Odyssey Marine Exploration's Unsolicited Request for a U.S. Offshore Mineral Lease Sale Advances as BOEM Initiates Formal Review Process
A year of policy alignment, project advancement, and balance-sheet strengthening sets the stage for continued progress in 2026
Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a U.S.-based ocean exploration and marine resource development leader, received news that the Bureau of Ocean Energy Management's (BOEM), a department of the U.S. Department of Interior (DOI) has initiated the formal review process for its unsolicited request for a potential marine mineral lease sale in federal waters offshore Virginia.
"BOEM's decision to initiate this process is an important step toward responsibly evaluating the mineral potential of the U.S. Outer Continental Shelf," said Mark Gordon, Chairman and CEO of Odyssey Marine Exploration. "Reliable access to critical minerals is essential to America's economic vitality and national security. We appreciate BOEM's leadership in advancing a transparent, science-based review under the Outer Continental Shelf Lands Act."
BOEM's action highlights the increasing federal focus on responsibly assessing domestic offshore mineral resources. As outlined by BOEM, the next step will be the publication of a Request for Information and Interest (RFI) in the Federal Register inviting stakeholder input.
Although the BOEM review process is the immediate catalyst, Odyssey views this advancement within the broader context of a year marked by accelerating alignment across policy, projects, and financial readiness. Together, these dynamics position the Company for continued momentum and meaningful progress as it moves into 2026.
"The advancement of our lease request is not an isolated event, but the result of a powerful alignment of events that have unfolded over the past year," continued Gordon. "National policy momentum has elevated the strategic relevance of our projects, that relevance has accelerated regulatory and investor engagement, and our technical programs are now converting momentum into measurable progress. With regulatory pathways opening and a significantly strengthened balance sheet, we are increasingly well positioned to capitalize on this opportunity."
Project Overview: U.S. Offshore Mineral Lease Request
The proposed lease area is believed to host heavy mineral sands containing titanium, zirconium, rare earth elements (REEs), and phosphate—materials that play an essential role in U.S. national security, advanced manufacturing, and agricultural productivity. In addition, sand and gravel recovered through the process may support coastal resilience and shoreline restoration initiatives.
If Odyssey obtains a lease, initial activities would focus on the collection of environmental and geological data to support resource evaluation and project planning. Should the project advance beyond assessment, recovery activities would employ shallow water dredging techniques that are widely used in marine construction and sediment management.
Odyssey is collaborating with Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) to provide dredging services if and when the project advances. GLDD brings extensive experience in large-scale dredging operations, navigation channel maintenance, and beneficial reuse projects along the U.S. East Coast, including work throughout the Chesapeake Bay region, maintaining more than 300 miles of navigation channels critical to regional and national commerce.
The design of project work plans will prioritize environmental responsibility and, if a lease is granted, would align with BOEM's review framework, which is conducted in accordance with applicable federal laws—including the National Environmental Policy Act, the Endangered Species Act, and the National Historic Preservation Act—and places environmental stewardship and cultural preservation at the forefront of the process. The work plan will also be conducted in close coordination with relevant stakeholders, including the Department of War, at the forefront of the process to ensure compatibility with existing ocean uses and avoid interference with military training, readiness, and other operations vital to national defense and Virginia's robust maritime defense industries.
About Great Lakes Dredge and Dock
Headquartered in Houston, Texas, Great Lakes Dredge & Dock Company (GLDD) is the largest provider of dredging services in the United States and has a long history of executing significant international projects. GLDD owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising approximately 200 specialized vessels. In 2021, Great Lakes formed an Offshore Energy sector, a strategic growth area for the company. Safety is a core value at GLDD, and the Incident & Injury-Free® (IIF®) safety approach management program is integrated into all aspects of its culture. The company is committed to a work environment where employee safety is paramount. The company's projects have also removed tens of millions of cubic yards of material while supporting beneficial reuse for ecosystem restoration, such as the Paul S. Sarbanes Ecosystem Restoration Project at Poplar Island.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) is an ocean exploration and marine resource development leader with more than 30 years of experience operating in complex offshore environments worldwide. Odyssey is building a diversified portfolio of projects that focus on seafloor mineral resources that can contribute practical solutions to global challenges, including food security, energy transition, and supply-chain resilience.
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.
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Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776
[email protected]