On April 23, President Donald Trump shook up the critical minerals landscape by signing an executive order to fast-track deep-sea mining permits under the Deep Seabed Hard Minerals Resource Act and beyond U.S. waters, an explicit bid to break China’s stranglehold on nickel, copper, manganese and other metals vital to electric vehicles, renewable energy, and defense technologies. 

With more than 1 billion metric tons of polymetallic nodules lying off the U.S. continental shelf, the move could boost GDP by $300 billion and create 100,000 new jobs over the next decade, if companies can navigate the regulatory and environmental hurdles ahead.

Amid this policy sea change, one of the most interesting emerging contenders is Odyssey Marine Exploration (OMEX), whose shares have soared nearly 200% over the past month on the news.  OMEX, focused on reconnaissance, nodule processing technology, and joint-venture pipeline development, may stand to deliver even bigger upside.

For investors hunting a deep-sea play with multibagger potential, here’s why OMEX may be the most compelling deep-sea mining play.

About OMEX Stock

Odyssey Marine Exploration (OMEX) (OMEX) is a Florida-based leader in subsea mineral exploration with over 30 years of deep-ocean experience. The company has mapped 75,000 square kilometers of seabed and focuses on critical minerals.

Previously known for shipwreck recovery, Odyssey gained fame in the 2000s after discovering a Spanish ship with $500 million in treasure, which was later lost to Spain in a legal battle. Since then, it has transitioned to ocean mining, with active exploration projects near the Cook Islands and Papua New Guinea.

Valued at a small market cap of $38 million, shares of OMEX have been highly volatile over the past few years. In 2025, the stock surged 66% following positive developments in its seabed mining projects, which reignited investor interest. Despite this rally, OMEX shares remain down approximately 66% over the past 52 weeks, reflecting the stock’s speculative nature and the broader uncertainty surrounding early stage ocean mining ventures.

Positive Cash Flow Marks Financial Milestone

Odyssey Marine Exploration has entered a critical phase in its development. The company reduced its current liabilities from $31.5 million to $22.5 million in fiscal 2024, signaling stronger financial management. Total assets now stand at $18.49 million.

This financial shift comes as Odyssey reiterates its focus on advancing a diversified portfolio of critical mineral assets. While much attention has been directed toward the company’s NAFTA arbitration case, management emphasizes that the broader project pipeline holds greater long-term value.

Last year, the company achieved several notable milestones, including a key strategic move in Mexico’s Exclusive Economic Zone, where it formed a joint venture with Capital Latinoamericano (CapLat) to advance a fertilizer project. The project aims to develop subsea phosphate resources, an essential input for global fertilizer production. This partnership blends Odyssey’s subsea expertise with CapLat’s agricultural experience and supports Mexico’s food security initiatives.

In parallel, Odyssey continues its polymetallic nodule exploration in the Cook Islands EEZ. These nodules contain critical battery metals such as cobalt and nickel. Given the global demand for energy transition materials, this project has the potential to significantly impact supply chains.

Moreover, the company is expanding its Global Prospectivity program to identify early stage projects in jurisdictions open to subsea mineral development.

Overall, Odyssey is stabilizing its financial foundation while progressing strategically relevant projects across high-demand mineral sectors. The company appears positioned for long-term value creation.

Is OMEX Stock a Buy Now?

Due to its status as a penny stock, OMEX remains largely uncovered by Wall Street analysts. Currently, only one analyst tracked by Barchart covers the stock, assigning it a “Strong Buy” rating.

This bullish analyst has also set a lofty price target of $7.50, implying the stock could soar more than 550% from current levels.

While investing in OMEX could potentially yield multibagger returns, investors should note that, as a penny stock, it carries high risk and could go either way.