Subsequent to the first quarter, Odyssey reported that the environmental permit application submitted in June 2015 had been denied in Mexico. “Although this was a disappointing and surprising decision, we believe that this project will ultimately be approved. Odyssey and our partners continue to work towards approval of the environmental permit for the dredging and extraction of phosphate sands at the ‘Don Diego’ deposit. We have filed new documents with the Mexican authorities and we have hired additional environmental experts and other advisors to move the project forward. We can assure you, that Odyssey and its partners remain committed to pursuing the ‘Don Diego’ phosphate dredging project through ultimate approval,” said Mark Gordon, Odyssey President and Chief Executive Officer.

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