GoldSpot forms EarthLabs for mining tech

As it continues to focus on leveraging artificial intelligence and data science to transform the mineral discovery process, GoldSpot Discoveries Corp. is reorganizing under EarthLabs Inc., a holding company that will encompass GoldSpot's portfolio assets and new corporate mission to create, acquire, and manage market-leading technology businesses in the resource exploration and development sectors.

"To date, there is no doubt that GoldSpot has thrived in the mining sector with its unique business model and elite team of scientists," said GoldSpot Discoveries President and Executive Chairman Denis Laviolette. "The creation of EarthLabs serves to unite the company's portfolio under our mission to enable future resource exploration and development by breaking down barriers along the entire value chain with innovative approaches and technology."

GoldSpot had seen a meteoric rise since its founding in 2016, finding monumental success in 2020 with its machine learning algorithm, particularly when gold was at its highest historically.

Starting out with a proprietary machine-learning algorithm designed to narrow down possible precious metals deposits, mining companies slowly began to see the potential of using software to calculate and predict the likelihood of gold to extreme degrees of accuracy – sometimes upwards of 86% – a far cry from the 0.5 to 5% success rate of conventional mineral exploration.

"GoldSpot was born from an exhaustive pilot project generated from the decades of data collected on the Quebec Abitibi belt," said Laviolette.

Therefore, perhaps no industry could better utilize the strengths of artificial intelligence than mineral exploration, an avenue GoldSpot quickly capitalized on.

Despite the challenges and uncertainty brought about by COVID-19, the pandemic served as a catalyst for flourishing innovation for many entrepreneurs.

Delivery services, 3D printers, and a wealth of self-employed individuals who felt it could not be any riskier than the current state of the world were just a few of the positive outcomes of the pandemic. And as the saying goes, necessity is the mother of invention, and a global lockdown bred much necessity.

Amongst these innovators was GoldSpot, which quickly carved out a place in an all but unknown market – providing desktop mineral exploration remotely to companies while everyone stayed home. As mandates and restrictions alleviated, an even larger list of clients was ready to apply their new exploration models devised by AI.

Due to the demand for AI in mineral exploration, GoldSpot saw an influx of customers and, with that, began to make strategic acquisitions, bolstering their service offerings and setting the foundations for a future as a business for businesses.

Bolstering geo talent

GoldSpot's transition to EarthLabs really began with a July 2021 investment from renowned natural resources investor Eric Sprott, which also corresponded with the largest client deal for the young mineral exploration company.

Infused with cash, GoldSpot marked the first of many business purchases starting with Ridgeline Exploration Services Inc., a privately held geological and logistical field services firm out of British Columbia.

The intention was to capture Ridgeline's expertise to help bolster GoldSpot's own in-house geoscience capabilities and to enhance its already formidable artificial intelligence solutions.

Founded in 2014 by two independent British Columbia-based explorers, Ridgeline supported exploration companies by providing access to industry specialists with a full suite of talent ranging from geochemistry, structural mapping, and geophysics.

By taking Ridgeline under its banner, GoldSpot strengthened its existing consultancy business as well as vertically integrated the ability to capture key data, including airborne geophysical survey mapping.

The expanded range of services positioned the AI mineral exploration company to grow its revenue, accelerate the recognition of its deferred revenue, and provide new value-added services to both Ridgeline and GoldSpot's strong client pipeline.

You can read the complete story of EarthLab's acquisition of Ridgeline at GoldSpot adds geo business and expertise in the July 7, 2021, edition of Metal Tech News.

Social media platform?

Not even a month later, GoldSpot continued to build EarthLabs with the acquisition of a pair of companies that further bolstered its expanding SaaS (software-as-a-service) repertoire.

Despite GoldSpot's growing success, one of the acquisitions would come into question by its shareholders and the mining sector at large, the choice to purchase CEO.CA Technologies Ltd.

Founded in 2012, CEO.CA saw significant growth through its mining-centric social network and premium stock market data service "CEO.CA PRO," a real-time level-two market depth platform that it offers users through a monthly subscription.

"What makes CEO.CA unique is its industry-leading technology and community of intelligent investors across sectors," said GoldSpot's Chief Business Officer, Cejay Kim, during the time of the announcement. "This acquisition represents a unique opportunity for GoldSpot to bring scaling principles and capital to an already rapidly growing business in a high-value niche."

While the move is somewhat evident now, the purchase of a social media platform by an AI mineral explorer was seen as questionable at best.

Following the $11 million purchase of CEO.CA, GoldSpot's stock fell somewhat dramatically. However, the company stuck to its guns, perhaps going for the bigger picture of its rebranding today.

