The ExplorTech division includes EarthLabs’ GoldSpot Discoveries consulting group alongside Ridgeline Exploration Services Inc. and Geotic Inc. Its sale would reduce the company’s R&D costs and G&A expenses by approximately 70% year over year. the other, creating a leaner, self-contained technology-focused product portfolio. mining exploration and financial tools.
Upon closing, EarthLabs will have approximately $53.7 million in cash, securities and stock; royalties and royalty options on 21 projects (currently the largest royalty holder in Newfoundland); and a product portfolio that includes Resource Quantamental, CEO.CA and DigiGeoData.
EarthLabs, formerly known as GoldSpot Discoveries, was established in 2016 as a one-of-a-kind quantitative store and technology incubator using artificial intelligence and machine learning to identify patterns needed to identify geophysical, geochemical , lithological and structural that correlate with mineralization. .
This concept gave rise to EarthLabs’ fintech division anchored by Resource Quantamental (RQ), 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 greatest risk reward. report. 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-driven and knowledge-driven, to examine the entire exploration of value with a whole new perspective.
Over the years, the company’s consulting practice has become an industry leader in exploration technology and has grown with the acquisitions of Ridgeline Exploration and Geotic.
In October 2021, EarthLabs completed its acquisition of CEO.CA Technologies Ltd., and in February 2022, completed the acquisition of DigiGeoData Inc., reaffirming its fundamental commitment to acquiring licensed software products and creating revenue streams strong and recurring.
The sale of the ExplorTech division brings the company back to its core strength of technology business and product incubation – the creation, acquisition, management and monetization of cutting-edge technology companies to drive business successes in upstream mining industry in venture capital funding and ore discovery, EarthLabs said.
“Today’s announcement reinforces our commitment to acquiring, managing and monetizing leading technology companies,” commented Denis Laviolette, Executive Chairman and President. “We founded the company with the vision of a monetary 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 did not have. before and which will advance our offers.
“The GoldSpot consulting firm was originally created to fund in-house technology development, make discoveries, raise capital and acquire businesses. The sale of our ExplorTech consulting toolkit will accelerate the building of our portfolio of licensing lighter, lower capitalization and more automatable products with a much larger total addressable market.