Benzinga | Nov 15, 2021 06:21PM EST

Odyssey Marine Exploration Reports Q3 Earnings Results

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a global subsea mineral exploration and development company, reported results today for the third quarter ended September 30, 2021, and provided an update on current projects and future plans.

"We remained focused on three major areas in the third quarter: increasing the value of our mineral portfolio, improving our balance sheet, and preparing for a strong showing in the hearing of our NAFTA action against Mexico scheduled to take place in January," reported Mark Gordon, Odyssey's Chairman and Chief Executive Officer.

"In this quarter, we made considerable progress advancing our geologically diverse mineral portfolio, which includes projects targeting battery/infrastructure metals, phosphate and precious metals. Desktop research and legacy site data strengthened our confidence in several projects in our portfolio, allowing us to move forward with plans to commence at sea operations focused on producing highly detailed seafloor mapping to further validate both mineral quality and abundance in a very cost-effective method."

"Subsequent to the end of the third quarter, we also made considerable progress in our efforts to improve the company's balance sheet, while also improving liquidity and eliminating potential dilution in our ExO Phosphate Project, retiring $14.5 Million in debt and the associated conversion option into Odyssey's Oceanica shares," noted Christopher E. Jones, Odyssey's Chief Financial Officer. "Looking forward, we continue to evaluate other opportunities to further reduce or restructure indebtedness while also working on potential strategic investments and industry partnerships that could meaningfully increase the value of Odyssey's mineral portfolio and by extension our shareholder value."