Mr. Denis Laviolette reports

EARTHLABS REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR 2024

Earthlabs Inc. has released its consolidated financial results for three months and year ended December, 2023.

Highlights for the three-month period ended Dec. 31, 2023:

• Closed its previously announced acquisition of The Northern Miner Group, a leading group of mining media brands including The Northern Miner, Canadian Mining Journal and Mining.com'
• Advertising revenue of $677,279 as compared with $1,398,703 for the three months ended Dec. 31, 2022;
• Subscription revenue of $230,391 as compared with $200,530 for the three months ended Dec. 31, 2022;
• Net investment losses of $1,263,270 from its investment portfolio as compared with net investment gains of $1,026,576 for the three months ended Dec. 31, 2022;
• Impairment of goodwill and intangible assets of $9,530,129 as compared with $6,755,282 for the three months ended Dec. 31, 2022;
• Net loss from operations of $11,136,066 (basic loss per share of eight cents) as compared with $12,946,730 (basic loss per share of six cents) for the three months ended Dec. 31, 2022;
• Net loss and comprehensive loss of $11,220,627 (basic loss per share of eight cents) as compared with net income and comprehensive income of $7,349,677 (basic earnings per share of six cents) for the three months ended Dec. 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 12-month period ended Dec. 31, 2023:

• Completed the year with total cash and cash equivalents, due from brokers, investments and equity investments, of $42,943,109 as compared with $52,546,191 as at Dec. 31, 2022;
• Advertising revenue of $2,206,523 as compared with $3,045,308 for the year ended Dec. 31, 2022;
• Subscription revenue of $875,682 as compared with $971,756 for the year ended Dec. 31, 2022;
• Sales of exploration maps of $223,038 as compared with $286,324 for the year ended Dec. 31, 2022;
• Net investment losses of $2,277,329 from its investment portfolio as compared with $11,062,919 for the year ended Dec. 31, 2022;
• Impairment of goodwill and intangible assets of $9,530,129 as compared with $6,755,282 for the year ended Dec. 31, 2022;
• Net loss from operations of $16,623,683 (basic loss per share of 12 cents) as compared with $26,610,837 (basic loss per share of 20 cents) for the year ended Dec. 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 15 cents);
• Net loss and comprehensive loss of $16,623,683 (basic loss per share of 12 cents) as compared $6,845,009 (basic loss per share of five cents) for the year ended Dec. 31, 2022.

"This year has been foundational for Earthlabs despite the broader market headwinds we've encountered," said Denis Laviolette, executive chairman and chief executive officer 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 Dec. 1, 2023, the company acquired from Glacier Rig Ltd. (a wholly owned subsidiary of Glacier Media Inc.), The Northern Miner Group, a leading group of mining media brands including The Northern Miner, Canadian Mining Journal and Mining.com. The consideration for the acquisition of the TNM Group consisted of the aggregate cash payment of $4-million subject to working capital adjustments. The cash payment comprised: (i) an initial deposit of $200,000 paid upon signing of the definitive agreement; (ii) a cash payment equal to $2.3-million payable at the time of closing; and (ii) a promissory note in the aggregate principal amount of $1.5-million 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 service agreement, which provides for a timely and efficient transfer of the TNM, CMJ and Mining.com operations; and (ii) Glacier Rig executed a non-competition and non-solicitation agreement with Earthlabs. There were no finders' fees associated with the acquisition, and the company did not assume any material debt from Glacier Rig.

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 attached table contains selected consolidated financial results as at and for the three and 12 months ended Dec. 31, 2023, with comparatives.

About Earthlabs Inc.

Earthlabs (TSX Venture Exchange: SPOT) (OTCQX: SPOFF) (Frankfurt Stock Exchange: 8EK0) is a mining investment, technology and media company that aims to provide strategic leverage to the metal and mining sector through investments, royalties, and a full suite of data-driven media software-as-a-service tools and services.

We seek Safe Harbor.