American Ocean Minerals and Odyssey Marine Announce $1 Billion Merger to Establish Leading U.S.-Controlled Deep-Sea Critical Minerals Platform
American Ocean Minerals Corporation and Odyssey Marine Exploration, have entered into a definitive merger agreement that will combine their respective capabilities to form a major new force in the global deep-sea critical minerals sector. The transaction marks a significant milestone in the evolution of marine resource development, positioning the combined entity as a leading U.S.-controlled platform focused on the exploration, research, and eventual extraction of critical minerals from the ocean floor.
The merger values the combined company at approximately $1 billion and is supported by strong financial backing. This includes a private placement exceeding $150 million from a group of prominent institutional and strategic investors. In addition, AOMC previously completed a $75 million pre-public financing round in February, further strengthening its capital base ahead of the transaction.
Upon completion of the merger, the combined organization will operate under the American Ocean Minerals Corporation name and is expected to list on the Nasdaq stock exchange under the ticker symbol “AOMC.” The transaction remains subject to customary closing conditions, including shareholder approvals and regulatory clearances.
Building a Scaled U.S. Deep-Sea Minerals Platform
The merger between AOMC and Odyssey is designed to create a comprehensive, vertically integrated platform capable of advancing deep-sea mineral exploration and resource development at scale. By combining AOMC’s resource portfolio and financial backing with Odyssey’s operational expertise and public company infrastructure, the new entity aims to accelerate the commercialization of seabed mineral resources.
AOMC has already secured exploration rights in some of the most prospective and strategically important deep-sea regions globally. The company has also established partnerships that support an asset-light operating model, leveraging retrofitted vessels and proven subsea technologies to minimize upfront capital intensity while maintaining operational flexibility.
Odyssey contributes over three decades of offshore operational experience, as well as a portfolio of intellectual property and technical know-how related to marine exploration and subsea project execution. Its experience navigating complex regulatory environments and executing offshore missions will play a critical role in advancing AOMC’s exploration and development programs.
Together, the combined company will benefit from a strong public-market platform, diversified asset base, and the technical and operational expertise required to bring deep-sea mineral projects closer to commercial reality.
Leadership Team with Deep Industry Expertise
The newly formed company will be led by an experienced management team with extensive backgrounds in mining, finance, and offshore operations. Tom Albanese, former Chief Executive Officer of Rio Tinto Group, will serve as Chairman, bringing decades of leadership experience in global mining and resource development.
Mark Justh, Chief Executive Officer of AOMC, will lead the combined organization. Justh has a strong background in capital markets, having held senior roles at major financial institutions such as JPMorgan Chase and Goldman Sachs. His expertise in structuring complex transactions and raising capital will be critical as the company advances its ambitious growth strategy.
The leadership team will also be supported by AOMC founding investor Mike Rowe, widely known as the founder of the mikeroweWORKS Foundation and a prominent media personality. His involvement underscores the broader importance of workforce development and industrial revitalization tied to the critical minerals sector.
Commenting on the transaction, Mark Justh emphasized the strategic timing of the merger, noting that multiple industry tailwinds are converging simultaneously. These include increasing global demand for critical minerals, growing emphasis on supply chain security, advancements in offshore extraction technologies, and improved understanding of environmental impacts and mitigation strategies.
Strategic Importance of Critical Minerals Supply Chains
The combined company is positioning itself at the center of a rapidly evolving global landscape where access to critical minerals such as nickel, cobalt, copper, and manganese has become increasingly vital. These materials are essential for a wide range of applications, including electric vehicles, renewable energy systems, energy storage, and advanced electronics.
As countries seek to reduce reliance on foreign supply chains and enhance domestic resource security, deep-sea mineral resources have emerged as a potentially significant alternative source. The new AOMC platform aims to contribute to a more diversified and resilient supply chain, particularly for the United States and its allies.
Mark Gordon, Chief Executive Officer of Odyssey, highlighted that the merger builds on Odyssey’s long-standing foundation of offshore innovation and operational excellence. He noted that the company’s experience in executing complex marine projects and working within regulatory frameworks will be instrumental in advancing the combined entity’s asset portfolio.
