Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), an ocean exploration pioneer engaged in the discovery, development, and extraction of subsea strategic minerals that provide solutions to global challenges, today announced its results for the second quarter ended June 30, 2025, and provided updates on key operational and strategic initiatives.

“The recognition of ocean minerals as a sustainable source of critical minerals essential to the global economy, food security, and energy transition has accelerated this year with United States (U.S.) leadership now driving global momentum. This marks a breakthrough moment for Odyssey and for the entire ocean mineral resource sector - the time for responsible ocean mineral exploration to advance is now here,” said Mark Gordon, Odyssey Chief Executive Officer and Chairman of the Board of Directors. “The recent cooperation agreement between the U.S. and the Cook Islands underscores this momentum and, more specifically, our approach to working directly with governments with a strong regulatory framework and foresight to see the potential of ocean resources to strengthen their economies. Odyssey has been positioning itself for the past 15 years to help create and remain at the forefront of this emerging industry. Now that our debt is materially reduced, operations are fully funded into next year, and we have the flexibility to invest further in high-value projects, Odyssey is stronger than ever. With a diversified portfolio and growing policy support, we expect to now realize the benefits of our years-long efforts, leveraging this strong momentum.”

Funding and Capital Structure Update

Odyssey has significantly strengthened its financial position since announcing its first-quarter results. Existing investors exercised options and warrants during the second quarter, generating approximately $8.2 million in cash proceeds to fund operations. Additionally, holders of the company’s convertible notes converted more than $9.6 million of indebtedness, representing over 53% of the outstanding note obligations. These transactions not only secure working capital to fund operations into 2026 and reduce the company’s debt but also highlight growing investor confidence in Odyssey’s execution and the broader recognition that subsea minerals represent an outstanding investment opportunity in the current environment.

Cook Islands Polymetallic Nodule Project Update

On August 4, 2025, the United States and the Cook Islands announced a new cooperation agreement to advance scientific research and the responsible development of seabed mineral resources. Odyssey plays a key role in this effort, holding equity in and providing services to two of the three licensed exploration programs [CIC Limited and Ocean Minerals LLC (OML)] within the Cook Islands’ Exclusive Economic Zone (EEZ), which hosts an estimated 12 billion wet tonnes of polymetallic nodules. This growing alignment between the U.S. and the Cook Islands governments reinforces the global importance of these resources and highlights Odyssey’s role as a key technical and operational partner in one of the world’s most promising seabed mineral regions.

As part of its ongoing operations, Odyssey recently deployed two Autonomous Benthic Mini Landers (ABMLs) in the Cook Islands. These advanced systems are engineered to collect critical environmental data from depths of 5,500 meters—data essential for designing and implementing responsible mineral programs.

OML recently obtained a Joint Ore Reserve Committee (JORC) compliant report that substantially increases resources reporting to inferred and indicated confidence levels, and continues to advance toward completing OML’s preliminary Feasibility Study, among other important project milestones it is working to achieve. The independent assessment indicates the license area contains approximately 519 million metric tonnes of indicated and inferred polymetallic nodules, including an inferred resource of about one million tonnes of contained cobalt—believed to be the largest primary cobalt resource in the world. The nodules also host significant quantities of manganese, nickel, and rare earth elements, underscoring the strategic importance of this deposit. The summary of OML’s resource assessment is available on its website: www.omlus.com. Information available on OML’s website, including its technical report summary, is not incorporated into our second quarter Form 10-Q.

U.S. Policy Update

On April 24, 2025, an Executive Order directed U.S. federal agencies to accelerate the responsible exploration and development of offshore critical minerals, strengthen domestic supply chains, and reestablish U.S. leadership in seabed resource technologies. Odyssey is well positioned to benefit from this policy shift, with active projects focused on ocean minerals essential to agriculture and clean energy technology. Odyssey has been qualified by the U.S. Bureau of Ocean Energy Management (BOEM) to acquire and hold a marine minerals lease since 2021, and we will consider submitting lease applications based on the new permitting framework as it emerges because of the Executive Order.

PHOSAGMEX JV Update

During the quarter, Odyssey marked a significant milestone in the formation and advancement of PHOSAGMEX, its joint venture with Capital Latinoamericano, focused on enhancing North American food security through a sustainable, domestically sourced fertilizer supply. The venture builds on extensive research confirming the presence of a high-quality phosphate resource within Mexico’s EEZ. The project aligns with Mexico’s broader initiative to achieve food and agriculture self-sufficiency by supporting sustainable farming, empowering producers, and driving local economic development. As part of this progress, Odyssey has initiated the transfer of legal rights for mining concessions into the joint venture and anticipates continued project development in the coming months.

CEO to Present at Emerging Growth Conference – August 21

Mark Gordon will deliver a live presentation at the Emerging Growth Conference on August 21 at 3:10 p.m. ET, on the Company’s near-term value-driving activities. Interested parties may learn more about this event and register at this link. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel http://www.YouTube.com/EmergingGrowthConference.

Financial Highlights

Condensed consolidated financial statements are included in Odyssey’s Quarterly Report on Form 10-Q for the period ended June 30, 2025, which is available on the company’s website at www.OdysseyMarine.com as well as at www.sec.gov.

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.

Cautionary Note to U.S. Investors

Information regarding Moana Minerals Limited, Ocean Minerals LLC, the Moana Minerals exploration license, and the mineral resources in the area covered by the exploration license was provided to Odyssey by OML and has not been independently verified by Odyssey. Information regarding resources is based upon reports prepared in compliance with the Australian Code for Reporting Exploration Results (JORC). Investors are cautioned that while JORC-compliant reporting uses terms that are similar to those used in Security and Exchange Commission Regulation S-K 1300, there are differences in the definitions under Regulation S-K 1300 and JORC, and U.S. investors are urged to use caution in reviewing the resource estimates reported in compliance with JORC. There is no assurance any mineral resources that OML reports as “stated mineral resources” would be the same had OML prepared the mineral resource estimates under Regulation S-K 1300. Investors are also cautioned not to assume that any stated mineral resources that OML reports are or will be economically or legally mineable.

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.

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“The recognition of ocean minerals as a sustainable source of critical minerals has accelerated this year with U.S. leadership now driving global momentum. This marks a breakthrough moment for Odyssey"