances American Ocean Minerals’ Area-1 Seabed Minerals Consolidated Exploration and Commercial Recovery Application to Next Phase of Review
TAMPA, Fla., July 07, 2026--American Ocean Minerals Corporation ("AOMC" or the "Company"), which is building a responsible supply of critical minerals and rare earth elements for the U.S. and its allies through its previously announced merger with Odyssey Marine Exploration (NASDAQ: OMEX), today announced that the National Oceanic and Atmospheric Administration ("NOAA") has determined that its wholly owned subsidiary AOM Area-1 LLC's consolidated application is in substantial compliance with app
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TAMPA, Fla., July 07, 2026 --( BUSINESS WIRE )--American Ocean Minerals Corporation ("AOMC" or the "Company"), which is building a responsible supply of critical minerals and rare earth elements for the U.S. and its allies through its previously announced merger with Odyssey Marine Exploration (NASDAQ: OMEX), today announced that the National Oceanic and Atmospheric Administration ("NOAA") has determined that its wholly owned subsidiary AOM Area-1 LLC's consolidated application is in substantial compliance with applicable requirements under the Deep Seabed Hard Mineral Resources Act ("DSHMRA"), allowing NOAA's formal environmental, public, and regulatory review to proceed. "AOMC was built as a platform company because the critical minerals challenge requires scale, regulatory diversification, processing capability, operational discipline, and long-term capital formation – all while navigating historically high barriers to entry in the industry," said Tom Albanese, Chairman of AOMC and former CEO of Rio Tinto. "AOM Area-1 is an important part of that platform. It complements AOMC's Cook Islands investments and supports our broader objective of building an environmentally responsible, global supply chain for cobalt, manganese, nickel, copper, titanium, rare earth elements and other critical minerals essential to America and its allies' industry, infrastructure, energy, and national security." Enacted in 1980, DSHMRA predates both the United Nations Convention on the Law of the Sea (UNCLOS) and the International Seabed Authority (ISA) and provides the legal framework for U.S. companies to explore and recover deep-seabed minerals in international waters. The Act established a U.S. licensing system under NOAA's regulatory authority to promote responsible development, environmental stewardship, and secure access to critical minerals. AOMC's application was submitted under NOAA's new consolidated review process, established following Executive Order 14285. Rather than requiring separate sequential applications, the process allows qualified U.S. applicants to pursue an exploration license and commercial recovery permit through a single coordinated procedure while preserving environmental review, public participation, and other regulatory safeguards.
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