American Ocean Minerals Corporation (“AOMC” or the “Company”), which is building a responsible supply of critical minerals and rare earth elements for the U.S. and its allies through its previously announced merger with Odyssey Marine Exploration (NASDAQ: OMEX), today announced that the National Oceanic and Atmospheric Administration (“NOAA”) has determined that its wholly owned subsidiary AOM Area-1 LLC’s consolidated application is in substantial compliance with applicable requirements under the Deep Seabed Hard Mineral Resources Act (“DSHMRA”), allowing NOAA’s formal environmental, public, and regulatory review to proceed.
“AOMC was built as a platform company because the critical minerals challenge requires scale, regulatory diversification, processing capability, operational discipline, and long-term capital formation – all while navigating historically high barriers to entry in the industry,” said Tom Albanese, Chairman of AOMC and former CEO of Rio Tinto. “AOM Area-1 is an important part of that platform. It complements AOMC’s Cook Islands investments and supports our broader objective of building an environmentally responsible, global supply chain for cobalt, manganese, nickel, copper, titanium, rare earth elements and other critical minerals essential to America and its allies’ industry, infrastructure, energy, and national security.”
Enacted in 1980, DSHMRA predates both the United Nations Convention on the Law of the Sea (UNCLOS) and the International Seabed Authority (ISA) and provides the legal framework for U.S. companies to explore and recover deep-seabed minerals in international waters. The Act established a U.S. licensing system under NOAA’s regulatory authority to promote responsible development, environmental stewardship, and secure access to critical minerals. AOMC’s application was submitted under NOAA’s new consolidated review process, established following Executive Order 14285. Rather than requiring separate sequential applications, the process allows qualified U.S. applicants to pursue an exploration license and commercial recovery permit through a single coordinated procedure while preserving environmental review, public participation, and other regulatory safeguards.
“Regulatory readiness and environmental readiness have to advance together,” said Dr. Laura Azevedo, Chief Science Officer of AOMC. “Our approach is to build the scientific record, the environmental baseline, the engineering discipline, and the regulatory record required to evaluate these resources responsibly. The consolidated application process provides a clearer pathway for that work, and AOMC intends to continue advancing its programs with transparency, rigor, and respect for the role of regulators, scientists, and stakeholders.”
AOM Area-1’s application area comprises approximately 147,054 km² across five non-contiguous subareas in the eastern-central Clarion-Clipperton Zone. The application area was selected following a review of publicly available ISA exploration contract areas, reserved areas, and Areas of Particular Environmental Interest (APEIs), and was designed to avoid overlap with those areas.
Today’s announcement follows several recent AOMC milestones, including:
- A definitive merger agreement with Odyssey Marine Exploration, Inc (NASDAQ: OMEX) to create a deep-sea critical minerals platform valued at approximately $1 billion.
- Equity financing in excess of $230 million in capital, including pre-public financing and private placement in connection with the proposed merger.
- The completion of Moana Minerals’ MV Anuanua Moana Expedition 7, a three-week research campaign that completed 53 sampling sites with box cores and multicores and collected 4,059 physical samples.
About American Ocean Minerals Corporation
American Ocean Minerals Corporation is establishing a responsible global supply chain for critical minerals and rare earth elements sourced from polymetallic nodules. AOMC is being built as a platform company focused on responsible deep-sea exploration, environmental science, harvesting technology, logistics, processing, and commercialization across multiple regulatory pathways, including investments in companies with exploration licenses in the Cook Islands’ exclusive economic zone and international waters regulated under DSHMRA. Upon completion of its proposed merger with Odyssey Marine Exploration, Inc., the combined company is expected to operate as American Ocean Minerals Corporation and trade on Nasdaq under the ticker symbol “AOMC,” subject to stockholder approvals, regulatory approvals, Nasdaq approval, and other customary closing conditions.
About Area 1
AOM Area-1 LLC is a wholly owned subsidiary of American Ocean Minerals Corporation. AOM Area-1’s application area is located in the eastern-central Clarion-Clipperton Zone and consists of five non-contiguous subareas totaling approximately 147,054 km².
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding AOMC’s regulatory strategy; the expected review of AOM Area-1 LLC’s consolidated application by NOAA; the potential issuance of both an exploration license and a commercial recovery permit; the timing, scope, and outcome of any environmental review, public process, or regulatory determination; the proposed merger between AOMC and Odyssey Marine Exploration, Inc.; the expected ownership, capitalization, Nasdaq listing, and strategic direction of the combined company; potential future exploration, harvesting, recovery, processing, commercialization, and offtake activities; expected resource potential; and AOMC’s ability to build a critical minerals supply chain. A determination of substantial compliance does not constitute approval of an exploration license or commercial recovery permit. It allows NOAA to proceed with the statutory environmental review, public notice, and agency evaluation process before making any licensing or permitting decision.
Forward-looking statements are based on current expectations, estimates, assumptions, and projections and are subject to significant risks and uncertainties. These risks and uncertainties include, among others, the possibility that NOAA may require additional information, impose conditions, delay review, or decline to issue any license or permit; uncertainty regarding the scope, timing, and outcome of environmental review and public process; risks relating to DSHMRA and other regulatory frameworks; uncertainties relating to polymetallic nodule resource estimates; the fact that inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves; risks relating to deep-sea exploration, environmental monitoring, harvesting technology, vessel conversion, processing, financing, and commercialization; commodity price volatility; supply chain constraints; geopolitical, legal, and environmental risks; and risks relating to the completion of the proposed merger with Odyssey, including required stockholder approvals, regulatory approvals, Nasdaq approval, financing conditions, and other customary closing conditions.
AOMC undertakes no obligation to update any forward-looking statements except as required by law. Nothing in this press release should be interpreted as a representation that NOAA has issued, or will issue, an exploration license, commercial recovery permit, or other approval, or that any mineral resource will be converted into a mineral reserve or economically recovered.
Additional Information about the Transaction and Where to Find It
In connection with the proposed merger Transaction between Odyssey and AOM, Odyssey has filed a Registration Statement on Form S-4, which includes a document that serves as a prospectus and proxy statement of Odyssey (the “proxy statement/prospectus”), and Odyssey will file other documents regarding the proposed Transaction with the SEC. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY BECOME AVAILABLE OR AS THEY MAY BE AMENDED, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE PROPOSED TRANSACTION. A definitive proxy statement/prospectus will be sent to Odyssey’s stockholders. Investors and security holders will be able to obtain these documents free of charge from the SEC’s website at www.sec.gov.
In addition, investors and stockholders should note that Odyssey communicates with investors and the public using its website, www.odysseymarine.com, and the investor relations website, https://ir.odysseymarine.com, where anyone will be able to obtain free copies of the proxy statement/prospectus and other documents filed by Odyssey with the SEC. Stockholders are urged to read the proxy statement/prospectus and the other relevant materials before making any voting or investment decision with respect to the proposed Transaction.
Participants in the Solicitation
Odyssey, AOMC, and their respective directors and executive officers and other members of management and employees and certain of their respective significant stockholders may be deemed to be participants in the solicitation of proxies from Odyssey and AOMC stockholders in respect of the proposed Transaction. Information about Odyssey’s directors and executive officers is available in Odyssey’s proxy statement, which was filed with the SEC on April 25, 2025, for the 2025 Annual Meeting of Stockholders, and Odyssey’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 31, 2026.
Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holding or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed or to be filed with the SEC regarding the proposed Transaction. Investors should read the proxy statement/prospectus carefully before making any voting or investment decisions. Free copies of these documents may be obtained from the SEC and Odyssey as indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
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