EarthLabs sells AI-driven GoldSpot to ALS

In a surprising turn, EarthLabs Inc., previously GoldSpot Discoveries Corp., has sold its recently established ExplorTech Division to ALS Ltd.

As part of the C$24 million transaction, including C$6 million in assumed liabilities, the newly formed ALS GoldSpot Discoveries, a subsidiary of ALS Limited, will now be heading the artificial intelligence mineral exploration that got EarthLabs where it is today.

"The closing of the ExplorTech Division sale marks the beginning of an exciting chapter for EarthLabs and our shareholders," said EarthLabs President Denis Laviolette.

According to EarthLabs, with the sale of its ExplorTech Division, research and development costs, as well as general and administrative expenses, will reduce by up to 70% year over year, creating a leaner, autonomous portfolio of tech-driven mineral exploration and financial tools. This includes Earthlab's Resource Quantamental (RQ) technology, AI-driven investment analysis that involves both quantitative and fundamental approaches aimed at improving returns.

"The sale will accelerate the construction of our leaner, capital-light and more automatable product portfolio anchored by our Quantamental approach," Laviolette added.

Recently reorganized under the banner of EarthLabs, GoldSpot became a part of several divisions EarthLabs created through its rapid acquisitions in the last couple years.

You can read about the restructuring and reorganization of GoldSpot at GoldSpot forms EarthLabs for mining tech in the July 22, 2022 edition of Metal Tech News, which also goes into great detail about the timeline of GoldSpot's expansion and acquisitions.

The ExplorTech Division includes the company's GoldSpot Discoveries consulting group – which comprises the company's original core AI mineral exploration process – alongside Ridgeline Exploration Services Inc. and Geotic Inc.

ALS, headquartered in Brisbane, Australia, is one of the largest providers of laboratory testing, inspection, certification, and verification solutions across 45 industries, including the mining sector.

With over 18,000 employees in over 350 sites across 65 countries, ALS has opted to turn GoldSpot into a separate consulting division of ALS Minerals, ALS GoldSpot Discoveries Ltd., with the hopes to continue delivering cutting-edge mineral exploration that leverages machine learning algorithms.

In addition to the transaction, both parties have entered into a transition services agreement to provide a timely and efficient transfer of the ExplorTech Division's operations.

While EarthLabs is separating itself from its mineral exploration services, the company states it will continue to focus on the development and operation of its flagship RQ technology, social media platform CEO.CA, and mining cartography company DigiGeoData.

"We will take advantage of these turbulent times and continue to grow on the clear value creating momentum we have garnered since our start-up days six years ago," finished Laviolette.