Nevertheless, CEO.CA was perhaps the first true move toward EarthLabs, establishing a foothold over an investment social network.

"GoldSpot will add its in-house artificial intelligence, machine learning and data visualization expertise to enhance the user experience and develop new value-add products and services," Kim added at the time of the purchase.

Award-winning geo software

At the same time as its CEO.CA acquisition, GoldSpot cut a deal the buy Geotic Inc., an award-winning provider of mining industry software, including applications for geological and geophysical modeling.

Founded in 2002, Geotic operates a portfolio of five cutting-edge tools:

• GeoticLog – a customizable core-logging platform.

• GeoticMine – a 3D geological modeling and visualization solution.

• GeoticGraph – a drill-hole visualizer.

• GeoticCAD – a cost-effective alternative to common industry tools with an integrated drawing motor.

• GeoticField – a field-based survey data-entry platform.

• LithoLens – a drill core imaging technology.

You can read how powerful LithoLens is and what GoldSpot is using it for at Core photos new focus for AI exploration in the October 21, 2020, edition of Metal Tech News.

From drilling data to 3D modeling, Geotic offers an integrated software solution to hundreds of global junior mineral explorers and senior producers with cost-effective data analytics and an unmatched focus on quality with ease of use over traditional manual data collection methods.

You can read the complete story of EarthLab's acquisition of these companies at GoldSpot to acquire CEO.CA and Geotic in the August 18, 2021, edition of Metal Tech News.

Mapmaking expertise

As the momentum of purchasing slowed, GoldSpot finished off 2021 with the acquisition of DigiGeoData.

Founded in 2018, DigiGeoData quickly developed into a pioneer of modern mining cartography as the creator of the mineral exploration industry's global standard regional maps.

Presently, the company has been developing its premier "Atlas" platform, a software-based geographic information system (GIS) interactive mapping interface alongside its "Maps" distribution business used by over 300 clients.

"The acquisition of DigiGeoData is integral to our overall strategy of bringing prospectors, explorers, as well as institutional and retail investors enhanced transparency and decision making in the discovery process," said Laviolette during the announcement of DigiGeoData's acquisition.

You can read the complete story of EarthLab's purchase of DigiGeoData at GoldSpot adds tech mapmaker DigiGeoData in the December 22, 2021, edition of Metal Tech News.

This final addition to its offerings capped off GoldSpot's strongest year yet.

"2021 was truly a transformational year of dynamic growth for GoldSpot," said Laviolette. "Our acquisitions solidified our commitment to introduce licensable software products with recurring revenue streams using AI and Geoscience as well as facilitated GoldSpot's platform expansion strategy with new tools and resources for the mining sector. The company's considerable progress to date is a testament to the strength of the entire GoldSpot team."

You can read a summary of GoldSpot's growth at A year of dynamic growth for GoldSpot in the April 6, 2022, edition of Metal Tech News.

EarthLabs

Now, the founders of GoldSpot are uniting all its mineral exploration-related businesses under one banner – EarthLabs.

With the rebranding, EarthLabs has created a financial technology division (FTD) and exploration technology division (ETD) to house its portfolio of services.

CEO.CA, DigiGeoData, and the newly created Resource Quantamental will be parked in the financial technology division.

An experimental arm of the FTD to create a decision engine for investments, Resource Quantamental combines a traditional fundamental approach to investing with AI-driven quantitative analysis to identify both short- and long-term opportunities.

Headed by GoldSpot Discoveries, EarthLab's exploration technology division will also include Geotic, LithoLens, Ridgeline, and a general research and development department.

"While our subsidiaries and their brands are not changing, the new structure will empower them to develop their independence and leadership with support from EarthLabs mothership," said Laviolette. "EarthLabs will continue to pursue opportunities within our vision of creating a more economical, collaborative and sustainable exploration sector driven by innovation and technology."

So not just a rebranding but more of a restructuring under a new name, GoldSpot will continue to offer its incredible AI services but will now be under the holding of EarthLabs total spread of advanced futuristic mining software and technologies.

EarthLabs will retain the majority of the treasury and work with division heads in the creation and execution of budgets and deployment of capital. Additionally, the holding company will house all existing investments and royalties.

EarthLabs' overarching mission is to create, acquire, and manage market-leading technology businesses to stimulate upstream mining industry company successes in venture financing, ore discovery, and defining mineral deposits for optimal extraction.

Metal Tech News looks forward to following EarthLabs as it continues to expand and grow its offerings, as well as report its future successes!