Odyssey Marine Exploration, Inc., a U.S.-based ocean exploration leader advancing critical-mineral resource development, announces that it has submitted an Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights to the U.S. Department of the Interior’s (DOI) Bureau of Ocean Energy Management (BOEM). Odyssey’s request is among the first under the Outer Continental Shelf Lands Act (OCSLA) of 1953 in U.S. jurisdiction under BOEM’s oversight.

The proposed lease area, located within the U.S. outer continental shelf (OCS) off the Mid-Atlantic coast, is highly prospective for heavy mineral sands rich in titanium, zirconium, rare earth elements (REEs), and phosphate. Together, these materials are critical to U.S. national defense, domestic manufacturing, and food security underpinning U.S. manufacturing and agriculture—from aerospace alloys and smartphones to medical devices and fertilizers. Additionally, offshore sand and gravel resources from the recovery process can support coastal resiliency efforts.

“U.S. waters hold tremendous strategic resource potential, and if Odyssey is successful in obtaining the proposed lease, it will represent another step in Odyssey’s strategy to expand its diverse portfolio and unlock new seafloor resource opportunities,” said Mark Gordon, Chairman and CEO of Odyssey Marine Exploration. “We’re seeing unprecedented momentum and funding from the U.S. government to advance projects that strengthen our critical mineral supply chains. Specifically, the U.S. is focused on developing ocean resources. Odyssey is well positioned to align private-sector innovation with public-sector support to secure America’s access to the materials that power our economy, strengthen our defenses, and support American jobs.”

If BOEM grants the requested lease sale at the conclusion of its process and Odyssey obtains the development rights, Odyssey’s project will commence with the collection of comprehensive environmental and geological data to inform responsible resource assessment and project design. If the project advances to recovery, operations will utilize shallow-water dredging, a well-established and extensively studied method already used regularly worldwide for navigation and coastal resilience, implemented in ways that mitigate potential impacts. Odyssey carefully selected the proposed lease area to avoid sensitive habitats, marine protected areas, and active maritime zones, as well as to respect conservation areas.

“Odyssey looks forward to working closely with BOEM and engaging constructively with various interested stakeholders throughout their review process. If we are successful in obtaining a lease, we also will work cooperatively to ensure that this project advances in a responsible, transparent, and science-based manner,” added Mr. Gordon.

Odyssey brings more than three decades of ocean exploration experience, including over 15 years dedicated to marine mineral research and development, to this project. Since 2021, Odyssey has been pre-qualified by BOEM to hold mineral leases.

If Odyssey obtains a lease, its capability to advance a project will be enhanced by the company’s recent collaboration agreement with Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the nation’s largest dredging contractor and a trusted federal partner for coastal restoration and resilience projects. GLDD has completed extensive work within the Chesapeake Bay and surrounding areas, maintaining more than 300 miles of navigation channels critical to regional and national commerce. The company’s projects have removed tens of millions of cubic yards of material while supporting beneficial reuse for ecosystem restoration, such as the Paul S. Sarbanes Ecosystem Restoration Project at Poplar Island.

Source: BUSINESS WIRE