Seafarer Exploration Corp (SFRX)

[hedge_fun]

I have NEVER called myself an expert,.......

far from it.

I am a shipwreck enthusiast and am quite familiar with salvage law and where the industry is headed. SFRX isn't changing anything in the industry. In fact, they're stuck in the last century playing salvor on these previously explored sites.

The Juno wreck dates back to 70's. It was found by Judd's partner, Nelson Wait.

An expert by the name of Bob Marx consulted with SFRX on the Juno wreck around 2008. It's proven to be a dud.

SFRX is looking for a needle in a haystack. Real salvors start with known wrecks, rely upon good navigational data, and have a clear path to title BEFORE they start a project.

By contrast, SFRX finds a known site that has been previously explored of an unidentified wreck and try to make it fit a narrative.....ie Spanish galleon filled with treasure, blah, blah, blah.

SFRX doesn't have enough information to definitively identify the ship from the 16th century that carried treasure that they know the location of and have tech that can locate any treasure it may have carried.

A ship carrying treasure back to Spain would have been part of a fleet. It would have been heavily armed with cannons. It would also be well known, especially if it had $15B in treasure. The site would be littered with treasure.

Where are the cannons?

https://palmbeachpost.newspapers.com/article/the-palm-beach-post-1990-juno-beach-wrec/24056422/

A 1554 date has been put on the wreck. The only Spanish galleons that sank in 1554 sank off Padre Island.

https://www.tshaonline.org/handbook/entries/padre-island-spanish-shipwrecks-of-1554

As far as SFRX's tech goes, they're using 3rd party sensors anyone can purchase. They claim they have a super-duper software program that is a game changer, but we've heard it works since July 2019. Still no treasure. Not sure what the story is with the one silver coin.

But let's assume it works. It can't find what isn't there. Juno is the last galleon anyone can salvage, if in fact it's a galleon. Less than 1% of all wrecks had treasure. And SFRX's stated business model of salvaging Spanish galleons is laughable. Spain doesn't allow salvage of their wrecks and such a practice violates state and federal law. The US protects those wrecks via Sovereign Immunity.

https://www.govinfo.gov/content/pkg/FR-2004-02-05/html/04-2488.htm

But hey, if Juno has treasure, I'll be the first to congratulate them.

GL