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Cook Islands Polymetallic Nodule Exploration Program

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OWNERSHIP

Odyssey has ownership stakes in and provides marine services to two of the three exploration license holders in the Cook Islands’ EEZ.

CIC Limited: ~15% equity interest

OML: ~6% equity interest

RESOURCE

The Cook Islands boasts the world's largest documented collection of polymetallic nodules, estimated at a staggering 6.7 billion tonnes.

DEPTH & LOCATION

Polymetallic nodules lie at a depth of 4,500-5,300 meters in an area known as the abyssal plain. These resources are located within the Cook Islands' waters and under its jurisdiction, are managed and regulated by the Cook Islands Seabed Minerals Authority (SBMA), ensuring sustainable and responsible extraction practices.

Investors are encouraged to read these cautionary notes which can be found here. 

Polymetallic Nodules

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The polymetallic nodules in the license areas being explored by Odyssey and its partners could double the global supply of cobalt, a necessary mineral to power a green future.

OML/Moana Minerals

Odyssey holds an interest in Ocean Minerals LLC (OML, whose wholly-owned subsidiary, Moana Minerals Limited, has a five-year exploration license for a 23,630 square kilometers license area which contains a stated mineral resource of over 500 million tonnes of nodules (indicated + inferred) on a wet basis at a 5 kg/m2 nodule abundance cutoff. The nodules are enriched in several metals, including a cobalt grade of approximately 0.5%. 

OML has completed a comprehensive mapping survey of their entire license area as well as collecting environmental, sediment, and resource samples. These samples, supported by the extensive ROV-captured video recordings, have been analyzed by independent laboratories and scientists, with results being reported to the SBMA  with an updated resource report being imminent. Using a benthic sled, a five-tonne bulk nodule sample to enable our ongoing metallurgical process development was recovered. This work accrues to expanding the amount of measured and indicated resources reported in their initial JORC resource report.

CIC Project

Odyssey is a consortium member of and marine operations provider for CIC Limited, which holds an exploration license in the Cook Islands’ EEZ. The CIC team completed a series of exploration activities in its license area since 2022,including sampling seafloor sediment while collecting baseline data to understand the local and regional environment. CIC is planning additional offshore exploration and research activities to continue to gather geological and environmental data in line with the company’s license requirements and the Cook Islands’ seabed mineral regulations.

JORC Resource Estimate Provided by the SBMA 

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NOTES

  • Nodule estimate on a wet basis, with a 5 kg/m^2 nodule abundance cutoff

  • Estimated resource provided at an indicated + inferred confidence level

  • Titanium and Rare Earth Elements not considered in the 2023 JORC made available by the SBMA; past analysis suggests enrichment of these minerals in nodules from the Cook Islands’ EEZ

  • JORC does not account for all of CIC area

  • CIC figures for CBG 01-09; CBG 10 not included 

  • Iron tonnes shown on an Fe2O3 basis

SOURCE: 2023 Cook Islands Polymetallic Nodule Deposit: Technical Report and Supporting Documentation for the Cook Islands Nodules Resource Estimate written RSC published by SBMA in April 2023

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