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  • Odyssey Marine: Support For Oceanica Builds In Mexico [View article]
    Thx for your comments and help, Ship.
    Oct 17, 2014. 11:44 AM | 3 Likes Like |Link to Comment
  • Odyssey Marine: Support For Oceanica Builds In Mexico [View article]
    Sure, Alaskydfy. Your point is well-taken.
    Oct 17, 2014. 10:36 AM | 4 Likes Like |Link to Comment
  • Local Government, Fishing Coops Oppose Oceanica Don Diego Project [View article]
    Thanks, Bulldog. Great points.
    Oct 11, 2014. 01:32 PM | Likes Like |Link to Comment
  • Local Government, Fishing Coops Oppose Oceanica Don Diego Project [View article]
    "I am confident there is zero chance this project is approved in 2 months when the 60 business days are up"

    We know you are confident. The issue is that your confidence is not justified by your analysis, and this has been demonstrated repeatedly in the past. You were 100% confident when you stated "The Environmental permitting stage stops nearly all mining projects in Mexico?" Yet, Mexico is one of the most friendly mining jurisdictions in the world, is the number one producer of silver, and a top ten producer of gold and a number of other minerals.

    This time is no exception - your confidence is misplaced once again. A quick check of a few random issues of the SEMARNAT gazette shows that a large proportion of projects are approved in 60 business days. This includes mining projects. Some mining projects do take 6 months, but many do not. Check out mining project 26SO2013MD124 for instance, or 10DU2013MD061, or 11GU2013MD037 - all approved in 3-4 months.

    Undersea phosphate mining environmental applications have never been denied anywhere in the world, ever. Namibia did put a moratorium on mining phosphates while it studied the environmental impact, but appears to be doing a u-turn on that decision. http://bit.ly/1kuTGJw .

    Undersea phosphate mining uses a proven, low environmental impact technology, that has been used for over 30 years in European waters. The process has even shown to be beneficial to sealife. Seabed phosphate mining has an environmental impact, but that impact is small relative to land-based operations, and relative to the large benefits to society.
    Oct 11, 2014. 10:37 AM | 8 Likes Like |Link to Comment
  • Local Government, Fishing Coops Oppose Oceanica Don Diego Project [View article]
    And how do you support that statement? You know, of course, that the project has support at the highest levels of the federal government. It is no secret that President Nieto and the PRI party have made increased domestic fertilizer production an important piece of the national platform. Why do you think that President Nieto will be defeated in his efforts? What is your factual evidence to support that?

    Is it similar to the factual evidence you had to support your statement that OMEX was insolvent a month ago? Is it similar to the factual evidence you gave that OMEX would be bankrupt imminently on at least ten different occasions? Is it similar to the evidence you had that the Central America had been re-salvaged since Thompson and that it would have almost no gold left on board? Or what about your contention that OMEX's auditor is being investigated? Or that OMEX's ceo said the firm would run out of money? Or that OMEX didn't have required permitting from semarnat to do the core drilling work?
    Oct 10, 2014. 02:16 PM | 6 Likes Like |Link to Comment
  • Odyssey Marine Ends Successful Summer Salvage Season [View article]
    Bill, Thank you for the article. Lots of good points. I particularly was interested in the point regarding the British law of finds. Will store that one away for the future.

    On an aside, I wouldn't necessarily declare the season over for Odyssey. I think the company is going to put the OE back to work and that OMEX may be salvaging again before year end. Nor would I think that UNESCO is going to be a hurdle re the Victory. Read the annex carefully. Thanks again, Bill.
    Sep 21, 2014. 10:14 AM | 4 Likes Like |Link to Comment
  • Oceanica EIA Leaks In Mexico: Official Opposition Begins [View article]
    Thx Papa. Good to be back.

    Nice to see some facts out of Oceanica to counter the junk put out by certain "sources."
    Sep 9, 2014. 03:48 PM | 2 Likes Like |Link to Comment
  • Oceanica EIA Leaks In Mexico: Official Opposition Begins [View article]
    You write: “You decide: does this make sense? Can Oceanica overnight leap to become the 22nd largest public mining company in the US (by revenue) with a revenue rate per employee ~4X higher than average? Or does this whole plan seem more than a little half-baked?”

    Yet, the only thing “half-baked” was the analysis provided in your article. The proof for Oceanica’s numbers is so simple that I found it in 3 minutes searching on the web. The UK marine aggregate industry (which uses a dredging technology) employs 500 people in operations and produces 16mn tons of aggregate in a year (see http://bit.ly/1wf2CsJ). This equates to 32k tons/employee/year. If we assume Oceanica uses 160 of its 200 employees for operations, as you have shown above, then these employees should be able to produce a little over 5 million tpy rather than the 3.5mn that they’ve stated in the MIA filing. It looks like they are trying to be conservative, and build in some cushion, rather than be aggressive as you imply.

    Looking at revenue per employee doesn’t make a lot of sense. You’re comparing much different businesses – some are precious minerals miners and base minerals miners. None of them use the same extraction technique as Oceanica. Also, many of them have downstream operations which are labor-intensive. Oceanica is purely an extraction business, which isn’t as labor-intensive.

    Oceanica’s figures are notable for being consistent with other, proven marine dredging businesses. Amazing what a researcher can find when his eyes aren’t closed to reality.
    Sep 9, 2014. 11:09 AM | 7 Likes Like |Link to Comment
  • Odyssey Marine: An Open Letter To Ryan Morris Of Meson Capital [View article]
    donb68, thank you. Meson doesn't need Odyssey to file the Oceanica MIA. He needs them to give him opportunities to attack the company. He writes that the delayed MIA filing is a negative sign. I believe it's a positive sign. Time will tell who is right and who is wrong.

