GoldSpot’s discoveries will advance the SaaS offering with the acquisition of software company Geoscience Geotic Inc.

• Portfolio of 5 software tools (GeoticMine, GeoticLog, GeoticGraph, GeoticCAD and GeoticField) offer diverse 3D modeling and logging, improving the way geologists and engineers collect and analyze data

• Powerful combination of GeoticLog and LithoLens will create industry-first cloud-based basic logging and AI imaging solution

Toronto, Ontario – (Newsfile Corp. – August 16, 2021) – GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) (“GoldSpot” or the “Company”), a leading technology services company leveraging machine learning to transform the mineral discovery process, is pleased to announce that on August 15, 2021, it entered into a definitive acquisition agreement Geotics Inc. (“Geotic”) an award-winning provider of software for the mining industry, including geological and geophysical modeling applications, based in Val-d’Or, Quebec.

Founded in 2002, Geotic operates a portfolio of five cutting-edge tools (GeoticMine, GeoticLog, GeoticGraph, GeoticCAD and GeoticField) as well as a modular basic camera hardware system. From drilling data collection to 3D modeling, Geotic offers an integrated software solution to hundreds of junior mineral explorers and senior producers with cost-effective data analyzes and an unmatched focus on quality and ease of use. compared to traditional methods of manual data collection.

“This acquisition consolidates our commitment to acquire licensed software products and generate robust and recurring revenue streams”, said Denis Laviolette, Executive Chairman and President of GoldSpot. “Geotic has generated incredible momentum over the past few years and we are excited to add their portfolio to the GoldSpot family. The acquisition will significantly increase our ARR and annual revenues as we tailor these products to our growing customer base and the global mining community. . “

Geotic software includes GeoticLog, its customizable core-logging platform, Geotic Mine, its geological modeling and 3D visualization solution, GeoticGraph, its borehole viewer, GeoticCAD, a cost effective alternative to common industrial tools with an integrated drawing engine and Geotic Field, its platform for entering survey data in the field. Geotic also offers a unique drill core photography hardware device that enables the uploading of linearized borehole photographs into the Geotic software suite.

The story continues

Geotic users and accounts, as a GoldSpot company, should expect business as usual, with enhanced product development and market engagement strategies.

Industry’s First Basic Logging and Artificial Intelligence Imaging Solution

Geotic and GoldSpot technologies enable powerful collaboration, enabling GoldSpot to create deeper integrations into the company’s growing suite of products. More specifically, GoldSpot will integrate GeoticLog and LithoLens, its proprietary core imaging technology to create an industry-first core logging and artificial intelligence-based imaging platform enabling more in-depth and actionable analytics for customers.

The addition of the Geotic team adds additional bench strength to GoldSpot’s in-depth experience in geology, artificial intelligence, machine learning, user experience, data visualization, and cloud technology.

Pursuant to the Purchase Agreement, the sellers will receive C $ 1,000,000 in cash and 1,442,308 common shares of the Company (the “GoldSpot shares”) at a price of C $ 1.04 per GoldSpot share, which represents an agreed aggregate purchase price for the acquisition of C $ 2,500,000. Under the agreement, GoldSpot shares will be placed in voluntary blocking and will be released according to a nine-month blocking schedule. The acquisition is expected to be completed before October 31, 2021 and remains subject to the approval of the TSX Venture Exchange.

The acquisition is subject to customary closing conditions and regulatory approvals. At closing, Geotic will operate as a stand-alone subsidiary under GoldSpot.

About Géotique Inc.

Software designed by geologists for geologists. Geotic sets itself apart from its competitors by its knowledge of the geological and mining reality. The simplicity of data integration, the specialized service and the competitive advantage make the success of Geotic products. Always at the cutting edge of technology, GeoticMine, GeoticLog, GeoticGraph, GeoticCAD and GeoticField are the result of analysis and reflection on efficiency.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver tailored solutions that transform the process of mineral discovery. In the race for discovery, GoldSpot produces smart targets and advanced geological modeling that save time, reduce costs, and deliver accurate results.

For more information, please contact:

Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Phone. : 647-992-9837
Email: investors@goldspot.ca

Caution regarding forward-looking information

Neither the TSX Venture Exchange (“TSXV”) 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document. This press release contains forward-looking information that 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 contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, potential future revenues and scalability of Geotic Inc., future product development initiatives. and statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, preliminary nature of metallurgical test results, delays in obtaining or failing to obtain government requirements, regulatory, environmental or other approvals of projects, uncertainties relating to the availability and costs of necessary financing in the future, changes in the stock markets, inflation, fluctuations in commodity prices, delays in project development and other risks involved in the mineral exploration and development industry, and the risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given as such events will occur within the timeframe disclosed or will not occur 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, except as required by law.

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