Long-Term Investment and Development Strategy
Looking ahead, the combined company plans to make substantial investments over the next decade to unlock the value of its deep-sea mineral assets. These investments will be directed toward a range of activities, including:
- Conducting technical and feasibility studies
- Advancing environmental research and impact mitigation strategies
- Developing and deploying environmentally responsible harvesting technologies
- Retrofitting and constructing specialized offshore vessels
- Establishing mineral processing capabilities
- Building supporting infrastructure for logistics and operations
These efforts are expected to generate long-term value for shareholders while also delivering economic benefits to key stakeholders, including the United States, the Cook Islands, and other partner jurisdictions.
Dual-Track Regulatory Strategy for Exploration
A key differentiator for the combined company is its diversified regulatory approach, which spans both sovereign and international frameworks. AOMC is developing a dual-track portfolio that includes projects in the Cook Islands’ exclusive economic zone (EEZ) as well as U.S.-regulated international waters.
Across five secured and target exploration areas, the company will have access to more than 500,000 square kilometers of prospective seabed. These areas are known to contain significant quantities of polymetallic nodules rich in critical minerals.
The Cook Islands Pathway
One of the primary areas of focus is the Cook Islands EEZ, a jurisdiction that has established a clear regulatory framework for seabed mineral development. The combined company will hold interests in two of the three licensed exploration projects in the region: Moana Minerals Ltd., a subsidiary of Ocean Minerals LLC, and CIC Limited.
These license areas collectively represent a substantial resource base, including approximately 417 million tonnes of indicated resources and more than 2 billion tonnes of inferred resources, according to S-K 1300 technical reports.
A preliminary economic assessment for the Moana-1 asset, completed in early 2025, confirmed the presence of high-quality polymetallic nodules with strong resource density. This supports progression to the next stages of development, including pre-feasibility studies and environmental assessments.
Similarly, initial assessments for the CIC license area indicate an inferred resource of approximately 1.95 billion tonnes, with significant potential for expansion given its size, which is estimated to be five to six times larger than Moana-1.
The Cook Islands government has implemented a comprehensive regulatory framework through the Seabed Minerals Act 2019 and subsequent Harvesting Regulations in 2024. This provides a structured and nationally governed pathway for responsible resource development.
The U.S. Sovereign Pathway
In parallel, AOMC is advancing exploration opportunities under U.S. jurisdiction through compliance with the Deep Seabed Hard Mineral Resources Act. Administered by the National Oceanic and Atmospheric Administration (NOAA), this framework allows U.S.-based companies to explore and potentially develop seabed resources in international waters.
The company has already achieved full compliance for two exploration applications under this regime, covering areas that contain an estimated 1.4 billion tonnes of inferred resources.
This dual approach—combining sovereign and international regulatory pathways—enhances the company’s strategic flexibility while reducing regulatory risk and supporting long-term project development.
Commitment to Responsible Development
Environmental stewardship remains a central pillar of the combined company’s strategy. Leadership has emphasized a commitment to advancing deep-sea resource development in a responsible and sustainable manner, leveraging scientific research and technological innovation to minimize environmental impact.
Chairman Tom Albanese noted that the industry has made significant progress over the past decade in establishing standards for responsible development. He emphasized that AOMC intends to build on this foundation and play a leading role in shaping the future of sustainable deep-sea mining.
Positioning for Future Growth
With a strong capital base, experienced leadership team, diversified asset portfolio, and dual-track regulatory strategy, the newly formed American Ocean Minerals Corporation is well positioned to become a key player in the global critical minerals market.
As demand for these essential resources continues to rise, the company aims to deliver scalable solutions that support industrial growth, energy transition goals, and supply chain resilience. The merger with Odyssey Marine represents a pivotal step toward achieving these objectives and establishing a new benchmark in deep-sea resource development.
Source link: https://www.businesswire.com/