• Ended the year with total cash, cash equivalents, and investments of $42.9M;
• Acquisition of The Northern Miner, MINING.COM and Canadian Mining Journal, solidifies EarthLabs as one of the largest mining media groups globally;
• Foundational year for EarthLabs for strategic growth and acquisitions in the investment and media portfolio, forging a new frontier where technology meets mining media.

Toronto, Ontario--(Newsfile Corp. - April 29, 2024) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) ("EarthLabs" or the "Company") is pleased to announce the consolidated financial results for three months and year ended December 2023 of the Company (the "Financial Results").

Highlights for the three-months period ended December 31, 2023:

• Closed its previously announced acquisition of 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.
• Advertising revenue of $677,279 as compared to $1,398,703 for the three months ended December 31, 2022;
• Subscription revenue of $230,391 as compared to $200,530 for the three months ended December 31, 2022;
• Net investment losses of $1,263,270 from our investment portfolio as compared to net investment gains of $1,026,576 for the three months ended December 31, 2022;
• Impairment of goodwill and intangible assets of $9,530,129 as compared to $6,755,282 for the three months ended December 31, 2022;
• Net loss from operations of $11,136,066 (basic loss per share of $0.08) as compared to $12,946,730 (basic loss per share of $0.06) for the three months ended December 31, 2022;
• Net loss and comprehensive loss of $11,220,627 (basic loss per share of $0.08) as compared to net income and comprehensive income of $7,349,677 (basic earnings per share of $0.06) for the three months ended December 31, 2022. In the prior year period, the Company sold its consulting division for realized gains from disposition of subsidiaries and assets, net of tax of $20,445,301.

Highlights for the twelve-months period ended December 31, 2023

• Completed the year with total cash and cash equivalents, due from brokers, investments and equity investments of $42,943,109 as compared to $52,546,191 as at December 31, 2022;
• Advertising revenue of $2,206,523 as compared to $3,045,308 for the year ended December 31, 2022;
• Subscription revenue of $875,682 as compared to $971,756 for the year ended December 31, 2022;
• Sales of exploration maps of $223,038 as compared to $286,324 for the year ended December 31, 2022;
• Net investment losses of $2,277,329 from our investment portfolio as compared to 11,062,919 for the year ended December 31, 2022;
• Impairment of goodwill and intangible assets of $9,530,129 as compared to $6,755,282 for the year ended December 31, 2022;
• Net loss from operations of $16,623,683 (basic loss per share of $0.12) as compared to $26,610,837 (basic loss per share of $0.20) for the year ended December 31, 2022;
• In the prior year, the Company had realized gains from disposition of subsidiaries and assets of $20,445,301, net of taxes, offset by net loss from discontinued operations of $679,473 (basic earnings per share of $0.15);
• Net loss and comprehensive loss of $16,623,683 (basic loss per share of $0.12) as compared $6,845,009 (basic loss per share of $0.05) for the year ended December 31, 2022.

"This year has been foundational for EarthLabs, despite the broader market headwinds we've encountered," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "It's been a year of tactical growth and shrewd acquisitions into both our investment and media portfolio at values significantly below market norms. By welcoming The Northern Miner, MINING.COM, and Canadian Mining Journal into our fold in December, we've not just expanded our reach-we've elevated our entire operational framework. EarthLabs is now undeniably one of the largest media players in the mining sector globally. Together with CEO.CA and DigiGeoData, we are forging a new frontier where technology meets mining media. Our aim is to revolutionize the industry, creating a comprehensive tech-media empire that leverages advanced digital solutions to provide unparalleled value and service to our clients. We are setting new standards, transforming challenges into opportunities to lead and innovate."

Acquisition of The Northern Miner, Canadian Mining Journal and MINING.COM

On December 1, 2023, the Company acquired from Glacier RIG Ltd. (a wholly-owned subsidiary of Glacier Media Inc.), 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 consisted of the aggregate cash payment of $4,000,000, subject to working capital adjustments. The cash payment comprised of (i) an initial deposit of $200,000 paid upon signing of the Definitive Agreement; (ii) a cash payment equal to $2,300,000 payable at the time of closing; and (ii) a promissory note in the aggregate principal amount of $1,500,000 payable over two years and which is secured by a general security agreement against the assets of EarthLabs. In connection with the acquisition, (i) the parties entered into a transition services agreement which provides for a timely and efficient transfer of the TNM, CMJ and MINING.COM operations; and (ii) Glacier RIG Ltd executed a non-competition and non-solicitation agreement with EarthLabs. There was no finder's fees associated with the acquisition and the Company did not assume any material debt from Glacier RIG Ltd.

TNM Group presents a highly complementary portfolio with EarthLabs' subsidiary assets CEO.CA and DigiGeoData and enhances EarthLabs' acquisition strategy in a compelling way. CEO.CA, the largest social media platform for resource investors, offers a unique ecosystem where mineral explorers, investors, and other stakeholders engage in high-level discussions, share insights, and make data-driven decisions. The platform's extensive reach and engaged user base serve as a natural complement to the newly acquired media assets.

TNM Group will now operate as a stand-alone division under EarthLabs, maintaining its existing brand names and leadership structures while also benefiting from the resources of support of EarthLabs' global presence.

Summary of financial results

The following are selected consolidated financial results as at and for the three and twelve months ended December 31, 2023, with comparatives:

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.

For further information please contact:

Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7720
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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.sedar.com. 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.