Denver, Colorado - American Ocean Minerals Corporation (AOMC) and Odyssey Marine Exploration (NASDAQ:OMEX) announced a definitive merger agreement that will create one of the largest U.S.-controlled platforms focused on deep-sea critical minerals. Valued at approximately $1 billion, the combined company aims to play a central role in securing supply chains for essential resources such as nickel, cobalt, copper, and rare earth elements, materials critical to energy, defense, and advanced manufacturing industries.
The newly formed entity, which will operate under the AOMC name and is expected to trade on Nasdaq under the ticker “AOMC,” brings together complementary strengths. AOMC contributes capital, strategic mineral rights, and a diversified international portfolio, while Odyssey adds more than three decades of offshore operational expertise, intellectual property, and a public company structure. Together, they are building a scalable platform for deep-sea exploration, harvesting, and processing of polymetallic nodules.
Leadership of the combined company reflects deep industry experience. Chairman Tom Albanese, known for his tenure leading global mining giant Rio Tinto, will guide strategic direction, while CEO Mark Justh brings over 30 years of capital markets experience. The leadership team is further supported by founding investor and advisor Mike Rowe, a prominent advocate for skilled trades and American reindustrialization.
Financially, the transaction is backed by significant investor support, including more than $230 million in total equity capital raised. This includes over $150 million from institutional and strategic investors, along with $75 million in pre-public financing. Upon closing, the combined company is expected to have approximately $175 million in cash, positioning it to accelerate exploration programs and infrastructure development.
A key strength of the merger lies in its diversified asset base. The company will control exploration rights across more than 500,000 square kilometers of prospective seabed, including highly sought-after zones in the Cook Islands and U.S.-regulated international waters such as the Clarion-Clipperton Zone. Notably, AOMC holds interests in two of the three licensed exploration areas within the Cook Islands, regions believed to contain vast quantities of polymetallic nodules and rare earth elements.
The transaction also reflects a dual regulatory strategy. In the Cook Islands, the company operates within a defined national framework governing seabed mineral development, while in U.S.-regulated international waters it is advancing under the Deep Seabed Hard Mineral Resources Act. This dual-track approach provides both geographic and regulatory diversification, helping mitigate risk while advancing resource development.
Operationally, the combined company plans substantial long-term investment in environmentally responsible extraction technologies, vessel retrofitting, processing facilities, and supporting infrastructure. These efforts will be guided by increasing regulatory clarity and growing global demand for critical minerals, particularly as nations seek to reduce dependence on foreign supply chains.
As part of the transaction, Odyssey will divest certain non-core assets, including its Mexican phosphate project, streamlining its focus on deep-sea minerals. The merger, structured as an all-stock transaction, has already received unanimous board approval from both companies and support from shareholders representing approximately 30% of Odyssey’s outstanding shares. It is expected to close in mid-to-late 2026, pending regulatory and shareholder approvals.
Overall, the merger represents a significant step in building a U.S.-aligned deep-sea minerals platform. By combining financial resources, technical expertise, and strategic mineral access, AOMC and Odyssey are positioning themselves at the forefront of a rapidly evolving industry that sits at the intersection of energy security, advanced manufacturing, and global resource competition.
