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GoldSpot Discoveries reports $8.9 million net loss in Q2 2022, says consulting revenue up 35%

Kitco Media
By Vladimir Basov
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(Kitco News) - GoldSpot Discoveries (TSXV: SPOT) today reported net loss from operations of $8,902,184 in Q2 2022, resulting primarily from the investment portfolio as compared to net income of $12,713,894 in Q2 2021.

GoldSpot’s Q2 2022 net investment losses were $8,083,620 from its investment portfolio as compared to net investment gains of $16,003,092 for the three months ended June 30, 2021.

The company also reported net loss and comprehensive loss of $8,902,184 (basic loss per share of $0.07) in Q2 2022 as compared to net income and comprehensive income of $12,713,894 (basic earnings per share of $0.13) for the three months ended June 30, 2021.

Importantly, the company said it increased consulting revenue to $3,376,124 in Q2 2022 as compared to $2,490,739 for three months ended June 30, 2021, which is an increase of 35%.

GoldSpot added that for the current three-month period, from its recent acquisitions of CEO.CA Technologies Ltd., Geotic Inc., and DigiGeoData, the company had advertising and subscriptions revenue of $450,019, sales of software licensing of $129,489 and sales of digital maps of $53,000.

GoldSpot Discoveries is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a full suite of data and knowledge-driven SaaS tools and services.

According to the company’s website, GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies, and strategically invest in mineral exploration companies.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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