Toronto - 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 the three and six months ended June 30, 2021 unaudited interim consolidated financial results of the Company (the 'Financial Results').

Highlights for the three-months period ended June 30, 2021: Completed a non-brokered private placement financing from a company controlled by Eric Sprott by issuing 9,380,000 common shares at a price of $0.975, raising gross proceeds of $9,145,500; Completed a bought deal public offering by issuing 14,375,000 common shares at a price of $0.80 per share for gross proceeds of $11,500,000 (including the full exercise of an over-allotment option); Completed the quarter with total cash and cash equivalents, investments and equity investments of $62,500,447 as compared to $22,288,150 as at December 31, 2020; Increased consulting revenue to $2,490,739 as compared to $937,202 for three months ended June 30, 2020, an increase of 166%; Net income and comprehensive income of $12,713,894 (basic earnings per share of $0.13) as compared to $2,840,204 for the three months ended June 30, 2020, an increase of 348%.

Highlights for the six-months period ended June 30, 2021

Recorded realized gains on disposition of subsidiary of $7,659,798 for the six months ended June 30, 2021; Net income and comprehensive income of $18,417,081 (basic earnings per share of $0.19) as compared to $2,899,641 for the three months ended June 30, 2020.

'GoldSpot continues to gain incredible momentum with our record second quarter results reflecting the hard work and dedication of our 40+ geoscience and data scientists,' said Denis Laviolette, Executive Chairman and President of GoldSpot. 'We continue to execute our national expansion model through the acquisition of Ridgeline, building our full-service footprint while scaling our R&D products. The success we've seen in the second quarter validates our diversified business strategy as an artificial intelligence leader with a well-funded balance sheet and a multi-channel sales and distribution network positioned for growth in the global mineral exploration market.'

About GoldSpot Discoveries

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 custom solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves time, reduces costs, and provides accurate results.

Contact:

Denis Laviolette

Tel: 647-992-9837

Email: investors@goldspot.ca

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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