Meson Capital has a new report on Odyssey Marine Exploration Inc (NASDAQ:OMEX).

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.

OMEX Odyssey Marine Exploration Meson Capital

This report is a follow up to our first 66-page report published October 31, 2013 which can be found at
Since our initial report on Odyssey Marine Oct 31st, we have continued to dig deeper and posted three
reports without response from the company:
1) We uncovered and confirmed via FOI that the UK Government is investigating OMEX re: HMS
Victory related to violations of the MMO from multiple potentially unauthorized activities over
the last several years including last summer (not from 2008 as some message board posters
such as “Green River” have attempted to misconstrue).1

2) We obtained evidence that the “commodity shipwrecks” are likely to be the “Blockade Runners”
containing Nazi German war cargo where we believe there are likely to be a significant legal
challenges in asserting a claim to the cargo2
3) Among other things, in OMEX’s most recent 10-Q filed Nov 12th, it appears that Neptune
Minerals Inc. lost $25mm in its most recent fiscal year ended June 30, 2013 – bringing
cumulative losses of that enterprise to $49mm, FAR more than OMEX’s previous disclosure just
3 months prior that “we believe their cumulative loss for their fiscal year end June 30, 2013 will
be several million dollars.” OMEX further lent $500,000 to Neptune in Q3 but it appears to now
be insolvent3
As we have exposed each hollow “opportunity”, investors who desperately want to believe have dug
their heels in to the idea Oceanica is the great opportunity worth multiples of the current market cap,
still at nearly $200mm. While at some level, we are impressed at OMEX’s ability to assemble a
shareholder base with the loyalty of Heaven’s Gate, we believe this is loyalty in the absence of merit and
shareholders deserve the truth and responses to this and previous questions.

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.

Full Meson Capital Partners report below in pdf and scribd


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