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Cook Islands Polymetallic Nodule Exploration Program

Polymetallic Nodules

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Ownership

Odyssey has ownership stakes in and provides marine services to two of the three exploration license holders in the Cook Islands’ EEZ.

  • CIC Limited: ~14.2% equity interest

  • OML: ~6.28% equity interest.

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Resource

Polymetallic nodules lie at a depth of 4,500-5,300 meters in an area known as the abyssal plain. The Cook Islands EEZ boasts the world's largest documented collection of polymetallic nodules, estimated at a staggering 6.7 billion tonnes.

Investors are encouraged to read these cautionary notes which can be found here. 

The polymetallic nodules in the license areas being explored by Odyssey and its partners could double the global supply of cobalt, a necessary mineral to power a green future.

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The Cook Islands Seabed Minerals Authority (SBMA) has granted three exploration licenses to assess and develop polymetallic nodule resources within its exclusive economic zone (EEZ).

 

Odyssey is actively invested in and provides services to two of the license holders, supporting their exploration efforts and contributing to key milestones in understanding and developing these critical mineral resources.​

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Ocean Minerals LLC (OML)

Ocean Minerals LLC (OML) is a deepwater critical minerals exploration company focused on advancing resource development in the Cook Islands. OML’s research vessel, Anuanua Moana, has played a critical role in providing high-quality scientific and exploration data, contributing to a greater understanding of the Cook Islands’ seafloor ecosystem. Over the past year, OML has completed multiple expeditions, achieving significant milestones, including:

  •  A complete mapping of the licensed exploration area.

  • Collection and independent analysis of seabed sediment and mineral samples.

  • Recovery of a five-tonne bulk nodule sample to support metallurgical process development.

  • Data analysis and updates to resource estimates, aligning with the Joint Ore Reserve Committee (JORC) standards.​

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CIC Ocean Research

CIC Limited (CIC) is a deep-sea mineral exploration company dedicated to unlocking critical resources from the ocean floor supported by a consortium of industry leaders—including Odyssey Marine Exploration and Royal Boskalis Westminster

CIC initiated offshore exploration and research operations in 2022, yielding promising results:

  • Early sampling and testing validated vessel and equipment capabilities.

  • Preliminary resource sampling contributed to ongoing resource evaluation.

  • Environmental assessments were integrated into exploration efforts to ensure responsible development.

These findings are laying the groundwork for long-term operational success over the license period, while also informing regional environmental studies essential for future sustainability.

JORC Resource Estimate Provided by the SBMA 

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NOTES

  • Nodule estimate on a wet basis, with a 5 kg/m^2 nodule abundance cutoff

  • Estimated resource provided at an indicated + inferred confidence level

  • Titanium and Rare Earth Elements not considered in the 2023 JORC made available by the SBMA; past analysis suggests enrichment of these minerals in nodules from the Cook Islands’ EEZ

  • JORC does not account for all of CIC area

  • CIC figures for CBG 01-09; CBG 10 not included 

  • Iron tonnes shown on an Fe2O3 basis

SOURCE: 2023 Cook Islands Polymetallic Nodule Deposit: Technical Report and Supporting Documentation for the Cook Islands Nodules Resource Estimate written RSC published by SBMA in April 2023

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