Welcome to EARTHLABS
Transforming the Mineral Exploration Sector
I am pleased to take this time to connect with you as we reach a major milestone in the development of our company with the sale of our mining consulting and technology practice to ALS Limited.
More than six years ago, we set out to change the mining industry by integrating artificial intelligence into the exploration process and revealed ourselves to the mining sector after placing second in the Integra Gold Rush challenge. Concurrently, we sought to use the same technology to help us and other investors in the traditionally inefficient resource space. This theory was recognized as having world-class potential as we placed again as finalists in the 2017 Goldcorp challenge.
Synchronously, these two concepts grew within GoldSpot, one as our exploration tech division and the other as our financial technology. The idea of Quantamental Resource investing quietly grew in the shadows of the exploration tech division, however, it was the guiding strategy of our core AI-based mining services. We further augmented our Quantamental product suite via acquisitions of CEO.CA and DigiGeoData.
Since our momentous time as a finalist at the Goldcorp challenge we have raised nearly $30 million. Also during this time, we experienced a pandemic, pending world war, ravaging inflation… a 20% depressed venture market, a 25% depressed GDXJ index, and a gold price that, at the time of this writing, remains stagnant and the same price as it was back in February 2017.
Nevertheless, despite the poor market conditions, we have with the divestiture of our AI mining consulting division to ALS, turned the $30 million in shareholder capital into over $50 million in cash and securities; a broad royalty portfolio holding interest in what we believe to be one of the world’s greatest new gold discoveries, and a new product portfolio comprised of CEO.CA and DigiGeoData.
I also want to take this opportunity and acknowledge the team from our geology consulting division, without whom this would not be possible. The synergy with ALS is clear and I very much believe the world of mining and discovery will benefit from this transaction as our technology and people are able to leverage the world-class ALS platform. There will be many new discoveries made because of this transaction, and I think our clients as well as the mining market will see clear benefits as we hand over the reigns.
Looking ahead, I could not be more excited with the position we have put ourselves in at EarthLabs. We made this name change as we looked to use our Quantamental approach to align ourselves with growth products and new initiatives in the resource space. 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.
I look forward to the future as we continue to grow and drive shareholder value.