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April 29, 2022, 8:02 a.m. EDT

GoldSpot Discoveries Reports Results for the Fourth Quarter and Fiscal Year 2021

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  • GoldSpot's consulting revenue up 25% over last year's Q4; up 64% for 2021 compared with last year

  • World-class technical team increases 124% to 56 subject matter experts to cover sub-disciplines of geology and Artificial Intelligence

  • Acquisitions of Ridgeline, Geotic & CEO.CA bolster GoldSpot's client offerings across the mining value chain

  • R&D investments yield benefits as in-house technologies come online for new client projects

  • Highest annual client increase to date and increasing requests for training courses emphasize GoldSpot's global thought leadership position in technology and mineral exploration, as mining industry faces growing skills and labour shortages

Toronto, Ontario--(Newsfile Corp. - April 29, 2022) - GoldSpot Discoveries Corp. /zigman2/quotes/210443510/delayed CA:SPOT -12.00% (otcqx:SPOFF) ("GoldSpot" or the "Company"), a leading technology company leveraging artificial intelligence and data science to transform the mineral discovery process, is pleased to announce the three months and year ended December 2021 consolidated financial results of the Company (the " Financial Results ").

"2021 was a transformational year for GoldSpot," said Denis Laviolette, Executive Chairman and President of GoldSpot Discoveries. "Our acquisitions solidified our commitment to introduce licensable software products with recurring revenue streams using AI and Geoscience. Moreover, it facilitated GoldSpot's platform expansion strategy with new tools and resources for the mining and exploration sector. The Company's progress to date is a testament to the strength of the entire GoldSpot team. 2022 will bring further evolution to the technology portfolio and additional recruitment to strengthen our subsidiaries and support our growing client base as we work to define the next generation of mineral explorers."

Highlights for the three-month period ended December 31, 2021:

Acquisitions

  • Closed the acquisition of CEO.CA Technologies Ltd. ("CEO.CA"), a leading and rapidly growing investment social network and centralized resource hub used by over 9 million corporate executives, institutional and retail investors with deep roots in the mining industry among other sectors.

  • Closed the acquisition of Geotic Inc. ("Geotic"), an award-winning provider of mining industry software including geological and geophysical modeling applications, based in Val-d'Or, Québec.

Financials

  • Completed the quarter with total cash and cash equivalents due from brokers, investments and equity investments of $50,337,817 as compared to $22,288,150 as of December 31, 2020;

  • Increased consulting revenue to $2,142,233 as compared to $1,708,101 for three months ended December 31, 2020, an increase of 25%;

  • Net investment gains of $3,581,506 from our investment portfolio as compared to net investment gains of $5,786,078 for the three months ended December 31, 2020;

  • For the three-month period, the Company had advertising and subscriptions revenue of $438,773 and sales of software licensing of $223,578, resulting in annualized revenue of $1,755,092 and $894,312, respectively;

  • Net income and comprehensive income of $2,190,516 (basic earnings per share of $0.02) compared to $4,503,438 (basic earnings per share of $0.05) for the three months ended December 31, 2020.

Highlights for the twelve-month period ended December 31, 2021:

Corporate Milestones

  • Launched MinusOne, a software solution for creating 3-D models from geophysical data processed using deterministic and stochastic inversion methods. With this technology, GoldSpot's team also applies a Machine Learning method to provide a probabilistic framework that helps to analyze uncertainty. The processed results guide exploration drilling locations and geology interpretation, including as inputs to 3-D Smart Targets.

  • Closed the acquisition of Ridgeline Exploration Services Inc. ("Ridgeline"), a geological and logistical field services firm, based in Kelowna, B.C, bolstering GoldSpot's in-house capabilities with high-caliber input to solve common inconsistent and piecemeal data collection practices that increase risk and lower efficiency across the industry.

  • Launched M-PASS (Multi-Parameter Acquisition Survey System), which allows for the simultaneous capture of gradient magnetics, LiDAR, 4-band orthophoto imagery, electromagnetic information in the Very Low Frequency ("VLF") band, and radiometric data. By adding MPASS in-house data collection, GoldSpot brings a significantly improved kick-starter to exploration targeting. Clients benefit from increased data efficiency, reduced mobilization and flight costs as compared with traditional third-party collection, and access to the GoldSpot data processing platforms for geophysics.

  • Graduated to the OTCQX in the U.S with electronic clearing and settlement eligibility for GoldSpot's common shares through the Depository Trust Company.

  • Completed an $11.5M bought deal financing at $0.80 and a subsequent $9.15M strategic financing with Eric Sprott at $0.975 per share.

  • Ended 2021 with 30 geologists, two geochemists, six geophysicists, 9 Geodata scientists, 6 Data scientists and 3 ML engineers and 12+ operations staff, an increase of 124% over 2020.

  • Onboarded 20+ clients in 2021, the most ever in a single year, covering a diverse range of underlying commodities and global geographies that demonstrate the company's technology platform's viability across various commodities and jurisdictions.

  • Bolstered royalty portfolio with the addition of royalties on 21 projects.

  • Recognized by the Toronto Stock Exchange as a 2021 Top 50 TSX Venture Exchange Company.

/zigman2/quotes/210443510/delayed
CA : Canada: TSX Venture
$ 0.33
-0.05 -12.00%
Volume: 0.00
June 30, 2022 3:59p
P/E Ratio
6.35
Dividend Yield
N/A
Market Cap
$39.47 million
Rev. per Employee
N/A
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