BOEM announced that it has begun a formal review of Odyssey Marine Exploration’s unsolicited request for a marine mineral lease sale in federal waters offshore Virginia. The request, submitted on November 13 2025, seeks to secure rights to a 1,200‑acre area that is believed to contain heavy mineral sands rich in titanium, zirconium, rare‑earth elements, and phosphate.
The review marks a key regulatory milestone for OMEX, a company that has shifted its focus from episodic shipwreck recoveries to deep‑sea mineral exploration. In recent quarters, OMEX reported a sharp decline in revenue and a net loss, driven by the high costs of shipwreck operations and limited demand for recovered artifacts. The company’s management has positioned the mineral lease as a strategic pivot toward a recurring revenue model based on critical‑mineral extraction, which is expected to support long‑term financial stability.
BOEM’s next step is to publish a Request for Information and Interest (RFI) in the Federal Register, inviting stakeholders to provide input on geological potential, environmental impacts, and compatibility with existing ocean activities. The non‑competitive leasing process typically takes about 12 months, after which BOEM may award a lease if the area meets its criteria. OMEX has already secured a collaboration agreement with Great Lakes Dredge & Dock Corporation to provide dredging services should the lease be awarded.
Mark Gordon, OMEX’s Chairman and CEO, said the review “is an important step toward responsibly evaluating the mineral potential of the U.S. Outer Continental Shelf. Reliable access to critical minerals is essential to America’s economic vitality and national security.” He added that the momentum from U.S. policy on offshore minerals has accelerated regulatory and investor engagement, positioning OMEX to convert technical progress into measurable results.
The announcement comes at a time when the U.S. government is prioritizing domestic critical‑mineral supply chains. By securing a lease in Virginia, OMEX could become a key player in the emerging offshore mining sector, potentially generating a new source of recurring revenue that aligns with national security interests and the company’s long‑term growth strategy.
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