SPOT at $0.48 Might Be the Best Gold Signal Right Now
EarthLabs (TSXV: SPOT) briefly traded as high as $0.68 per share a few days ago, but importantly failed to reach $0.80 and has since pulled back to approximately $0.48 per share. That pullback is actually constructive… and telling… because it strongly suggests we are not near a peak in the gold bull cycle.
Why does this matter?
When speculative capital begins flowing into secondary, non-obvious gold plays like SPOT, it typically signals that investors are starting to “run out of ideas,” which almost always precedes a short-term correction. We got that correction. However, if this gold cycle were truly peaking, SPOT would have surged through $0.80 per share, not stalled below it. The failure to do so indicates the market simply needed to cool off… not that the cycle is over.
At the current price of ~$0.48 per share, SPOT is effectively trading at… or below… the value of its cash and marketable securities, based on its September 30, 2025 balance sheet. Since that date, many of SPOT’s equity holdings have risen materially, meaning the company is likely trading below the value of cash plus securities alone. When that happens, history shows we are still in the early stages of a bull market… not anywhere close to a top.
Now consider valuation context.
Apeiron Investment Group… backed by billionaires Christian Angermayer and Peter Thiel… demonstrated the value of premium financial media when Bullish (BLSH) acquired CoinDesk for $75 million. This matters because SPOT owns what is effectively the CoinDesk of the mining industry: Mining.com, CEO.ca, and The Northern Miner.
Despite the strategic importance and influence of these platforms, SPOT is currently being assigned less than zero value for them by the market.
That disconnect becomes even more striking when you factor in SPOT’s 0.20% NSR royalty on New Found Gold’s (TSXV: NFG) Queensway Project. With NFG’s market capitalization around $1.37 billion, SPOT’s royalty alone is conservatively worth at least $27.4 million.
Put it together:
- Mining.com, CEO.ca, and The Northern Miner could reasonably command a valuation comparable to CoinDesk (~$75 million)
- SPOT’s NFG royalty is worth $27.4 million or more
- Combined, these assets imply over $100 million in value
At that valuation, SPOT would be trading well above $0.48 per share.
Yes, SPOT’s management previously divested an AI-driven mineral discovery technology that… if retained… could plausibly be worth many billions of dollars today. Eric Sprott invested heavily in SPOT near $0.80 per share precisely because he foresaw AI’s transformative role in mining. Management’s decision to sell that technology and redeploy the capital elsewhere unquestionably warrants a valuation discount.
But even after applying that discount, SPOT should still reach $0.80 per share or higher at the true peak of a gold bull market. We are clearly nowhere near that peak yet.
Past performance is not indicative of future results. NIA is not an investment advisor and does not provide investment advice. Always conduct your own research and make your own investment decisions. This message is for informational and educational purposes only and is not a solicitation or recommendation to buy, sell, or hold securities. NIA’s President has purchased 30,500 shares of SPOT in the open market and intends to buy more shares.