OMEX · Odyssey Marine Exploration, Inc.

Summary

Odyssey Marine Exploration, Inc. entered into an Amended and Restated Joint Venture Agreement on February 27, 2026, with affiliates Oceanica Resources, S. de R.L., Oceánica Resources México, S. de R.L. de C.V., Phosagmex, S.A.P.I. de C.V., and Capital Latinoamericano, S.A. de C.V. to advance a fertilizer production project in Mexico. The Restated JV Agreement provides for termination only by mutual consent, eliminates termination fees, deems closing upon execution, and limits Odyssey's service obligations.

Key takeaways

• Entered Amended and Restated JV Agreement dated February 27, 2026
• Parties include Odyssey Marine Exploration Inc., CapLat, Oceanica, ORM, Phosagmex, and ExO
• Phosagmex holds 50% equity by ORM and 50% by CapLat
• Project involves phosphate ore extraction via dredging in Mexico's EEZ Gulf of Ulloa
• Restated agreement eliminates termination fees and rights
• Mining concessions 'Don Diego Reducción', 'Don Diego Norte', 'Don Diego Sur' assigned to Phosagmex
• Progress includes MIA application, business plan, exclusivity agreements with service providers