Toronto - 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 and six months ended June 30, 2022 (the 'Financial Results').
'Our results for the quarter reflect our ability to generate record revenue and growth in a tough market environment,' said Denis Laviolette, Executive Chairman and President of GoldSpot. 'These results showcase the strength of our consulting practice fueled by innovations from our R&D group. Our product portfolio continues to take advantage of market volatility with a heightened customer focus on cost-effective tools and resources. We are confident in our growth trajectory and the ongoing demand for geo data modelling/management and specialized financial products that empower mining companies and investors to make better decisions.'
Highlights for the three-month period ended June 30, 2022
Increased consulting revenue to $3,376,124 as compared to $2,490,739 for three months ended June 30, 2021, an increase of 35%; Net investment losses of $8,083,620 from our investment portfolio as compared to net investment gains of $16,003,092 for the three months ended June 30, 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 $450,019, sales of software licensing of $129,489 and sales of digital maps of $53,000; Net loss from operations of $8,902,184, resulting primarily from the investment portfolio as compared to net income of $12,713,894 for the three months ended June 30, 2021; Net loss and comprehensive loss of $8,902,184 (basic loss per share of $0.07) as compared to net income and comprehensive income of $12,713,894 (basic earnings per share of $0.13) for the three months ended June 30, 2021.
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.
Contact:
Denis Laviolette
Tel: 647-992-9837
Email: investors@goldspot.ca
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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