Odyssey Marine Exploration is a seafloor mineral exploration and development company. Odyssey identifies and advances subsea mineral deposits — including phosphate, polymetallic nodules, gold, and critical mineral sands — toward commercial extraction, applying deep-ocean expertise down to 6,000 meters. The company is pre-revenue and exploration-stage; none of its projects are in commercial production. Odyssey operates with a small core team and relies on contracted vessels, marine technicians, and consultants for offshore work. Its business model is atypical: rather than funding projects outright, Odyssey funds operations through equity sales in individual projects, services-for-equity arrangements with third-party operators, and litigation proceeds. The most advanced project is Phosagmex, a shallow phosphate sand deposit in Mexico's Gulf of Ulloa, developed in a 50/50 JV with Mexican partner CapLat targeting fertilizer producers — though the project has faced prolonged regulatory battles and still requires an environmental permit. Odyssey also holds minority equity stakes in two Cook Islands deep-sea mineral projects earned through services. In Papua New Guinea, Odyssey owns 85.6% of Bismarck Mining, which holds an exploration license for subsea gold adjacent to a major terrestrial gold deposit. Most recently, Odyssey filed a lease application with U.S. regulators for a Mid-Atlantic area prospective for titanium, rare earths, and phosphate. Long-term, Odyssey aims to either operate mines directly or retain equity positions in projects that reach production, with earnings ultimately driven by ore volumes, commodity prices, and the cost economics of ship-based extraction.