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EarthLabs Reports Results For The Third Quarter of 2023

By: Newsfile
  • Announced the acquisition of the Northern Miner, Canadian Mining Journal and MINING.COM;
  • Total signed advertising contracts YTD as of November 27, 2023 represent $2,764,000;
  • Ended the quarter with total cash, cash equivalents, due from brokers and investments of $47,949,324.

Toronto, Ontario--(Newsfile Corp. - November 28, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) ("EarthLabs" or the "Company"), a leading mining investment and technology company, is pleased to announce the unaudited consolidated financial results for three and nine months ended September 30, 2023 of the Company (the "Financial Results").

"Amidst a challenging junior resource market, EarthLabs stands resilient, focusing on long-term strategic positioning," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "With the acquisition of key media assets and a robust investment and cash reserve, we're not just enduring the storm but redefining the landscape. Our portfolio, now enhanced with the Northern Miner, Canadian Mining Journal, and MINING.COM, empowers us to innovate and enhance the way information is shared in the mining sector. Our vision remains steadfast-EarthLabs is building a legacy in the mining investment and technology sphere."

Highlights for the three-months period ended September 30, 2023:

  • Advertising revenue of $440,430 as compared to $1,040,933 for the three months ended September 30, 2022;
  • Net investment losses of $3,749,013 from our investment portfolio as compared to net investment losses of $3,747,401 for the three months ended September 30, 2022;
  • Net loss from operations of $5,867,847 (basic loss per share of $0.04) as compared to net loss from operations of $3,818,176 (basic loss per share of $0.03) for the three months ended September 30, 2022;
  • Net loss and comprehensive loss of $5,867,847 (basic loss per share of $0.04) as compared to net loss and comprehensive loss of $4,673,444 (basic loss per share of $0.04) for the three months ended September 30, 2022.

Highlights for the nine-months period ended September 30, 2023:

  • Completed the nine-month period with total cash and cash equivalents, due from brokers, investments and equity investments of $47,949,324 as compared to $52,546,191 as of December 31, 2022;
  • Advertising revenue of $1,529,244 as compared to $1,646,605 for the nine months ended September 30, 2022;
  • Net investment losses of $1,014,059 from our investment portfolio as compared to net investment losses of $12,089,495 for the nine months ended September 30, 2022;
  • Net loss from operations of $5,403,056 (basic loss per share of $0.04) as compared to net loss from operations of $13,664,107 (basic loss per share of $0.10) for the nine months ended September 30, 2022;
  • Net loss and comprehensive loss of $5,403,056 (basic loss per share of $0.04) as compared to net loss and comprehensive loss of $14,194,686 (basic loss per share of $0.10) for the nine months ended September 30, 2022.
  • Subsequent to September 30, 2023, the Company announced that it has entered into a definitive agreement with Glacier Media Inc. and its wholly-owned subsidiary Glacier Rig Ltd. under which EarthLabs will acquire The Northern Miner Group ("TNM Group"), a leading group of mining media brands including The Northern Miner ("TNM"), Canadian Mining Journal ("CMJ") and MINING.COM. The consideration for the acquisition of the TNM Group consists of the aggregate cash payment of $4,000,000, subject to working capital adjustments. There are no finder's fees associated with the acquisition and the Company is not assuming any material debt from Glacier Rig Ltd. The acquisition is expected to close before December 1, 2023, and remains subject to customary closing conditions and the approval of the TSX Venture Exchange.

Summary of financial results

The following are selected unaudited consolidated financial results as at and for the three and nine months ended September 30, 2023, with comparatives:

Interim condensed consolidated statements of loss and comprehensive loss highlights Three months ended
September 30,
Nine months ended
September 30,
 2023 202220232022
Advertising revenue $ 440,430 $ 1,040,933$ 1,529,244$ 1,646,605
Subscriptions revenue  212,268   237,175 645,291 771,226
Sales of exploration maps  49,929   52,600 189,428 186,050
Net investment losses  (3,749,013)  (3,747,401) (1,014,059) (12,089,495)
Other income  234,629   32,118 735,380151,369
Total expenses (3,778,379) (2,259,735)(8,361,843)(6,793,164)
Loss from equity investment (14,821) (238,053)(90,854)(390,355)
Deemed gain on disposition of equity investment - --407,790
Income tax recovery  737,110 1,064,187964,3572,445,867
Net loss from operations for the period (5,867,847) (3,818,176)(5,403,056)(13,664,107)
Net loss from discontinued operations for the period - (855,268)-(530,579)
Net loss and comprehensive loss for the period (5,867,847) (4,673,444)(5,403,056)(14,194,686)
Loss per common share for the period - basic and
diluted
 (0.04) (0.04)(0.04)(0.10)

 

Interim condensed consolidated statements of financial
position highlights
 September 30,
2023
December 31, 2022
Cash and cash equivalents$  14,376,041$ 25,346,049
Due from brokers 398,6823,180,098
Accounts receivable, net of expected credit losses 59,840116,214
Investments, at fair value 31,019,57921,774,168
Equity investment 2,155,0222,245,876
Income tax receivable 684,585-
Intangible Assets 7,511,3608,105,504
Goodwill 2,210,9802,210,980
Total assets 58,717,76363,271,860
Accounts payable and accrued liabilities 794,4781,002,120
Deferred revenue 1,705,0811,004,440
Income tax payable 8,1881,017,408
Deferred tax liabilities 1,247,7681,572,001
Total liabilities 3,926,4775,176,033
Share capital, contributed surplus, and warrants 52,133,38350,034,868
Retained earnings  2,657,9038,060,959

 

About EarthLabs Inc.

EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) is a mining investment and technology company that aims to provide strategic leverage to the metals and mining sector through investments, royalties and a full suite of data-driven media SaaS tools and services.

For further information please contact:

Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7768
Email: investors@earthlabs.com

Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-Looking Information

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, factors effecting the Company's investees such as the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188803

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