Odyssey Gives Up Control For Distressed Loan, Significantly Dilutes Potential Upside

  • March 13, Friday afternoon, OMEX announced a dilutive distressed loan to Minera del Norte (MINOSA), a Mexican iron and coal company that will give them control of the Company.
  • MINOSA received a call option to purchase all of OMEX’s Oceanica stake for $40mm which it could exercise tomorrow if it wanted.
  • The loan is distributed monthly to fund OMEX’s cash burn BUT MINOSA can determine to not proceed to at its SOLE DISCRETION if it does not like Oceanica.
  • Is OMEX abandoning the shipwreck business entirely with this deal as well as HMS Victory’s recent failure? Will OMEX be the next Chatham Rock Phosphate?
  • Though this deal prevents imminent bankruptcy, it carries a heavy cost and severely limits any upside for current shareholders even in the best case scenarios for Oceanica.

Click here to Accept our Terms of Service and access our:

Odyssey Slammed In UK Parliament, Promotion Techniques Exposed, Calls To Cancel HMS Victory Contract

  • Today in an adjournment debate in the UK House of Commons, MP and Shadow Minister of Defence Kevan Jones slammed Odyssey Marine and its involvement in the HMS Victory.
  • The MP also exposed OMEX's techniques for raising money: making exaggerate and unproven claims via third parties that can then be repeated by newspapers. Called for SEC to investigate.
  • Calls for investigation why OMEX appears to have underpaid the UK Government by $4.9mm for SS Gairsoppa recovery.
  • Calls for an immediate cancellation of the HMS Victory contract with the MHF and OMEX.
  • Respondent confirms the HMS Victory IS subject to a judicial review commencing so had to be careful about verbal response given potentially imminent court actions.

Click here to Accept our Terms of Service and access our:

Odyssey Preps Excuses For Oceanica Failure, Looks To Recycle Old Projects, Dilute

  • Nov 4: OMEX placed a PAID INSERT into a Mexican newspaper formatted deceptively to resemble an actual article: called local Fishing Coops and journalists criminals for opposing mining project.
  • Nov 5 Oceanica public consultation had over 350 protesters despite sneaky last minute date shift; another less complex Baja mine proposal just withdrew after failing to receive environmental approval.
  • Rumors circulating that OMEX about to announce “new” HMS Gloucester project which sank slowly in only 35 feet of water, recorded eye witness accounts treasure was removed prior to sinking.
  • Neptune Minerals appears to be shuttered, phones no longer active. SSCA still stuck in court with no cash received yet. Admiral Balchen descendants state “No evidence” of treasure aboard Victory.
  • Expect a bankruptcy filing or another dilutive capital raise from OMEX, shortly.

Click here to Accept our Terms of Service and access our:

Odyssey Jettisons Lottery Ticket Upside With New HMS Victory Deal

  • New HMS Victory deal with the MHF and UK MOD conforms to the UNESCO CPUCH Annex which prohibits commercial sale of recovered artifacts and requires the collection kept intact.
  • Wessex Archeology report that it is “highly unlikely” that there is gold; speculation of “secret undocumented gold” based on a single unsourced Dutch newspaper clipping.
  • Soonest excavation could begin is 3-5 months, still could be derailed: MMO may not approve; true Balchen descendants may demand judicial inquiry; OMEX cash balance perilously low.
  • Will OMEX try to raise equity based on yet another "Secret Gold" project with no direct evidence?  "Fool me once, shame on you, fool me twice, shame on me"
  • New fee-for-service model and no "lottery ticket" upside highlights unviability of current business model with high debt load and corporate overhead.

Click here to Accept our Terms of Service and access our:

Oceanica Looks Dead In The Water: Environmental Opposition

  • Six+ weeks and counting: EIA still not even filed despite OMEX management saying “Completed” at Annual Meeting, NI43-101 report also still not filed.
  • Pro-mining environmentalists and fishing organizations in Baja, Mexico are highly opposed to Oceanica despite EIA not even filed yet. Oceanica appears to overlap numerous commercial fishing concessions.
  • OMEX now in last ditch effort to raise capital by selling unregistered securities in Oceanica (We believe in the UK) to pay for corporate cash burn before Oceanica could officially be shut down.
  • Last month of work at SS Central America only brought up <150 double eagles, credit line likely already tapped out: OMEX appears to be out of cash early August.
  • Large Strategic players already evaluated and passed on offshore phosphate mining in Mexico, not a new idea! Could recreate the Oceanica asset at nominal cost: will not buy Oceanica.

Click here to Accept our Terms of Service and access our:

Is Oceanica’s EIA Deliberately Not Being Filed While Trying to Raise Capital?

