Investors have pushed the stock down following a good season in the Atlantic and by my calculations somewhere around $35+ million of cash flow coming Odyssey's way from silver in the next couple of months. Add that to the sales of Oceanica and the incoming cash flows equal about 1/3 of the market cap of the company. Now add all of that cash flow from just the 1st 9 months of this year to the fact that they announced a world class deposit (just awaiting more details on size, value, etc...), still have the HMS Victory on the table ( $1 billion of value?), have $200 million of additional commodity shipwrecks, have a portfolio of other valuable mining assets, have other shipwreck opportunities like Colombia and Bahamas, and have a short interest of 20% of the share count, and it adds up to a great buying opportunity. Gold and silver are heading back up and the company hasn't had an opportunity to talk about future plans since the Gairsoppa hit, so it seems like the wrong time to be getting impatient.
You seem like you have the Odyssey story down "pat" but it AIN'T about to rip higher without significantly positive news. I am long OMEX and believe in their prospects, but the company has not done themselves any huge favors.
Firstly, the G &M was a partial success; after 2 summers and $20MM to SBW, going 1 for 3 after conveying to the market high confidence, the market has responded justly. It is not about the $10MM +/- from the Mantola that Odyssey doesn't have-it is about the fact that they were not able to repeat success.
Last September Mark Gordon was very confident about the HMS Victory approval; also touted commodity wrecks and warm water projects. The Odyssey Explorer has been going back and forth over the same area for well over a year now (I understand they are working, waiting for a Victory green light, but....c'mon).
I understand that Oceanica could be big-VERY big- but it isn't yet; Neptune is promising, but that seems like it could take forever too.
Bottom line, OMEX has many, many prospects and great optionality, but they need to execute and give more details to the market regarding upcoming, near term/imminent projects that can be monetized relatively easily, because we all know Odyssey has the ability to blow through "$35+ million of cash flow" very, very quickly.
In light of this, the stock is not about to "spring" higher; it should bounce from oversold levels, but to "spring higher" and STAY higher , they need to DO something or at least SAY specifically what and when they're going to do something.
I agree with you Jmayr1969, no news from OMEX is not bad news or good news but as you have said they need to be more forth-comming with it. The last 2 years Mark has smiled and said the same things year after year to the news, however things are different now than they were 10 years ago when I first got in with them. There use to be only a few shares out there and news would make a pop up big, however with all they have now in outstanding shares along with a few idiotic pumpers out there that know nothing but pretend that they do this isn't going anywhere.
The blind pumping has an opposite effect. In otherwords Rcoy and a few others continually hurt the ones that are sincerely interested in the "TRUE" goings on here.
On a personal note I hate to say it but I think they will go to Hull soon for the winter before anything is said. I just have no faith in the things that Gordon says anymore. Maybe he is the biggest Short investor in this stock. Pump it up 10 cent then sell it quickly with news. Anyone care to add to this?
Well said. Bounce is far overdue now and hopefully late day stop loss taking yesterday will bring it on. But company has to communicate in order for a sustained move to occur. But these levels are far oversold regardless.