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GoldSpot lifts consulting revenue

The Canadian exploration technology company that calls itself “the most unique source of capital in the exploration space” generated about C$900,000 of consulting revenue in the first half of 2019 after raising $7.6 million and trading on the Toronto Venture Exchange from February after a reverse takeover of a listed firm.
GoldSpot lifts consulting revenue GoldSpot lifts consulting revenue GoldSpot lifts consulting revenue GoldSpot lifts consulting revenue GoldSpot lifts consulting revenue

Staff reporter

GoldSpot Discoveries' share price (TSXV: SPOT) has slumped from C55c in February to 19c this week, capitalising the company at about $18 million.

It said revenue rose 53% year-on-year. The company booked a $2.78 million net loss for the first half of 2019, compared with $476,319 for the same period last year. It ended June with $8.3 million in working capital and $6.5 million cash after committing $2.4 million to investments and the acquisition of royalties on properties owned by New Found Gold Corp, One Bullion, Manitou Gold and Pacton Gold.

Gran Colombia Gold Corp contracted GoldSpot to use its machine learning technology platform and methodology to "identify new drilling targets" at the Segovia gold mine in Colombia's Segovia-Remedios mining district.

"The numbers validate our business model," GoldSpot president and chief executive officer Denis Laviolette said.

"Our partnerships with major mining companies generate revenue to cover our G&A, fuel our R&D, and demonstrate our leadership in applying machine learning to mineral exploration. This leaves our treasury intact to invest in juniors and acquire royalties in data-rich projects ripe for artificial intelligence, all while giving them access to our entire team."

Laviolette said GoldSpot's technical team and level of expertise continued to expand.

"Our technology only becomes more advanced with every contract and investment we are involved with," he said.

"We are not only disrupting how mineral exploration is performed, but how investors can participate in discovery."