Company Developments - Odyssey Marine Exploration (OMEX.us) has experienced significant stock price fluctuations since January 2026, with notable increases of 5.13% on January 9, closing at $2.36, and 5.09% on January 2, closing at $2.06, with trading volumes of 313,800 shares and a price fluctuation of 6.25% [1] - The company continues to focus on deep-sea exploration, including projects related to phosphorite and polymetallic nodules. In 2025, it successfully deployed an autonomous benthic micro lander at a depth of approximately 4,900 meters in the Cook Islands' exclusive economic zone for environmental data collection to support seabed mineral resource assessment [2] Industry Policy Context - The marine economy policy has gained attention in 2026, with Guangdong Province promoting high-quality development in this sector. Institutions like Galaxy Securities have indicated that deep-sea technology may become a growth point for emerging industries. Such policies could indirectly impact the deep-sea exploration industry, although specific project progress by the company should be monitored [3]

Company Overview - Odyssey Marine Exploration (OMEX) is a marine mining exploration company engaged in projects worldwide to prospect and develop mining concessions under the sea, including shallow waters [1]. Investment Perspective - The investment approach focuses on long-only strategies, evaluating companies from an operational and buy-and-hold perspective, rather than market-driven dynamics [1]. - The articles emphasize understanding the long-term earnings potential of companies and the competitive dynamics within their industries [1]. Market Sentiment - The company maintains a cautious stance, suggesting that most investment calls will be holds, reflecting a design to provide important information for future investors while fostering skepticism in a bullish market [1].

Summary of Odyssey Marine Exploration Conference Call Company Overview - **Company**: Odyssey Marine Exploration (NasdaqCM: OMEX) - **Industry**: Ocean exploration focused on critical minerals, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers [1][2] Core Insights and Arguments - **Market Opportunity**: The company is entering a growth phase due to increasing global demand for critical minerals and the need for responsible supply chains, particularly as much of the supply is currently controlled by China [2][3] - **Unique Positioning**: Odyssey is one of the few public companies providing exposure to the critical minerals sector, with over 30 years of experience in deep ocean exploration [3] - **Technological Advancements**: Deployment of autonomous benthic mini landers (ABMLs) at depths of over 5,500 meters in the Cook Islands to gather environmental data crucial for advancing licenses from exploration to extraction [4] - **Regulatory Progress**: The company has applied for a Bureau of Ocean Energy Management (BOEM) license, marking a significant step in their Mid-Atlantic project, which includes rare earth elements [5][6] - **Debt Management**: Successfully converted over $20 million of debt to equity, eliminating previous debt overhang [5] - **Legal Victory**: Achieved a key legal victory in Mexico, restoring concessions necessary for advancing their phosphate project [5][10] Project Highlights - **FOSSEC-MEX (Mexico)**: Estimated net present value of $1.3 billion once permitted for extraction, with Odyssey owning 35% [11][12] - **OML (Cook Islands)**: Independent resource report values the battery metal resource at $4.7 billion, with Odyssey owning 7% [12] - **CIC (Cook Islands)**: Expected to have similar valuation to OML, with Odyssey owning 14% [12] - **Total Asset Value**: Potential asset value ranges from $700 million to $1.4 billion, significantly higher than the current market cap [12] Strategic Advantages - **First Mover Advantage**: Odyssey is one of the first to apply for BOEM licenses, positioning itself favorably in the market [6][8] - **Environmental Considerations**: The extraction technology is based on existing dredging methods, which have known environmental impacts, facilitating the transition from exploration to extraction [7][9] - **Partnerships**: Exclusive agreement with Great Lakes Dredge & Dock, enhancing operational capabilities in the same area of operation [8][9] Additional Considerations - **Macro Trends**: The company is benefiting from a macro tailwind as governments seek to secure sources of critical minerals [11] - **Investment Timing**: The CEO suggests that now is an opportune time for investors to engage with Odyssey, given the anticipated meteoric growth in the sector [11][13] Conclusion - Odyssey Marine Exploration is strategically positioned to capitalize on the growing demand for critical minerals, with significant advancements in technology, regulatory approvals, and a strong balance sheet. The company's diversified portfolio and recent accomplishments suggest a promising outlook for future growth and investment opportunities [14][15]

