Odyssey Marine advances fertilizer joint venture with mining rights transfer

TAMPA - Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a $32.28 million market cap exploration company, has completed the first step in advancing its joint venture with Capital Latinoamericano (CapLat), according to a company press release. According to InvestingPro data, the company trades at an attractive P/E ratio of 3.93, suggesting potential value for investors.

The joint venture, named PHOSAGMEX, aims to establish a domestic fertilizer supply to enhance North American food security. An Odyssey subsidiary has begun transferring legal rights to certain mining concessions to the joint venture.

Mark Gordon, Chairman and CEO of Odyssey, stated that transferring project rights is "a critical step in ensuring the success of the PHOSAGMEX initiative." The partnership is led by Juan Cortina Gallardo, former President of Mexico’s National Agricultural Council.

On June 9, Odyssey held its annual stockholder meeting where shareholders voted on director elections, accounting firm ratification, and executive compensation approval. While more than 80% of voting stockholders approved proposed amendments to the company’s Articles of Incorporation, including an increase in authorized common stock shares and a reverse stock split, the proposals did not receive the majority approval required by Nevada law.

The company stated that the inability to implement these proposals does not affect its ability to execute its strategy.

Gordon is scheduled to present at the Emerging Growth Conference on June 17 to highlight upcoming project catalysts and outline the company’s long-term strategy.

Odyssey Marine Exploration describes itself as a global leader in ocean exploration specializing in seafloor critical mineral projects, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers.

In other recent news, Odyssey Marine Exploration Inc. has entered into a joint venture with Capital Latinoamericano to develop a strategic fertilizer production project in Mexico, focusing on subsea phosphate resources. This joint venture, formed on June 4, 2025, involves restructuring Odyssey’s holdings to enhance its stake in the venture. Additionally, Odyssey Marine has regained compliance with Nasdaq’s minimum bid price requirement, avoiding a potential delisting from the Nasdaq Capital Market after its stock price met the necessary criteria. The company has also met Nasdaq’s minimum net income standard, reporting a net income of $6,247,129 for the year ending December 31, 2024. In alignment with a new U.S. Executive Order, Odyssey Marine is poised to support America’s offshore mineral strategy, emphasizing its readiness to explore and process seabed minerals. The company has confirmed no immediate plans to issue new securities, maintaining financial flexibility for potential future offerings. Moreover, Odyssey Marine has proposed a potential reverse stock split and an increase in authorized shares to ensure continued compliance with Nasdaq requirements. These developments highlight Odyssey Marine’s strategic maneuvers and compliance efforts in the evolving market landscape.

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