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Odyssey Marine Exploration Advances Mexico Fertilizer Project With JV Formation and Provides Corporate Updates

By: via Business Wire

Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), an ocean exploration pioneer engaged in the discovery, development, and extraction of strategic minerals that provide solutions to global challenges, today announced that it has completed the first of several key steps in the advancement of its previously disclosed joint venture with Capital Latinoamericano (“CapLat”).

The joint venture, formally named PHOSAGMEX, aims to establish a domestic fertilizer supply that enhances North American food security and supports sustainable agricultural practices. As part of this effort, an Odyssey subsidiary has initiated the transfer of legal rights to certain mining concessions to the joint venture.

“This progress comes at a time of heightened global focus on strategic minerals, including phosphate for fertilizers,” said Mark Gordon, Chairman and CEO of Odyssey. “Transferring project rights at this stage is a critical step in ensuring the success of the PHOSAGMEX initiative. We are pleased to be working with CapLat, led by Juan Cortina Gallardo, and believe this partnership gives the project its greatest chance of success. Juan brings invaluable leadership to PHOSAGMEX through his experience as former President of Mexico’s National Agricultural Council (Consejo Nacional Agropecuario), which represents over 80% of the country’s agri-food GDP, and his leadership at Siembra, CIMMYT, Santander Mexico, and Rabobank’s International Advisory Council.”

As Odyssey advances operational milestones, such as the PHOSAGMEX partnership, the company also remains focused on aligning its corporate structure and governance to support long-term growth. On June 9, 2025, Odyssey held its annual meeting of stockholders where stockholders voted on several proposals by the company, including election of directors, ratification of Grant Thornton LLP as the Company’s independent public accounting firm, and an advisory “say on pay” approval of compensation of Odyssey’s named executive officers.

Although more than 80% of stockholders who voted approved the proposed amendment of the company’s Articles of Incorporation, including a proposed increase in the number of authorized shares of common stock and a reverse stock split, the proposals did not receive the requisite approval of a majority of the voting power of the Company as required by Nevada law. Both proposals were intended to provide further flexibility for the company; the inability to implement them does not affect Odyssey’s ability to meet its needs and execute its strategy.

Odyssey CEO and Chairman Mark Gordon will present at the Emerging Growth Conference on June 17, 2025, at 2:55 PM EST. Mr. Gordon will highlight upcoming project catalysts, including those for PHOSAGMEX, and outline the company's long-term strategy for value creation. Interested individual and institutional investors, analysts, and advisors are invited to register to attend live or gain access to the archived webcast. A replay of the presentation will be available on EmergingGrowth.com and the Emerging Growth YouTube Channel after the event.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) is a global leader in ocean exploration with over 30 years of experience. The company is committed to the sustainable and responsible discovery, validation, and advancement of seafloor critical mineral projects, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers. Offering comprehensive research, marine operations, and regulatory compliance support, Odyssey works with governments and seafloor rights holders worldwide. Odyssey develops its projects in collaboration with a global network of partners, academics, and industry professionals who share its commitment to environmentally sound solutions for obtaining minerals that address present and future global challenges. Learn more at www.odysseymarine.com.

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, 2024, which was filed with the Securities and Exchange Commission on March 31, 2025. 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.

“This progress comes at a time of heightened global focus on strategic minerals, including phosphate for fertilizers,” said Mark Gordon, Chairman and CEO of Odyssey.

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