Core Insights - Odyssey Marine Exploration is focused on building a diverse portfolio to meet the multi-year demand for critical minerals, including phosphate and polymetallic nodules, aimed at enhancing supply chains for battery materials, agriculture, and manufacturing [2][5] Recent Milestones - A Mexican court annulled previous cancellations of concessions, restoring their legal validity, which will be assigned to PHOSAGMEX, a joint venture focused on North American fertilizer supply [5] - Odyssey submitted an unsolicited request for a lease sale to the Bureau of Ocean Energy Management for a Mid-Atlantic area rich in phosphate, titanium, zirconium, and rare earth elements, aligning with U.S. resource-security priorities [5] - Two Autonomous Benthic Mini Landers were deployed in the Cook Islands to collect geophysical and environmental data at depths of 5,000 meters, showcasing the company's technical leadership in deep-ocean resource exploration [5] - The company simplified its balance sheet by converting $20 million of debt into common stock, enhancing liquidity [5] - Odyssey joined the National Ocean Industries Association, expanding its platform for collaboration and responsible development in the offshore economy [5] Strategic Developments - The U.S. Government's recognition of phosphate as a critical mineral strengthens Odyssey's strategic phosphate projects and advances resource security [10] - The company is advancing critical-mineral resource development through its lease sale request to the U.S. Department of the Interior [11] - Successful deployment of Autonomous Benthic Mini Landers marks a significant milestone in deep-sea exploration and data collection [12]

Project Developments - The Company entered into a joint venture agreement for the Phosagmex Project in Mexico, focusing on developing a strategic fertilizer production project based on high-quality subsea phosphate resources [188]. - The Phosagmex Project contains a rich deposit of phosphate sands located 70-90 meters deep, which can be extracted on a commercially viable basis [189]. - The exploration license for the Lihir Gold Project covers a subsea area with prospective gold targets, with an 85.6% interest held in Bismarck Mining Corporation, Ltd [207]. - In 2023, the Company conducted geological sampling and ROV dives in the Lihir license area, increasing confidence in the presence of enriched mineral targets [213]. - The Company is advancing work on the Ocean Minerals, LLC Project, which has validated vast polymetallic nodule resources and is developing recovery systems for commercial operations [204]. - The Company plans to submit an application for an environmental permit for the Phosagmex Project once mining concessions are reinstated [193]. - The Company has faced legal challenges regarding the environmental permit for the Phosagmex Project, with previous applications unlawfully rejected by SEMARNAT [195]. - The company submitted an Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights to BOEM on November 6, 2025 [219]. - The proposed lease area off the Mid-Atlantic coast is highly prospective for heavy mineral sands critical to U.S. national defense and domestic manufacturing [220]. - A collaboration agreement with Great Lakes Dredge & Dock Corporation is expected to enhance the company's capability to advance its projects if the lease is granted [222]. Financial Performance - Total revenue for Q3 2025 was approximately $61,000, a decrease of 71.5% compared to $214,000 in Q3 2024 [229]. - Total revenue for the nine months ended September 30, 2025 was $331,000, a decrease of 47.7% from $633,000 in the same period of 2024 [238]. - Net loss attributable to Odyssey Marine Exploration, Inc. for Q3 2025 was $13.1 million, compared to a net income of $18.7 million in Q3 2024, representing a change of 170.0% [229]. - Total operating expenses for Q3 2025 were $2.2 million, a decrease of 28.9% from $3.1 million in Q3 2024 [229]. - Total other expenses for Q3 2025 were $11.4 million, compared to income of $19.1 million in Q3 2024, resulting in a net expense increase of $30.5 million [235]. - The consolidated cash balance at September 30, 2025 was $5.8 