Here are 1-2 brief analogies for Odyssey Marine Exploration (OMEX):

• Like ExxonMobil, but they explore the deep ocean for valuable historical shipwrecks and their cargo, not oil and gas.
• A deep-sea version of a mining company like Rio Tinto, but their 'mines' are historic shipwrecks and their 'ore' is valuable artifacts and metals.

• Deep-ocean Shipwreck Exploration and Recovery: Locating, surveying, and recovering historically significant artifacts and valuable cargo from shipwrecks in ultra-deep waters.
• Underwater Cultural Heritage Management: Providing professional archaeological assessment, excavation, and documentation services for underwater cultural heritage sites.
• Artifact Conservation and Curation: Specializing in the scientific preservation, conservation, and long-term management of historical artifacts recovered from the marine environment.
• Marine Asset Management and Logistics: Offering comprehensive project management, technical support, and logistical solutions for complex offshore operations.

• Governmental and Institutional Entities: This category includes national governments (such as defense ministries or cultural heritage departments), government agencies, major museums, and academic institutions. These clients may commission Odyssey for specific shipwreck recovery projects (e.g., military or sovereign wrecks), license exploration rights, or acquire historically significant artifacts for public display, research, or national archives.
• Specialized Private Collectors and Investment Groups: High-net-worth individuals, private art collectors, and investment funds interested in acquiring unique, rare, and historically significant artifacts, numismatic items, or valuable commodities recovered from deep-ocean shipwrecks. These transactions are typically high-value and non-recurring.
• Commercial Offshore and Resource Companies: Enterprises operating in sectors such as offshore energy, subsea cable installation and maintenance, or marine mineral exploration. These companies may contract Odyssey Marine Exploration for its deep-ocean survey, search, and recovery capabilities, or engage in joint ventures for the exploration and development of seabed resources.

Mark D. Gordon, Chief Executive Officer and Chairman of the Board

Mark D. Gordon was appointed Chief Executive Officer of Odyssey Marine Exploration in 2014 and Chairman of the Board in 2019. He previously served as the company's President from 2007-2019 and on its Board of Directors since January 2008. Before joining Odyssey in 2005, Mr. Gordon started, owned, or managed four entrepreneurial ventures from 1987 to 2003. Notably, he founded Synergy Networks in 1993, serving as CEO until its sale to the Rockefeller Group in September 2003. He continued as President of Rockefeller Group Technology Services Mid Atlantic until December 2004. His earlier career included a two-year tenure as a Management Consultant at Arthur Andersen Consulting (now Accenture).

CFO Position

Christopher E. Jones, the former Chief Financial Officer, departed from Odyssey Marine Exploration on July 7, 2023, to pursue another opportunity. At that time, Odyssey announced its intention to appoint an experienced interim CFO while searching for a permanent replacement. As of the most recent available information, a new permanent or interim CFO has not been publicly announced.

John D. Longley, President and Chief Operating Officer

John D. Longley was appointed Chief Operating Officer in October 2014 and became President of Odyssey Marine Exploration in 2019. He joined the company in 2005 as Director of Business Operations and served as Senior Vice President since 2012. With over 25 years of marketing and business strategy experience, Mr. Longley has been instrumental in expanding the company's business opportunities, including attractions, monetization of shipwreck finds, and exploration of new deep-ocean ventures. Prior to Odyssey, he was Vice President of Sales and Marketing for Public Imagery from 2003 to 2005 and Director of Retail Marketing for Office Depot North American stores from 1998 to 2003.

Laura L. Barton, Executive Vice President

Laura L. Barton leads strategic and business operations initiatives at Odyssey Marine Exploration, working closely with the CEO. She is responsible for ensuring the proper internal business services are in place to support the execution of Odyssey's mineral resource project development and portfolio building plans, facilitating alignment across all departments. From 1994 to 2003, Ms. Barton was President of LLB Communications, a marketing and communications consulting company that served various broadcast networks, stations, distributors, and Odyssey. She also taught as an adjunct instructor at the University of South Florida and held management, marketing, publicity, and creative services roles in local and network television.