·         OMEX announced June 4th that the Environmental Report (EIA) for Oceanica was “completed and ready to be filed shortly”: as it is STILL not filed, this is clearly deliberate
·         We believe OMEX has chosen not to file the EIA because they know it will expose the project as environmentally and economically unviable: most mining projects die in this phase
·         OMEX appears to be desperately attempting to raise capital to cover a current cash balance under $2mm that is likely to be zero soon as cash burn remains $3mm/month
·         An Oceanica capital raise would immediately be funneled to OMEX corporate to pay high compensation and ongoing cash burn, while diluting OMEX shareholders’ upside

·         JP Morgan is definitively NOT assisting OMEX on a capital raise for Oceanica, only potential “strategic” deals which we are highly doubtful of

Click here to Accept our Terms of Service and access our:


New OMEX disclosures indicate two facts that should be highly concerning to Mako Resources investors.

1) Oceanica (OMEX's 54% controlled Bahamas -> Panama -> Mexican mining venture) has less than $400k in the bank.

2) Oceanica has a payable of $10mm to OMEX for services performed.

We detail the highly unusual capital raise structure and the questions Mako investors need to ask to protect their interests.

Click here to Accept our Terms of Service and access our:


On March 4th, Neptune Minerals, ~30% owned by Odyssey Marine, has been attempting to raise $5mm of capital at a valuation below $10/share (of Neptune).  In the most recent investor presentation posted on their website dated September 2013, OMEX claimed this to be valued at $17.50/share and their stake was worth $108 Million.  This is directly contradicted by the currently circulating term sheet (click here).

Further related updates:

1) John Morris has just recently resigned as CEO of Seagrass Recovery Inc

  Seagrass Recovery is run out of the same office as Neptune Minerals (where John Morris is also CEO) which employs Josh Adam, manager of Mako Resources LLC which funded OMEX via sales of Oceanica shares.

2) According to the most recent 10-K, OMEX lent $500,000 to Neptune Minerals in Q3 2013 and wrote the value of this loan to $0 in Q4 2013.  If the more senior loan is worth $0 what is the equity worth?  We believe $0.



In a new 11 page report dedicated primarily to the SS Central America, we conclusively show there is no "secret army gold" that OMEX has seeded as fact to certain investors as well as highlight their desperate need to raise equity capital or face bankruptcy.

1) Ryan Morris, President of Meson Capital, pledges to donate all personal profits from OMEX short sale to charity.

2) OMEX track record of 17 claimed ships: 14 did not materialize, 1 taken by government, 2 below expectations.

3) Thorough research on SS Central America conclusively indicates NO secret army gold stash and likely uneconomic project for OMEX.

Click here to Accept our Terms of Service and access our:


In a new 22 page report dedicated to OMEX’s Oceanica project we highlight numerous risk factors that OMEX has not disclosed to the public.

1) Phosphate commodity prices have declined 44% in the last year and 35% since June 2013 when Mako last invested by exercising its options (then at a 50% discount rate). 

2) This mining concession is not new, the area has been tested before numerous times and has never proven viable.  OMEX itself makes no claims of new proprietary technology that would change the cost structure significantly.

3) The environmental permitting process is extraordinarily difficult to pass through in general and there are a number of specific hurdles for the region where Oceanica is located, including a direct conflict of interest with the large local fishing industry, that we believe will make it impossible.

Click here to Accept our Terms of Service and access our:


Do Investors Know What Lies Beneath the Surface? Part 2

Scroll down for initial report dated October 31, 2013.

SAN FRANCISCO, CA, November 15, 2013 – Meson Capital Partners, LLC, today publishes 30 pages of updated findings as part of its intensive investigation into Odyssey Marine Exploration (“OMEX” or “Company”).  The update addresses OMEX's "response" to the initial report on the conference call November 5, 2013, which was not generally open to Q&A.  Updates include in-depth research into the subsea mining business and the commodity shipwreck business.  This updated report includes very pointed questions based on feedback from numerous whistle-blowers who came forward after our initial report.

​Summary Points of our New Report:

  • OMEX held their first conference call in approximately 2 years on November 5th to respond to our report. However, OMEX failed to give complete answer our questions or indicate even a single factual inaccuracy in our report and instead relied on distortionary public relations techniques, which we expose here.
  • OMEX’s most recent 10-Q filed November 12th has numerous revisions that we highlight including that Neptune Minerals, Inc. – claimed as a source of $108mm of “off balance sheet value” - appears to have lost $25mm last year and as a result of these losses, we believe, may now be insolvent.
  • Further research into the Oceanica undersea mining project indicates that investors should be very skeptical of management claims that this is a "world-class" resource, an empty term used by numerous other failed mining companies we discuss.
  • OMEX has delayed its Commodity shipwreck business from end of 2013 to 2H 2014 according to its most recent 10-Q.
  • Despite claims as recent as August 8th of 600,000 oz of silver, OMEX discloses for the first time they have not found silver on the Mantola.
  • We believe the “four separate 20th-century shipwrecks” that OMEX touts are likely Nazi cargo ships and if so, we question how they could possibly have a valid cargo “rights secured under contract.”

