Odyssey Marine Exploration advances Mexico Fertilizer Project with JV formation and provides corporate updates
Published by Emilie Grant,
Editorial Assistant
World Fertilizer,
Odyssey Marine Exploration, Inc., an ocean exploration pioneer engaged in the discovery, development, and extraction of strategic minerals that provide solutions to global challenges, has announced that it has completed the first of several key steps in the advancement of its previously disclosed joint venture with Capital Latinoamericano (CapLat).
The joint venture, formally named PHOSAGMEX, aims to establish a domestic fertilizer supply that enhances North American food security and supports sustainable agricultural practices. As part of this effort, an Odyssey subsidiary has initiated the transfer of legal rights to certain mining concessions to the joint venture.
“This progress comes at a time of heightened global focus on strategic minerals, including phosphate for fertilizers,” said Mark Gordon, Chairman and CEO of Odyssey. “Transferring project rights at this stage is a critical step in ensuring the success of the PHOSAGMEX initiative. We are pleased to be working with CapLat, led by Juan Cortina Gallardo, and believe this partnership gives the project its greatest chance of success. Juan brings invaluable leadership to PHOSAGMEX through his experience as former President of Mexico’s National Agricultural Council (Consejo Nacional Agropecuario), which represents over 80% of the country’s agri-food GDP, and his leadership at Siembra, CIMMYT, Santander Mexico, and Rabobank’s International Advisory Council.”
As Odyssey advances operational milestones, such as the PHOSAGMEX partnership, the company also remains focused on aligning its corporate structure and governance to support long-term growth. On June 9, 2025, Odyssey held its annual meeting of stockholders where stockholders voted on several proposals by the company, including election of directors, ratification of Grant Thornton LLP as the company’s independent public accounting firm, and an advisory “say on pay” approval of compensation of Odyssey’s named executive officers.
Although more than 80% of stockholders who voted approved the proposed amendment of the company’s Articles of Incorporation, including a proposed increase in the number of authorised shares of common stock and a reverse stock split, the proposals did not receive the requisite approval of a majority of the voting power of the company as required by Nevada law. Both proposals were intended to provide further flexibility for the company; the inability to implement them does not affect Odyssey’s ability to meet its needs and execute its strategy.
Odyssey CEO and Chairman Mark Gordon will present at the Emerging Growth Conference on June 17, 2025, at 2:55 PM EST. Mr. Gordon will highlight upcoming project catalysts, including those for PHOSAGMEX, and outline the company's long-term strategy for value creation.
Read the article online at: https://www.worldfertilizer.com/project-news/11062025/odyssey-marine-exploration-advances-mexico-fertilizer-project-with-jv-formation-and-provides-corporate-updates/