Susan Fennessey, General Counsel

Susan Fennessey joined Odyssey Marine Exploration as General Counsel in 2022. She is responsible for directing the company's overall legal function, providing legal counsel and guidance to the management team on project development, and ensuring legal compliance across the company and its subsidiaries. Ms. Fennessey is described as a solution-oriented general counsel and executive leader with over 20 years of experience, dedicated to balancing business and strategic goals with managing legal risk, compliance, and corporate governance.

The intensifying global shift towards the preservation of underwater cultural heritage (UCH) in situ, coupled with increasing legal, regulatory, and ethical opposition to commercial deep-ocean salvage. This trend, exemplified by the growing influence of international conventions (such as UNESCO 2001) and more assertive national claims over UCH, is making it progressively more difficult and costly for companies like Odyssey Marine Exploration to secure rights, conduct operations, and monetize recovered artifacts without protracted legal battles and significant public scrutiny. This effectively shrinks the addressable market for commercially viable projects and increases operational risk and expenses.

Odyssey Marine Exploration (OMEX) operates in several key markets related to deep-ocean exploration and recovery. The addressable markets for its main products and services are as follows:

Deep-Sea Mineral Exploration and Development

Odyssey Marine Exploration focuses on the discovery and development of subsea mineral resources, including polymetallic nodules for battery metals and phosphorite deposits for fertilizer, as well as other critical minerals such as gold, copper, and zinc.

• The global deep-sea mining market was valued at approximately USD 3.92 billion in 2024 and is projected to reach USD 40.79 billion by 2032, growing at a compound annual growth rate (CAGR) of 34.02% from 2025 to 2032.
• Another estimate for the global marine mining market (also referred to as deep-sea mining) was USD 2.3 billion in 2022 and is projected to reach USD 41.3 billion by 2032, with a CAGR of 33.8% from 2023 to 2032.
• The Asia-Pacific region is a dominant force in this market, holding a 55% share in 2024 and a 36.23% revenue share in the global deep-sea mining market. Europe is also expected to experience significant growth.

Shipwreck Exploration and Recovery / Marine Archaeology

Historically, Odyssey Marine Exploration has been known for its expertise in locating and recovering valuable artifacts and cargo from historic shipwrecks. The company also engages in marine archaeological investigations and underwater documentation projects.

• The global Underwater Archaeological Survey Systems market, which includes technologies for preserving historic shipwrecks and documenting submerged sites, was valued at USD 270.9 million in 2024 and is projected to reach USD 942.3 million by 2035, with a CAGR of 12.0%.
• The global marine salvage and recovery market was valued at approximately USD 1.31 billion in 2024 and is expected to reach USD 2.73 billion by 2033, with a CAGR of about 8% from 2025 to 2033. Another report indicated the global marine salvage market size was around USD 430.65 million in 2022, and is projected to reach USD 763.49 million by 2030, with a CAGR of roughly 7.42% between 2023 and 2030.
• The global marine salvage services market is anticipated to be worth around USD 1045.2 million by 2034, increasing from USD 433.5 million in 2024, at a CAGR of 9.2% from 2025 to 2034. North America leads this market, accounting for 35.2% of the market share and valued at USD 151.7 million in 2024.
• The global underwater archaeology tourism market was valued at USD 1.2 billion in 2024 and is forecasted to reach USD 3.4 billion by 2033, with a CAGR of 12.1%. Another source estimates this market at USD 2.14 billion in 2024, projected to achieve USD 6.52 billion by 2033, with a CAGR of 13.2%.

Consulting and Licensing Services / Marine Survey and Exploration Charter Services

Odyssey Marine Exploration also offers consulting services, including marine survey planning, environmental impact assessments, and licensing support for underwater exploration projects, as well as marine services to third parties.

• The global marine research market, which encompasses marine survey and exploration services, was valued at USD 4.9 billion in 2024 and is expected to reach USD 7.1 billion by 2031, growing at a CAGR of 5.4%.

