70 unchanged sentences
We believe our current leased facility is adequate for our current and planned levels of operation.
−Removed: ExO Phosphorite Project
−Removed: We have one material mining project, the ExO Phosphorite Project, which is located in the Mexican Exclusive Economic Zone (the “Mexican EEZ”) offshore Baja California Sur, Mexico in the Pacific Ocean.
−Removed: The exclusive mining concessions for the ExO
−Removed: Phosphorite Project were granted to Exploraciones Oceánicas S.
−Removed: de CV (“ExO”), a Mexican company in which we hold, through other subsidiaries, a 56.14% interest.
−Removed: The Primary concession (concession No.
−Removed: 244813) was granted in 2012, and rights for the two additional adjacent concessions (Norte concession No.
−Removed: 242994 and Sur concession No.
−Removed: 242995) were acquired in 2014.
−Removed: Exploration has confirmed the ExO West Phosphorite Deposit lies within the Primary and Norte concessions.
−Removed: The ExO Phosphorite Project currently has no reportable mineral reserves.
−Removed: In October 2024, we discovered that the Mexican mining authority unlawfully cancelled ExO’s mining concessions in June and August 2024.
−Removed: ExO is challenging the cancellation.
−Removed: See ExO Phosphate Project in the above Part I, Item 1.
−Removed: Business for additional information.
−Removed: Location and Brief Description
−Removed: The ExO Phosphorite Project concession area is a sedimentary marine phosphorite deposit located in the Mexican EEZ offshore Baja California Sur, Mexico in the Pacific Ocean.
−Removed: The property is located using a multi-point polygonal property demarcation bounded by latitudes 26.1°, 25.4°, and longitudes -112.2°, -112.9° WGS 1984.
−Removed: The property is roughly 20 to 45 kilometers from shore.
−Removed: Following is a map denoting the three concessions in relation to Baja California Sur, Mexico.
−Removed: Infrastructure and Access
−Removed: There is no material infrastructure located on the property where the concessions are located.
−Removed: Access to the site is by sea-going vessels dispatched from various nearby ports of opportunity.
−Removed: Project engineering anticipates use of existing dredging technology to recover the phosphorite ore, including a trailing suction hopper dredger, and on-site mechanical beneficiation using a floating production and storage platform to produce phosphate ore concentrate, none of which introduces chemicals to the marine environment.
−Removed: Description of Concessions
−Removed: Total concessions encompass approximately 114,775 hectares of seafloor at a water depth of approximately 80 meters and consist of three concessions in total (see section Location and Brief Description above).
−Removed: The concessions were granted to ExO by the Mexican Secretary of Economy, General Coordination of Mining, and are valid for 50 years, with an option for a 50-year extension.
−Removed: The Primary concession was granted in 2012, and rights for the other two concessions (Norte and Sur) were acquired thereafter in 2014.
−Removed: To commence further operations on the ExO Phosphorite Project, ExO must obtain approval of its Environmental and Social Impact Assessment ("ESIA") from the Mexican Ministry of Environment and Natural Resources ("SEMARNAT").
−Removed: In October 2024, we discovered that the Mexican mining authority unlawfully cancelled ExO’s mining concessions in June and August 2024.
−Removed: ExO is challenging the cancellation.
−Removed: See ExO Phosphate Project in the above Part I, Item 1.
−Removed: Business for additional information.
−Removed: Work Completed
−Removed: The ExO Phosphorite Project has sufficient data to confirm the geological continuity of the deposit and the estimation of measured, indicated and inferred resource tonnes.
−Removed: ExO, through exploration operations conducted by Odyssey, explored the area, characterized the environmental baseline to enable drafting and submittal of the ESIA, and acquired approximately 200 vibracore samples for assay.
−Removed: These cores were split into individual strata core units each of approximately 1 meter length.
−Removed: The cores were assayed at Florida Industrial and Phosphate Research Institute ("FIPR") in Bartow, Florida under the guidance of Mr.
−Removed: Related Matters
−Removed: This Annual Report on Form 10-K does not include a resource estimate for the ExO Phosphorite Project because currently we do not have a technical report summary for the project that meets the requirements of Item 601(b)(96) of Regulation S-K.
LEGAL PROCEEDINGS
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.