In light of the recent fluctuations in the price of its common shares, Goldspot Discoveries Corp. says it is not aware of any material corporate development or material change in the company’s business or affairs.
Goldspot believes that it remains in good financial condition, with strong revenues from its consulting and services arm. As indicated in its most recent interim consolidated financial statements for the six-month period ended June 30, 2019, Goldspot recorded $914,473 in revenues while committing a total of $2.4-million in investments and royalty acquisitions. As of June 30, 2019, the company had $6.5-million in cash on hand and held another $2.8-million in investments.
Goldspot continues to partner with premier mining companies, offering front-to-back geological services including the use of artificial intelligence and machine learning to create new layers of data and generate prospective drill targets.
Goldspot’s president and chief executive officer, Denis Laviolette, said: “This has been a crucial year for Goldspot. In February, we completed our listing on the TSX Venture Exchange, and earlier this month we launched our Resource Quantamental platform internally. Our progress in 2019 has been in line with our business plan and we are already looking forward to 2020. To date, we’ve focused inwardly on enhancing our technology and methodology with existing clients. We now feel that we’re ready to be more outward facing and provide the market with regular updates on our technology and our business. We are excited about this new phase of our corporate development, and are eager to communicate what makes Goldspot such a special disruptor for the mining industry.”
Since the beginning of 2019, Goldspot has expanded its target market to junior explorers. The company invests and acquires royalties in data-rich exploration companies, which in turn retain Goldspot and its team of 25 geologists and data scientists (including eight PhDs) to stitch, level and reinterpret a unique combination of both public and the explorer’s own proprietary data. Goldspot aims to bring together all available data and apply artificial intelligence to identify patterns and areas with a high chance of mineralization.
While Goldspot’s investments and service agreements are separate transactions, entering into both benefits the company by mitigating its investment risk through a partial return of capital. Goldspot’s client in turn benefits by receiving a suite of advanced geological services and an artificial-intelligence-driven exploration campaign.
Goldspot currently holds the following royalties:
Goldspot will continue to pursue its strategy of using artificial intelligence and traditional domain expertise to make optimal use of all available exploration data. The company aims to generate revenues from its work with producers sufficient to cover the majority of its G&A (general and administrative) and R&D (research and development) expenses, while continuing to invest and acquire royalties in juniors to which it will provide access to its robust team of geologists and data scientists. Goldspot will continue to leverage its technology — including its newly launched Resource Quantamental platform — and its position as a source of capital in depressed markets to develop a basket of equities and royalties.
Goldspot intends to keep the market informed regarding its pipeline of service contracts, investments and partnerships, as well as future technological developments and lines of business.
About Goldspot Discoveries Corp.
Goldspot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. Goldspot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. Goldspot’s solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. Goldspot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, as well as the development of its own artificial-intelligence-driven trading platform.