EarthLabs signs definitive agreement with ALS for the sale of the Consulting & Exploration Tech division

  • ALS Limited acquires GoldSpot Consulting Group from EarthLab alongside Ridgeline and Geotic for total cash proceeds of $24,000,000 and assumption of $6,000,000 of assumed liabilities

  • Sale Reduces R&D Costs and G&A Expenses by Approximately 70% Year-over-Year, Creating a Leaner, Self-Contained Product Portfolio of Technology-Driven Mineral Exploration and Financial Tools

  • Upon closing, EarthLabs will have approximately $53,700,000 in cash, securities and stock, royalties and royalty options across 21 projects and a product portfolio including Resource Quantamental, CEO.CA and DigiGeoData

  • Technology portfolio well positioned to drive venture capital funding and mineral discovery

Toronto, Ontario–(Newsfile Corp. – October 25, 2022) – EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (“Earth Labs” or the “Company“), a leading technology company leveraging artificial intelligence and data science to transform the mineral discovery process, today announced that it has entered into an agreement dated October 25, 2022 (the “Final agreement“) to sell the Company’s exploration consulting and technology division (“ExplorTech Division“) at 1377900 BC Ltd. (the “Buyer“), a wholly owned subsidiary of ALS Limited (ASX: ALQ) (the “TransactionHeadquartered in Brisbane, ALS Limited is the largest provider of laboratory testing, inspection, certification and verification solutions with over 18,000 employees worldwide.

“Today’s announcement reinforces our commitment to acquiring, managing and monetizing leading technology companies,” said Denis Laviolette, Executive Chairman and President. “We founded the company with the vision of a silver ball approach to mining investment and with our recent acquisitions we have a tremendous opportunity to deploy our model, with new tools and platforms that we have never seen before. We didn’t have before that will advance our offerings. The consultancy GoldSpot was originally established to fund in-house technology development, make discoveries, raise capital, and acquire companies to create a significantly larger total addressable market. »

Terms of the transaction

The ExplorTech division includes the company’s GoldSpot Discoveries consulting group alongside Ridgeline Exploration Services Inc. (“Exploration of the ridge line“) and Geotic Inc. (“geoticThe Company will receive aggregate cash proceeds of $24,000,000 and ALS will assume $6,000,000 of the Company’s liabilities, subject to working capital adjustments. In connection with the Transaction, (i) the parties will enter into a transition services agreement that will provide for a quick and efficient transfer of operations of the ExplorTech division; and (ii) certain specified employees of EarthLabs shall execute a non-competition and non-solicitation agreement with the buyer. The Definitive Agreement may be terminated by either party under certain specified circumstances.

The transaction is subject to customary closing conditions, including the receipt of all applicable approvals from directors, shareholders, third parties and regulatory authorities, including the approval of the TSX Venture Exchange, and is currently expected to close in here on December 31, 2022.

A new data frontier

EarthLabs (formerly GoldSpot Discoveries Corp.) was established in 2016 as the world’s first quantum store and technology incubator using artificial intelligence (“AI“) and machine learning to identify the models needed to identify geophysical, geochemical, lithological and structural features that correlate with mineralization.

This concept gave rise to the fintech division of EarthLabs anchored by Resource Quantamental (“QR“), its flagship investment decision model, using algorithms to stake acreage, acquire projects and royalties, and invest in public vehicles to create a portfolio of assets with the best reward/risk ratio. The concept also led to the creation of the ExplorTech division, the first of its kind to deploy innovative, geological and geostatistical workflows, both data and knowledge-based, to examine the entire exploration chain of value with a whole new perspective.-leader and grew with the acquisitions of Ridgeline Exploration and Geotic.

In October 2021, EarthLabs completed its acquisition of CEO.CA Technologies Ltd. (“CEO.CA“) and in February 2022, it completed the acquisition of DigiGeoData Inc. (“DigiGeoData“), reaffirming its fundamental commitment to acquiring licensed software products and creating strong, recurring revenue streams.

Sale of ExplorTech Division Returns EarthLabs to Core Business and Technology Product Incubation Strength; Create, acquire, manage and monetize leading technology companies to drive upstream mining company successes in venture financing and mineral discovery.

Assets build core capabilities, a platform to transform the mineral exploration sector

Going forward, EarthLabs will house all investments and royalties acquired to date, as well as 100% ownership of Resource Quantamental, CEO.CA and DigiGeoData. EarthLabs will focus its efforts on advancing society’s geographic data management and financial technology, democratizing information and data in the highly inefficient mining sector.

Upon closing of the transaction, EarthLabs will oversee the following portfolio activities:

Through the combination of RQ, CEO.CA and DigiGeoData, EarthLabs is now in a unique position to execute the company’s original platform expansion strategy to develop and license new tools and resources for the mining sector.

The evolution of CEO.CA and DigiGeoData will see the formation of a global trading and financial analytics platform, rooted in the mining space and powered by AI and big data. AI-powered investment insights that have given the company a market edge since its inception.

The recent addition of DigiGeoData brings new layers for investors including National Instrument 43-101 reports, borehole and land filters, capital inflows/outflows, commodity heatmaps and much more . CEO.CA is the focal point for the Canadian small cap market and is well positioned to expand to the US and European markets over the coming months by launching new search tools for corporate documents, enhanced discussion facilities for investors and businesses and new data visualizations alongside flourishing marketing. program for corporate accounts.

About EarthLabs Inc.

EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company striving to revolutionize the future of global mineral exploration with a comprehensive suite of data-driven and insightful SaaS tools and services. knowledge. EarthLabs represents a collection of cutting-edge Earth models, geological data management, and specialized financial products that help both mining companies and mining investors make better decisions.

For more information, please contact:

Denis Laviolette
Executive Chairman and President
EarthLabs Inc.
Tel: 647-345-7768
Email: [email protected]

Neither the TSX Venture Exchange (“TSXV”) 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.

Caution regarding forward-looking information

No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This press release contains forward-looking information that 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. . The forward-looking information contained in this press release includes, but is not limited to, the Company’s objectives, goals and future plans, including the proposed completion of the Transaction and its timing, and the Company’s future plans. for its RQ, CEO.CA and DigiGeoData holdings. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs that vary significantly from estimates, the inability to obtain all required shareholder, director, regulatory and third party approvals, the risk that the Transaction will not be completed as currently proposed or at all, the preliminary nature of metallurgical test results, delays in the receipt or failure to obtain governmental, environmental or other approvals required for the project, uncertainties relating to the availability and costs of financing required in the future, fluctuations in stock markets, inflation, fluctuations in commodity prices, delays in project development and other risks related to the mining industry ration and development, as well as the risks disclosed in the Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames disclosed 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, except as required by law.

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