GoldSpot Discoveries Reports Record Results For The First Quarter of 2022

May 30, 2022 5:00 PM EDT | Source: EarthLabs Inc.

  • Record quarter consulting revenue, up 54% over last year's Q1;
  • Sustained increase in SPOT ARR through advertising, subscription and software licensing generated by CEO.CA, Geotic and DigiGeo acquisitions;
  • Acquisition of DigiGeoData bolsters client offering with a powerful digital mapping interface backed by a full suite of seamless claim data, assets, 43-101 reports and geological layers, alongside a map marketing and distribution business with over 300 mineral exploration clients.

Toronto, Ontario--(Newsfile Corp. - May 30, 2022) - GoldSpot Discoveries Corp. (TSXV: SPOT) (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 its unaudited consolidated financial results for the three months ended March 31, 2022 (the "Financial Results").

"GoldSpot kicked off the new year with strong momentum and delivered outstanding first quarter results supported by our recent acquisitions of Ridgeline, CEO.CA, Geotic and now DigiGeoData," said Denis Laviolette, Executive Chairman and President of GoldSpot. "Our current product portfolio, combined with new offerings planned for later this year, perfectly positions the Company to take advantage of recent market volatility with a heightened customer focus on cost-effective tools and resources. We believe the investments we are making today will lead GoldSpot to sustained ARR growth over the long-term and solidify GoldSpot's position as a global leader in artificial intelligence and data science, transforming the mining sector with our portfolio of SaaS tools."

Highlights for the three-month period ended March 31, 2022:

  • Closed the acquisition of DigiGeoData Inc. ("DigiGeoData"), a mineral resource intelligence data subscription and map service company;
  • Completed the quarter with total cash and cash equivalents due from brokers, investments and equity investments of $48,611,931 as compared to $50,337,817 as of December 31, 2021;
  • Increased consulting revenue to $2,778,949 as compared to $1,799,803 for three months ended March 31, 2021, an increase of 54%;
  • Net investment losses of $258,474 from our investment portfolio as compared to $2,082,455 for the three months ended March 31, 2021;
  • For the current three-month period, from its recent acquisitions of CEO.CA Technologies Ltd., Geotic Inc, and DigiGeoData, the Company had advertising and subscriptions revenue of $689,704, sales of software licensing of $193,072 and sales of digital maps of $80,450;
  • Net loss from operations of $619,058 as compared to $1,956,611 for the three months ended March 31, 2021;
  • Net loss and comprehensive loss of $619,058 (basic loss per share of $0.00) as compared to net income and comprehensive income of $5,703,187 (basic earnings per share of $0.06) for the three months ended March 31, 2021. In the prior year quarter, the Company recorded realized gains on disposition of subsidiary of $7,659,798.

DigiGeoData Inc.

DigiGeoData was founded in 2018 and on February 1, 2022, GoldSpot closed the acquisition of DigiGeoData, a digital mapping interface backed by a full suite of seamless claim data, assets, 43-101 reports and geological layers. DigiGeoData is developing its DigiGeoAtlas platform, a software-based GIS interactive mapping interface alongside its DigiGeoMaps distribution business used by over 300 clients.

DigiGeoData's full suite of software and services include:

  • DigiGeoAtlas - A SaaS based online GIS interactive mapping interface that spatially links and displays data from DigiGeoMaps and DigiGeoData. Atlas is offered as a free and paid subscription service with a full suite of seamless claim data, 43-101 reports, property and assets, geological layers, and additional features.
  • DigiGeoMaps - The industry standard, DigiGeoData's maps provide an overview both on a global/country scale or a more focused regional basis that has significant exploration and mining activity. Over 300 mineral exploration companies have sponsored DigiGeoData maps so far through physical and electronic distribution.
  • DigiGeoData - The database is the source of information that feeds DigiGeoMaps and DigiGeoAtlas. All accessible data is queried and displayed from the database. Data includes current resources, production, and technical reports searchable by several parameters.

The DigiGeoData team have over 100 years of combined experience developing data solutions for the mining industry led by Glen Jones, President and CEO of DigiGeoData and founder of the global standard "Hot Play" activity maps.

Summary of financial results.

The following are selected consolidated financial results as at and for the three months ended March 31, 2022, with comparatives:

Interim condensed consolidated statements of income (loss) and comprehensive income (loss) highlights
Three months ended
March 31,


Consulting income$2,778,949
Net investment losses
Advertising and subscriptions revenue

Sales of software licensing revenue

Sales of digital maps revenue

Total expenses
Loss from equity investment
Deemed gain on disposition of equity investment

Income tax recovery

Net loss from operations
Realized gains from disposition of subsidiary

Net income and comprehensive income for the period
Earnings (loss) per common share for the period - basic and diluted


Interim Condensed Consolidated statements of
financial position highlights

31, 2022

31, 2021
Cash and cash equivalents$4,088,641
Accounts receivable

Investments, at fair value

Equity investment

Property and equipment

Intangible assets


Total assets

Accounts payable and accrued liabilities

Deferred revenue

Deferred tax liabilities

Total liabilities




The Company will also grant an aggregate of 4,472,500 Stock Options effective May 31, 2022 to certain consultants, employees, officers and directors of the Company, each such Stock Option entitling the holder to acquire one common share of the Company at an exercise price of $0.485 until May 31, 2027. Of the total number of Stock Options granted, officers and directors of the Company were granted an aggregate of 1,975,000 Stock Options. The Stock Options have been granted in accordance with the Company's stock option plan and shall vest as to one-third immediately, as to on-third on May 31, 2023 and as to one-third May 31, 2024.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a full suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies, and strategically invest in mineral exploration companies. Our leading team of expert scientists merge geoscience and data science to deliver bespoke solutions that save time, reduce costs, and produce far more accurate results than ever before possible.

For further information please contact:
Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 778-886-1826

Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-Looking Information

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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