Click here to Accept our Terms of Service and access our:

SAN FRANCISCO, CA, October 31, 2013 – Meson Capital Partners, LLC, a leading activist fund manager, has been conducting an intensive investigation into Odyssey Marine Exploration (“OMEX” or “Company”) over the past several months.  The investigation is ongoing and utilizes publicly available information.  Today, we are publishing our findings to date for the benefit of OMEX stockholders.  We believe stockholders have been grossly misinformed about the Company’s history, business affiliations, and prospects.

​Summary Points of our Investigation:

  • OMEX co-founders, Greg Stemm and John Morris are seasoned stock promoters whose previous company, Seahawk Deep Ocean Technologies (SHWK: $0.0012) was subject to litigation by the SEC.
  • Since 2000, OMEX executives and directors have been directly compensated over $20 million cash and have sold net $5 million of stock while shareholders have accumulated losses of $180 million.
  • We believe UNESCO’s new regulations that protect national gravesites and heritage make OMEX’s business of for-profit historic shipwreck hunting unviable.
  • We are investigating management representations regarding “$179 million of Off Balance Sheet Value Creation” and based on our findings to date, believe these values are inflated by at least a factor of 10 based on non-arm’s length transactions.
  • We question why OMEX recently formed offshore subsidiaries in Panama, Bahamas, and Mexico and are troubled by ties we discovered to questionable business partners.

Shareholders Deserve Answers:

  • Please explain precisely the business purposes of OMEX’s offshore subsidiaries formed in 2013?
  • Why did you choose to partner with DNA, Ltd. Inc. in Panama?  Were you aware of the questionable track record of the principal members?
  • Since leaving the Company in 2008, how much cash has OMEX co-founder John Morris his affiliated entities been paid by OMEX?
  • How much cash has OMEX received from John Morris and his affiliated entities?
  • Has Josh Adam, SVP of Neptune Minerals and Manager of Mako Resources LLC, ever received compensation directly or indirectly from OMEX?

Click here to Accept our Terms of Service and access our:

What do we want? 

​We fundamentally want the same thing that anyone long OMEX stock wants: Answers to our questions and more specific information about the company's operations, not vague platitudes or promises.

What is our motivation?

Our actions are all consistent with our words. We are short the stock because we believe if the Company provides true and clear answers to the serious questions we have raised then it will be readily apparent to ALL investors that the company, as it is currently performing, has approximately zero economic value to shareholders. We may be wrong in that belief and the stock may be worth some higher number, in which case, great, that's how markets are supposed to work!

If you own the stock, you deserve answers more than anyone, so demand them from YOUR company. As shareholders, management reports to YOU.

Terms of Service

By downloading from, or viewing material on, this website you agree to the following Terms of Service. You agree that use of Meson Capital Partners LLC’s research is at your own risk. In no event will you hold Meson Capital Partners LLC or any affiliated party liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence before making any investment decision with respect to securities covered herein. You represent to Meson Capital Partners that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this site. You further agree that you will not communicate the contents of this report to any other person unless that person has agreed to be bound by these same terms of service. If you download or receive the contents of this report as an agent for any other person, you are binding your principal to these same Terms of Service.​

You should assume that as of the publication date of our reports and research, Meson Capital Partners, LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines. We intend to continue transacting in the securities of issuers covered on this site for an indefinite period after our first report, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation.

If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of: (a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); or (b) high net worth entity falling within Article 49 of the FPO.​

This is not an offer to sell or a solicitation of an offer to buy any security, nor shall Meson Capital Partners offer, sell or buy any security to or from any person through this site or reports on this site.

Our research and reports express our opinions, which we have based upon generally available information, field research, inferences and deductions through our due diligence and analytical process. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Meson Capital Partners, LLC makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. Further, any report on this site contains a very large measure of analysis and opinion. All expressions of opinion are subject to change without notice, and Meson Capital Partners, LLC does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.​

You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link: http://www.omextruth.com/. If you have obtained Meson Capital Partners research in any manner other than by download from that link, you may not read such research without going to that link and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the Meson Capital Partners Research website or viewing the material hereon shall be governed by the laws of the State of California, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of California and waive your right to any other jurisdiction or applicable law, given that Meson Capital Partners, LLC has offices in California. The failure of Meson Capital Partners, LLC to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.