    Best of luck.
    Jul 27, 2014. 09:30 AM | 1 Like Like |Link to Comment
  • Odyssey Marine: Meeting Reveals Larger-Than-Expected SS CA Recovery [View article]
    Thx Teklord. The inventory as of 6/5/14 covered 48 pages. It's difficult to estimate a value based on this document without knowing more about the items recovered, but we can get a rough feel by making a few estimates. Based on this, I think the $30-35mn figure used in the above article was accurate.

    I counted 3500 plus oz in gold ingot which should be over $14mn worth using the $4k/oz figure in the above article. There are over 850 double eagles, which adds another $5.7mn at $6,700/coin (they should get more than this - $8,800 per grey sheet value at ms64). There's another $2.5mn in gold nuggets (around 1k oz at 2x melt value). So, bars, nuggets, and double eagles equal approx $22mn.

    What's interesting to me is the potential value in the eagles, half eagles, and quarter eagles, as well as all of the other artifacts and "rare" on-off coins. The first SS CA salvage produced an average grade of ms64. If you use this as a benchmark and look up the value of the eagles, halfs and quarter eagles, you'll see that these coins may be worth quite a bit more than the double eagles. Of course there will be quite a lot of variance based on condition, year, mint mark, etc., but a representative quarter eagle last sold at $11,500, a half eagle sold at $14,000, and an eagle at $35,000. Also, the gold dollars are worth quite a bit depending on type. The type 1s and 2s can range from $1,000 to $130,000 at ms64 depending on date and mint. If we just take a stab at an average value for these coins of $12,000 per and we multiply that by the 580 coins of these varieties, we get an additional $7mn approximately.

    We could also add $1-2mn for the half dollars, dimes, and quarters, and misc. artifacts such as jewelry which would take us to a little over $30mn.

    There's much that we don't know, and this is all just guesswork. But it meshes pretty well with what the company has revealed about value, so I don't think it's too far off.

    The company has added to the inventory since this document was filed, but we don't know how much. Regardless, we do know that this has been a solid project for OMEX so far. If they spend $8mn and walk away with $18mn in proceeds, they've made an excellent return. This, however, is a low-end estimate.

    They've probably been moving coal and debris for the last few weeks to get into the real excavation. Hopefully we'll get another large salvage report when the OE returns mid-August.
    Jul 17, 2014. 01:34 PM | 2 Likes Like |Link to Comment
  • Odyssey Marine Exploration And The SS Central America [View instapost]
    Just to close the loop here.....today Judge Smith ruled in favor of RLP and made the Receiver the substitute custodian for the SS CA salvage. This removes any obstacles to a rapid monetization for OMEX (even if appealed). It also will most likely mean more disclosure from RLP about the progress of the recovery. Good news for OMEX and shareholders!
    Jul 9, 2014. 06:56 PM | 1 Like Like |Link to Comment
  • Odyssey Marine: Meeting Reveals Larger-Than-Expected SS CA Recovery [View article]
    One last comment regarding Oceanica. The group with which I work has spent countless hours on the phone and in person meeting with consultants, mining engineers, mining equipment suppliers, geologists, dredging companies, phosphate miners, analysts, competitors, and possible strategic partners. Based on the information we have gathered, we believe that Oceanica is an extremely large, high-quality deposit, offering solid economic returns. There are a lot of misconceptions about seabed phosphate mining, so it is understandable that someone who is less familiar with these operations would have doubts.
    Jul 9, 2014. 06:56 PM | 1 Like Like |Link to Comment
  • Odyssey Marine: Meeting Reveals Larger-Than-Expected SS CA Recovery [View article]
    I vowed not to comment on SA any further because I feel their rules are abusive. Nonetheless, I'm going to post another quick message here because of a development that relates to this article's topic.

    Apparently Judge Smith has just issued an Order ruling that RLP will serve as substitute custodian in the admiralty case for the SS CA. This is obviously a win for RLP and for OMEX. It also undermines yet another of the short theses around OMEX.

    It remains to be seen whether CADG can/will appeal the decision. They obviously have a very difficult case to argue, and they would need to post a large bond to launch the appeal. If they lost the appeal they might face financial repercussions.
    Assuming CADG cannot/does not appeal, this would likely mean greater disclosure from RLP/OMEX about the SS CA recovery. It will also mean more rapid monetization, regardless of whether or not CADG appeals. All in all, excellent news for OMEX.
    Regarding Meson's latest piece on Oceanica.....my guess is that Morris has heard how well Oceanica is doing in navigating the political and NGO gauntlet in Mexico via. investors who have seen Oceanica's recent roadshow. This is obviously making him nervous.
    Jul 9, 2014. 06:56 PM | 4 Likes Like |Link to Comment
  • Odyssey Marine: Meeting Reveals Larger-Than-Expected SS CA Recovery [View article]
    All, I am no longer going to comment or publish on Seeking Alpha. I cannot comment on my own articles in real-time, so posting anything here is rather futile for me. Seeking Alpha has instituted policies which protect those who intentionally mislead investors and attempt to manipulate small stocks. I don't want to support that system any longer.

    In the future, look for my research on Motley Fool, Bloomberg, or Guru Focus.
    Jun 24, 2014. 07:59 AM | 1 Like Like |Link to Comment
  • Odyssey Marine: Meeting Reveals Larger-Than-Expected SS CA Recovery [View article]
    I can't take credit, Papa. I was tipped by someone as well.
    Jun 16, 2014. 02:08 PM | 1 Like Like |Link to Comment
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