million, with a working capital deficit of $10.2 million [227]. - The company has experienced several years of net losses and may continue to do so, with future income dependent on financing and successful monetization of mineral exploration interests [223]. - For the nine months ended September 30, 2025, the net cash used in operating activities was $6.0 million, compared to cash provided of $2.4 million for the same period in 2024 [248]. - The company reported a net loss before non-controlling interest of $31.1 million for the nine months ended September 30, 2025 [249]. - Cash flows provided by financing activities for the nine months ended September 30, 2025 were $7.2 million, primarily from $7.7 million in proceeds from the issuance of common stock [253]. - As of September 30, 2025, the company had cash and cash equivalents of $5.8 million, an increase of $1.0 million from the December 31, 2024 balance of $4.8 million [255]. - The total loans payable decreased from $24.96 million at December 31, 2024 to $11.00 million at September 30, 2025 [256]. - The company incurred $1.1 million of interest expense from the amortization of the debt discount for the nine months ended September 30, 2025, down from $1.7 million for the same period in 2024 [266]. - The carrying value of the debt was $2.7 million as of September 30, 2025, down from $11.6 million at December 31, 2024 [267]. - The company had a net increase in cash of $1.0 million for the nine months ended September 30, 2025, compared to a decrease of $1.2 million for the same period in 2024 [247]. - The non-controlling interest adjustment for the nine months ended September 30, 2025 was $5.4 million, down from $7.2 million for the same period in 2024 [246]. - In Q3 2025, holders of the March 2023 AR Notes converted $11.3 million of indebtedness into 9,900,464 shares of Common Stock [272]. - In Q3 2025, holders of the December 2023 AR Notes converted $4.2 million of indebtedness into 3,617,194 shares of Common Stock [281]. - The fair value of the March 2023 Warrants increased to $3.7 million as of September 30, 2025, compared to $1.9 million at December 31, 2024 [264]. - The fair value of the December 2023 Warrants increased by $1.2 million for the three months ended September 30, 2025, and decreased by $2.7 million for the same period in 2024 [275]. - The total face value of the debt obligation was $3.0 million as of September 30, 2025, compared to $6.6 million as of December 31, 2024 [279]. - The current interest rate of the December 2023 Notes was 11.0% [278]. - The estimated fair value of the concession rights contributed to Phosagmex was $1.9 million as of August 29, 2025 [283]. - Interest expense from the amortization of the debt discount for the nine months ended September 30, 2025, was $0.3 million, compared to $1.2 million for the same period in 2024 [277]. - The fair value of the December 2023 Warrants at September 30, 2025, was $2.8 million, up from $0.8 million at December 31, 2024 [275]. - The carrying value of the debt was $2.7 million as of September 30, 2025, down from $6.0 million as of December 31, 2024 [278].

Core Insights - Odyssey Marine Exploration, Inc. has welcomed the U.S. Government's recognition of phosphate as a critical mineral, which enhances the strategic importance of its phosphate projects [1][2][3] Industry Significance - The federal recognition of phosphate emphasizes its critical role in U.S. manufacturing, agriculture, and national security, highlighting the need for secure and sustainable sources to reduce import reliance [2][3] - This designation aligns with the U.S. government's efforts to expand access to ocean-based mineral resources through responsible exploration and permitting [3] Company Strategy - Odyssey is focused on developing a diversified portfolio of projects aimed at addressing global challenges such as food security, clean energy, and resource independence, with phosphate as a central element [4] - The company has two active phosphate projects and is utilizing its proprietary Global Prospectivity Analysis to identify additional high-potential regions [4] Joint Ventures and Collaborations - Odyssey's joint venture with Capital Latinoamericano, PHOSAGMEX, aims to create a North American fertilizer supply chain that enhances food security and promotes sustainable agricultural practices [5] Recent Developments - Odyssey has submitted an Unsolicited Request for Lease Sale to the Bureau of Ocean Energy Management for an area in the U.S. Outer Continental Shelf believed to be rich in phosphate and other critical minerals [6]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - AlphaVest Acquisition Corp (ATMV) is up 71% at $14.24 [3] - BranchOut Food Inc. (BOF) is up 44% at $3.04 [3] - rYojbaba Co., Ltd. (RYOJ) is up 35% at $5.14 [3] - GSI Technology, Inc. (GSIT) is up 25% at $16.24 [3] - Jowell Global Ltd. (JWEL) is up 18% at $2.02 [3] - General Motors Company (GM) is up 9% at $63.68 [3] - Crown Holdings, Inc. (CCK) is up 8% at $103.00 [3] - Spero Therapeutics, Inc. (SPRO) is up 8% at $2.49 [3] - Sunrun Inc. (RUN) is up 6% at $21.90 [3] - Foxx Development Holdings Inc. (FOXX) is up 5% at $4.50 [3] Premarket Losers - Neuphoria Therapeutics Inc. (NEUP) is down 66% at $5.19 [4] - New Era Energy & Digital, Inc. (NUAI) is down 9% at $5.09 [4] - Odyssey Marine Exploration, Inc. (OMEX) is down 8% at $3.28 [4] - Carbon Revolution Public Limited Company (CREV) is down 7% at $4.86 [4] - Coeur Mining, Inc. (CDE) is down 7% at $20.38 [4] - Hecla Mining Company (HL) is down 6% at $13.50 [4] - Verrica Pharmaceuticals Inc. (VRCA) is down 6% at $4.12 [4] - Sensei Biotherapeutics, Inc. (SNSE) is down 5% at $10.06 [4] - Whitehawk Therapeutics, Inc. (WHWK) is down 5% at $2.52 [4] - Greenidge Generation Holdings Inc. (GREE) is down 5% at $2.07 [4]

Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Society Pass Incorporated (SOPA) has increased by 139% to $3.34 - Critical Metals Corp. (CRML) has risen by 79% to $14.30 - Sanmina Corporation (SANM) is up 26% at $144.61 - Palisade Bio, Inc. (PALI) has gained 25% to $2.00 - Advanced Micro Devices, Inc. (AMD) has increased by 24% to $205.07 - Odyssey Marine Exploration, Inc. (OMEX) is up 22% at $2.46 - Youxin Technology Ltd (YAAS) has risen by 21% to $3.14 - NioCorp Developments Ltd. (NB) is up 18% at $9.38 - Snow Lake Resources Ltd. (LITM) has increased by 14% to $5.66 - Plug Power Inc. (PLUG) is up 7% at $4.10 [3] Premarket Losers - Rich Sparkle Holdings Limited (ANPA) has decreased by 15% to $22.10 - CCH Holdings Ltd Ordinary Shares (CCHH) is down 15% at $3.73 - Xcel Brands, Inc. (XELB) has fallen by 14% to $2.04 - Quantum Computing Inc. (QUBT) is down 13% at $21.39 - Rent the Runway, Inc. (RENT) has decreased by 12% to $4.70 - MDJM Ltd (UOKA) is down 11% at $2.96 - CID HoldCo, Inc. (DAIC) has fallen by 9% to $2.72 - Algorhythm Holdings, Inc. (RIME) is down 9% at $2.47 - Corbus Pharmaceuticals Holdings, Inc. (CRBP) has decreased by 8% to $13.50 - Art's-Way Manufacturing Co., Inc. (ARTW) is down 7% at $2.58 [4]

Summary of Odyssey Marine Exploration Conference Call Company Overview - **Company**: Odyssey Marine Exploration Inc. (NASDAQ: OMEX) - **Industry**: Seafloor critical minerals exploration, focusing on polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers [1] Core Insights and Arguments - **Macro Environment**: The macro environment for seafloor minerals is highly favorable, with significant government support for acquiring critical minerals [2] - **Government Investment**: The U.S. Department of Defense has invested $400 million in MP Materials, highlighting government backing through price guarantees and offtake agreements, which facilitate capital raising [2] - **Funding Allocation**: Estimates suggest that between $1 billion and $5 billion is being allocated by the U.S. for critical minerals acquisition, positioning Odyssey to capitalize on this opportunity [3] - **Unique Investment Opportunity**: Odyssey is one of the only publicly traded companies in the U.S. focused on seafloor minerals, providing a unique investment avenue for investors [3] - **Experience and Team**: The company boasts 30 years of deep ocean exploration experience and a team with an average tenure of over 15 years, enhancing its operational capabilities [4] - **Proprietary Tools**: Odyssey has developed proprietary tools to analyze and predict mineral opportunities, having assessed over 120 exclusive economic zones [4] - **Diversified Portfolio**: The company has a diverse portfolio of projects across different minerals and jurisdictions, mitigating commodity and geopolitical risks [5] - **Multiple Catalysts**: Odyssey's strategy involves multiple projects that can generate various catalysts for shareholder value, reducing dependency on a single outcome [5] Financial Position - **Debt Conversion**: Approximately $2.4 million of debt has converted into equity, with a total of $12 million (about 60% of original debt) converted year-to-date, strengthening the company's financial position [6] - **Funding Outlook**: Odyssey is funded into 2026, allowing for continued investment in various projects [7] Project Highlights - **Cook Islands Investments**: Odyssey has established relationships with the Cook Islands government and is involved with two of the three license holders, utilizing advanced tools for exploration [7] - **Environmental Data Collection**: The deployment of autonomous benthic mini landers (ABMLs) is crucial for gathering environmental data, a necessary step for transitioning from exploration to extraction [8] - **U.S.