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K2fly lands major SaaS resource governance contract with top 10 gold miner Kinross

The five-year contract valued at A$1.1 million will see Kinross Gold Corp roll-out RCubed to eight operating mines and one project.

K2fly Ltd - K2fly lands another major SaaS resource governance contract with top 10 gold miner Kinross
K2fly now has Total Contract Value valued at more than A$6 million for SaaS solutions

K2fly Ltd (ASX:K2F) continues to extend the delivery of its SaaS resource governance solutions to leading global miners and has now signed a five-year contract with Kinross Gold Corporation (TSE:K) (NYSE:KGC).

This RCubed Resource Governance SaaS contract will see top 10 gold mining major Kinross Gold roll-out the software to eight operating mines globally and one project.

The Total Contract Value (TCV) of this contract is in excess of A$1.1 million, plus implementation fees, and it takes total Annual Recurring Revenue (ARR) for K2F’s SaaS as at April 2020 to A$2.09 million.

“Quick validation” of US investment

K2fly’s chief commercial officer Nic Pollock said: “We are delighted to be working with Kinross Gold, another top 10 gold mining major.

“What is especially pleasing for K2fly is that this is the first contract driven out of our US operation which was only established in mid-January 2020 to support our growing North American customer base which now includes Teck Resources, Glencore Canada and Newmont.

“That’s a very quick validation of the investment into the region. Not only that but we now have five of the top 10 gold miners by ounces using RCubed to report their mineral inventories.”

Used by five of top 10

The five are Newmont Corporation (TSE:NGT) (NYSE:NEM), AngloGold Ashanti Limited (NYSE:AU) (ASX:AGG), Newcrest Mining Limited (ASC:NCM) (OTCMKTS:NCMGY), Gold Fields Limited (NYSE:GFI) (JSE:GFI) and now Kinross Gold.

Shares on the ASX have risen from 13 cents at close on March 20 to 24 cents at close on Friday and are this morning trading at 23 cents.

Strong demand from NYSE-listed companies

Demand from NYSE-listed companies continues to be strong and total TCV for K2fly’s SaaS solutions has increased to more than A$6 million as more customers take up three- and five-year contracts.

This trend is expected to continue with further multi-year contractual negotiations in the pipeline.

These potential contracts are still under negotiation and until complete, there are no guarantees.

K2fly is a technology company that targets asset-intensive industries.

It owns the following software solutions:

  • Mineral Resource Governance - RCubed a resource and reserve reporting solution that supports reporting codes such as JORC, NI 43-101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE; and
  • Natural Resource Governance - Infoscope, an enterprise land management, natural resource governance and stakeholder relations solution for the Energy and Resources market.

Quick facts: K2fly Ltd

Price: 0.215 AUD

ASX:K2F
Market: ASX
Market Cap: $19.68 m
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