In this week’s M&A Monday, the resources sector welcomed the news of a US$1 billion ($1.41 billion) merger for deep-seas research and exploration.
American Ocean Minerals Corporation (AOMC) and Odyssey Marine Exploration (NASDAQ:OMEX) have entered a definitive merger agreement to create a joint deep-sea critical minerals research and resource extraction platform, valued at US$1 billion.
The transaction includes a private placement to raise US$150 million, along with a previously completed $75 million pre-public financing offer, conducted by AOMC in February 2026.
The parties will merge under the name American Ocean Minerals Corporation and intend to trade on the Nasdaq under the ticker code ‘AOMC’.
AOMC CEO Mark Justh says by combining the company’s capital and asset portfolio with Odyssey, the merged company will hold a “team representing 300 years of deep-sea expertise” to support the critical minerals supply chain.
“This transaction comes at a pivotal inflection point, as regulatory clarity, proven offshore technology, supply chain independence initiatives, improved scientific understanding of environmental impacts and mitigation, and accelerating demand for critical minerals are converging for the first time,” Justh says.
Odyssey CEO Mark Gordon says the company has been establishing a foundation of offshore innovation and technology for over three decades.
“Our experience in marine operations, project execution, and working within regulatory frameworks is directly applicable to advancing these assets,” Gordon says.
“By combining Odyssey’s capability with AOMC’s capital and asset base, the combined company is positioned to move forward with a clear, execution-driven approach.”
The merged company will be supported by global leaders including Chairman Tom Albanese, former CEO of Rio Tinto (ASX:RIO), along with Justh as CEO.
Last week, Rio Tinto established a sustainability partnership with NRL company, the Brisbane Broncos (ASX:BBL), providing the club with recyclable bottles made from its aluminium supply in Queensland, to reduce plastic waste.
As reported by Mining.com.au, the aluminium products will be implemented in high-visibility settings such as coaches’ boxes and media conferences.
Ireland to Netherlands
Zinc of Ireland (ASX:ZMI) has signed a binding agreement to acquire Netherlands-based Metallon Clean Extractions BV (Meclex) for $4 million.
The acquisition gives Zinc of Ireland access to two proprietary hydrometallurgical technologies, ARGO and VOLTA. The hydrometallurgical technologies target zinc leach residue processing and lead-acid battery recycling respectively.
ARGO is designed to recover zinc, lead, silver, and critical minerals including gallium, germanium, and indium from zinc leach residue generated during primary zinc smelting.
VOLTA targets lead-acid battery recycling using an ambient-temperature hydrometallurgical process to replace high-temperature smelting.
The company says the technologies address structural pressures facing European heavy industry, including elevated energy costs, carbon compliance obligations, and stricter waste regulations.
Incoming CEO Greg Ross says the acquisition of Meclex is a transformational moment for the company.
“As part of the zinc metal supply chain, Zinc of Ireland has an opportunity to deliver a technology that not only recovers valuable metals but removes significant environmental waste,” Ross says.
Zinc of Ireland plans to integrate ARGO with its Kildare Zinc Project in Ireland, located 40km southwest of Dublin. The project hosts an inferred resource estimate of 11.3 million tonnes at 9% zinc plus lead.
The company has initiated a 4,000m diamond drilling program at Kildare which is scheduled to commence by July 2026. Phase one will test extensions and regional step-outs, with assay results expected progressively from the December quarter 2026.
Zinc of Ireland has completed a $5.5 million placement to fund exploration at Kildare and development of the acquired technologies.
Ant squashed
Great Northern Minerals (ASX:GNM) has finalised the divestment of its remaining interest in Golden Ant Mining, with a final payment of $1.9 million cash.
The transaction was settled on Thursday (9 April), providing Great Northern $4.4 million in cash reserves.
Prior to the divestment, Great Northern held a minority interest in privately held Golden Ant Mining.
The proceeds will be used to fund continued exploration programs at the Catalyst Ridge and Douglas Creek projects, as well as potential acquisitions to complement the company’s existing portfolio.
Non-executive Chairman Eddie King says Great Northern is pleased to have settled its remaining interest from Golden Ant and the NorthX Joint Venture.
“Completion of this transaction further enhances the company’s cash position and will allow GNM to continue planned exploration programs at Catalyst Ridge and Douglas Creek,” King says.
“The proceeds will also be used towards exploring other strategic opportunities to expand and strengthen GNM’s asset portfolio.”
Great Northern Minerals is an exploration company, focused on advancing the Catalyst Ridge Project in California, US.
Write to Maddison Elliott at Mining.com.au
Images: AOMC, Zinc of Ireland & Great Northern
