Tony Stark's Iron Man armor malfunctions and he begins drowning beneath the waves of the South Atlantic. The Sub-Mariner, who had been fighting Iron Man only moments before, brings him ashore and places him inside the cottage of islander Hiram Dodds.

Meanwhile, Jim Rhodes and Bethany Cabe approach the island via helicopter. Military ships surrounding the island warn them to turn back, but Rhodey presses forward. The soldiers open fire and Rhodey takes a bullet to the shoulder. The Helicopter crashes into the sea, and the soldiers bring Rhodey and Bethany on board one of their ships.

At Hiram's cottage, Iron Man recharges his armor on a car battery while he explains to Namor and Hiram Dodds about the dangers they face if they remain on the island. He notes that the U.S. military has maintained a base here for several years and has been using the island as a dumping ground for toxic chemicals. Hiram responds and tells Iron Man that the military has never set foot on the island until that very morning. Realizing that they have both been duped, Iron Man and Sub-Mariner agree to cease hostilities until they can get to the bottom of this mystery.

Meanwhile, Rhodes and Cabe are brought before Jonas Hale, the ringleader of this operation. He reveals that he works for the Roxxon Oil Company, the true presence behind this island's occupation. Hale knows that the island is rich in Vibranium, so he fabricated a military presence in order to scare off competitors. As this is the only known Vibranium deposit outside the sovereign nation of Wakanda, anyone who claims the rights to it, will hold a major stake in the global economy.

Iron Man and Sub-Mariner, now realizing that this is not the true United States military, attack the battleship. The soldiers open fire against them, but the heroes easily deflect the attacks. Jonas Hale refuses to surrender. He decides that if Roxxon cannot stake a claim on the Vibranium, then nobody should. He sets off a series of timed explosions which threaten to destroy the entire island. Iron Man pulls all of the battleships away to safety, while the Sub-Mariner grabs Hiram Dodds. The explosives detonate and the island, and all its Vibranium, are destroyed.

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