• 189.7% increase in total advertising and subscription revenue compared to 2021, on an annualized basis
• Ended the year with total cash, cash equivalents, and investments of $52.5M
• Sale of the Exploration Technology Division to ALS GoldSpot streamlines operations and reduces R&D and G&A expenses, creating a leaner autonomous product portfolio.

Toronto, Ontario--(Newsfile Corp. - April 28, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) ("EarthLabs" or the "Company"), a leading mineral exploration technology and investment company, is pleased to announce the consolidated financial results for three months and year ended December 2022 of the Company (the "Financial Results").

"2022 marked a pivotal year for EarthLabs as we continued to evolve and expand our business," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "Our acquisitions of CEO.CA Technologies and DigiGeoData have significantly boosted our advertising and subscriptions revenue while the sale of our Exploration Technology Division has allowed us to focus on core growth areas. Despite market challenges, we remain committed to our new goal of maximizing torque to the junior resource sector for our shareholders through strategic investments and innovative technology offerings. We look forward to building on this momentum and delivering even stronger results in the coming year."

Highlights for the three-months period ended December 31, 2022:

• Closed the sale of the Exploration Technology Division to ALS GoldSpot Discoveries Ltd;
• For the current period, from its recent acquisitions of CEO.CA Technologies Ltd. and DigiGeoData, the Company had advertising and subscriptions revenue of $1,599,233, and sales of exploration maps of $100,274 as compared to advertising and subscriptions of $438,773 for the three months ended December 31, 2021;
• Net investment gains of $1,026,576 from our investment portfolio as compared to $3,581,506 for the three months ended December 31, 2021;
• Realized gains from disposition of subsidiaries and assets of $20,445,301, net of tax, offset by net loss from discontinued operations of $148,894 (basic earnings per share of $0.15) as compared to net loss from discontinued operations of $571,733 (basic loss per share of $0.00) for the three months ended December 31, 2021;
• Net income and comprehensive income of $7,349,677 (basic earnings per share of $0.06) as compared to $2,190,516 (basic earnings per share of $0.02) for the three months ended December 31, 2021.

Highlights for the twelve-months period ended December 31, 2022 including an 189.7% increase in Advertising and Subscription Revenue from 2021, on annualized basis:

• Closed the acquisition of DigiGeoData Inc. ("DigiGeoData"), a mineral resource intelligence data subscription and map service company;
• Completed the year with total cash and cash equivalents, due from brokers, investments and equity investments of $52,546,191 as compared to $50,337,817 as at December 31, 2021;
• For the current year, from its recent acquisitions of CEO.CA Technologies Ltd. and DigiGeoData, the Company had advertising and subscriptions revenue of $4,017,064, and sales of exploration maps of $286,324 as compared to advertising and subscriptions of $438,773 for the year ended December 31, 2021;
• Net investment losses of $11,062,919 from our investment portfolio as compared to net investment gains of $7,139,069 for the year ended December 31, 2021;
• 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) as compared to realized gains from disposition of subsidiary of $7,659,798 and net income from discontinued operations of $1,114,200 (basic earnings per share of $0.08) for the year ended December 31, 2021;
• Net loss and comprehensive loss of $6,845,009 (basic loss per share of $0.05) as compared to net income and comprehensive income of $11,040,967 (basic earnings per share of $0.10) for the year ended December 31, 2021.

"Last year, the mining stock market faced extremely challenging conditions," said Denis Laviolette. "However, our resolve was validated in December as the market and our portfolio began to rebound. As an investment company, we continuously monitor market conditions and strategically structure our portfolio to capitalize on emerging opportunities and maximize returns when the market recovers. We believe our proactive approach and expertise in the mining sector positions us well to benefit from the positive shifts in the market and deliver value for our shareholders."

"Our financial results for this year also reflected impairment on our equity investment in Golden Planet Mining and goodwill impairment charges on some of our technology assets, which were necessary adjustments in response to evolving market conditions and the strategic shift in our business," said Denis Laviolette. "These were non-cash charges that have impacted our short-term financial performance. We do not expect any more adjustments moving forward."

"Lastly, in March 2023, we brought on Mathew Wilson as Chief Investment Officer, a 15-year veteran venture investor with extensive experience and expertise in the mining sector," added Denis Laviolette. "Mat's guidance will be instrumental in refining our investment strategy and capitalizing on market opportunities." With the addition of Mathew, EarthLabs' senior leadership team has over 50 years of portfolio management at the largest resource funds in Canada and a successful track record of originating, structuring, and exiting deals with over $1 billion in value created and $300 million in shareholder funds raised.

Disposition of Exploration Technology Division

On December 1, 2022, the Company completed its previously announced sale of its exploration consulting & technology division ("ExplorTech Division") to ALS GoldSpot Discoveries Ltd. (formerly "1377900 BC Ltd.") (the "Purchaser"), a wholly owned subsidiary of ALS Limited (ASX: ALQ), pursuant to an agreement dated October 25, 2022 (the "Definitive Agreement"). Headquartered in Brisbane, ALS Limited is the largest provider of laboratory testing, inspection, certification and verification solutions with more than 18,000 employees worldwide. The Company received aggregate cash proceeds of $23,400,000 and the Purchaser assumed up to $6,000,000 in specified liabilities of the Company, subject to standard working capital adjustments.

As a result, the operating results of Ridgeline Exploration Services Inc., Geotic Inc., and EarthLabs consulting division for the years ended December 31, 2022 and 2021 have been classified as net income (loss) from discontinued operations in the consolidated statements of income (loss) and comprehensive income (loss).

Summary of financial results

The following are selected consolidated financial results as at and for the three and twelve months ended December 31, 2022, with comparatives:

About EarthLabs Inc.

EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) is a mining investment and technology company that aims to maximize torque to the junior resource sector with $50M in cash and investments, a royalty portfolio and a full suite of data-driven media SaaS tools and services, including CEO.CA, the largest social media platform for resource investors, and DigiGeoData, a software-based interactive mapping interface which provides earth modeling, geology data management, and specialized financial products.

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, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, 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.

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