- GoldSpot announced the company's year-end financial results including a record revenue increase of 123 per cent in 2020
- The company also launched its software solutions LithioLens and MinusOne
- GoldSpot Discoveries is a technology company engaged in machine learning to reduce capital risk
- GoldSpot Discoveries (SPOT) is up 11.25 per cent and is currently trading at $0.445 per share
GoldSpot announced the company's year-end financial results including a record revenue increase of 123 per cent in 2020.
Consulting revenue rose to C$5,170,044 compared to $2,311,978 for year-end 2019.
The company also announced year-end highlights that included the launch of software solutions LithioLens and MinusOne.
LithoLens is GoldSpot's core imaging technology, which automatically extracts information from historic and recent core photography. To date, LithoLens has analyzed over 2.5 million meters of rock of various deposits worldwide.
MinusOne, a software solution for creating 3-D models from geophysical data, will guide exploration drilling locations and geology interpretation.
GoldSpot also completed the merger of its majority-owned subsidiary, XCorp AI, with Golden Planet Mining, 100% owner of the Mammoth Gold Project. The merger closed on January 1, 2021 and resumed operations as Golden Planet Mining.
Under the new entity, GoldSpot and Golden Planet Mining are planning for the upcoming 2021 field season, with a modern regional approach in mind.
GoldSpot has outlined several growth strategies for the upcoming year, including growing services and consultancy in exploration active jurisdictions, as well as growing its equity investment and royalty portfolio.
The company will also aim to expand its software service model technology, including its LithioLens and MinusOne systems, to build robust, reoccurring revenue streams.
Denis Laviolette, Executive Chairman and President of GoldSpot, commented on the year-end results.
"Our team rose to the challenge and worked together to deliver our strongest performance to date as well as capitalize on many new growth opportunities driven by our technological achievements and in-house innovation," he said.
"Looking forward, we will continue to expand our SaaS revenue model while growing our in-house offering with complementary services that drive efficiency, collaboration and continuous improvement across our company and our client services."
GoldSpot Discoveries is a technology company engaged in machine learning to reduce capital risk while working to increase efficiencies and success rates in resource exploration and investment.
GoldSpot Discoveries (SPOT) is up 11.25 per cent and is currently trading at $0.445 per share as of 1:40 pm ET.