American Ocean Minerals Corporation and Odyssey Marine Exploration have agreed to combine their operations in a merger that will create a U.S.-controlled deep-sea critical minerals company with an estimated value of approximately US$1 billion.
The combined business is expected to focus on the exploration, harvesting and processing of polymetallic nodules from deep-sea environments, with project interests covering U.S.-licensed international waters and allied sovereign waters. The portfolio includes two of the three exclusive licensed exploration areas in the Cook Islands.
Transaction creates publicly traded critical minerals company
The merger includes more than US$230 million in total equity capital raised, consisting of more than US$150 million from institutional and strategic investors and US$75 million in pre-public financing. Following completion of the transaction, the combined company is expected to hold approximately US$175 million in cash at closing. The company is expected to trade on Nasdaq under the ticker AOMC, subject to regulatory approvals and customary closing conditions.
Deep-sea nodules form basis of development strategy
The merged company’s focus differs from conventional mining projects based on open-pit operations, underground mines or land-based processing facilities. The development strategy centres on polymetallic nodules, which contain metals used in sectors including battery manufacturing, advanced manufacturing and defence supply chains. The project model depends on advancing deep-sea exploration activities, developing harvesting systems, establishing processing pathways and completing technical programmes required to evaluate commercial potential.
Regulatory and technical programmes remain key focus
The merger combines capital resources, public-market access and offshore operating experience into a single platform focused on deep-sea mineral development. Future evaluation of the business will involve technical programmes, feasibility studies, harvesting technology development, processing solutions and regulatory approvals. The company’s activities will also involve consideration of seabed impacts and mitigation measures as deep-sea mineral extraction continues to face environmental review and regulatory requirements.