-Cook Islands Partnership**: A cooperation agreement between the U.S. and Cook Islands governments is in place, enhancing exploration efforts and benefiting Odyssey's investments [9] Project Valuations - **FOSACMEX Project**: Odyssey owns 35% of the Mexican phosphate project, valued conservatively at $1.3 billion [9] - **Cook Islands Valuations**: - OML project has a net present value (NPV) of $4.7 billion based on independent evaluations [10] - CIC project, adjacent to OML, is also valued at $4.7 billion, with Odyssey holding 7% of OML and 14% of CIC [10] - **Potential Value Range**: The combined potential value from these projects ranges from $700 million to $1.4 billion, with any project moving to production significantly impacting the current market cap [11] Near-Term Progress Indicators - **FOSACMEX Update**: Progress is being made in recovering mining concessions, with expectations for announcements soon [12] - **Cook Islands Developments**: The partnership with the U.S. government is driving advancements in exploration projects [12] Conclusion - The deep-sea mineral extraction sector is gaining strong governmental and investor support, positioning Odyssey Marine Exploration favorably for future growth and investment opportunities [14]

Summary of Conference Call for Odyssey Marine Exploration (OMEX) and Metals Inc. Odyssey Marine Exploration (OMEX) Industry Overview - Odyssey Marine Exploration operates in the ocean exploration sector, focusing on sustainable discovery of critical minerals from the seafloor, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers [1][3] - Recent US policy shifts and investments in the sector are creating significant opportunities for companies like Odyssey [3][6] Company Developments - Odyssey has improved its balance sheet, raising over $8 million in working capital and reducing outstanding debt by over 53% through conversions of debt by long-term investors [5] - The company has a diversified portfolio of projects, mitigating commodity and geopolitical risks [4] - Odyssey is one of only two US-listed companies providing exposure to the seafloor mineral sector [3] Strategic Partnerships and Projects - The company has a partnership in a Mexican phosphate project, which is crucial for food security in Mexico and the Americas [12] - In the Cook Islands, Odyssey has investments in two out of three license holders, with significant mineral resources estimated at 12 billion wet tons of polymetallic nodules [10][11] - The company is well-positioned to capitalize on recent US government initiatives to acquire critical minerals, including a $1 billion federal funding proposal [6][7] Investment Opportunity - The potential value of Odyssey's projects is estimated between $700 million to $1.4 billion, significantly higher than its current market cap [16] - The company is actively pursuing opportunities in the Cook Islands and Mexico, with expectations of progress reports in the fall [13][14] Metals Inc. Company Overview - Metals Inc. is focused on discovering and developing large copper and gold deposits, with a market cap around $65 million [30][47] - The company has outperformed relevant ETFs, with a 284% increase year-to-date [29] Project Highlights - Active projects include the Superblock and Bellas Gate projects in Jamaica, and the Khaleesi project in Peru [33][35][41] - The Superblock project is being drilled in collaboration with a neighboring company, while the Bellas Gate project is fully funded by Freeport McMurray [34][35] - The Khaleesi project is fully permitted and set to begin drilling, with significant copper grades identified in soil samples [41][44] Strategic Approach - Metals Inc. maintains a disciplined strategy focused on copper and gold assets, with over 65% of shares held by insiders and institutional investors [30][31] - The company aims to build district-scale properties and gather technical data to inform decisions on asset divestment or partnerships [32] Future Outlook - The company is positioned for significant news flow regarding drill assays and project developments in the coming months [48] - The strategic partnerships and funding arrangements are designed to minimize equity dilution while advancing projects [47]