Excelsior kicks off construction of Johnson Camp copper mine in Arizona
Mining is expected to commence as soon as year one with first copper produced in the first half of 2025.
Toronto, Ontario--(Newsfile Corp. - August 9, 2024) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) ("EarthLabs" or the "Company") is pleased to announce the unaudited consolidated financial results for three and six months ended June 30, 2024 of the Company (the "Financial Results").
Highlights for the three-months period ended June 30, 2024:
Highlights for the six-months period ended June 30, 2024:
"EarthLabs' Q2 2024 results highlights an important phase of our growth trajectory," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "With a 384.3% increase in advertising revenue and a 41.3% rise in subscriptions revenue, our strategic initiatives are clearly effective within the commodities sector and the larger investment community. Our investment in cutting-edge technology and platform acquisitions has strengthened our market position, enabling us to seize current opportunities. The performance of Q2 2024 is a testament to our resilience and strategic vision, marking another milestone in what promises to be a significant year of growth and achievement for EarthLabs."
Summary of financial results
The following are selected interim condensed consolidated financial results as at and for the three and six months ended June 30, 2024, with comparatives:
| Interim condensed consolidated statements of income (loss) and comprehensive income (loss) highlights | Three months endedJune 30, | Six months endedJune 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Advertising revenue | $ | 1,444,784 | $ | 298,320 | $ | 2,860,470 | $ | 1,088,814 | ||||
| Subscriptions revenue | 300,734 | 212,772 | 604,607 | 433,023 | ||||||||
| Sales of exploration maps | 40,378 | 51,189 | 105,081 | 139,499 | ||||||||
| Net investment gains (losses) | (427,144 | ) | (693,821 | ) | 2,883,228 | 2,734,954 | ||||||
| Other income | 198,982 | 259,237 | 477,228 | 500,751 | ||||||||
| Operating, general and administrative | (2,689,917 | ) | (1,983,138 | ) | (5,323,266 | ) | (3,721,748 | ) | ||||
| Research and development expenses | (870,219 | ) | (441,473 | ) | (1,590,005 | ) | (852,019 | ) | ||||
| Total expenses | (3,596,811 | ) | (2,429,228 | ) | (6,987,057 | ) | (4,583,464 | ) | ||||
| Loss from equity investment | (1,671 | ) | (29,731 | ) | (16,511 | ) | (76,033 | ) | ||||
| Income tax recovery (expense) | 78,291 | 530,122 | (283,617 | ) | 227,247 | |||||||
| Net income (loss) and comprehensive income (loss) for the period | (1,962,457 | ) | (1,801,140 | ) | (356,571 | ) | 464,791 | |||||
| Earnings (loss) per common share for the period - basic | (0.01 | ) | (0.01 | ) | (0.00 | ) | 0.00 | |||||
| Earnings (loss) per common share for the period - diluted | (0.01 | ) | (0.01 | ) | (0.00 | ) | 0.00 | |||||
| Interim condensed consolidated statements of financial position highlights | June 30, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 4,356,101 | $ | 5,227,657 | ||
| Due from brokers | 856,684 | 485,949 | ||||
| Accounts receivable, net of expected credit losses | 385,395 | 120,253 | ||||
| Investments, at fair value | 37,039,330 | 35,091,151 | ||||
| Equity investment | 2,121,841 | 2,138,352 | ||||
| Income tax receivable | 219,557 | 854,023 | ||||
| Property, equipment and right-of-use assets | 1,224,968 | 1,252,737 | ||||
| Intangible Assets | 2,948,799 | 3,127,000 | ||||
| Goodwill | 624,290 | 624,290 | ||||
| Total assets | 50,091,620 | 49,251,445 | ||||
| Accounts payable and accrued liabilities | 1,281,849 | 1,287,021 | ||||
| Deferred revenue | 2,471,214 | 1,921,102 | ||||
| Total promissory note | 1,017,092 | 980,971 | ||||
| Total lease liabilities | 1,095,370 | 1,155,154 | ||||
| Deferred tax liabilities | 612,730 | 204,690 | ||||
| Total liabilities | 6,578,079 | 5,589,812 | ||||
| Share capital, contributed surplus, and warrants | 52,432,836 | 52,224,357 | ||||
| Deficit | (8,919,295 | ) | (8,562,724 | ) |
About EarthLabs Inc.
EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) is a mining investment, technology, and media 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 including CEO.CA, The Northern Miner, MINING.COM, Canadian Mining Journal and DigiGeoData.
For further information please contact:
Denis LavioletteExecutive Chairman and CEOEarthLabs Inc.Tel: 647-345-7720Email: [email protected]
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
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, risks detailed from time to time in the Company's filings with securities regulators and available under the Company's profile on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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