Odyssey Marine Exploration (OMEX) is strategically positioning itself for future revenue growth, primarily driven by its involvement in deep-sea mineral exploration and resource development. Over the next 2-3 years, several key factors are expected to contribute to its revenue expansion:

1. Advancement of the Strategic Fertilizer Project in Mexico: Odyssey Marine Exploration has formed a joint venture with Capital Latinoamericano (CapLat) to develop a significant phosphate fertilizer project in Mexico's Exclusive Economic Zone (EEZ). This project is anticipated to be a substantial revenue driver, with the potential to generate hundreds of millions of dollars annually from the sale of rock phosphate, which is a critical input for fertilizers. The project is scalable and has a projected mine life of over 20 years in the initially explored area.
2. Development of Cook Islands Polymetallic Nodule Projects: The company holds interests in two licensed exploration projects within the Cook Islands' EEZ, which contain polymetallic nodules rich in battery metals. These projects are progressing, with expectations to move towards trial harvesting licenses, marking a crucial step toward production and eventual revenue generation from the extraction and sale of these high-demand minerals.
3. Securing and Executing Deep-Sea Mineral Exploration and Recovery Contracts: A fundamental driver of revenue growth for OMEX is its ability to secure and successfully execute contracts for deep-sea mineral exploration and recovery services. As a leader in ocean exploration, success in this area, particularly for critical minerals, could lead to significant increases in revenue, contingent on regulatory approvals and environmental considerations.
4. Expansion of Global Prospectivity Program and Diversified Portfolio: Odyssey's "Global Prospectivity program" aims to identify and develop new projects in promising jurisdictions with high-demand minerals. The company emphasizes its commitment to advancing a diversified portfolio of critical mineral assets, suggesting that new project acquisitions and developments across various regions will contribute to future revenue streams and mitigate risks associated with specific commodities or geopolitical factors.
5. Increasing Global Policy Support and Demand for Critical Minerals: There is growing global demand for critical minerals essential for the energy transition, food security, and national defense. This demand, coupled with accelerating governmental policy momentum, including executive orders and international cooperation agreements (such as between the U.S. and the Cook Islands), creates a favorable environment for Odyssey. This increased support is expected to facilitate project development and accelerate the realization of revenue from ocean mineral resources.

Share Issuance

• In September 2025, Odyssey Marine Exploration issued 6,056,073 shares of common stock through the conversion of $6,661,684 in outstanding debt from March 2023 and December 2023 convertible promissory notes.
• During the second quarter of 2025, existing investors exercised options and warrants, generating approximately $8.2 million in cash proceeds, and holders of convertible notes converted over $9.6 million of indebtedness into shares.
• In March and December 2023, Odyssey entered into Note and Warrant Purchase Agreements with institutional investors, issuing convertible promissory notes totaling $20.0 million ($14.0 million in March 2023 and $6.0 million in December 2023) and warrants to purchase over 5.3 million shares.

Inbound Investments

• In August 2025, Odyssey secured additional funding through the exercise of investor stock purchase options, providing sufficient capital to fund the company's operations for the remainder of the year.
• Existing investors invested more than $2 million in April 2025 by exercising options under a Securities Purchase Agreement from December 2024 or by exercising warrants.
• Over the two years leading up to 2025, institutional investors purchased a total of 5,728,603 shares of Odyssey Marine Exploration, representing approximately $4.78 million in transactions.

Outbound Investments

• In early 2022, Odyssey formed a new joint venture with BlueSea Minerals, Ltd. and BlueSea Minerals Brasil Ltda., securing a 75% interest in exclusive rights to 19 prospective phosphate areas in a South American country's Exclusive Economic Zone.
• The company has also pursued a significant partnership for a fertilizer project in Mexico, aligning with its strategic focus on diversifying into critical mineral assets.
• Odyssey recently collaborated with Great Lakes Dredge & Dock Corporation to enhance its capabilities for advancing a proposed lease for marine mineral exploration and development rights in the U.S. outer continental shelf.

Capital Expenditures

• Odyssey Marine Exploration's capital expenditures are primarily directed towards the discovery, validation, and development of subsea mineral deposits, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers.
• Significant investments have been made in strategic diversifications and exploration activities, such as the deployment of autonomous benthic mini landers in the Cook Islands' Exclusive Economic Zone in October 2025.
• Future capital expenditures are anticipated to support the advancement of its diversified portfolio of critical mineral assets, capitalizing on growing policy support for offshore critical mineral development in the U.S. and globally.