TAMPA, Fla.–(BUSINESS WIRE)–Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a world subsea mineral exploration and validation firm, filed a Complete Kind 10-Ok for the yr ended December 31, 2023, which included restated monetary statements for the yr ended December 31, 2022, and interim durations. The corporate additionally reported first quarter financials for the interval ended March 31, 2024.
“The great audit and restatement of our financials serves as a crucial step in the direction of additional guaranteeing transparency, accuracy, and accountability inside our firm. Though a technical accounting matter led to the restatement of our monetary statements, we anticipate this to be a one-time occasion that won’t impede our future filings,” acknowledged Mark Gordon, Odyssey’s Chief Government Officer and Chairman of the Board of Administrators. “The restatement has had no hostile impact on our enterprise the place we stay targeted on constructing a portfolio of tasks that can have a internet constructive affect by offering crucial mineral assets in demand by society.”
As beforehand disclosed in a Kind 8-Ok filed with the Securities and Alternate Fee (SEC) on February 26, 2024, the corporate’s Audit Committee of the Board of Administrators concluded that sure beforehand issued consolidated monetary statements couldn’t be relied upon and that sure monetary statements could be restated. The restatement addresses the correction of accounting remedies for sure transactions, together with the corporate’s litigation financing, which has been reclassified as a by-product legal responsibility beneath GAAP. The corporate’s unaudited consolidated monetary statements for the quarter ended September 30, 2023, are included within the Complete Kind 10-Ok, together with restated audited consolidated monetary statements for the yr ended December 31, 2022, and restated unaudited consolidated monetary statements for interim durations ended March 31, 2022, and 2023, June 30, 2022, and 2023, and September 30, 2022. With this submitting, Odyssey has now filed all beforehand delinquent SEC periodic experiences.
Odyssey not too long ago introduced that it obtained a cost of roughly $9.4 million arising from its residual financial curiosity in a shipwreck undertaking. The corporate expects to make use of the funds primarily to help the corporate’s ongoing operations.
The corporate’s consolidated monetary statements and Complete Kind 10-Ok for the yr ended December 31, 2023, and the corporate’s consolidated monetary statements and Kind 10-Q for the interval ended March 31, 2024, can be found on the corporate’s web page at www.odysseymarine.com in addition to at www.sec.gov.
Firm Updates
Odyssey grows its portfolio by specializing in polymetallic nodule tasks, which might present the metals essential to transition to renewable power sources, thereby lowering carbon, emissions and by growing phosphate deposits, a significant part of fertilizer important for addressing the meals safety necessities of a rising international inhabitants. Leveraging its distinctive International Prospectivity Course of, the corporate identifies tasks that align geologically and geopolitically, strategically advancing them alongside its worth curve mannequin.
ExO Phosphate Undertaking – NAFTA Case
Odyssey initiated a declare beneath Chapter XI of the North American Free Commerce Settlement (NAFTA) in 2019, alleging that Mexico wrongfully denied its environmental approval of the ExO Phosphate Undertaking in breach of NAFTA. The corporate is searching for damages of over $2 billion.
On March 8, 2024, Odyssey obtained a letter from the Worldwide Centre for Settlement of Funding Disputes (ICSID) referring to the declare of Odyssey and Exploraciones Oceánicas S. de R.L. de C.V. (a subsidiary of Odyssey) in opposition to the United Mexican States beneath Chapter Eleven of the North American Free Commerce Settlement. The letter suggested the Claimant that the Tribunal has continued to make progress in finalizing its determinations and that it expects to render the Award within the second quarter of this yr.
Odyssey can not predict the end result of the arbitration, however the firm stays assured within the deserves of its case.
Accountable Use of Seafloor Assets Act (RUSRA)
Odyssey and several other trade friends endorsed the Accountable Use of Seafloor Assets Act (RUSRA) in March 2024. This act underscores the USA’ dedication to supporting worldwide governance of seafloor useful resource exploration and fostering accountable assortment efforts.
Cook dinner Islands Polymetallic Nodule Exploration Milestones
The Cook dinner Islands Seabed Minerals Authority (SBMA) granted three exploration licenses in 2022. Odyssey is invested in and supplies providers to 2 license holders which have undertaken exploration efforts and achieved a number of milestones whereas advancing understanding of the assets of their respective areas.
Ocean Minerals LLC (OML), one of many firms through which Odyssey has invested, accomplished a number of expeditions over the last yr, leading to a complete mapping survey of your complete license space in addition to amassing environmental, sediment, and useful resource samples. These samples, supported by the in depth ROV-captured video recordings, have been analyzed by impartial laboratories and scientists, with outcomes being reported to the Cook dinner Islands Seabed Minerals Authority with an up to date useful resource report being imminent. Utilizing a benthic sled, a five-tonne bulk nodule pattern to allow our ongoing metallurgical course of growth was recovered. This work accrues to increasing the quantity of measured and indicated assets reported of their preliminary JORC useful resource report.
We’ve got been more than happy with the efficiency of our turnkey analysis vessel, the Anuanua Moana, within the Cook dinner Islands. Our remotely operated automobile (ROV) and suite of scientific and exploration instruments have supplied us, the Cook dinner Islands, and the world with a never-before-seen complete understanding of the seafloor within the Cook dinner Islands EEZ, mentioned Hans Smit, OML Chief Government Officer. We’re trying ahead to updating our JORC useful resource report within the coming months and proceed to progress our program in keeping with our printed work plan, and we’re doing this whereas offering vessel providers to the Cook dinner Islands and different license holders there.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is a deep-ocean exploration pioneer engaged within the discovery, validation and growth of subsea mineral deposits in a socially and environmentally accountable method. Odyssey supplies marine providers for personal shoppers and governments involved in exploring their Unique Financial Zones (EEZ) to survey, map and determine any potential mineral assets current. The corporate focuses on the exploration of polymetallic nodules (battery metals to energy the longer term) and subsea phosphate deposits (fertilizer to feed the longer term) which the corporate believes will present a profit to society now and sooner or later, For extra particulars, please go to www.odysseymarine.com. An investor presentation is out there within the Traders part of the web site.
Ahead Wanting Data
Odyssey Marine Exploration believes the data set forth on this Press Launch might embrace “ahead trying statements” inside the which means of the Personal Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933 and Part 21E of the Securities Act of 1934. Sure elements that would trigger outcomes to vary materially from these projected within the forward-looking statements are set forth in “Threat Elements” in Half I, Merchandise 1A of the Firm’s Annual Report on Kind 10-Ok for the yr ended December 31, 2021, which was filed with the Securities and Alternate Fee on March 31, 2022. The monetary and working projections in addition to estimates of mining property are primarily based solely on the assumptions developed by Odyssey that it believes are affordable primarily based upon data accessible to Odyssey as of the date of this launch. All projections and estimates are topic to materials uncertainties and shouldn’t be considered as a prediction or an assurance of precise future efficiency. The validity and accuracy of Odyssey’s projections will rely on unpredictable future occasions, a lot of that are past Odyssey’s management and, accordingly, no assurance will be provided that Odyssey’s assumptions will show true or that its projected outcomes shall be achieved.
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Liz Exhibits
Odyssey Marine Exploration, Inc.
(813) 876-1776
[email protected]
Supply: Odyssey Marine Exploration, Inc.